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Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0062 0 0.0010 0.0009 0.0019 0.0001 0.0082 -0.0002 0.0080 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 82 260 453 1012 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 71% of the average value of its portfolio.</div> 0.71 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities of U.S.-based companies, and may invest up to 100% of its assets in such securities. Equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. The Fund defines U.S.-based companies as companies that have their principal place of business in the United States. The Fund seeks to provide broad U.S. equity exposure across market capitalizations and investment styles and has the flexibility to invest in large‑cap, mid‑cap, and small‑cap common stocks across the growth and value style spectrum. The Fund may use quantitative models to select equity securities based on certain shared characteristics as determined by the Fund’s adviser. The Fund may also invest in master limited partnerships and non‑U.S. companies. To meet its objective, the Fund may invest in open- and closed-end investment companies and exchange-traded funds (“ETFs”). The Fund may invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed-end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. At times, Morningstar may manage a significant portion of the Fund’s assets directly. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities of U.S.-based companies, and may invest up to 100% of its assets in such securities. Equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. The Fund defines U.S.-based companies as companies that have their principal place of business in the United States. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed-end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. At times, Morningstar may manage a significant portion of the Fund’s assets directly. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> You can lose money by investing in the Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed-end investment companies, ETFs and individual securities) and allocating assets to subadvisers, and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies. <span style="font-style: italic;"></span><span style="font-style: italic;"></span></div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Smaller Companies Risk—</span>The stocks of small- or mid‑sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-weight: bold;">Technology Sector Risk.</span> Factors that may significantly affect the market value of securities of issuers in the technology sector (which includes semiconductor companies) include the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, aggressive pricing, product compatibility, changing consumer preferences, increased government scrutiny, high required corporate capital expenditure for research and development or infrastructure and development of new products, rapid obsolescence and competition from alternative technologies. Such issuers are also heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect an issuer’s profitability. Semiconductor companies, in particular, are subject to competitive pressures, cyclical demand, rapid innovation, fluctuations in the availability and price of components, and significant capital spending requirements, and are particularly sensitive to</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;">wide fluctuations in securities prices, imbalances in supply and demand, inventory cycles, and disruptions in global manufacturing or distribution networks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Quantitative Models Risk</span>—Morningstar may utilize quantitative models in managing all or a portion of the Fund. Such quantitative models may not perform as expected and may cause the Fund to underperform other investment strategies that do not use quantitative models. Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation, or maintenance of the technology used in the quantitative model. Quantitative models may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models by Morningstar will enable the Fund to achieve its objective.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed-end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar U.S. Equity Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 65%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">5.44</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">2Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">23.05</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-26.90</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0544 Best Quarter 2020-06-30 0.2305 Worst Quarter 2020-03-31 -0.2690 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.1206 0.1204 0.1165 0.0745 0.0891 0.0928 0.1002 0.0892 0.0890 0.1735 0.1329 0.1503 <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fundshares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar International Equity Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0076 0 0.0010 0.0014 0.0024 0.0100 -0.0008 0.0092 August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 94 310 545 1217 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 96% of the average value of its portfolio.</div> 0.96 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities. Equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. Under normal circumstances, the Fund will invest approximately 80‑100% of its assets in securities of issuers domiciled outside of the United States. The Fund may invest in developed and emerging markets and will typically invest in a minimum of 10 countries. The Fund seeks to provide broad international equity exposure across market capitalizations and investment styles and has the flexibility to invest in large‑cap, mid‑cap, and small‑cap common stocks across the growth and value style spectrum. The Fund may use quantitative models to select equity securities based on certain shared characteristics as determined by the Fund’s adviser. To meet its objective, the Fund may invest in open- and closed-end investment companies and ETFs. The Fund may also invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes, including to hedge its currency exposure, or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed-end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. At times, Morningstar may manage a significant portion of the Fund’s assets directly. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking long-term capital appreciation, the Fund will normally invest at least 80% of its assets in equity securities. Equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. Under normal circumstances, the Fund will invest approximately 80‑100% of its assets in securities of issuers domiciled outside of the United States. The Fund may invest in developed and emerging markets and will typically invest in a minimum of 10 countries. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed-end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. At times, Morningstar may manage a significant portion of the Fund’s assets directly. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> You can lose money by investing in the Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk</span>—The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed-end investment companies, ETFs and individual securities) and allocating assets to subadvisers, and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">European Market Risk—</span>Adverse economic and political events in Europe may cause the Fund’s investments to decline in value. Member states of the European Union (“EU”) are subject to restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, recessions in an EU member country, the departure of a member state from the EU, and war in or around the European region may have a significant adverse effect on the economies of other EU member countries.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asian Market Risk—</span>Investments in securities of Asian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, rapid fluctuations in inflation and interest rates, decreased exports, economic recessions and political unrest. Economic and political events in any one Asian country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia, and any adverse effect on some or all of the Asian countries and regions in which the Fund invests. The securities markets in some Asian economies are relatively underdeveloped and may subject the Fund to a higher degree of risk.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">China Market Risk—</span>To the extent the Fund invests in securities of companies located in or operating in China, those companies may be subject to decisions made by the Chinese government including through monetary policy and currency exchange rates. Heightened trade tensions or political disputes may disrupt supply chains or adversely impact revenues of companies selling to or within China. Actions outside of the Fund’s control may result in the Fund’s inability to buy/sell securities listed on Chinese exchanges.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Japan Market Risk—</span>To the extent the Fund invests in securities of companies located in or operating in Japan, those companies may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund. Japan’s relations with its neighbors have at times been strained, and strained relations with its neighbors or trading partners may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Geographic Concentration Risk—</span>To the extent that the Fund invests a significant portion of its assets in a particular country, region or continent, economic, political, social and environmental conditions in such country, region or continent will have a greater effect on the Fund’s performance than they would in a more geographically diversified equity fund. Information about the Fund’s investment in a geographic area is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Quantitative Models Risk</span>—Morningstar may utilize quantitative models in managing all or a portion of the Fund. Such quantitative models may not perform as expected and may cause the Fund to underperform other investment strategies that do not use quantitative models. Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation, or maintenance of the technology used in the quantitative model. Quantitative models may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models by Morningstar will enable the Fund to achieve its objective.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Smaller Companies Risk—</span>The stocks of small- or mid‑sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cash/Cash Equivalents Risk—</span>In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed-end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar International Equity Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 65%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">10.99</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">4Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">22.40</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-27.78</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.1099 Best Quarter 2020-12-31 0.2240 Worst Quarter 2020-03-31 -0.2778 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.2985 0.0668 0.0805 0.2545 0.0478 0.0652 0.1986 0.0497 0.0621 0.3159 0.0778 0.0903 <div style="margin-top: 11pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Global Income Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks current income and long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0 0.0010 0.0037 0.0047 0.0002 0.0084 -0.0009 0.0075 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 77 259 457 1029 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio.</div> 0.67 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking current income and long-term capital appreciation, the Fund has significant flexibility and invests across asset classes and geographies, according to the adviser’s or subadviser’s assessment of their valuations, fundamental characteristics, and income levels. The Fund invests in investment companies such as ETFs which could represent a significant percentage of the Fund’s assets. To meet its objective, the Fund may also invest in open- and closed-end investment companies. The Fund generally expects to invest at least 20% (or, if market conditions are not deemed favorable, at least 10%) of its assets in securities of issuers domiciled outside of the United States and may invest up to 100% of its assets in such securities.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests in income-generating equity securities, which may include common stocks, preferred stocks, real estate investment trusts (REITs), and master limited partnerships (MLPs). The Fund may invest in companies of any size from any country, including emerging markets.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund also invests in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non‑U.S. corporate debt securities, U.S. and non‑U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, convertible securities, loans (including covenant lite loans) and floating-rate notes. The Fund may invest up to 60% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund may invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes, including to hedge its currency exposure, or as part of its investment strategies.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed-end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each sub-</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">adviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of generating income and maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> You can lose money by investing in this Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed-end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark. Given the wide latitude with which the adviser manages this portfolio, you should expect this Fund to periodically underperform broad markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;"></span><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed-end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">REITs and Other Real Estate Companies Risk—</span>REITs and other real estate company securities are subject to, among other risks: declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; changes in interest rates; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Interest-Rate Risk—</span>The value of fixed-income securities, as well as some income-oriented equity securities that pay dividends, will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Convertible Securities Risk—</span>Convertible securities are generally debt securities or preferred stocks that may be converted into common stock. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Preferred Stock Risk—</span>Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks are generally payable at the discretion of the issuer’s board of directors, after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. Preferred stocks may be less</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">liquid than common stocks. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Contingent Capital Securities Risk—</span>Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example, an automatic write-down of principal or a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result a loss of value in such securities. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security’s par value. If a CoCo provides for mandatory conversion of the security into common stock of the issuer under certain circumstances, such as an adverse event, the security could experience a reduced income rate, potentially to zero, as a result of the issuer’s common stock not paying a dividend. In addition, a conversion event would likely be the result of or related to the deterioration of the issuer’s financial condition (e.g., such as a decrease in the issuer’s capital ratio) and status as a going concern, so the market price of the issuer’s common stock may have declined, perhaps substantially, and may continue to decline. Further, the issuer’s common stock would be subordinate to the issuer’s other security classes and therefore worsen our standing in a bankruptcy proceeding. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below investment grade securities.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Master Limited Partnership (MLP) Risk—</span>MLPs are subject to, among other risks, cash flow risks, tax risk, deferred tax risk and capital market risk. Cash flow risk is the risk that MLPs will not make distributions to holders (including the Fund) at anticipated levels or that such distributions will not have the expected tax character. MLPs also are subject to tax risk, which is the risk that an MLP might lose its partnership status for tax purposes. Deferred tax risk is the risk that the Fund incurs a current tax liability on that portion of an MLP’s income and gains that is not offset by tax deductions and losses. Capital markets risk is the risk that MLPs will be unable to raise capital to meet their obligations as they come due or execute their growth strategies, complete future acquisitions, take advantage of other business opportunities or respond to competitive pressures.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Smaller Companies Risk—</span>The stocks of small- or mid‑sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Loan Risk</span>—Loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, the Fund may be unable to sell loans at a desired time or price. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations. Loans are also subject to the risk of price declines and to increases in prevailing interest rates. If the Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender. In addition, loans held by the Fund may not be considered “securities” under the federal securities laws and therefore the Fund may not receive the same investor protections with respect to such investments that are available to purchasers of investments that are considered “securities” under the federal securities laws.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Some loans, including newly originated loans, reissuances and restructured loans, may have fewer or no financial maintenance covenants and restrictions. These loans may contain fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer and also generally</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">provide fewer investor protections if certain criteria are breached. The Fund may experience losses or delays in enforcing its rights on its holdings of these loans.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cash/Cash Equivalents Risk—</span>In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;"></span><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and an additional index. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and an additional index. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Global Income Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 65%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">6.43</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">2Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">11.36</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-17.92</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0643 Best Quarter 2020-06-30 0.1136 Worst Quarter 2020-03-31 -0.1792 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.1357 0.0524 0.0633 0.1187 0.0284 0.0427 0.0829 0.0324 0.0425 0.1521 0.0527 0.0785 0.2213 0.1068 0.1210 <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Total Return Bond Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10.5pt; font-family: arial;">The Fund seeks to maximize total return while also generating income and preserving capital.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0044 0 0.0010 0.0014 0.0024 0.0002 0.0070 -0.0015 0.0055 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 56 209 375 856 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 399% of the average value of its portfolio.</div> 3.99 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking to maximize total return while also generating income and preserving capital, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. These debt securities may include U.S. and non-U.S. corporate debt securities, U.S. government debt securities, including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. To meet its objective, the Fund may invest in investment companies such as ETFs, which could represent a significant percentage of assets.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests primarily in investment-grade fixed-income securities. The Fund may also invest up to 20% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In addition, the Fund may invest in collateralized debt obligations (CDOs), which may include collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non‑U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund may invest up to 10% of its assets in securities denominated in foreign currencies. The Fund may also invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">policy. The Fund may also enter into reverse repurchase agreements and dollar rolls. The Fund may also invest in short-term, high-quality fixed-income securities, cash or cash equivalents, including money market funds.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The nature of the strategies in this Fund is to engage in active and frequent trading of its portfolio securities which may result in higher portfolio turnover. Turnover is mainly driven by a few strategies employed to help manage duration and curve risk.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking to maximize total return while also generating income and preserving capital, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. These debt securities may include U.S. and non-U.S. corporate debt securities, U.S. government debt securities, including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> This Fund is designed to offer a moderate level of risk, but you can lose money by investing in the Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Interest-Rate Risk—</span>The value of fixed-income securities will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">CDO Risk—</span>In addition to the typical risks associated with fixed-income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. In addition, investments in CDOs may be characterized by the Fund as illiquid investments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Reverse Repurchase Agreements Risk—</span>Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities. These events could also trigger adverse tax consequences to the Fund.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Dollar Rolls Risk—</span>Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Portfolio Turnover Risk—</span>The Fund may engage in active and frequent trading of its portfolio securities. Such a strategy often involves higher transaction costs, including brokerage commissions and dealer mark‑ups, and may increase the amount of capital gains (in particular, short-term gains) realized by a Fund. Shareholders may pay tax on such capital gains. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cash/Cash Equivalents Risk—</span>In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers. <span style="font-style: italic;"></span></div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Total Return Bond Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 67%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">0.48</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">4Q 2023</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">6.88</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2022</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-7.20</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0048 Best Quarter 2023-12-31 0.0688 Worst Quarter 2022-03-31 -0.0720 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.0623 -0.0105 0.0214 0.0455 -0.0231 0.0067 0.0367 -0.0132 0.0104 0.0730 -0.0036 0.0233 <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Municipal Bond Fund Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The Fund seeks income exempt from federal income taxes as well as capital preservation. </div> Fees and Expenses of the Fund <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0044 0 0.0010 0.0013 0.0023 0.0067 -0.0009 0.0058 August 31, 2027 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 59 205 364 826 Portfolio Turnover <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio. </div> 0.30 Principal Investment Strategies <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">In seeking income exempt from federal income taxes consistent with the preservation of capital, the Fund will invest, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of municipal issuers within the United States and its territories, the income of which is exempt from U.S. taxation. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities. To meet its objective, the Fund may invest in investment companies such as ETFs. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The Fund intends to invest primarily in investment-grade municipal securities, but may invest up to 25% of assets in high-yield fixed-income securities (including municipal securities) that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality. The Fund may also invest in derivatives, including options, futures, swaps, and inverse floating-rate debt instruments (inverse floaters), for risk management purposes or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. The Fund may invest in obligations that pay interest at fixed or variable rates. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time. </div> In seeking income exempt from federal income taxes consistent with the preservation of capital, the Fund will invest, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of municipal issuers within the United States and its territories, the income of which is exempt from U.S. taxation. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities. <div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time. </div> You can lose money by investing in the Fund. <div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor market segments that cause the Fund to underperform its benchmark. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Municipal Securities Risk—</span>The municipal securities market could be significantly affected by negative political and legislative changes, as well as uncertainties related to taxation or the rights of municipal security holders due to among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Changes in the financial health of a municipality may make it difficult for it to pay interest and principal when due. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Municipal Focus Risk—</span>The Fund may be more sensitive to adverse economic, business or political developments if a substantial portion of its assets are invested in municipal securities that finance similar types of projects in a segment of the municipal bond market (such as medical, education, health care, housing, utilities or transportation). A change that affects one project in a particular segment of the market, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project may impact projects in similar segments, thereby increasing the risk of loss to the Fund. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Interest-Rate Risk—</span>The value of fixed-income securities will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Cash/Cash Equivalents Risk—</span>In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Valuation risk</span><span style="font-style:italic">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result. </div> Performance <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and additional indexes. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. </div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and additional indexes. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Municipal Bond Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:67%;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">June 30, 2026</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">2.21</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Best Quarter</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">4Q 2023</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">5.71</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Worst Quarter</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">1Q 2022</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">-4.75</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0221 Best Quarter 2023-12-31 0.0571 Worst Quarter 2022-03-31 -0.0475 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.0343 0.0108 0.0246 0.0338 0.0104 0.0240 0.0337 0.0139 0.0243 0.0408 0.0105 0.0425 0.0080 0.0268 2019-01-01 <div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. </div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Defensive Bond Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks capital preservation.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0036 0 0.0010 0.0025 0.0035 0.0003 0.0074 -0.0023 0.0051 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 52 213 389 897 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. <span style="font-weight: bold;"></span>For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio.</div> 0.39 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking capital preservation, the Fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. These debt securities may include U.S. and non-U.S. corporate debt securities, U.S. and non-U.S. government debt securities, and mortgage-backed and asset-backed securities. Under normal conditions, the Fund intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio might not meet the target at all times. The Fund may also invest in investment companies such as ETFs, which could represent a significant percentage of assets. The Fund may invest in securities acquired in a private placement, such as Rule 144A securities.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests primarily in short- and intermediate-term investment-grade fixed-income securities. In most market environments, the Fund will not invest more than 20% of assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In addition, the Fund may invest a significant portion of its assets in collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non‑U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking capital preservation, the Fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. These debt securities may include U.S. and non-U.S. corporate debt securities, U.S. and non-U.S. government debt securities, and mortgage-backed and asset-backed securities. Under normal conditions, the Fund intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> This Fund is designed to offer a low level of risk, but you can lose money by investing in the Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark. Given the wide latitude with which the adviser manages this portfolio, you should expect this Fund to periodically underperform broad markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Interest-Rate Risk—</span>The value of fixed-income securities will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">CDO Risk—</span>In addition to the typical risks associated with fixed-income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. In addition, investments in CDOs may be characterized by the Fund as illiquid investments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, the Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing the Fund’s net asset value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. <span style="font-style: italic;"></span>The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and an additional index. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and an additional index. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Defensive Bond Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 67%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">0.32</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">4Q 2023</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">3.71</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2022</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-2.32</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0032 Best Quarter 2023-12-31 0.0371 Worst Quarter 2022-03-31 -0.0232 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.0648 0.0276 0.0310 0.0476 0.0136 0.0178 0.0383 0.0151 0.0182 0.0539 0.0198 0.0253 0.0730 -0.0036 0.0233 <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Multisector Bond Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks total return through a combination of current income and capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0061 0 0.0010 0.0029 0.0039 0.0100 -0.0021 0.0079 August 31, 2027 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 82 298 533 1206 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. <span style="font-weight: bold;"></span>For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 190% of the average value of its portfolio.</div> 1.90 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking total return through a combination of current income and capital appreciation, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality across various sectors of the fixed-income market. These debt securities may include U.S. and non‑U.S. corporate debt securities, U.S. and non‑U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, municipal securities, and floating-rate notes.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests in investment grade and below investment grade fixed income securities. The Fund may invest without limit in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality. The Fund may invest without limit in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund may invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, forward foreign currency contracts and currency options, for risk management purposes or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. Due to the opportunistic nature of its strategy, the Fund may also invest up to 20% of its assets in equity securities, including common stocks and convertible securities.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The nature of the strategies in this Fund is to engage in active and frequent trading of its portfolio securities which may result in higher portfolio turnover. Turnover is mainly driven by a few strategies employed to help manage duration and curve risk.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach</span>—The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking total return through a combination of current income and capital appreciation, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality across various sectors of the fixed-income market. These debt securities may include U.S. and non‑U.S. corporate debt securities, U.S. and non‑U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, municipal securities, and floating-rate notes. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach</span>—The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> This Fund is designed to offer a high level of risk, and you can lose money by investing in the Fund.  <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk—</span>The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Interest-Rate Risk—</span>The value of fixed-income securities will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Geographic Concentration Risk—</span>To the extent that the Fund invests a significant portion of its assets in a particular country, region or continent, economic, political, social and environmental conditions in such country, region or continent will have a greater effect on the Fund’s performance than they would in a more geographically diversified fund. Information about the Fund’s investment in a geographic area is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Risks of Investing in Latin American Issuers</span>—The economies of certain Latin American countries have experienced high interest rates, economic volatility, inflation, currency devaluations, government debt defaults and high unemployment rates. Certain Latin American countries have experienced periods of political and economic instability and social unrest in the past. International economic conditions, particularly those in the U.S., Europe and Asia, as well as world prices for oil and other commodities may also influence the development of Latin American economies. These risks, among others, may adversely affect the value of the Fund’s investments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asian Market Risk—</span>Investments in securities of Asian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, rapid fluctuations in inflation and interest rates, decreased exports, economic recessions and political unrest. Economic and political events in any one Asian country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia, and any adverse effect on some or all of the Asian countries and regions in which the Fund invests. The securities markets in some Asian economies are relatively underdeveloped and may subject the Fund to a higher degree of risk.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Municipal Securities Risk—</span>The municipal securities market could be significantly affected by negative political and legislative changes, as well as uncertainties related to taxation or the rights of municipal security holders, due to among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Changes in the financial health of a municipality may make it difficult for it to pay interest and principal when due.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Convertible Securities Risk—</span>Convertible securities are generally debt securities or preferred stocks that may be converted into common stock. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Portfolio Turnover Risk—</span>The Fund may engage in active and frequent trading of its portfolio securities. Such a strategy often involves higher transaction costs, including brokerage commissions and dealer mark‑ups, and may increase the amount of capital gains (in particular, short-term gains) realized by a Fund. Shareholders may pay tax on such capital gains. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">since inception) compare with those of a broad measure of market performance and additional indexes. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years andsince inception) compare with those of a broad measure of market performance and additional indexes. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Multisector Bond Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 65%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">2.45</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">2Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">9.10</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-11.30</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0245 Best Quarter 2020-06-30 0.0910 Worst Quarter 2020-03-31 -0.1130 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.1213 0.0186 0.0360 0.0945 0.0000 0.0174 0.0712 0.0059 0.0194 0.1138 0.0259 0.0440 0.0730 -0.0036 0.0233 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Global Opportunistic Equity Fund Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund seeks long-term capital appreciation over a full market cycle.</div> Fees and Expenses of the Fund <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0047 0 0.0010 0.0015 0.0025 0.0007 0.0079 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses will differ from those presented in the Financial Highlights. Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 81 252 439 978 Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 85% of the average value of its portfolio.</div> 0.85 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">In seeking long-term capital appreciation over a full market cycle, the Fund has significant flexibility and opportunistically invests predominantly in equities across asset classes and geographies according to the portfolio management team’s assessment of their valuations and fundamental characteristics. The Fund will normally invest at least 80% of its assets in equity securities. The Fund invests in investment companies such as ETFs, which could represent a significant percentage of assets.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests in equity securities, which may include common stocks. The Fund may invest in companies of any size from any country, including emerging markets. Under normal market conditions, the Fund will invest significantly (e.g., at least 40% of its assets, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its assets) in companies organized or located in multiple countries outside the United States or doing a substantial amount of business in multiple countries outside the United States.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">To meet its objective, the Fund may also invest up to 20% of its assets in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non‑U.S. corporate debt securities, U.S. government debt securities, including Treasury Inflation Protected Bond Securities and zero‑coupon securities, non‑U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. The Fund may invest up to 20% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund may also invest in derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes, including to hedge its currency exposure, or as part of its investment strategies. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> In seeking long-term capital appreciation over a full market cycle, the Fund has significant flexibility and opportunistically invests predominantly in equities across asset classes and geographies according to the portfolio management team’s assessment of their valuations and fundamental characteristics.<div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The Fund invests in equity securities, which may include common stocks. The Fund may invest in companies of any size from any country, including emerging markets. Under normal market conditions, the Fund will invest significantly (e.g., at least 40% of its assets, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its assets) in companies organized or located in multiple countries outside the United States or doing a substantial amount of business in multiple countries outside the United States.</div> The Fund will normally invest at least 80% of its assets in equity securities. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.</div> You can lose money by investing in this Fund. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Active Management Risk</span>—The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Asset Allocation Risk—</span>In an attempt to invest in areas that look most attractive based on market, economic or other conditions, the Fund may favor asset classes or market segments that cause the Fund to underperform its benchmark. Given the wide latitude with which the adviser manages this portfolio, you should expect this Fund to periodically underperform broad markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Smaller Companies Risk—</span>The stocks of small- or mid‑sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">limited product lines or financial resources, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sector Focus Risk—</span>The Fund may from time to time have a significant amount of its assets invested in one market sector or group of related industries. To the extent that the Fund focuses on particular sectors, groups of industries or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of industries, sectors or investments. Information about the Fund’s investment in a particular industry or market sector is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Interest-Rate Risk—</span>The value of fixed-income securities, as well as some income-oriented equity securities that pay dividends, will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5%; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cash/Cash Equivalents Risk—</span>In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Valuation risk</span><span style="font-style: italic;">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers.</div> <div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;"><span style="font-style: italic;">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result.</div> Performance <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. Prior to May 2, 2022, the Fund employed a different investment strategy. Therefore, the performance shown for periods prior to May 2, 2022 may have differed had the Fund’s current investment strategy been in effect. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.</div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Global Opportunistic Equity Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 68%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 65%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">6.10</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Best Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">4Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">15.90</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold;">Worst Quarter</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1Q 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-19.27</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0610 Best Quarter 2020-12-31 0.1590 Worst Quarter 2020-03-31 -0.1927 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.1772 0.0894 0.0927 0.1417 0.0625 0.0696 0.1212 0.0633 0.0670 0.2213 0.1068 0.1210 <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 11pt; font-family: arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. The figures in Return After Taxes on Distributions and Sale of Fund Shares in the chart above may be higher than other returns for the same period because the calculation assumes that an investor will recognize a potential tax benefit from realizing a capital loss upon the taxable sale (or redemption) of shares. Summary Section Morningstar Alternatives Fund Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The Fund seeks long-term capital appreciation and low sensitivity to traditional U.S. asset classes. </div> Fees and Expenses of the Fund <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0085 0 0.0010 0.0019 0.0033 0.0062 0.0001 0.0148 -0.0012 0.0136 AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. August 31, 2027 Example <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The example below can help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example reflects adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements shown in the table above for the first year only. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 138 456 797 1758 Portfolio Turnover <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may mean higher transaction costs and could result in higher taxes if you hold Fund shares in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the Fund’s fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 208% of the average value of its portfolio. </div> 2.08 Principal Investment Strategies <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">In seeking long-term capital appreciation and low sensitivity to traditional U.S. asset classes, the Fund allocates assets to strategies that provide alternative sources of return including those described below. The Fund will normally invest in both U.S. and non‑U.S. securities, including securities of companies located in emerging markets. The Fund may invest in non‑U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non‑U.S. and emerging market currencies. The Fund may also seek returns through core allocation across fixed income and equity markets. The Fund may use quantitative models to evaluate and select debt securities based on certain shared characteristics as determined by the Fund’s subadviser. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">In particular, the Fund has the latitude to invest in the following alternative strategies: </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Long-Short Equity—</span>Combines long equity positions with short equity positions (selling borrowed securities). Since the strategy is both long and short, total net exposure is typically less than 100%. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Convertible Arbitrage—</span>Includes the purchase of convertible securities and the sale of the underlying common stock. These securities tend to be convertible bonds or convertible preferred stocks that may be converted into the stock of the same company. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Merger Arbitrage—</span>Seeks to profit from the successful completion of corporate re‑organizations. The process typically involves purchasing shares of an announced acquisition target company at a discount to its expected value upon completion of the acquisition. Hedging strategies may be used to reduce market exposure and volatility. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Credit Arbitrage—</span>Seeks to exploit the mispricing of different classes of securities that are usually of the same company, and may include investments in investment-grade and/or non‑investment‑grade corporate debt (otherwise known as junk bonds), credit derivatives, loans, equities, credit index securities, and private debt. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Global Macro—</span>Establishes long (number of contracts bought exceeds number sold) with a short (number of contracts sold exceeds number bought) exposures around the globe to take advantage of what the subadvisers believe to be attractive opportunities. This strategy may include investments in fixed-income and equity securities and a wide variety of derivative instruments. Such investments will likely have significant exposure to foreign investments and may be concentrated in a geographic region or country. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Hedged Equity—</span>Seeks to limit investment loss by creating a transaction that offsets an existing position in a contract that provides the right to buy or sell shares of a security at a specific price for a certain time. Specifically, this strategy attempts to reduce the systematic risk created by factors such as exposures to sectors, market‑cap ranges, investment styles, currencies, and/or countries; the strategy strives to achieve this by matching short positions within each area against long positions. This strategy may be managed as beta-neutral, dollar-neutral, or sector-neutral in order to achieve low beta exposures to certain market indexes. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Market Neutral—</span>Attempts to significantly reduce the systematic risk created by factors such as exposures to sectors, market‑cap ranges, investment styles, currencies, and/or countries. This strategy seeks to achieve this by matching short positions within each area against long positions, and the strategy may be managed as beta-neutral, dollar-neutral, or sector-neutral. In attempting to significantly reduce systematic risk, issue selection may be emphasized, with profits dependent on the ability to sell short and buy long the chosen securities. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Nontraditional Bond—</span>Pursues strategies that diverge in one or more ways from conventional practice in the broader bond-fund universe. In pursuing this strategy, the Fund may seek to avoid losses and produce returns uncorrelated with the overall bond market and may employ a variety of methods to achieve those aims, including investing tactically across a wide swath of individual sectors, including high-yield and foreign debt. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Debt Securities—</span>Investment in debt securities may include U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds, mortgage-related securities and asset-backed securities, mortgage to‑be‑announced (“TBA”) securities, emerging market debt securities, preferred securities, structured products, credit-linked notes, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with similar economic characteristics. These debt securities may be of any credit quality, which may include investment grade securities and high yield securities, including unrated securities (commonly called “junk bonds”). The Fund may invest in fixed, variable and floating rate instruments, including participations and assignments, of any duration or maturity. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Equity Securities—</span>Investment in equity securities may include common stock, preferred stock, securities convertible into common stock, including contingent convertible bonds which are securities convertible into equity if a pre‑specified trigger event occurs, and non‑convertible preferred stock. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Derivatives—</span>Exposure to equity securities may be done through derivatives which at times may be significant. Types of derivatives include, but are not limited to, swaps, (including total return some of which may be referred to as contracts for difference), credit default, index and interest rate swaps; options; forward contracts; futures; options on futures and swaps; and foreign exchange transactions, for hedging purposes, as well as to enhance returns. Use of derivatives may be to maintain a portion of its portfolio long and short positions. Investments in indexed and inverse securities may also be made to provide a potential return based on a particular index of value or interest rates. This strategy may also include investments in repurchase agreements, reverse repurchase agreements and dollar rolls. </div><div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Short Sales—</span>Short sales may be used for hedging purposes or to enhance total return. Short sales “against the box” may also be used. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no additional cost. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Currency—</span>The Fund may invest in non‑U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non‑U.S. and emerging market currencies. As a result, the Fund may have significant exposure to foreign currencies and investments in non‑U.S. dollar-based assets may be made on a currency hedged or unhedged basis. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">To meet its objective, the Fund may invest in investment companies such as mutual funds and ETFs. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Multimanager Approach—</span>The Fund uses a multimanager approach, meaning the adviser, in its discretion, may manage assets directly by investing in open- and closed‑end investment companies, ETFs and individual securities or allocate assets to one or more subadvisers (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar, as the Fund’s adviser, is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The nature of the strategies in this Fund is to engage in active and frequent trading of its portfolio securities which may result in higher portfolio turnover. Turnover is mainly driven by a few strategies employed to help manage duration and curve risk. </div> You can lose money by investing in the Fund. <div style="margin-top:6pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Multimanager and Subadviser Selection Risk—</span>To a significant extent, the Fund’s performance depends on Morningstar’s skill in selecting subadvisers and each subadviser’s skill in selecting securities and executing its strategy. Subadviser strategies may occasionally be out of favor and subadvisers may underperform relative to their peers or benchmarks. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Active Management Risk</span>—The Fund is actively managed with discretion and may underperform market indexes or other mutual funds with similar investment objectives. The Fund’s performance depends heavily on Morningstar’s skill and judgment in managing assets directly (through open- and closed‑end investment companies, ETFs and individual securities) and allocating assets to subadvisers and Morningstar and each subadviser’s skill in selecting securities and executing its strategy. The Fund could experience losses if these judgments prove to be incorrect. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Absolute Return Strategy Risk</span>—In seeking low sensitivity to traditional U.S. asset classes, the Fund uses an absolute return strategy and a benchmark index of cash-like instruments. Unlike most equity funds, the Fund should not be expected to benefit from broad equity market returns, and unlike traditional bond funds, it may not generate current income or benefit when interest rates decline. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Market Risk—</span>The value of stocks and other securities can be highly volatile and prices may fluctuate widely, which means you should expect a wide range of returns and could lose money, even over a long time period. Various economic, industry, regulatory, political or other factors (such as natural disasters, epidemics and pandemics, war, terrorism, changes in trade regulation or economic sanctions, conflicts, social unrest, recessions, or the threat or occurrence of a government shutdown) may disrupt U.S. and world economies and can dramatically affect markets generally, certain industry sectors, and/or individual companies. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Long/Short Strategy Risk</span>—While the Fund may invest in long positions and short positions, there is the risk that the investments will not perform as expected and losses on one type of position could more than offset gains on the other, or the Fund could lose money on both positions, if the portfolio managers judge the market incorrectly. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Interest-Rate Risk—</span>The value of fixed-income securities, as well as some income-oriented equity securities that pay dividends, will typically decline when interest rates rise. The Fund may be subject to a greater risk of rising interest rates during low interest rate environments. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Call Risk—</span>During periods of falling interest rates, an issuer may call or repay a higher-yielding fixed income security before its maturity date, forcing the Fund to reinvest in fixed income securities with lower interest rates than the original obligations. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Credit Risk—</span>Issuers of fixed-income securities could default or be downgraded if they fail to make required payments of principal or interest. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">High-Yield Risk—</span>High-yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are subject to greater levels of credit, valuation and liquidity risks. High-yield securities are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Foreign Securities Risk—</span>Securities of non‑U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. They may also be subject to political, economic, and regulatory risks, and market instability. Non‑U.S. issuers also may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Emerging-Markets Risk—</span>Emerging-market countries may have relatively unstable governments and economies based on only a few industries, which can cause greater instability. These countries are also more likely to experience higher levels of inflation, deflation, or currency devaluations, which could hurt their economies and securities markets. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Currency Risk—</span>Because this Fund may invest in securities of non‑U.S. issuers, changes in currency exchange rates (including in the markets in which such non‑U.S. issuers’ securities are traded) could hurt performance. Morningstar or a subadviser may decide not to hedge, or may not be successful in hedging, its currency exposure. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Geographic Concentration Risk—</span>To the extent that the Fund invests a significant portion of its assets in a particular country, region or continent, economic, political, social and environmental conditions in such country, region or continent will have a greater effect on the Fund’s performance than they would in a more geographically diversified fund. Information about the Fund’s investment in a geographic area is available in its annual and semi-annual reports to shareholders, on the Fund’s website and/or on the Fund’s Forms N‑PORT and N‑CSR. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Convertible Securities Risk—</span>Convertible securities are generally debt securities or preferred stocks that may be converted into common stock. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Preferred Stock Risk—</span>Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks are generally payable at the discretion of the issuer’s board of directors, after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">preferred stock will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. Preferred stocks may be less liquid than common stocks. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Short Sales Risk—</span>Short sales involve selling a security the Fund does not own in anticipation that the security’s price will decline. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. Short sales are highly speculative and may subject the Fund to, at least theoretically, unlimited risk due to the fact that the value of the security underlying the short sale may appreciate indefinitely. Short sales also create leverage which increases the Fund’s exposure to the market. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">U.S. Government Securities Risk—</span>U.S. government obligations have different levels of credit support and, therefore, different degrees of credit risk. The U.S. government does not guarantee the market value of the securities it issues, so those values may fluctuate. Like most fixed-income securities, the prices of government securities typically fall when interest rates increase and rise when interest rates decline. In addition, the payment obligations on certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Sovereign Debt Securities Risk—</span>Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Supranational Entities Risk—</span>The Fund may invest in obligations issued or guaranteed by the International Bank for Reconstruction and Development (the “World Bank”). The government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Mortgage-Related and Other Asset-Backed Securities Risk—</span>Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. </div><div style="margin-top:14pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">Mortgage- and asset-backed securities are subject to credit and interest rate risks, as well as extension and prepayment risks: </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:11pt;font-family:arial;"><span style="font-style:italic">Extension Risk—</span>Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:11pt;font-family:arial;"><span style="font-style:italic">Prepayment Risk—</span>When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. TBA (or “to be announced”) commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">When-Issued and Delayed Delivery Securities Risk</span>—When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Indexed and Inverse Securities Risk</span>—Indexed and inverse securities provide a potential return based on a particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Derivatives Risk—</span>A derivative is an instrument with a value based on the performance of an underlying currency, security, index, or other reference asset. Derivatives involve risks different from, or possibly greater than, the risks of investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, or difficult to value. In addition, derivatives could cause losses if the counterparty to the transaction does not perform as promised. The investment results achieved by using derivatives may not match or fully offset changes in the value of the underlying currency, security, index, or other reference asset that the Fund was attempting to hedge or the investment opportunity it was trying to pursue. Derivatives also are susceptible to operational risks, such as system failures and inadequate controls, and legal risks, such as insufficient documentation and lack of enforceability of a contract. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Investment Company/ETF Risk—</span>An investment company, including an open- or closed‑end mutual fund or ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively, or a large purchase or redemption activity by shareholders might negatively affect the value of the shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. Shares of ETFs trade on exchanges and may be bought and sold at market value. ETF shares may be thinly traded, making it difficult for the Fund to sell shares at a particular time or an anticipated price. ETF shares may also trade at a premium or discount to the net asset value of the ETF; at times, this premium or discount could be significant. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Quantitative Models Risk—</span>Morningstar or a sub‑adviser may utilize quantitative models in managing all or a portion of the Fund. Such quantitative models may not perform as expected and may cause the Fund to underperform other investment strategies that do not use quantitative models. Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation, or maintenance of the technology used in the quantitative model. Quantitative models may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models by Morningstar will enable the Fund to achieve its objective. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Merger Arbitrage Risk—</span>Investments in companies that are the subject of a publicly-announced transaction carry the risk the transaction is renegotiated, takes longer to complete than originally planned and that the transaction is never completed. Any such event could cause the Fund to incur a loss. In the case of an investment in a potential target company, if the proposed transaction appears likely not to be consummated, in fact is not consummated, or is delayed, the market price of the security will usually decline sharply, resulting in a loss to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. During periods of market stress, the availability of transactions of the type in which the Fund invests may be significantly limited. In certain circumstances, a sub‑adviser may engage in litigation related to the appraisal of securities held by the Fund to maximize value for Fund shareholders in connection with its merger arbitrage strategy. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Private Placements Risk—</span>Securities that are purchased in private placements are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these investments, especially under adverse circumstances, a Fund could find it more difficult to sell private placements at an advisable time or attractive price. Additionally, such securities may not be listed on an exchange and may have no active trading market. Accordingly, many private placement securities may be illiquid. At times, it may also be more difficult to determine the fair value of such securities for purposes of computing a Fund’s net asset value. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Floating-Rate Notes Risk—</span>Floating-rate notes are subject to credit risk and interest-rate risk. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable-rate demand note is reset at specified intervals at a market rate. Some floating- and variable-rate securities may be callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower yielding securities that reduce the Fund’s income. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Portfolio Turnover Risk—</span>The Fund may engage in active and frequent trading of its portfolio securities. Such a strategy often involves higher transaction costs, including brokerage commissions and dealer mark‑ups, and may increase the amount of capital gains (in particular, short-term gains) realized by a Fund. Shareholders may pay tax on such capital gains. These effects of higher than normal portfolio turnover may adversely affect Fund performance. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Valuation risk</span><span style="font-style:italic">—</span>The amount the Fund actually receives when selling (or otherwise disposing of) an investment may differ from the Fund’s recorded valuation of that investment. This discrepancy is more likely for investments that trade infrequently, are valued using fair-value methods or third-party pricing vendors, or are held during periods of market stress or heightened volatility. Consequently, the Fund may realize a larger loss or a smaller gain than anticipated based on its stated valuation. Additionally, the Fund’s valuation process could be disrupted by technology failures or errors originating from pricing vendors or other external service providers. </div> <div style="margin-top:5pt;margin-bottom:0pt;font-size:11pt;font-family:arial;"><span style="font-style:italic">Cybersecurity Risk—</span>The Fund, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Fund or its service providers or the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, and the Fund and its shareholders could be negatively impacted as a result. </div> Performance <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">compare with those of a broad measure of market performance and an additional index. You may obtain the Fund’s updated performance information by visiting the website at http://connect.rightprospectus.com/Morningstar or by calling 877‑626‑3224. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. </div> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year as of December 31. The table shows how the Fund’s average annual returns for periods ended December 31, 2025 (1 year, 5 years and since inception) compare with those of a broad measure of market performance and an additional index. http://connect.rightprospectus.com/Morningstar 877‑626‑3224 As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future. Calendar Year Total Return—Institutional Morningstar Alternatives Fund % Total Return <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:67%;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Year‑to‑Date Return as of</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">June 30, 2026</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">1.41</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Best Quarter</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">2Q 2020</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">5.28</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;font-weight:bold;">Worst Quarter</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">1Q 2020</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> </td> <td style="vertical-align:top;text-align:right;">-5.01</td> <td style="white-space:nowrap;vertical-align:top;">% </td> </tr> </table> Year‑to‑Date Return as of 2026-06-30 0.0141 Best Quarter 2020-06-30 0.0528 Worst Quarter 2020-03-31 -0.0501 Average Annual Total Return (For the period ended December 31, 2025) 2018-11-02 2018-11-02 2018-11-02 2018-11-02 2018-11-02 0.0641 0.0417 0.0425 0.0502 0.0268 0.0294 0.0384 0.0259 0.0275 0.0433 0.0327 0.0271 0.0730 -0.0036 0.0233 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:arial;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. </div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. The Morningstar Global Income Blended Index is composed of 50% Morningstar Global Markets NR Index and 50% Bloomberg Multiverse Total Return Index. The Morningstar Global Markets NR Index is a broad-based securities market index that measures the performance of large-, mid‑ and small‑cap stocks in developed and emerging markets around the world, representing the top 97% of the investable universe by market capitalization. The Bloomberg Multiverse Total Return Index provides a broad-based measure of the global fixed-income bond market. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non‑resident individuals who do not benefit from double taxation treaties. The Morningstar Global Markets NR Index is a broad-based securities market index that measures the performance of large-, mid‑ and small‑cap stocks in developed and emerging markets around the world, representing the top 97% of the investable universe by market capitalization. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.79% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.53% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. The Bloomberg U.S. Aggregate Bond Index is a broad-based securities market index that measures the investment grade, U.S.-dollar denominated, fixed-rate, taxable bond market. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.58% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. Inception date for Morningstar Municipal Bond Blended Index is 1/1/2019. The Morningstar Municipal Bond Blended Index is composed of 70% Bloomberg Municipal Bond Index and 30% Bloomberg Municipal 1‑3 Year Bond Index. The Bloomberg U.S. Municipal Index covers the USD‑denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. . The Bloomberg Municipal 1‑3 Year Bond Index is an unmanaged index that consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to three years. The Bloomberg U.S. Municipal Index covers the USD‑denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. . Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.48% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. The Bloomberg U.S. Aggregate 1‑3 Year Index measures the performance of investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related debt with 1 to 3 years to maturity. It is composed of a corporate and a non‑corporate component that includes non‑US agencies, sovereigns, supranationals and local authorities. The Bloomberg U.S. Aggregate Bond Index is a broad-based securities market index that measures the investment grade, U.S.-dollar-denominated, fixed-rate, taxable bond market. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.79% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. The Morningstar Multisector Bond Blended Index is composed of 40% Bloomberg U.S. Corporate High Yield Bond Index, 20% Bloomberg Emerging Markets (“EM”) Local Currency Government ex Korea 10% Country Capped Index, 20% Bloomberg EM U.S. Dollar (“USD”) Aggregate: Sovereign Index and 20% Bloomberg U.S. Corporate Bond Index. The Bloomberg U.S. Corporate High Yield Bond Index measures the USD‑denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Bloomberg’s EM country definition, are excluded. The Bloomberg EM Local Currency Government ex Korea 10% Country Capped Index is a country-constrained version of the flagship Emerging Markets Local Currency Government Index, which measures the performance of local currency EM debt. Classification as an EM is rules-based and reviewed annually using World Bank income group, International Monetary Fund (“IMF”) country classification and additional considerations such as market size and investability. Only Fixed-rated Treasury issues are included. The Bloomberg EM USD Aggregate: Sovereign Index tracks fixed and floating-rated US dollar denominated debt issued by EM governments. Country eligibility and classification as EM is rules-based and reviewed annually using World Bank income group and IMF country classifications. The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rated, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. and non‑U.S. industrial, utility, and financial issuers. The Bloomberg U.S. Aggregate Bond Index is a broad-based securities market index that measures the investment grade, U.S.-dollar denominated, fixed-rate, taxable bond market. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses will differ from those presented in the Financial Highlights. The Morningstar Global Markets NR Index is a broad-based securities market index that captures the performance of large-, mid‑ and small‑cap stocks located in the developed and emerging countries across the world, representing the top 97% of the investable universe by market capitalization. A net total return index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non‑resident individuals who do not benefit from double taxation treaties. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 1.16% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. The Morningstar U.S. Cash T‑Bill TR USD Index measures the performance of a 6 to 8-week U.S. Treasury Bill, and is the index against which the Fund is primarily managed. The Morningstar U.S. Market Index is a diversified, broad-based securities market index that measures the performance of large-, mid‑ and small‑cap stocks in the U.S., representing the top 97% of the investable universe by market capitalization. The Bloomberg U.S. Aggregate Bond Index is a broad-based securities market index that measures the investment grade, U.S.-dollar-denominated, fixed-rate, taxable bond market. The management fees shown in the table above reflect the management fee rate in effect as of the date of this prospectus. The Financial Highlights are based on the Fund’s most recently completed fiscal year, during which a different management fee rate was in effect. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, acquired fund fees and expenses, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.92% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser. The Morningstar Global Markets ex U.S. Index (net) is a broad-based securities market index that measures the performance of large-, mid‑ and small‑cap stocks in in developed and emerging markets outside of the U.S., representing the top 97% of the investable universe by market capitalization. Stocks in the index are weighted by their float capital, which removes corporate cross-ownership, government holdings and other locked‑in shares. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non‑resident individuals who do not benefit from double taxation treaties. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. The management fees shown in the table above reflect the management fee rate in effect as of the date of this prospectus. The Financial Highlights are based on the Fund’s most recently completed fiscal year, during which a different management fee rate was in effect. Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers. Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights. Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2027, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 0.73% (the Expense Limitation Agreement). Prior to August 31, 2027, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser.