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Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_909_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member_zALCJD7WXdj3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the “Purchase of Shares” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 12 and A-1, respectively, of the Fund’s Prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 58 of the Fund’s Statement of Additional Information. You may qualify for sales charge discounts with respect to Class A shares if you and your 50000 <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zlnwzfbg6VK4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z47yaRUCIgsi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td> </td> <td id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099566Member_zLN77ZCbneW9" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td id="xdx_49D_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099567Member_zcS72hhKwIJ4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099569Member_za7ZJoRrPMQi" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Shareholder Fees (fees paid directly from your investment):</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Class A</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Class C</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Institutional Class</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> </tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z70FNdyts5k1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left">Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price)</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">5.50</td> <td style="width: 4%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">None</td> <td style="width: 4%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">None</td> <td style="width: 4%; text-align: left"> </td> <td style="width: 1%"> </td> </tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dn_z8yv5LO6pNFe" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption)</td> <td> </td> <td style="text-align: right">1.00</td> <td style="text-align: left">%1 </td> <td> </td> <td style="text-align: right">1.00</td> <td style="text-align: left">%2 </td> <td> </td> <td style="text-align: right">None</td> <td style="text-align: left"> </td> <td> </td> </tr> <tr id="xdx_40E_eoef--RedemptionFeeOverRedemption_iN_dpin_zdnOjuzRAsMj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td> </td> <td style="text-align: right">2.00</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">2.00</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">2.00</td> <td style="text-align: left">%</td> <td> </td> </tr> </table> 0.0550 0 0 1.00 1.00 0 -0.0200 -0.0200 -0.0200 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zZaUeoJMATJk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z3ojA18sHKSe" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td id="xdx_492_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099566Member_zIrrEM9y2Tge" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099567Member_zzWVSTaV7ghc" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td id="xdx_491_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099569Member_zwuQBz6ZVzhe" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z905LMfTAen1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 60%; text-align: left">Management Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.75</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.75</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.75</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> </tr> <tr id="xdx_40C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zMCsZraCRVBh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and/or Service (Rule 12b-1) Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.00</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zkvwsg7xm6dh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Acquired Fund Fees and Expenses (“AFFE”)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zoDMutaSP8hh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.21</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.21</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.21</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zzTMGolzqQ03" style="font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses3,4</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.22</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.97</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.97</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z07lZrBXYLwc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Reimbursement4</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zntX6QvuD4uj" style="font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement3,4</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.21</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.96</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.96</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td> <td style="text-align: justify"> A 1.00% contingent deferred sales charge (“CDSC”) may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker-dealer was not paid a commission.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> A 1.00% CDSC will be assessed when Class C shares are redeemed within 18 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">3 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund’s Annual and Semi-Annual Financials and Additional Information in the financial highlights table, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses”.</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">4 </td> <td id="xdx_F11_z1C0LZFeoSGj" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Equity Investment Corporation (“EIC” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, do not exceed 0.95% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027, unless the Board of Trustees of the Trust approves</td></tr> </table> its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. 0.0075 0.0075 0.0075 0.0025 0.0100 0 0.0001 0.0001 0.0001 0.0021 0.0021 0.0021 0.0122 0.0197 0.0097 -0.0001 -0.0001 -0.0001 0.0121 0.0196 0.0096 August 31, 2027 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund’s Class A, Class C, and Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaRqqbQ7jjX6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zizgUTx12p76" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zsCQQQY3IlSc" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zhwwg5lTPmXj" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">3 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zbIDUA4SRGr1" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">5 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zXEqo6CVYFt3" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">10 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_414_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099566Member_zwIWQWZauNOf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%; text-align: left">Class A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$767</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$915</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$1,183</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$1,945</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td></tr> <tr id="xdx_41D_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099567Member_zRraAnpyEgY9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Class C</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$299</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$617</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$1,061</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$2,295</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_41D_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099569Member_zUTlMMVyGXSg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Institutional Class</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$98</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$308</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$535</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$1,189</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> </table> 767 915 1183 1945 299 617 1061 2295 98 308 535 1189 You would pay the following expenses if you did not redeem your shares: <div id="xdx_A8A_eoef--ExpenseExampleNoRedemptionTableTextBlock_zg9P6rDHqks7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zijH6TNfrFN5" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48B_eoef--ExpenseExampleNoRedemptionYear01_zjLKnHheZZDi" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear03_zYY6sNYvrghi" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">3 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear05_zqrdudSt6aef" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">5 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear10_zxfmMkuyxRw2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">10 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_41D_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099566Member_zsxgusBABdN8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%; text-align: left">Class A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$667</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$915</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$1,183</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; text-align: center">$1,945</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 1%; vertical-align: bottom"> </td></tr> <tr id="xdx_417_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099567Member_zrWOyjjlx0N" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Class C</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$199</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$617</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$1,061</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$2,295</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_41E_20260828__20260828__dei--LegalEntityAxis__custom--S000031985Member__oef--ClassAxis__custom--C000099569Member_zxQtEjQzpF29" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Institutional Class</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$98</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$308</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$535</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">$1,189</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"> </td></tr> </table> 667 915 1183 1945 199 617 1061 2295 98 308 535 1189 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio. 0.27 Summary of Principal Investment Strategies The Fund, under normal circumstances, primarily invests in common stocks of U.S. companies. The Fund may invest in the stocks of companies of all capitalization sizes. The Fund invests in companies the Adviser believes are well-managed and high-quality, with relatively stable earnings and cash flow, and low levels of debt that are selling at a discount to their value as an ongoing business entity. The Adviser attempts to avoid investing in companies that appear to be inexpensive relative to their historical records, but are actually in long-term structural decline (i.e., “value traps”). Starting with the Russell 3000® universe, the Adviser attempts to identify companies it believes are generating high returns on equity and capital with sustainable earnings growth. The Adviser may also identify companies through the use of traditional news sources and non-opinionated research and by monitoring companies with recent and significant price declines. Once a potential candidate is identified, the Adviser determines whether the company is selling at a discount to its value as an ongoing business entity based upon the Adviser’s in-house valuation models, which rely on return on equity and earnings growth as key inputs. After the Adviser identifies a company it believes is selling at a meaningful discount to its value as an ongoing concern, the Adviser employs a comprehensive set of web-based analytics to facilitate financial statement and ratio analysis which helps the Adviser to identify and avoid companies with characteristics that are consistent with potential value traps. The Adviser then performs in-depth company specific fundamental research to gain further insight into accounting policies, factors impacting reported earnings, unusual transactions, attempts to manage earnings, and any other evidence that earnings power is, or may in the future be, different than what the financial statements currently portray. If a company passes all levels of analysis, then the Adviser may add it to the Fund’s portfolio. The Adviser sells a position in a company if the Adviser believes the security has reached its full value, the company shows balance sheet stress (indicating potential earnings management, weak financial controls or possible earnings shortfalls), a major change occurs (rendering historical data invalid for determining the value of business ownership) or the Adviser believes the company’s quality or financial strength falls below acceptable levels, or if a more attractive investment opportunity becomes available. Positions reaching 6% of the Fund’s value will be trimmed to reduce exposure. Up to 20% of the Fund’s net assets may be held in cash, cash equivalents, or short-term investments if the Adviser believes that there are not a sufficient number of currently compelling investment opportunities in which to fully invest the Fund’s assets. While holding a significant position in cash could help the Fund reduce losses during market downturns, it may have the effect of lessening the Fund’s capital appreciation during market upturns. The Fund, under normal circumstances, primarily invests in common stocks of U.S. companies. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield, and total return. It is possible to lose money by investing in the Fund. <div></div> It is possible to lose money by investing in the Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zvd0M0NM1eZc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Common Stock Risk: Because the Fund normally invests a substantial portion of its assets in common stocks, the value of the Fund’s portfolio will be affected by changes in stock markets. Common stock represents an equity (ownership) interest in a company or other entity. At times, the stock markets can be volatile, and stock prices can change drastically. This market risk will affect the Fund’s net asset value, which will fluctuate as the values of the Fund’s portfolio securities and other assets change. Not all stock prices change uniformly or at the same time and not all stock markets move in the same direction at the same time. In addition, other factors can adversely affect a particular stock’s price (for example, poor management decisions, poor earnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes in government regulations affecting an industry). Not all of these factors nor their effects can be predicted.</td> </tr> </table> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z6gEXnzdIjT9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. In particular, the Fund faces the risk of loss as a result of misestimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. The Adviser may also miss an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the missed investment opportunity.</td> </tr> </table> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zgUgX5bu1b4f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Model and Data Risk: Quantitative models and market data upon which the Adviser relies may prove to be incorrect or incomplete, potentially resulting in lower investment performance or losses to the Fund.</td> </tr> </table> <div></div> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHdpv6GOLsci"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompaniesRiskMember_ztPprNLgDOZ1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Other Investment Companies Risk: When the Fund invests in other investment companies, including exchange-traded funds, shareholders bear both their proportionate share of Fund expenses and, indirectly, the expenses of the other investment companies. Furthermore, the Fund is exposed to the risks to which other investment companies may be subject.</td> </tr> </table> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zTXeAhcSVwub"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zdjDl2Q3U6O2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. The returns on “value” equity securities may be less than returns on other styles of investing or the overall stock market.</td> </tr> </table> Performance Information The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund’s Class A Shares for the past ten calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the performance of the value segment of the market in which the Fund primarily invests. The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.eicvalue.com. Current returns may be lower or higher. Call 877-342-0111 for the latest month-end performance figures. The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund’s Class A Shares for the past ten calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the performance of the value segment of the market in which the Fund primarily invests. The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.eicvalue.com 877-342-0111 <img alt="" src="pro-eicvx_002.jpg" style="height: 158px; width: 600px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zFOhJqfweDd6" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000099566Member_zIo9KNkeMCS4" style="display: none; text-align: center; width: 50%">11.29%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000099566Member_zI1WKdIvIvUh" style="display: none; text-align: center">14.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000099566Member_zjW3cxEW0qSc" style="display: none; text-align: center">-7.87%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_983_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000099566Member_zSMCMjInByy1" style="display: none; text-align: center">22.35%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000099566Member_z2p7pzZJTiue" style="display: none; text-align: center">4.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000099566Member_zLVHDMpzZwAf" style="display: none; text-align: center">29.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000099566Member_zH3Q2xVjzTIe" style="display: none; text-align: center">0.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000099566Member_zlT3WNsnYGi9" style="display: none; text-align: center">12.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000099566Member_z7m7l5uARH39" style="display: none; text-align: center">11.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000099566Member_zuv8knGprzMd" style="display: none; text-align: center">15.60%</td></tr> </table> 0.1129 0.1416 -0.0787 0.2235 0.0400 0.2973 0.0066 0.1269 0.1126 0.1560 Calendar Year-to-Date Total Return as of June 30, 2026: 6.10% During the periods shown in the chart <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="background-color: White; width: 24%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 24%; text-align: center">Best Quarter</td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 24%; text-align: center">Worst Quarter</td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 24%"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="text-align: center">15.77%</td> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center">(24.07)%</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="text-align: center">(December 31, 2020)</td> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center">(March 31, 2020)</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.0610 Best Quarter Worst Quarter 0.1577 -0.2407 2020-12-31 2020-03-31 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zn9VAoWsfkB1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zoj8G3eedXcb" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">EIC Value Fund — Class A Shares Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zDDGDGLryXIi" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">1 Year</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20210101__20251231_zoJ2DuNINfe7" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">5 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20160101__20251231_zHHBQACn7vbg" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">10 Years</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">Since Inception (May 19, 2011)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099566Member_zPcQ2oPFfWh3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 47%; text-align: left">Class A Shares Return Before Taxes1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">9.23</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">12.33</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">10.29</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">9.52</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIaub6qo4Zb3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7.14</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10.36</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.47</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.10</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOUYIOD0Q2ab" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions and Sale of Shares</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6.95</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9.51</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7.94</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7.57</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zrUkJXyOs7Ah" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zFiUvqAmJso2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P 500® Index (reflects no deductions for fees or expenses or taxes)2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">17.88</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.42</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.82</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13.88</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zy7NmQnz94l6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099566Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zkvZnSiIU5Zg" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15.71</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10.46</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10.36</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">EIC Value Fund — Class C Shares Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">1 Year</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">5 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">10 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Since Inception (July 18, 2011)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099567Member_zyQIEIaCp6dj" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%">Class C Shares Return Before Taxes</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">14.78</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%">%3</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">12.77</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">10.09</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">9.34</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099567Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zOw43SjUfVGj" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099567Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zCYhdSRXNN67" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P 500® Index (reflects no deductions for fees or expenses or taxes)2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">17.88</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">14.42</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">14.82</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">14.25</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099567Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zG3aCjxdll22" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099567Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zheWYJS6M62c" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Value Index (reflects no deductions for fees or expenses or taxes)2</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">15.71</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">11.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">10.46</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">10.80</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">EIC Value Fund — Institutional Class Shares Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">1 Year</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">5 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">10 Years</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Since Inception (April 29, 2011)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099569Member_z875HseX9SD5" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%">Institutional Class Shares Return Before Taxes</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">15.93</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">13.91</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">11.20</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; text-align: right">10.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099569Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zV0CJPd6tCI8" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099569Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zzCFlpbbSTL5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P 500® Index (reflects no deductions for fees or Expenses)2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">17.88</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">14.42</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">14.82</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">13.72</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000099569Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zl8ESzCJ8J64" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000099569Member__oef--PerformanceMeasureAxis__custom--Russell3000ValueIndexMember_zeF9hL7H5kCc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Value Index (reflects no deductions for fees or Expenses)2</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">15.71</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">11.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">10.46</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">10.21</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Average annual total returns for Class A shares of the Fund reflect the imposition of the maximum front-end sales charge of 5.50%.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">2</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Effective September 1, 2024, the Fund’s primary broad-based performance index changed to the S&P 500® Index due to the SEC’s revised definition for such an index. The S&P 500® Index is a widely recognized unmanaged index of 500 common stocks, which are generally representative of the U.S. stock market as a whole. The Fund will retain the Russell 3000® Value Index as its additional benchmark for performance comparison. The Russell 3000® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe, which more closely aligns with the Fund’s investment strategy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">3</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Reflects the imposition of the maximum deferred sales charge of 1.00%.</td> </tr> </table> Average Annual Total Returns for the Periods Ended December 31, 2025 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 Class A Shares Return Before Taxes 0.0923 0.1233 0.1029 0.0952 Return After Taxes on Distributions 0.0714 0.1036 0.0847 0.0810 Return After Taxes on Distributions and Sale of Shares 0.0695 0.0951 0.0794 0.0757 S&P 500® Index (reflects no deductions for fees or expenses or taxes) 0.1788 0.1442 0.1482 0.1388 Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) 0.1571 0.1118 0.1046 0.1036 2011-07-18 2011-07-18 2011-07-18 Class C Shares Return Before Taxes 0.1478 0.1277 0.1009 0.0934 S&P 500® Index (reflects no deductions for fees or expenses or taxes) 0.1788 0.1442 0.1482 0.1425 Russell 3000® Value Index (reflects no deductions for fees or expenses or taxes) 0.1571 0.1118 0.1046 0.1080 2011-04-29 2011-04-29 2011-04-29 Institutional Class Shares Return Before Taxes 0.1593 0.1391 0.1120 0.1018 S&P 500® Index (reflects no deductions for fees or Expenses) 0.1788 0.1442 0.1482 0.1372 Russell 3000® Value Index (reflects no deductions for fees or Expenses) 0.1571 0.1118 0.1046 0.1021 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class C and Institutional shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class C and Institutional shares will vary. PACIFIC CAPITAL TAX-FREE SECURITIES FUND Investment Objective The Pacific Capital Tax-Free Securities Fund (the “Tax-Free Securities Fund” or the “Fund”) seeks high current income that is exempt from federal and Hawaii income tax. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell Class Y shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_ziyhZ91T9Rkb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z3KjYn9DKBWb" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000029047Member__oef--ClassAxis__custom--C000089187Member_zydvrrsSRt8d" style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Class Y</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zgEpPpZ9JpCd" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 86%; text-align: left">Management Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.20</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRHhUVifHLDa" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and/or Service (Rule 12b-1) Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zrnHzHxN4Jfj" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.14</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z2DUKUoKhOV2" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">0.34</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZdRGpKxBQwi" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fee Waiver</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(0.20</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zJRCtiGjlJUh" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">0.14</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">1 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The Asset Management Group of Bank of Hawaii (the “Adviser”) has agreed to waive its advisory fee (the “Waiver”). The Waiver will remain in effect until August 31, 2027. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust (the “Trust”).</td></tr> </table> 0.0020 0 0.0014 0.0034 -0.0020 0.0014 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJ4La6jSA95i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z7CFhcoE10eg" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zo5WE4PQK6wk" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">1 Year</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zJT8C8SFS7Lk" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">3 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_483_eoef--ExpenseExampleYear05_zekprvlMIaI8" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">5 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear10_zzKV9ApqtUgl" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">10 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_41E_20260828__20260828__dei--LegalEntityAxis__custom--S000029047Member__oef--ClassAxis__custom--C000089187Member_zDeoC1OottP1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 47%; text-align: left">Class Y</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$14</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$89</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$170</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$409</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: center"> </td></tr> </table> 14 89 170 409 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio. 0.36 Summary of Principal Investment Strategies The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund generally only acquires municipal obligations that are rated “investment grade” at the time of purchase, which means they are rated in one of the top four categories by a nationally recognized statistical rating organization, or unrated obligations that the Adviser determines are of comparable quality. The Fund normally invests not less than 50% of its net assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. However, there may be extended periods of time when the Fund will invest less than 50% of its net assets in Hawaiian municipal obligations due to a lack of supply. The Fund may also invest in other kinds of debt instruments issued by domestic issuers. The Fund focuses on maximizing tax exempt income consistent with prudent investment risk. It varies the average maturity of its investment portfolio from time to time in response to actual and expected interest rate movements as well as other market and economic conditions. The Fund is non-diversified, which means that the Fund may invest most of its assets in securities issued by or representing a small number of issuers. No maturity limitations apply to the Fund’s investment portfolio, and the average maturity of its portfolio can vary significantly. The Adviser monitors the Fund’s portfolio performance and reallocates the Fund’s assets in response to actual and expected market and economic changes. This Fund is intended for investors who seek income that is exempt from federal and Hawaii income tax, a high level of liquidity, and professional portfolio management. This Fund is not intended for investors who seek high stability of principal, income that is not subject to any federal alternative minimum tax, or significant capital appreciation. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective. The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund, or the Fund could underperform other investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display: none"></div> <div></div> It is possible to lose money by investing in the Fund, or the Fund could underperform other investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zjYmj1eHW5vg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security).</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationsRiskMember_z0fV16M9ZBk9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Geographic Concentration Risk: From time to time, the Fund may invest a substantial amount of its assets in issuers located in Hawaii. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that geographic region will have a significant impact on its investment performance.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zbdDv7W3aKW5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zgobxaAHTa65"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztxp3q5sbWXj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</td> </tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfDx0n9BwyOl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zmXC73iTnmTk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the Adviser than that of an equity fund or taxable bond fund. The Fund invests significantly in municipal obligations of issuers located in Hawaii. The values of shares of the Fund therefore will be affected by economic and political developments in Hawaii.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zW5fbuGaVZQ2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Non-Diversification Risk: The Fund is “non-diversified” and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as “diversified.” A fund that invests in a relatively small number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks.</td> </tr> </table> <div style="display: none"></div> <div></div> The Fund is “non-diversified” and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as “diversified.” A fund that invests in a relatively small number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsRiskMember_zc1SYeD298v8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RatingAgencyRiskMember_zucbaYlGOyXh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zsUwARTKRxCh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them.</td> </tr> </table> Performance Information The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years and 10 years compare with a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.boh.com/personal/mutual-funds or by calling the Fund toll-free at (888) 678-6034. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years and 10 years compare with a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future https://www.boh.com/personal/mutual-funds (888) 678-6034 <img alt="" src="pro-ptxfx_002.jpg" style="height: 138px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zRDIuS5Pmwbc" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000089187Member_zsRO5r8VtLT9" style="display: none; text-align: center; width: 50%">-0.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000089187Member_zrBjSovlIeyb" style="display: none; text-align: center">4.07%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000089187Member_z83ex6sWR0rc" style="display: none; text-align: center">1.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000089187Member_zsJwrc7QAvOf" style="display: none; text-align: center">6.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000089187Member_zz5BWXRkVFp" style="display: none; text-align: center">4.99%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000089187Member_zZeTQO8EvKEl" style="display: none; text-align: center">0.89%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000089187Member_zDcrujycaOpd" style="display: none; text-align: center">-6.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000089187Member_zyx7E7FuRJHh" style="display: none; text-align: center">3.72%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000089187Member_z5BLWE8leXLa" style="display: none; text-align: center">2.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000089187Member_zO05gSy691yh" style="display: none; text-align: center">5.03%</td></tr> </table> -0.0014 0.0407 0.0121 0.0649 0.0499 0.0089 -0.0675 0.0372 0.0211 0.0503 Calendar Year-to-Date Total Return as of June 30, 2026: 1.87% During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 24%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">Best Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">Worst Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap; width: 1%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 24%"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">5.51%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(5.26)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(December 31, 2023)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(March 31, 2022)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.0187 Best Quarter Worst Quarter 0.0551 -0.0526 2023-12-31 2022-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_z7PLTs2GZ8c1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zEoKRgZFyLD" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: left">Average Annual Total Returns For the period ended December 31, 2025</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231_z4LFJlzZVTT3" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20210101__20251231_zwv5tqpGQWGk" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">5 Years</td> <td style="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20160101__20251231_zXdKOp9LOd6d" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">10 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Class Y</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089187Member_z9PQHtk0tKmh" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 60%; text-align: left">Return Before Taxes</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">5.03</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.91</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">2.10</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zpvkdF9DbJp3" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.99</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.88</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.08</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTrrx8lAAyV1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.33</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.28</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.20</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089187Member__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_z49HChbqWEIc" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg Municipal Bond Index2 (reflects no deductions for fees, expenses or taxes)</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.25</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.80</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.35</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089187Member__oef--PerformanceMeasureAxis__custom--BloombergHawaiiMunicipalBondIndexMember_zb0QW5CrMavg" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000089187Member__oef--PerformanceMeasureAxis__custom--BloombergHawaiiMunicipalBondIndexMember_zy6ssjEryuEd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg Hawaii Municipal Bond Index2 (reflects no deductions for fees, expenses or taxes)</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.72</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.64</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.12</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant periods.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">2</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Effective September 1, 2024, the Fund’s primary broad-based performance index changed to the Bloomberg Municipal Bond Index due to regulatory requirements. The Bloomberg Municipal Bond Index measures the performance of the Bloomberg U.S. Municipal bond market, which covers the USD-denominated long-term tax-exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The Fund will retain the Bloomberg Hawaii Municipal Bond Index as its additional benchmark for performance comparison. The Bloomberg Hawaii Municipal Bond Index is a rules-based, market-value weighted index engineered for the long-term tax-exempt Hawaii bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.</td> </tr> </table> Average Annual Total Returns For the period ended December 31, 2025 Return Before Taxes 0.0503 0.0091 0.0210 Return After Taxes on Distributions 0.0499 0.0088 0.0208 Return After Taxes on Distributions and Sale of Fund Shares 0.0433 0.0128 0.0220 Bloomberg Municipal Bond Index2 (reflects no deductions for fees, expenses or taxes) 0.0425 0.0080 0.0235 Bloomberg Hawaii Municipal Bond Index2 (reflects no deductions for fees, expenses or taxes) 0.0472 0.0064 0.0212 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The calculation assumes that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. However, actual individual tax results may vary and investors should consult their tax advisers regarding their personal tax situations. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PACIFIC CAPITAL U.S. GOVERNMENT MONEY MARKET FUND Investment Objective The Pacific Capital U.S. Government Money Market Fund (the “Fund”) is a money market fund that seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. The Fund seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z0NIynPqyTY9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z1X4sZ7hIBh8" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td id="xdx_49E_20260828__20260828__dei--LegalEntityAxis__custom--S000044713Member__oef--ClassAxis__custom--C000138972Member_zzRxn219w6fc" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_499_20260828__20260828__dei--LegalEntityAxis__custom--S000044713Member__oef--ClassAxis__custom--C000200880Member_zCsMLI7kdAZ6" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="8" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Institutional Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Investor Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z4IK6Jso9Tm7" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Management Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.40</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.40</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWeY2yAg1Qpf" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Distribution and/or Service (Rule 12b-1) Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zaXl6FNmiRkh" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other Expenses1</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.11</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.11</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zTok1xTNblU6" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 73%">Total Annual Fund Operating Expenses2</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right; width: 8%">0.51</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right; width: 8%">0.76</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> “Other Expenses” are estimated based on expenses for the current fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">2</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> The Asset Management Group of Bank of Hawaii (the “Adviser”) has voluntarily agreed to waive fees and reimburse expenses of the Fund to the extent necessary to maintain a minimum daily net yield for the Fund (the “Voluntary Waiver”). This is not reflected in the table above. Such Voluntary Waiver will continue until the Adviser notifies the Fund of a change in the amount of the Voluntary Waiver or its discontinuation. This Voluntary Waiver may be discontinued at any time at the discretion of the Adviser.</td> </tr> </table> 0.0040 0.0040 0 0.0025 0.0011 0.0011 0.0051 0.0076 “Other Expenses” are estimated based on expenses for the current fiscal year. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund’s Institutional and Investor class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTOf82b0zcnc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zCgcnBLFHlNc" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zDD6saiZdPRg" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">1 Year</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zMs9oYUEgDrk" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">3 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zED3X2g8ci76" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">5 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_z2eXtPrTZpFc" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">10 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_417_20260828__20260828__dei--LegalEntityAxis__custom--S000044713Member__oef--ClassAxis__custom--C000138972Member_zPtPmEXaPh9d" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 47%; text-align: left">Institutional Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$52</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$164</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$291</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">$640</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: center"> </td></tr> <tr id="xdx_416_20260828__20260828__dei--LegalEntityAxis__custom--S000044713Member__oef--ClassAxis__custom--C000200880Member_zvykq2MI27Qa" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investor Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$78</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$243</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$422</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$942</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> </table> 52 164 291 640 78 243 422 942 Principal Investment Strategies The Fund seeks to achieve its objectives by investing, under normal circumstances, substantially all of its net assets in securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, and repurchase agreements backed by such securities. The Fund operates as a “Government Money Market Fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“1940 Act”). This means that the Fund invests at least 99.5% of its total assets in (1) cash, (2) U.S. government securities, (3) repurchase agreements that are collateralized fully by U.S. government securities or cash, and/or (4) other money market mutual funds that operate as Government Money Market Funds. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. The Fund makes significant investments in securities issued by U.S. government-sponsored entities. Such securities are neither issued nor guaranteed by the U.S. Treasury. Under unusual circumstances, as when appropriate U.S. government securities and repurchase agreements backed by such securities are unavailable, the Fund may also invest in cash equivalents, including money market funds. The Securities and Exchange Commission (“SEC”) imposes strict requirements on the investment quality, maturity, and diversification of the Fund’s investments. Accordingly, the Fund’s investments must have a remaining maturity of no more than 397 days and must be high quality. The Fund’s investment adviser may consider, among other things, credit, interest rate and prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Fund. During extraordinary market conditions and interest rate environments, all or any portion of the Fund’s assets may be uninvested and will therefore not generate income. The Fund may not achieve its investment objectives during this time. The Fund also seeks to invest in securities the income from which may be tax exempt from state and local taxes. This Prospectus does not discuss all of the state and local tax consequences of an investment in the Fund. You are urged and advised to consult your own tax adviser concerning state and local taxes, which may have different consequences from those of the federal income tax laws. under normal circumstances, substantially all of its net assets in securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, and repurchase agreements backed by such securities. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor, and the relative significance of each risk below may change over time. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Bank of Hawaii, its affiliates, subsidiaries or any other bank. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. <div style="display: none"></div> <div></div> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Bank of Hawaii, its affiliates, subsidiaries or any other bank. it is possible to lose money by investing in the Fund <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StableNavRiskMember_zvg18Gk6HGK8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Stable NAV Risk: The risk that the Fund will not be able to maintain an NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zICKaAXglQ6e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Interest Rate Risk: The risk that during periods of rising interest rates, the Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentOrCallRiskMember_zmgjYmTDJNq6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Prepayment (Or Call) Risk: The risk that prepayment of the underlying collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtExtensionRiskMember_zcpRyBlv3xIj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Debt Extension Risk: The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zxpoMkhKMWye"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Income Risk: The risk that falling interest rates will cause the Fund’s income to decline. Income risk is generally higher for short-term debt securities.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zflTb5Npqna2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: The risk that a strategy used by the Fund’s Adviser may fail to produce the intended results.</td> </tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zbyhwxtzEdU6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zPbSn4EYQouc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">U.S. Government Securities Risk: The risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_z4nl0UgkceHi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Credit Risk: The risk that the issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principle.</td> </tr> </table> Performance Information The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing the Fund’s average annual total returns for 1 year and since inception period. Past performance does not necessarily indicate how the Fund will perform in the future. The Fund commenced operations on June 14, 2018 and subsequently ceased investment operations on April 14, 2021 due to redemption of all shareholders. The Fund currently has no assets and no shareholders, and, therefore, no performance information is presented for periods after March 31, 2021. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing the Fund’s average annual total returns for 1 year and since inception period. Past performance does not necessarily indicate how the Fund will perform in the future. <img alt="" src="pro-pcgxx_002.jpg" style="height: 179px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zDfaV20KcSmc" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000200880Member_z88XFC1diylg" style="display: none; text-align: center; width: 50%">1.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000200880Member_zwgKQNh6qIri" style="display: none; text-align: center">0.25%</td></tr> </table> 0.0181 0.0025 Calendar Year-to-Date Total Return as of March 31, 2021: 0.00% During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">Best Quarter</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">Worst Quarter</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">0.51%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">0.00%</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">(June 30, 2019)</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">(December 31, 2020)</td> </tr> </table> Calendar Year-to-Date Total Return 2021-03-31 0.0000 Best Quarter Worst Quarter 0.0051 0.0000 2019-06-30 2020-12-31 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zjJ0yzb6l19a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zQDP6Wq5I1Q8" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">Average Annual Total Returns For the period ended December 31, 20201</td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">Since Inception (June 14, 2018)</td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; width: 70%; text-align: left; vertical-align: top">Investor Class Shares</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.25</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">1.18</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-collapse: collapse"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The Fund ceased investment operations on April 14, 2021.</td></tr> </table> Average Annual Total Returns For the period ended December 31, 2020 2018-06-14 Investor Class Shares 0.0025 0.0118 POLEN GROWTH FUND Investment Objective Polen Growth Fund (“the Fund”) seeks to achieve long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zNT6ds6ij0h4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJkDl6JYESsc" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_490_20260828__20260828__dei--LegalEntityAxis__custom--S000029264Member__oef--ClassAxis__custom--C000089997Member_zWz9QptJ1cjl" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_495_20260828__20260828__dei--LegalEntityAxis__custom--S000029264Member__oef--ClassAxis__custom--C000089998Member_zDFBhwKY0Wk" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="8" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">Investor Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">Institutional Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zgSq8DSrpNP3" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 73%; text-align: left">Management Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.85</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.85</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zeDvVm5HYPI6" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution (Rule 12b-1) Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zFgkpVp40nak" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.14</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.14</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z3p2xp9tywH9" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">1.24</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">0.99</td> <td style="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td> <td style="text-align: justify"> Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.00% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, any fees waived and/or expenses reimbursed by the Adviser on or after January 1, 2017 with respect to the Fund for a three year period following the date of such fee waiver and/or expense reimbursement. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.</td> </tr> </table> 0.0085 0.0085 0.0025 0 0.0014 0.0014 0.0124 0.0099 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDCPI8p3BkVh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zkL7BYPAYVg8" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zqY2tParYwMe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zQ29cnbguxR5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zRRNPnqrHsmd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_484_eoef--ExpenseExampleYear10_zkNxLg2W9R7g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td> <td style="text-align: center"> </td></tr> <tr id="xdx_41F_20260828__20260828__dei--LegalEntityAxis__custom--S000029264Member__oef--ClassAxis__custom--C000089997Member_zLKnaFKkcimj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 47%; text-align: left">Investor Class</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 12%; text-align: center">$126</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 12%; text-align: center">$393</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 12%; text-align: center">$680</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 12%; text-align: center">$1,498</td> <td style="text-align: center; width: 1%"> </td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000029264Member__oef--ClassAxis__custom--C000089998Member_zqMoN4022lb3" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Institutional Class</td> <td style="text-align: center"> </td> <td style="text-align: center">$101</td> <td style="text-align: center"> </td> <td style="text-align: center">$314</td> <td style="text-align: center"> </td> <td style="text-align: center">$545</td> <td style="text-align: center"> </td> <td style="text-align: center">$1,209</td> <td style="text-align: center"> </td></tr> </table> 126 393 680 1498 101 314 545 1209 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio. 0.49 Summary of Principal Investment Strategies The Fund typically invests in a focused portfolio of common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that, in the Adviser’s opinion, have a sustainable competitive advantage. A company will be considered a “growth” company if it passes at least one of two tests. First, any company that appears in any one of three “growth” indices—MSCI USA Small Cap Growth, MSCI ACWI Growth, Russell 3000 Growth—will be classified as a “growth” company. Second, any company that receives a positive net “z-score” will be classified as a “growth” company. Growth factors covering forward and historical earnings growth, an internal growth measure, and sales growth will be weighed against value factors covering book-to-price ratio, forward earnings-to-price ratio, and dividend yield, to determine whether the net score is positive (growth) or negative (value). In addition, the Fund may from time to time purchase a common stock, including the common stock of a medium capitalization company (market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), that does not meet this criteria if, in the Adviser’s opinion, the stock represents a particularly attractive investment opportunity. The Adviser uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets typically with low or no net debt to total capital and (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable above average earnings growth. The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Adviser may also sell a security if it is believed by the Adviser to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long-term basis. The Fund typically invests in a focused portfolio of common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that, in the Adviser’s opinion, have a sustainable competitive advantage. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="display: none"></div> <div></div> It is possible to lose money by investing in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zmGKj06dQJ77"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zWCujQxSTetf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zjiD2FlRaEpa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zGVb6hfVIZVj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zXuApnE5bUm8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_zSsRhP3VFCPe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Mid-Cap Risk: Medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zCwjFzGxUFMk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Non-Diversification Risk: Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund.</td> </tr> </table> <div style="display: none"></div> <div></div> Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zA9b1a19N0Fd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z1GumJPeBX98"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Information Technology Sector Risk. At certain points, the Fund has focused its investments in the information technology sector. Information technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.</td> </tr> </table> Performance Information <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000029264Member_zGxsqhq485hh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart and the performance table below provide an indication of the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Class shares from year to year; and (b) how the average annual total return of the Fund’s Institutional Class and Investor Class shares compare to those of a regulatorily required broad-based securities market index (S&P 500® Index) (the “Regulatory Benchmark”) and the Russell 1000® Growth Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.polencapital.com/strategies/growth-fund or by calling the Fund toll-free at (888) 678-6024. The bar chart and the performance table below provide an indication of the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Class shares from year to year; and (b) how the average annual total return of the Fund’s Institutional Class and Investor Class shares compare to those of a regulatorily required broad-based securities market index (S&P 500® Index) (the “Regulatory Benchmark”) and the Russell 1000® Growth Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. https://www.polencapital.com/strategies/growth-fund (888) 678-6024 Institutional Class Annual Total Returns <img alt="" src="pro-polrx_002.jpg" style="height: 123px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zTj2YhoZWuGg" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000089998Member_zemwO0o3pLhb" style="display: none; text-align: center; width: 50%">0.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000089998Member_zTJukoM3S6nb" style="display: none; text-align: center">26.45%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000089998Member_zSQbgUSOLY41" style="display: none; text-align: center">7.82%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000089998Member_z9sjy3TRZo8h" style="display: none; text-align: center">37.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000089998Member_zZez9JJZrVW6" style="display: none; text-align: center">33.25%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000089998Member_za9JYdyTtKv4" style="display: none; text-align: center">23.47%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000089998Member_z4WfDpZ8axCl" style="display: none; text-align: center">-38.34%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000089998Member_z7lp8QmOAj7e" style="display: none; text-align: center">39.17%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000089998Member_zfAmqoDQQS4k" style="display: none; text-align: center">16.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000089998Member_zpRxiWASmgYh" style="display: none; text-align: center">3.77%</td></tr> </table> 0.0068 0.2645 0.0782 0.3715 0.3325 0.2347 -0.3834 0.3917 0.1623 0.0377 Calendar Year-to-Date Total Return as of June 30, 2026: (11.80)% During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 24%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">Best Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">Worst Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 24%"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255); text-align: center">27.04% </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255); text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255); text-align: center">(24.06)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2020) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2022)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.1180 Best Quarter Worst Quarter 0.2704 -0.2406 2020-06-30 2022-06-30 <div id="xdx_A84_eoef--PerformanceTableTextBlock_ztTLaTZipqv3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zK6vu9LUoawj" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Polen Growth Fund — Institutional Class Shares Average Annual Total Returns For the Periods Ended December 31, 2025</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zVWGaTgk478a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20210101__20251231_zB2CssruQ2t7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20160101__20251231_zkhHrsUE7KKa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (September 15, 2010)</td> <td style="text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089998Member_zwYnjC8GVPN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 47%; text-align: left">Return Before Taxes</td> <td style="text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">3.77</td> <td style="vertical-align: bottom; text-align: left; width: 4%">%</td> <td style="text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">5.03</td> <td style="vertical-align: bottom; width: 4%; text-align: left">%</td> <td style="text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">12.36</td> <td style="vertical-align: bottom; width: 4%; text-align: left">%</td> <td style="text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">13.64</td> <td style="vertical-align: bottom; width: 4%; text-align: left">%</td> <td style="text-align: center; width: 1%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089998Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zab9ztB3RG4l" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">(2.79</td> <td style="vertical-align: bottom; text-align: left">)%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">2.77</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">10.99</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">12.50</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions and Sale of Shares</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">6.96</td> <td style="vertical-align: bottom; text-align: left">%2</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">3.77</td> <td style="vertical-align: bottom; text-align: left">%2</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">10.20</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">11.68</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089998Member__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_zKSisRRRoSll" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000089998Member__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_zPBy5kNkt5o1" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes)1</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">18.56</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">15.31</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">18.11</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">17.27</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089998Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zlJQ3H094lqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000089998Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zyWUw9DBJbn6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P 500® Index (reflects no deductions for fees, expenses or taxes)1</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">17.88</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">14.42</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">14.81</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td> <td style="vertical-align: bottom; text-align: right">14.64</td> <td style="vertical-align: bottom; text-align: left">%</td> <td style="text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr> <td style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom">Polen Growth Fund — Investor Class Shares Average Annual Total Returns For the Periods Ended December 31, 2025</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">1 Year</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">5 Years</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">10 Years</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Since Inception (December 30, 2010)</td> <td> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089997Member_zYxJWuD6pvZb" style="background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%">Return Before Taxes</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">3.50</td> <td style="vertical-align: bottom; width: 4%">%</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">4.76</td> <td style="vertical-align: bottom; width: 4%">%</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">12.08</td> <td style="vertical-align: bottom; width: 4%">%</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">12.62</td> <td style="vertical-align: bottom; width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089997Member__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_zdOsmzzNgPk3" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000089997Member__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_z1jzAKIG5Ihf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes)1</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">18.56</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">15.31</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">18.11</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">16.55</td> <td style="vertical-align: bottom">%</td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000089997Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_zcysrxtC1H6g" style="background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000089997Member__oef--PerformanceMeasureAxis__custom--Sp500IndexMember_znRCVCRfquM7" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P 500® Index (reflects no deductions for fees, expenses or taxes)1</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">17.88</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">14.42</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">14.81</td> <td style="vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">14.05</td> <td style="vertical-align: bottom">%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: justify">1 </td> <td style="text-align: justify"> The Russell 1000® Growth Index is an unmanaged index measuring the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-value ratios and higher forecasted growth values. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole.</td> </tr> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td></td> <td style="text-align: justify">2</td> <td id="xdx_F13_zhmGwUqGKoqb" style="text-align: justify">The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and/or the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period.</td></tr> </table> Average Annual Total Returns For the Periods Ended December 31, 2025 2010-09-15 2010-09-15 2010-09-15 2010-09-15 2010-09-15 Return Before Taxes 0.0377 0.0503 0.1236 0.1364 Return After Taxes on Distributions -0.0279 0.0277 0.1099 0.1250 Return After Taxes on Distributions and Sale of Shares 0.0696 0.0377 0.1020 0.1168 Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.1856 0.1531 0.1811 0.1727 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1481 0.1464 2010-12-30 2010-12-30 2010-12-30 Return Before Taxes 0.0350 0.0476 0.1208 0.1262 Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.1856 0.1531 0.1811 0.1655 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1481 0.1405 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. POLEN GLOBAL GROWTH FUND Investment Objective Polen Global Growth Fund (“the Fund”) seeks to achieve long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zdKrAvZ0w7g3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zgVwq6GlY5Y8" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000047882Member__oef--ClassAxis__custom--C000150374Member_z6sj9woXbJh3" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000047882Member__oef--ClassAxis__custom--C000150375Member_zHMTayo2YGf9" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="8" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Investor Class</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Institutional Class</td> <td> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_ztghYY6priX3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 73%">Management Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.85</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.85</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFS0cJny0m7k" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Distribution (Rule 12b-1) Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td> </td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zQluSvsU6d05" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.18</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zVoDZgoZCTfk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total Annual Fund Operating Expenses1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.28</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.03</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.</td> </tr> </table> 0.0085 0.0085 0.0025 0 0.0018 0.0018 0.0128 0.0103 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4UuwhqQCn66"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zlmzqAjUiqJ6" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 47%"> </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_z9Z8pC4n3r7j" style="border-bottom: black 1pt solid; width: 12%; text-align: center">1 Year</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zhwYOlsF4bi1" style="border-bottom: black 1pt solid; width: 12%; text-align: center">3 Years</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zF6gbwwKfn5f" style="border-bottom: black 1pt solid; width: 12%; text-align: center">5 Years</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zZWUz72hy1e8" style="border-bottom: black 1pt solid; width: 12%; text-align: center">10 Years</td> <td style="width: 1%"> </td></tr> <tr id="xdx_411_20260828__20260828__dei--LegalEntityAxis__custom--S000047882Member__oef--ClassAxis__custom--C000150374Member_z86ZLXb2R0dg" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Investor Class</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$130</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$405</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$701</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$1,542</td> <td> </td></tr> <tr id="xdx_411_20260828__20260828__dei--LegalEntityAxis__custom--S000047882Member__oef--ClassAxis__custom--C000150375Member_z0TXK9gPgFz5" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in">Institutional Class</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$105</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$327</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$568</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">$1,257</td> <td> </td></tr> </table> 130 405 701 1542 105 327 568 1257 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio. 0.55 Summary of Principal Investment Strategies The Fund typically invests in a focused portfolio of approximately 25 to 40 common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in the Adviser’s opinion, have a sustainable competitive advantage. A company will be considered a “growth” company if it passes at least one of two tests. First, any company that appears in any one of three “growth” indices — MSCI USA Small Cap Growth, MSCI ACWI Growth, Russell 3000 Growth — will be classified as a “growth” company. Second, any company that receives a positive net “z-score” will be classified as a “growth” company. Growth factors covering forward and historical earnings growth, an internal growth measure, and sales growth will be weighed against value factors covering book-to-price ratio, forward earnings-to-price ratio, and dividend yield, to determine whether the net score is positive (growth) or negative (value). In addition, the Fund may from time to time purchase a common stock, including the common stock of medium capitalization or “mid-cap” companies (market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), that do not meet this criteria if, in the Adviser’s opinion, the stock represents a particularly attractive investment opportunity. Under normal market conditions, the Fund will invest in at least three different countries and will typically invest at least 35% of its net assets in non-U.S. equity securities, or, if conditions are not favorable, invest at least 25% of its assets in non-U.S. equity securities. Non-U.S. equity securities are securities of companies that (i) have their principal securities trading market outside the U.S.; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed outside the U.S.; (iii) are organized under the laws of, and have a principal office in, a country other than the U.S.; (iv) are depositary receipts of issuers described in (i) and (iii) above; or (v) are exchange-traded funds that invest in a country or countries other than the U.S. While the Fund will under normal market conditions invest in at least three different countries, the Adviser anticipates that the Fund will ordinarily invest in approximately six or more countries. Consistent with its investment criteria, the Fund may invest in certain emerging market companies. Emerging market companies are companies that (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging countries; (iii) are organized under the laws of, and have a principal office in, an emerging country, (iv) are depositary receipts of issuers described in (i) and (iii) above, or (v) are exchange-traded funds that invest in an emerging country or countries. “Emerging countries” include those currently considered to be an emerging or developing country by the World Bank, the International Finance Corporation, the United Nations, or the countries’ authorities, and all countries represented in any widely-recognized index of emerging market securities. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries. The Adviser uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets typically with low or no net debt to total capital and (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable, above-average earnings growth. The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Under normal market conditions, the Fund will invest in at least three different countries and will typically invest at least 35% of its net assets in non-U.S. equity securities, or, if conditions are not favorable, invest at least 25% of its assets in non-U.S. equity securities. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="display: none"></div> <div></div> <div style="display: none"></div> It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z9RgiHeP96Ja"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Their development may be negatively impacted by less stable governments. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. U.S. securities and accounting regulatory agencies continue to express concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zZGu5wksZue8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zJ0MLcHcwBG5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Foreign Securities Risk: Foreign stocks may underperform U.S. stocks and may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The Fund’s investment in foreign securities may be subject to foreign withholding and other taxes, and to the extent that is the case, the Fund’s return on such investments will be decreased.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationsRiskMember_z6Tabp9Km4E7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Geographic Concentration Risk: From time to time, the Fund may invest a substantial amount of its assets in issuers located in a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zD7YSgWQrQ4k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zh6BiNyUw43g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td></tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zqwGofNBUQoh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"> </td> <td style="text-align: justify">may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwByW34dlXJi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_zD07v7QLnv6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Mid-Cap Risk: Investments in mid-cap companies may be riskier than investments in larger, more established companies. The securities of mid-cap companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, mid-cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term. Because mid-cap companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z4ouIfxcRQtl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Non-Diversification Risk: Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund.</td></tr> </table> <div style="display: none"></div> Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z7pn2w9wjsmf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zCMzLfuxhBs3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Information Technology Sector Risk. At certain points, the Fund has focused its investments in the information technology sector. Information technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.</td> </tr> </table> Performance Information The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Fund for the past nine calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of the MSCI All Country World® Index (“ACWI”) (Net Dividend), a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.polencapital.com/strategies/global-growth-fund or by calling the Fund toll-free at (888) 678-6024. The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Fund for the past nine calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of the MSCI All Country World® Index (“ACWI”) (Net Dividend), a broad measure of market performance. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. https://www.polencapital.com/strategies/global-growth-fund (888) 678-6024 Institutional Class Annual Total Return <img alt="" src="pro-pgirx_002.jpg" style="height: 123px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zeDWO7nENA6a" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000150375Member_zHw1sX8eAIz7" style="display: none; text-align: center; width: 50%">0.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000150375Member_zN8ARcUt1uQb" style="display: none; text-align: center">31.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000150375Member_z9WwN8BiLZfh" style="display: none; text-align: center">2.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_983_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000150375Member_zrpV9wbKA2S" style="display: none; text-align: center">35.46%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000150375Member_z27DArw2sVSa" style="display: none; text-align: center">23.67%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000150375Member_znObwk6YXclc" style="display: none; text-align: center">17.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000150375Member_z7iFEhKEGXti" style="display: none; text-align: center">-31.20%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000150375Member_zHnzlgbnmwyd" style="display: none; text-align: center">31.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000150375Member_zjvrpyYF5OAg" style="display: none; text-align: center">12.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000150375Member_zDrOPZLsb33" style="display: none; text-align: center">1.88%</td></tr> </table> 0.0051 0.3152 0.0251 0.3546 0.2367 0.1742 -0.3120 0.3109 0.1216 0.0188 Calendar Year-to-Date Total Return as of June 30, 2026: (7.47)% During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 24%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">Best Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">Worst Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; white-space: nowrap; text-align: center; width: 1%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 24%"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">20.58%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(18.05)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; white-space: nowrap; text-align: center"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2020)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2022)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; white-space: nowrap; text-align: center"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.0747 Best Quarter Worst Quarter 0.2058 -0.1805 2020-06-30 2022-06-30 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zBmmgrIdaRBi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zSKsbiVnTEa2" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Polen Global Growth Fund — Institutional Class Shares Average Annual Total Returns For the Periods Ended December 31, 2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zW4F1KfAPCfj" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_49B_20210101__20251231_zvsNfMmkTIz7" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_490_20160101__20251231_zJYfDXdaMEq3" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (December 30, 2014)</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000150375Member_zxQK1GjIvDK8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 47%; vertical-align: top">Return Before Taxes</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="width: 8%; text-align: right">1.88</td> <td style="width: 4%">%</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="width: 8%; text-align: right">3.89</td> <td style="width: 4%">% </td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="text-align: right; width: 8%">10.63</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">10.37</td> <td style="width: 4%">% </td> <td style="width: 1%"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000150375Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIG3CLUZ8F6" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Return After Taxes on Distributions</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">(2.43</td> <td>)%</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">2.65</td> <td>% </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">9.92</td> <td>%</td> <td> </td> <td style="text-align: right">9.72</td> <td>% </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Return After Taxes on Distributions and Sale of Shares</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">4.20</td> <td>%2 </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">3.00</td> <td>%2 </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">8.80</td> <td>%</td> <td> </td> <td style="text-align: right">8.63</td> <td>% </td> <td> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000150375Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_zVISlqfoFVr6" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000150375Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_z1hfFw61THRb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI All Country World® Index (“ACWI”) (Net Dividend) (reflects no deductions for fees, expenses or taxes)1</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">22.34</td> <td>%</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">11.19</td> <td>% </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">11.71</td> <td>%</td> <td> </td> <td style="text-align: right"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20141230__20241231__oef--ClassAxis__custom--C000150375Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_fMQ_____z8yTkLtnQCf6">10.30</td> <td>% </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Polen Global Growth Fund — Investor Class Shares Average Annual Total Returns For the Periods Ended December 31, 2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Since Inception (July 6, 2015)</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000150374Member_zVLfFBEzmK72" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Return Before Taxes</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">1.66</td> <td>%</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right">3.63</td> <td>%</td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: right; vertical-align: bottom">10.35</td> <td>%</td> <td> </td> <td style="text-align: right">10.29</td> <td>%</td> <td> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000150374Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_z2lYihu1m0Pb" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 47%; vertical-align: top"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000150374Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_zt4HLQOQJp51" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI All Country World® Index (“ACWI”) (Net Dividend) (reflects no deductions for fees, expenses or taxes)1</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="width: 8%; text-align: right">22.34</td> <td style="width: 4%">%</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="width: 8%; text-align: right">11.19</td> <td style="width: 4%">%</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="text-align: right; width: 8%; vertical-align: bottom">11.71</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20150706__20251231__oef--ClassAxis__custom--C000150374Member__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldIndexAcwiNetDividendMember_fMQ_____zHSgu6rn2yua">10.67</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1 </td> <td style="text-align: justify"> The MSCI All Country World® Index (“ACWI”) (Net Dividend) captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 2,837 constituents, the MSCI ACWI (Net Dividend) covers approximately 85% of the global investable equity opportunity.</td> </tr> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in">2 </td> <td style="text-align: justify">The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and/or the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period.</td></tr> </table> Average Annual Total Returns For the Periods Ended December 31, 2025 2014-12-30 2014-12-30 2014-12-30 2014-12-30 Return Before Taxes 0.0188 0.0389 0.1063 0.1037 Return After Taxes on Distributions 0.0243 0.0265 0.0992 0.0972 Return After Taxes on Distributions and Sale of Shares 0.0420 0.0300 0.0880 0.0863 MSCI All Country World® Index (“ACWI”) (Net Dividend) (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1171 0.1030 2015-07-06 2015-07-06 Return Before Taxes 0.0166 0.0363 0.1035 0.1029 MSCI All Country World® Index (“ACWI”) (Net Dividend) (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1171 0.1067 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. POLEN INTERNATIONAL GROWTH FUND Investment Objective Polen International Growth Fund (“the Fund”) seeks to achieve long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zKt3Uuq94Ll9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z4o6SpsqG63k" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td id="xdx_495_20260828__20260828__dei--LegalEntityAxis__custom--S000056022Member__oef--ClassAxis__custom--C000176396Member_zZ34vgzEgwQk" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td id="xdx_49A_20260828__20260828__dei--LegalEntityAxis__custom--S000056022Member__oef--ClassAxis__custom--C000176395Member_zwvXOgNmiey6" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="8" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Investor Class</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Institutional Class</td> <td style="text-align: center; font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z38aHmZM0dvi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 73%; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Management Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.85</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 4%">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.85</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 4%">%</td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zSiy4FgPoRh3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Distribution (Rule 12b-1) Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zCvCHjKKumKd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.29</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.27</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zCnpY9WDTD03" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Total Annual Fund Operating Expenses1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.39</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.12</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zV479iNs3ti6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Fee Waiver and/or Expense Reimbursement</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.04</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.02</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_zTD8UgoJQeVl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.35</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.10</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or expense reimbursement. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.</td></tr> </table> 0.0085 0.0085 0.0025 0 0.0029 0.0027 0.0139 0.0112 -0.0004 -0.0002 0.0135 0.0110 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5NdH3Cka7ze"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z48FRFasZgLk" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 47%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_zUQsJUzeJutc" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">1 Year</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zJA1tH7zvd2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">3 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_zAVTM6Fp3gq5" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">5 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zxHX0f0PrSY6" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10 Years</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000056022Member__oef--ClassAxis__custom--C000176396Member_z2XBV1R7P0ql" style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Investor Class</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$137</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$436</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$757</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,665</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_41E_20260828__20260828__dei--LegalEntityAxis__custom--S000056022Member__oef--ClassAxis__custom--C000176395Member_znTl0VBODYsg"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Class</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$112</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$354</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$615</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,361</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> </table> 137 436 757 1665 112 354 615 1361 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio. 0.59 Summary of Principal Investment Strategies The Fund typically invests in a focused portfolio of approximately 25 to 35 common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase), including companies in both developed and emerging markets, that, in the Adviser’s opinion, have a sustainable competitive advantage. In addition, the Fund may from time to time purchase common stock, including the common stock of medium capitalization or “mid-cap” companies (market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), that do not meet this criteria if, in the Adviser’s opinion, the stock represents a particularly attractive investment opportunity. A company will be considered a “growth” company if it passes at least one of two tests. First, any company that appears in any one of three “growth” indices — MSCI USA Small Cap Growth, MSCI ACWI Growth, Russell 3000 Growth — will be classified as a “growth” company. Second, any company that receives a positive net “z-score” will be classified as a “growth” company. Growth factors covering forward and historical earnings growth, an internal growth measure, and sales growth will be weighed against value factors covering book-to-price ratio, forward earnings-to-price ratio, and dividend yield, to determine whether the net score is positive (growth) or negative (value). Under normal market conditions, the Fund invests primarily in non-U.S. equity securities. Non-U.S. equity securities are securities of companies that (i) have their principal securities trading market outside the U.S.; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed outside the U.S.; (iii) are organized under the laws of, and have a principal office in, a country other than the U.S.; (iv) are depositary receipts of issuers described in (i) and (iii) above; or (v) are exchange-traded funds that invest in a country or countries other than the U.S. While the Fund will, under normal market conditions invest in at least three different countries, the Adviser anticipates that the Fund will ordinarily invest in approximately six or more countries. Consistent with its investment criteria, the Fund may invest in certain emerging market companies. Emerging market companies are companies that (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging countries; (iii) are organized under the laws of, and have a principal office in, an emerging country, (iv) are depositary receipts of issuers described in (i) and (iii) above, or (v) are exchange-traded funds that invest in an emerging country or countries. “Emerging countries” include those currently considered to be an emerging or developing country by the World Bank, the International Finance Corporation, the United Nations, or the countries’ authorities, and all countries represented in any widely-recognized index of emerging market securities. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries. The Adviser uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets and (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable, above-average earnings growth. The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Adviser may also sell a security if it is believed by the Adviser to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long-term basis. Under normal market conditions, the Fund invests primarily in non-U.S. equity securities. Non-U.S. equity securities are securities of companies that (i) have their principal securities trading market outside the U.S.; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed outside the U.S.; (iii) are organized under the laws of, and have a principal office in, a country other than the U.S.; (iv) are depositary receipts of issuers described in (i) and (iii) above; or (v) are exchange-traded funds that invest in a country or countries other than the U.S. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="display: none"></div> <div></div> It is possible to lose money by investing in the Fund. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zGWtKOf8uIS4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Currency Risk: Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z0HqIWjma4Hj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Their development may be negatively impacted by less stable governments. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. U.S. securities and accounting regulatory agencies continue to express concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z0g6PbwiCmK4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zEun4iT8yy6b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Foreign Securities Risk: Foreign stocks may underperform U.S. stocks and may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The Fund’s investment in foreign securities may be subject to foreign withholding and other taxes, and to the extent that is the case, the Fund’s return on such investments will be decreased.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationsRiskMember_zPHmUnIoPvT9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Geographic Concentration Risk: From time to time, the Fund may invest a substantial amount of its assets in issuers located in a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zkAjjhFOQOtb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zHFsQVEmDpwi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zemhSprnPui4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zgXstFCYL77l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_z4f8UPUuu9e8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Mid-Cap Risk: Medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zrNNOdqU7Sg1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Non-Diversification Risk: Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund.</td> </tr> </table> <div style="display: none"></div> <div></div> Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z5LCy4T0xVEb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zCSY4N95imx"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them.</td> </tr> </table> <div style="display: none"></div> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_z5IJ1MeWdIC9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in; font-family: Arial, Helvetica, Sans-Serif"></td><td style="width: 0.25in; text-align: left; font-family: Arial, Helvetica, Sans-Serif">●</td> <td style="text-align: justify; font-family: Arial, Helvetica, Sans-Serif">China Risk: Investing in Chinese securities is riskier than investing in U.S. securities. Investing in China involves risk of loss due to nationalization, expropriation, and confiscation of assets and property. Losses may also occur due to new or expanded restrictions on foreign investments or repatriation of capital. Participants in the Chinese market are subject to less regulation and oversight than participants in the U.S. market. This may lead to trading volatility, difficulty in the settlement and recording of transactions, and uncertainty in interpreting and applying laws and regulations. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in the economies of any of China’s key trading partners may adversely affect the securities of Chinese issuers. Regional conflict could also have an adverse effect on the Chinese economy.</td> </tr> </table> Performance Information The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Fund for the past nine calendar years and show how the Fund’s average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI All Country World® Index (“ACWI”)(ex-USA) (Net Dividend) a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.polencapital.com/strategies/international-growth-fund or by calling the Fund toll-free at (888) 678-6024. The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Fund for the past nine calendar years and show how the Fund’s average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI All Country World® Index (“ACWI”)(ex-USA) (Net Dividend) a broad measure of market performance. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. https://www.polencapital.com/strategies/international-growth-fund (888) 678-6024 Institutional Class Annual Total Returns <img alt="" src="pro-poirx_002.jpg" style="height: 176px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zpmewTUgus9f" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2017</td> <td id="xdx_981_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000176395Member_zHcyYnmYKQjk" style="display: none; text-align: center; width: 50%">33.67%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000176395Member_zDOZ1beUagl3" style="display: none; text-align: center">-5.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_987_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000176395Member_zq1rP98fEHc" style="display: none; text-align: center">25.88%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000176395Member_zo5BM9hRBEgf" style="display: none; text-align: center">9.80%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000176395Member_zmNukYoxFc0k" style="display: none; text-align: center">5.62%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000176395Member_zigCOcwrWvLl" style="display: none; text-align: center">-29.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000176395Member_znD8FfIHyQAd" style="display: none; text-align: center">27.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000176395Member_zz5Jal7JFH2i" style="display: none; text-align: center">-3.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000176395Member_znNCfDYgsGaa" style="display: none; text-align: center">-0.72%</td></tr> </table> 0.3367 -0.0585 0.2588 0.0980 0.0562 -0.2990 0.2781 -0.0377 -0.0072 Calendar Year-to-Date Total Return as of June 30, 2026: (4.52)% During the periods shown in the chart <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 24%; text-align: center; background-color: White"> </td> <td style="background-color: White; width: 1%"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">Best Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">Worst Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: center; background-color: White"> </td> <td style="background-color: White; width: 24%"> </td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="background-color: White"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">15.52%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(16.77)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; background-color: White"> </td> <td style="background-color: White"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(December 31, 2023)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2022)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; background-color: White"> </td> <td style="background-color: White"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.0452 Best Quarter Worst Quarter 0.1552 -0.1677 2023-12-31 2022-06-30 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zLaIs8fpxcAi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zD0xUWF8Lrg5" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom">Polen International Growth Fund — Institutional Class Shares Average Annual Total Returns as of December 31, 2025</td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zw4rooFoTBk1" style="border-bottom: black 1pt solid; text-align: center">1 Year</td> <td style="text-align: center"> </td> <td colspan="2" id="xdx_49B_20210101__20251231_zykqealSRc9j" style="border-bottom: black 1pt solid; text-align: center">5 Years</td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_490_20161230__20251231_zFXLeRbYEbFb" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Since Inception (December 30, 2016)</td> <td style="text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176395Member_zpaDwPCkD1ac" style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 60%">Return Before Taxes</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">(0.72</td> <td style="vertical-align: bottom; width: 4%; text-align: left">)% </td> <td style="vertical-align: top; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">(2.00</td> <td style="vertical-align: bottom; width: 4%; text-align: left">)%</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">5.16</td> <td style="vertical-align: bottom; width: 4%; text-align: left">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176395Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRfg5LJgMhvl"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Return After Taxes on Distributions</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(0.54</td> <td style="vertical-align: bottom; text-align: left">)%</td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(1.98</td> <td style="vertical-align: bottom; text-align: left">)%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">5.13</td> <td style="vertical-align: bottom; text-align: left">% </td> <td> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176395Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zs4FLmeqJFQg" style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Return After Taxes on Distributions and Sale of Shares</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(0.23</td> <td style="vertical-align: bottom; text-align: left">)%1</td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(1.45</td> <td style="vertical-align: bottom; text-align: left">)%1</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">4.12</td> <td style="vertical-align: bottom; text-align: left">% </td> <td> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176395Member__oef--PerformanceMeasureAxis__custom--MsciAcwiExUsaNetDividendMember_zJ4RZq846oji"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">MSCI ACWI (ex-USA) (Net Dividend) (reflects no deductions for fees, expenses or taxes)2</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">32.39</td> <td style="vertical-align: bottom; text-align: left">% </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">7.90</td> <td style="text-align: left; vertical-align: bottom">%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">8.85</td> <td style="vertical-align: bottom; text-align: left">% </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Polen International Growth Fund — Investor Class Shares Average Annual Total Returns as of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zEPu8ilHhcTa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20210101__20251231_z360LEGxacc7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20170315__20251231_zSMZnCsBmk8d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (March 15, 2017)</td> <td> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176396Member_z28U83bMwi84" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">(0.97</td> <td style="vertical-align: bottom; width: 4%; text-align: left">)%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 8%; text-align: right">(2.24</td> <td style="vertical-align: bottom; width: 4%; text-align: left">)%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; text-align: right; width: 8%">3.98</td> <td style="vertical-align: bottom; text-align: left; width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176396Member__oef--PerformanceMeasureAxis__custom--MsciAcwiExUsaNetDividendMember_zgUDfV7c7Cia" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">MSCI ACWI (ex-USA) (Net Dividend) (reflects no deductions for fees, expenses or taxes)2</td> <td> </td> <td style="vertical-align: bottom; text-align: right">32.39</td> <td style="vertical-align: bottom; text-align: left">%</td> <td> </td> <td style="vertical-align: bottom; text-align: right">7.90</td> <td style="vertical-align: bottom; text-align: left">%</td> <td> </td> <td style="vertical-align: bottom; text-align: right">8.34</td> <td style="vertical-align: bottom; text-align: left">%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">1</td> <td id="xdx_F1A_zDWc3HWO0hXc" style="text-align: justify"> The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant periods.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2</td> <td style="text-align: justify"> The MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the US) and 24 Emerging Markets countries. With 2,226 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.</td> </tr> </table> Average Annual Total Returns as of December 31, 2025 2016-12-30 2016-12-30 2016-12-30 2016-12-30 Return Before Taxes -0.0072 0.0200 0.0516 Return After Taxes on Distributions -0.0054 -0.0198 0.0513 Return After Taxes on Distributions and Sale of Shares -0.0023 0.0145 0.0412 MSCI ACWI (ex-USA) (Net Dividend) (reflects no deductions for fees, expenses or taxes) 0.3239 0.0790 0.0885 2017-03-15 2017-03-15 Return Before Taxes -0.0097 -0.0224 0.0398 MSCI ACWI (ex-USA) (Net Dividend) (reflects no deductions for fees, expenses or taxes) 0.3239 0.0790 0.0834 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. POLEN 5PERSPECTIVES SMALL GROWTH FUND Investment Objective Polen 5Perspectives Small Growth Fund (the “Fund”) seeks to achieve long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zGk7Q7bmoNy7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zoyr4oIzHyec" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_490_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000194994Member_zbiSudIm74f2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000194993Member_zWrv9s7ZLOIg" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000227429Member_zJLuAqkDqsb9" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Investor Class</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Institutional Class</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Class Y</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zGWwY1xF61y6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left">Management Fees</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">1.00</td> <td style="width: 4%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">1.00</td> <td style="width: 4%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">1.00</td> <td style="width: 4%; text-align: left">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zDfdyD5nYcc" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Distribution (Rule 12b-1) Fees</td> <td> </td> <td style="text-align: right">0.25</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">None</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right">None</td> <td style="text-align: left"> </td> <td> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zImUpuxPmL1k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Other Expenses</td> <td> </td> <td style="text-align: right">1.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">0.62</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">0.60</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zwSVzppBmj58" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses1</td> <td> </td> <td style="text-align: right">2.55</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">1.62</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: right">1.60</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z1GFnUHQqB5i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fee Waiver and/or Expense Reimbursement1</td> <td> </td> <td style="text-align: right">(1.20</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: right">(0.52</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: right">(0.60</td> <td style="text-align: left">)%</td> <td> </td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zb07XzwVVeqb" style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal"> <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: normal; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement1</td> <td style="font-style: normal; font-weight: normal"> </td> <td style="font-style: normal; text-align: right; font-weight: normal">1.35</td> <td style="font-style: normal; text-align: left; font-weight: normal">%</td> <td style="font-style: normal; font-weight: normal"> </td> <td style="font-style: normal; text-align: right; font-weight: normal">1.10</td> <td style="font-style: normal; text-align: left; font-weight: normal">%</td> <td style="font-style: normal; font-weight: normal"> </td> <td style="font-style: normal; text-align: right; font-weight: normal">1.00</td> <td style="font-style: normal; text-align: left; font-weight: normal">%</td> <td style="font-style: normal; font-weight: normal"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"> 1 </td> <td id="xdx_F10_zpC6pfv4deF" style="text-align: justify"> Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% with respect to Investor Class shares and Institutional Class shares and 1.00% with respect to Class Y shares (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). Prior to May 1, 2021 the Expense Limitation was 1.25% with respect to Investor Class shares and Institutional Class shares. The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation. </td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0 0 0.0130 0.0062 0.0060 0.0255 0.0162 0.0160 -0.0120 -0.0052 -0.0060 0.0135 0.0110 0.0100 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMGB6UW6Ue6h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zUWuzxwI022d" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: center; vertical-align: bottom"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_ztjIwI5PpUU8" style="vertical-align: bottom; text-align: center">1 Year</td> <td style="text-align: center; vertical-align: bottom"> </td> <td id="xdx_488_eoef--ExpenseExampleYear03_zcxKwJ4ivqxj" style="vertical-align: bottom; text-align: center">3 Years</td> <td style="text-align: center; vertical-align: bottom"> </td> <td id="xdx_484_eoef--ExpenseExampleYear05_zJRa8HNcQ3Lc" style="vertical-align: bottom; text-align: center">5 Years</td> <td style="text-align: center; vertical-align: bottom"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zl6tlOrZ2awa" style="vertical-align: bottom; text-align: center">10 Years</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_410_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000194994Member_zQEw9axT9Qdf" style="background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 47%">Investor Class</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">$137</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">$679</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">$1,248</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">$2,797</td> <td style="text-align: center; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_416_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000194993Member_zqXcrFZlYbY5" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Class</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$112</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$461</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$833</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$1,879</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_41A_20260828__20260828__dei--LegalEntityAxis__custom--S000059535Member__oef--ClassAxis__custom--C000227429Member_zoeQ5SCuARik" style="background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Class Y</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$102</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$446</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$814</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$1,849</td> <td style="text-align: center; vertical-align: bottom"> </td></tr> </table> 137 679 1248 2797 112 461 833 1879 102 446 814 1849 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Adviser may sell its securities, regardless of the length of time that they have been held, and may adjust the size of its positions, if the Adviser determines that it would be in the Fund’s best interest to do so. As a result, the Fund’s portfolio turnover rate may exceed 100% during a fiscal year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 232% of the average value of its portfolio. 2.32 Summary of Principal Investment Strategies The Fund typically invests in a focused portfolio of common stocks of small companies and, under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers that are small companies. This 80% policy to invest in small companies may be changed by the Board of Trustees without shareholder approval upon 60 days’ notice to shareholders. The Adviser considers small companies for this purpose to be those companies that, at the time of purchase, are generally within the range of the market capitalizations of companies in the Russell 2000® Index and the S&P SmallCap 600® Index. This policy does not require the Fund to sell the security of a small company if such company’s market capitalization moves outside the range of the market capitalizations of companies in the Russell 2000® Index and the S&P SmallCap 600® Index; however, additional purchases of such security will be subject to the 20% limitation for securities outside of the Fund’s small company portfolio. A company will be considered a “growth” company if it passes at least one of two tests. First, any company that appears in any one of three “growth” indices — MSCI USA Small Cap Growth, MSCI ACWI Growth, Russell 3000 Growth — will be classified as a “growth” company. Second, any company that receives a positive net “z-score” will be classified as a “growth” company. Growth factors covering forward and historical earnings growth, an internal growth measure, and sales growth will be weighed against value factors covering book-to-price ratio, forward earnings-to-price ratio, and dividend yield, to determine whether the net score is positive (growth) or negative (value). As of April 30, 2026, the weighted average market capitalization of the Fund’s holdings was approximately $11.75 billion. The Adviser considers multiple factors to identify opportunities with attractive fundamental, thematic, and/or technical traits. The Adviser believes earnings growth drives long-term stock performance and is influenced by changes in a company’s internal or external environment. The Adviser has identified the following key environmental conditions or “primary forces”: (i) competitive advantage, (ii) thematic forces, and (iii) cyclical business conditions. The Adviser believes that changes in earnings power produced by competitive advantage, thematic forces, and cyclical business conditions are often not accurately captured in market prices. Thus, the Adviser believes that compelling investment opportunities are often closely associated with these identified primary forces. The Adviser believes that a portfolio of stocks positioned to benefit from one or more of these primary forces should outperform over time. The Adviser aims to construct a portfolio of stocks with key competitive advantages and favorable business conditions. Portfolio construction focuses on industry and factor exposures and seeks to optimize the attractiveness of the overall portfolio against the risks involved in sector or factor exposures that are overweighted or underweighted relative to their benchmark. An “Attractiveness Score” reflects the Adviser’s evaluation of each investment opportunity across valuation, business model, thematic timeliness, management team, and technical behavior. Thematic timeliness means how relevant a theme is to current market behavior. Technical behavior refers to the price/chart of the stock, it is a factor that evaluates price and helps the Adviser with the timing of its investments. In addition, the Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Fund may sell a security if in the Adviser’s view (i) a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, (ii) the company loses a significant competitive advantage, or (iii) the Adviser’s assessment of a company’s Attractiveness Score changes; positions may be reduced or eliminated entirely. Each investment is purchased with an open-ended time horizon, but is expected to average between one and two years. Actual time horizons range from a few months to more than four years. However, the Adviser may sell its securities, regardless of the length of time that they have been held, and may adjust the size of its positions, if the Adviser determines that it would be in the Fund’s best interest to do so. The Fund typically invests in a focused portfolio of common stocks of small companies and, under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers that are small companies. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAzsSw4ZXjMj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zHKdCagbFhrd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td> </tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTP7KFZo2OIk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td> </tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zReWzB1BzUwi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zwCiSvJStQs5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify">High Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, and may adjust the size of its positions, if the Adviser determines that it would be in the Fund’s best interest to do so. Under the current investment strategy, the Adviser may frequently adjusts the size of the Fund’s positions. These transactions will increase the Fund’s “portfolio turnover” and the Fund may experience a high portfolio turnover rate (over 100%). High turnover rates generally result in higher brokerage costs, may have adverse tax consequences and therefore may reduce the Fund’s returns.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapRiskMember_zON7yakiafjl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Small-Cap Risk: The risk that securities of small-capitalization companies may be subject to more abrupt or erratic market movements than securities of larger, more established companies. Generally the smaller the company size, the greater the risk. Small-capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</td> </tr> </table> Performance Information The bar chart and the performance table below provide an indication of the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Class shares from year to year; and (b) how the average annual total return of the Fund’s Institutional Class, Investor Class, and Class Y shares compare to those of a regulatorily required broad-based securities market index (Russell 3000® Index) (the “Regulatory Benchmark”) and the Russell 2000® Growth Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Effective June 30, 2025, the Fund’s investment strategy and portfolio manager changed. With respect to the periods prior to July 1, 2025, the Fund’s returns as reflected in the bar chart and the table are those of the Fund under the previous strategy and portfolio manager. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.polencapital.com/strategies/5perspectives-small-growth-fund or by calling the Fund toll-free at (888) 678-6024. The bar chart and the performance table below provide an indication of the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Class shares from year to year; and (b) how the average annual total return of the Fund’s Institutional Class, Investor Class, and Class Y shares compare to those of a regulatorily required broad-based securities market index (Russell 3000® Index) (the “Regulatory Benchmark”) and the Russell 2000® Growth Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. https://www.polencapital.com/strategies/5perspectives-small-growth-fund (888) 678-6024 <img alt="" src="pro-pbsrx_002.jpg" style="height: 166px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zOxPq3yDMyQ5" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000194993Member_z3uEHyAD5B6b" style="display: none; text-align: center">1.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000194993Member_zSKXt06p9dEl" style="display: none; text-align: center">21.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000194993Member_zMJqpHEawrT2" style="display: none; text-align: center">50.02%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000194993Member_zvO17uhi1gKg" style="display: none; text-align: center; width: 50%">16.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000194993Member_zplrgfEmdow8" style="display: none; text-align: center">-42.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000194993Member_zXxpAo5TXfl5" style="display: none; text-align: center">21.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000194993Member_zVmWoviGEBji" style="display: none; text-align: center">3.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000194993Member_zBfwEjahLSdc" style="display: none; text-align: center">12.05%</td></tr> </table> 0.0196 0.2122 0.5002 0.1641 -0.4290 0.2183 0.0375 0.1205 Calendar Year-to-Date Total Return as of June 30, 2026: 36.38% During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td rowspan="3" style="width: 24%; background-color: white; text-align: center"> </td> <td rowspan="3" style="white-space: nowrap; width: 1%; background-color: white; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center">Best Quarter</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; width: 1%; background-color: white; text-align: center"> </td> <td rowspan="3" style="width: 24%; background-color: white; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">44.91% </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">(25.79)%</td> <td style="background-color: White; white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">(June 30, 2020) </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="text-align: center">(June 30, 2022)</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.3638 Best Quarter Worst Quarter 0.4491 -0.2579 2020-06-30 2022-06-30 <div id="xdx_A89_eoef--PerformanceTableTextBlock_z8OQVQFmcB7e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zkk1qpJcTDY" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left"> Polen 5Perpectives Small Growth Fund — Institutional Class Shares Average Annual Total Returns as of December 31, 2025 </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zEGcGJthtR73" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> 1 Year </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_496_20210101__20251231_zTIsIXM35lak" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> 5 Years </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> Since Inception (October 31, 2017) </td> <td style="text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194993Member_znhtBvNn5OVg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left"> Return Before Taxes </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> 12.05 </td> <td style="width: 4%; text-align: left"> % </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> (1.20 </td> <td style="width: 4%; text-align: left"> )% </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> 7.06 </td> <td style="width: 4%; text-align: left"> % </td> <td style="width: 1%"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z06AbMeONWCk" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> Return After Taxes on Distributions </td> <td> </td> <td style="text-align: right"> 12.05 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> (1.39 </td> <td style="text-align: left"> )% </td> <td> </td> <td style="text-align: right"> 6.91 </td> <td style="text-align: left"> % </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> Return After Taxes on Distributions and Sale of Shares </td> <td> </td> <td style="text-align: right"> 7.13 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> (0.90 </td> <td style="text-align: left">)%2</td> <td> </td> <td style="text-align: right"> 5.66 </td> <td style="text-align: left"> % </td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194993Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zSWfhyUALir8" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000194993Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zuMQnxXvUzd8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 13.01 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 3.18 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 8.10 </td> <td style="text-align: left"> % </td> <td> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194993Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zVmoOXsk7N38" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000194993Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zLhY3EFuKd9h" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 18.15 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 14.58 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 17.63 </td> <td style="text-align: left"> % </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left"> Polen 5Perspectives Small Growth Fund — Investor Class Shares Average Annual Total Returns as of December 31, 2025 </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 1 Year </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 5 Years </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> Since Inception (February 7, 2019) </td> <td> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194994Member_zbIgiECmN0O5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left"> Return Before Taxes </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> 11.75 </td> <td style="width: 4%; text-align: left"> % </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> (1.44 </td> <td style="width: 4%; text-align: left"> )% </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> 5.90 </td> <td style="width: 4%; text-align: left"> % </td> <td style="width: 1%"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194994Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zCxAkutgeaxc" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000194994Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_z0gBFtihWzJ1" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 13.01 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 3.18 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 8.96 </td> <td style="text-align: left"> % </td> <td> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000194994Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zF3iQHCC2kb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000194994Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zIFrYMIqGST2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 18.15 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 14.58 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 19.32 </td> <td style="text-align: left"> % </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left"> Polen 5Perspectives Small Growth Fund — Class Y Shares Average Annual Total Returns For the Periods Ended December 31, 2025 </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> 1 Year </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> Since Inception (June 1, 2021) </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227429Member_zPBrMpnFDDJk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 73%; text-align: left"> Return Before Taxes </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> 12.14 </td> <td style="width: 4%; text-align: left"> % </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> (2.17 </td> <td style="width: 4%; text-align: left"> )% </td> <td style="width: 1%"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227429Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zXry4Ue26Zej" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000227429Member__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zf7m50lfi3Pj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 13.01 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 3.14 </td> <td style="text-align: left">% </td> <td> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227429Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zMKEKbliYr7c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000227429Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zgZ4JM6nnksg" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 3000® Index (reflects no deductions for fees, expenses or taxes)1</td> <td> </td> <td style="text-align: right"> 18.15 </td> <td style="text-align: left"> % </td> <td> </td> <td style="text-align: right"> 14.60 </td> <td style="text-align: left"> % </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td> <td style="text-align: justify"> The Russell 2000® Growth Index is an unmanaged index measuring the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.</td> </tr> <tr style="vertical-align: top"> <td style="width: 0in; font-size: 10pt"></td> <td style="width: 0.25in; font-size: 10pt">2</td> <td style="text-align: justify; font-size: 10pt">The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period.</td></tr> </table> Average Annual Total Returns as of December 31, 2025 2017-10-31 2017-10-31 2017-10-31 2017-10-31 2017-10-31 Return Before Taxes 0.1205 -0.0120 0.0706 Return After Taxes on Distributions 0.1205 -0.0139 0.0691 Return After Taxes on Distributions and Sale of Shares 0.0713 -0.0090 0.0566 Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.1301 0.0318 0.0810 Russell 3000® Index (reflects no deductions for fees, expenses or taxes) 0.1815 0.1458 0.1763 2019-02-07 2019-02-07 2019-02-07 Return Before Taxes 0.1175 -0.0144 0.0590 Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.1301 0.0318 0.0896 Russell 3000® Index (reflects no deductions for fees, expenses or taxes) 0.1815 0.1458 0.1932 2021-06-01 2021-06-01 2021-06-01 Return Before Taxes 0.1214 0.0217 0.0217 Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.1301 0.0314 0.0314 Russell 3000® Index (reflects no deductions for fees, expenses or taxes) 0.1815 0.1460 0.1460 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Investor Class shares will vary. POLEN OPPORTUNISTIC HIGH YIELD FUND Investment Objective Polen Opportunistic High Yield Fund (the “Fund”) seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zI5ZmMF7taz6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zDpTYNCTIyKk" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243192Member_zQ9TVC0ugTn8" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Investor Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243194Member_zCRNGtf3rlld" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Institutional Class</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243193Member_zgyZFMIui0L1" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Class Y</td> <td> </td></tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zuJBFdRP00h" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; width: 60%; text-align: left">Redemption Fee (as a percentage of amount redeemed within 60 days of purchase)</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">1.00</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">1.00</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">1.00</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> </table> -0.0100 -0.0100 -0.0100 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zCtTH1IWEkJ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zr0BbgVFBcb" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_494_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243192Member_zcoerpD2Boic" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_49E_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243194Member_zGgcmghuJb35" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_490_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243193Member_zFYFziIr48W8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td> </td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td colspan="11" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zDzZXiXi4lWd" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 60%">Management Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.70</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.70</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 8%">0.70</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_z0LQXSSpOMI1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution (Rule 12b-1) Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.25</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td> </td> <td> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zNQKFwSI3in1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.15</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.14</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.11</td> <td>%</td> <td> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zA59HSDGVdk5" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-style: normal; font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.10</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.84</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.81</td> <td>%</td> <td> </td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z9PdyBr7WSwa" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Reimbursement/or Expenses Recouped1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.04</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.05</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(0.02</td> <td>)%</td> <td> </td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zfF8wnx1Hd0g" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-style: normal; font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.14</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.89</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.79</td> <td>%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 0.89% with respect to Investor Class shares and Institutional Class shares and 0.79% with respect to Class Y shares (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.</td></tr> </table> 0.0070 0.0070 0.0070 0.0025 0 0 0.0015 0.0014 0.0011 0.0110 0.0084 0.0081 0.0004 0.0005 -0.0002 0.0114 0.0089 0.0079 August 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares, Institutional Class shares and Class Y shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0UW99ke4Xyf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z49PQ9RDrH6f" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zCInGO3w2Wth" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zDS3DVIoc7Be" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_485_eoef--ExpenseExampleYear05_zcXZt9bf2956" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zC9jxpZqNvJc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 years</td> <td> </td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243192Member_zKrRcOKyAlRb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Investor Class</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">$116</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">$354</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">$610</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center">$1,344</td> <td style="width: 1%"> </td></tr> <tr id="xdx_41E_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243194Member_ziE5aqUmewzj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Institutional Class</td> <td> </td> <td style="text-align: center">$91</td> <td> </td> <td style="text-align: center">$272</td> <td> </td> <td style="text-align: center">$469</td> <td> </td> <td style="text-align: center">$1,039</td> <td> </td></tr> <tr id="xdx_41D_20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member__oef--ClassAxis__custom--C000243193Member_zzVSVQoWq5nh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Class Y</td> <td> </td> <td style="text-align: center">$81</td> <td> </td> <td style="text-align: center">$257</td> <td> </td> <td style="text-align: center">$448</td> <td> </td> <td style="text-align: center">$1,000</td> <td> </td></tr> </table> 116 354 610 1344 91 272 469 1039 81 257 448 1000 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74% of the average value of its portfolio. 0.74 Principal Investment Strategy The Fund pursues its investment objective by seeking to outperform, after taking into account fees and expenses, the broader high yield market over a complete credit cycle. The “credit cycle” is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The Fund seeks to achieve its objective mainly by investing in fixed- and floating-rate high yield fixed income securities with a focus on “middle market” issuers in the United States and, to a much lesser extent, Canada. The Adviser considers middle market companies to be those with normalized earnings before interest, tax and depreciation (“EBITDA”) in the range of $75-250 million. The Adviser believes that the flexibility to invest, sell, and reinvest throughout the capital structure of an issuer (and in particular, in both more senior bank loans and more junior high yield bonds) enables the Adviser to tailor its investment approach to the specific credit-related circumstances of that issuer as they may change from time to time and thereby select the most attractive opportunities for the Fund. The Adviser invests assets of the Fund primarily in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade. High yield fixed income securities include high yield corporate bonds (commonly known as “junk bonds”), senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”)). In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer, and the Fund may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. Although the Fund does not have any maturity or duration requirements, the Fund typically holds securities that, on average, have a shorter maturity and duration than the maturity and duration of broad-based high yield market indices. In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Adviser’s investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. The Adviser believes that its portfolios can appropriately balance these risks with the potential reward by purchasing securities of companies at deep discounts to intrinsic enterprise value, thereby providing significant cushion from a loan-to-value perspective; by properly understanding, as part of the Adviser’s due diligence process, the relevant legal aspects of a bond indenture or loan document with a focus on downside or bankruptcy scenarios; and by managing liquidity in the portfolio by limiting the number and size of positions considered by the Adviser to be less liquid in nature. This process applies value investing principles through rigorous research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company and to only invest in securities of that company’s capital structure that offer a significant margin of safety coupled with strong total return potential. “Significant margin of safety” means that the Fund endeavors to identify securities with a low loan-to-value ratio where there is accordingly low risk that the subject security will default and experience principal losses as a result. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection. The Adviser manages a relatively concentrated portfolio typically comprising between 50-130 issuers; however, the Fund may fall outside such ranges at the Adviser’s discretion based on then-available investment opportunities. The Fund has adopted an investment policy providing that under normal circumstances, the Fund will invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in high yield fixed income securities. This 80% policy may be changed by the Trust’s Board of Trustees without shareholder approval upon 60 days’ written notice to shareholders. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div></div> It is possible to lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_z1GOoxJvp5Z9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered riskier than investment grade, fixed income securities. The total return and yield of high yield securities can be expected to fluctuate more than the total return and yield of higher quality securities. High yield securities are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield securities involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis.</td> </tr> </table> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zibgoeUS9vw"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security).</td> </tr> </table> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zlEUPvqvN8H4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Debt Securities Risk: Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund’s performance. A projection of an economic downturn or of a period rising interest rates, for example, could cause a decline in high yield bond prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payment on its debt securities. </td> </tr> </table> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoanRiskMember_z9D29P2YIJik"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Bank Loan Risk: The Fund’s investment in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. In addition, the settlement of bank loans occurs on an extended (multi-week) basis, which may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe. In addition, there is the potential that bank loans and other similar instruments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.</td> </tr> </table> <div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankruptcyAndRestructuringRiskMember_zgzHXf8ANkD9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Bankruptcy and Restructuring Risk: The Fund may target securities and other obligations of issuers that are in financial difficulty and/or may be in, entering, or emerging from bankruptcy proceedings. Bankruptcy or other insolvency proceedings are highly complex and may result in unpredictable outcomes. In any investment opportunity involving work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions, there exists the risk that the contemplated transaction may be unsuccessful. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell the investment at a loss. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. Because there is a substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund may invest, there is a potential risk of loss of the entire investment in such companies, as well as the risk that the Fund may be required to accept cash or new securities with a value less than the Fund’s original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund’s investments may not compensate it adequately for the risks assumed.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CanadianSecuritiesRiskMember_zrKev8Vjzv0d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Canadian Securities Risk: The Fund may invest in, and/or have exposure to, Canadian securities. The Canadian economy may be significantly affected by the U.S. economy because the U.S. is Canada’s largest trading partner and foreign investor. Canada’s largest exports are its natural resources, so the Canadian economy is dependent on the demand for, and supply and price of, natural resources, and any market developments that reduce the price of such goods could disproportionately affect the Canadian economy.</td></tr> </table> <div></div> <div style="display: none"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPositionsMember_zVS7c3G0vTj3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Cash Positions: The Fund may not always stay fully invested. For example, when the Adviser believes that market conditions are unfavorable for profitable investing or when it is otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase. In other words, cash or similar investments generally are a residual – they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund’s investments in cash or similar investments increase, it may not participate in market advances to the same extent that it would if the Fund remained more fully invested, and the Fund’s ability to achieve its investment objective may be affected.</td> </tr> </table> <div></div> <div style="display: none"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleBondRiskMember_zvrkHaACiLq8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Convertible Bond Risk: Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt securities risk and equity securities risk. Convertible bonds are subject to equity securities risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.</td></tr> </table> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zXnjIZ7gxVGf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjV5uWoXOIbb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.</td></tr> </table> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zPQpmGTQIid8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value.</td> </tr> </table> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zEM4mkSVH0ud"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.</td> </tr> </table> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zIFhwAq0rLt"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</td> </tr> </table> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjutLBzNOFU9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. </td> </tr> </table> <div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zWOM0nnhin95"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Preferred Stock Risk: Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.</td> </tr> </table> <div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsRiskMember_zYc7Hg9Q6pcl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_zwgfCOUAgPm3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Private Placement Risk: Private placements involve securities not registered under the Securities Act of 1933, as amended (the “1933 Act”). In addition to the general risks associated with fixed income securities, such securities (including “144A” securities) may be subject to restrictions on resale, transaction costs for such securities may be higher than comparable securities, and there may be no liquid secondary market for such securities.</td></tr> </table> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144aSecuritiesRiskMember_zp5vRZQP6R2l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Rule 144A Securities Risk: The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapRiskMember_zN3lOKnUByM9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Small- and Mid-Cap Risk: The Fund’s investment approach is focused on identifying attractive securities issued by “middle market” companies. However, the securities of smaller and mid-size companies tend to be more volatile and less liquid than securities of larger companies. This can adversely affect the prices at which the Fund can purchase and sell these securities, and thus the value of the Fund’s shares.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zQgbiW4gnXx5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Valuation Risk: Unlike publicly-traded common stock, which trades on national exchanges, there is no central exchange for fixed-income securities, including bank loans, to trade. Such fixed-income securities generally trade on an “over-the-counter” market, where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of fixed-income securities may carry more risk than that of publicly-traded common stocks. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing by third-party pricing vendors. Moreover, to the extent that prices or quotations are not available from such third-party pricing vendors, or when the Adviser believes that they are unreliable, securities may be priced by the Fund using fair value procedures approved by the Trust’s Board of Trustees. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a fixed-income security is sold in the market, the amount received by the Fund is less than the value of such fixed-income security carried on the Fund’s books.</td></tr> </table> Performance Information The following information is intended to help you understand the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class Y shares from year to year; and (b) how the average annual total return of the Fund’s Class Y shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Universal Index) (the “Regulatory Benchmark”) and the ICE BofA U.S. High Yield Index (the “Performance Benchmark”). The Adviser believes that the Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund is the successor to the Polen DDJ Opportunistic High Yield Fund, a series of ALPS Series Trust (the “Predecessor Fund”), a mutual fund with substantially similar investment objectives, strategies, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on July 24, 2023 (the “Reorganization Date”). The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund. The Fund’s performance information reflects applicable fee waivers/expense limitations, if any, during the period shown and absent such fee waivers/expense limitations performance would have been lower. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at no cost on the Fund’s website at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund or by calling the Fund toll-free at (888) 678-6024. The following information is intended to help you understand the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class Y shares from year to year; and (b) how the average annual total return of the Fund’s Class Y shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Universal Index) (the “Regulatory Benchmark”) and the ICE BofA U.S. High Yield Index (the “Performance Benchmark”). The Adviser believes that the Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund (888) 678-6024 Annual Total Returns (For Calendar Years ended 12/31 - Class Y Shares <img alt="" src="pro-ddjrx_002.jpg" style="height: 221px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z2fq6j6CyaTQ6" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="text-align: center; display: none">Years</th> <th style="text-align: center; display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none; width: 50%">2016</td> <td id="xdx_981_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000243193Member_zdw1qotwehZ5" style="text-align: center; display: none; width: 50%">14.70%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000243193Member_z6NQh2HTpDd2" style="text-align: center; display: none">10.60%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000243193Member_z7ijvmZyTcOg" style="text-align: center; display: none">-0.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000243193Member_z5DIHAPkrcla" style="text-align: center; display: none">6.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2020</td> <td id="xdx_981_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000243193Member_zEd46WSdZi8k" style="text-align: center; display: none">3.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000243193Member_zpF3XfXEG7R1" style="text-align: center; display: none">6.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000243193Member_zeHI5U7Rh2ql" style="text-align: center; display: none">-11.70%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000243193Member_zdhRmrq4jFQ7" style="text-align: center; display: none">12.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000243193Member_zTkvJQDK4LLb" style="text-align: center; display: none">8.89%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243193Member_z0PkkDjm589" style="text-align: center; display: none">4.74%</td></tr> </table> 0.1470 0.1060 -0.0027 0.0610 0.0350 0.0619 -0.1170 0.1228 0.0889 0.0474 Calendar Year-to-Date Total Return as of June 30, 2026: 0.60% During the periods shown in the chart: <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Best Quarter</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Worst Quarter</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White; width: 24%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">9.83%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 2%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 24%; text-align: center">(15.97)%</td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 24%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">(June 30, 2020)</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">(March 31, 2020)</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td></tr> </table> Calendar Year-to-Date Total Return 2026-06-30 0.0060 Best Quarter Worst Quarter 0.0983 -0.1597 2020-06-30 2020-03-31 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zoyVjiOa3cS"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zazVaCljKZqk" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td id="xdx_988_eoef--PerformanceTableHeading_c20260828__20260828__dei--LegalEntityAxis__custom--S000080672Member_fMQ_____zA2Cfc7ICbLi" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">Polen Opportunistic High Yield Fund — Class Y Shares Average Annual Total Returns as of December 31, 20251</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zmuFFjN4lFs1" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">1 Year</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" id="xdx_498_20210101__20251231_zJ0gnQQmdwFa" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">5 Years</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" id="xdx_495_20160101__20251231_zY5wlZfWkhWa" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td> <td> </td> <td colspan="2" id="xdx_492_20150716__20251231_z08Eq78I5mJj" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">Since Inception (July 16, 2015)</td> <td> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243193Member_zSuv9KRcQqv3" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 47%">Return Before Taxes</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">4.74</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">3.82</td> <td style="width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="text-align: right; width: 8%; vertical-align: bottom">5.30</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">4.63</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243193Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2OXzTpSbFie" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000243193Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxGAPKeURPdd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.32</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.68</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">1.86</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.25</td> <td>%</td> <td> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243193Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAA1IrO3jrRg" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000243193Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJFRQKU1BFLl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares2</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.77</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.53</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">2.51</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.00</td> <td>%</td> <td> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243194Member_zIuoe7oCHQ3b" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Class Return Before Taxes</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.47</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">3.75</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">5.27</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.60</td> <td>%</td> <td> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243192Member_zybZsYWuVEK6" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Investor Class Shares Return Before Taxes</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.38</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">3.45</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">4.94</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.28</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000243192Member__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldIndexMember_fKg_____z8Qh5FgGujXb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BofA U.S. High Yield Index* (reflects no deduction for fees, expenses or taxes)3</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">8.50</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.49</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">6.44</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">5.40</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000243192Member__oef--PerformanceMeasureAxis__custom--BloombergUSUniversalIndexMember_fKio___zB3DUrO5Vrkh" style="font-family: Arial, Helvetica, Sans-Serif">Bloomberg U.S. Universal Index** (reflects no deduction for fees, expenses or taxes)3</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">7.58</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.06</td> <td>%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; vertical-align: bottom">2.44</td> <td>%</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.33</td> <td>%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">*</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Source: ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the index, index data and any data included in, related to, or derived therefrom. Neither ICE DATA, its affiliates or their respective third-party providers shall not be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the index or the index data or any component thereof, and the index and index data and all components thereof are</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 0.25in"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">provided on an “as is” basis and your use is at your own risk. ICE DATA, its affiliates and their respective third-party suppliers do not sponsor, endorse, or recommend the Adviser, the Fund, or any of the Adviser’s products or services.</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">**</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Source: Bloomberg Index Services Limited. BLOOMBERG® and the Bloomberg indices referenced herein (for purposes of this paragraph, the “Indices”, and each such index, an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to Polen Capital Credit, LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, shall have any liability or responsibility for injury or damages arising in connection therewith. </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif">1</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The performance information reflects the performance of the Predecessor Fund from its inception on July 16, 2015 through the Reorganization Date.</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif">2</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant periods.</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif">3</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.</td></tr> </table> Polen Opportunistic High Yield Fund — Class Y Shares Average Annual Total Returns as of December 31, 20251 2015-07-16 Return Before Taxes 0.0474 0.0382 0.0530 0.0463 Return After Taxes on Distributions 0.0132 0.0068 0.0186 0.0125 Return After Taxes on Distributions and Sale of Fund Shares 0.0277 0.0153 0.0251 0.0200 Institutional Class Return Before Taxes 0.0447 0.0375 0.0527 0.0460 Investor Class Shares Return Before Taxes 0.0438 0.0345 0.0494 0.0428 ICE BofA U.S. High Yield Index reflects no deduction for fees, expenses or taxes 8.50 4.49 6.44 5.40 Bloomberg U.S. Universal Index reflects no deduction for fees, expenses or taxes 0.0758 0.0006 0.0244 0.0233 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class Y shares; after-tax returns for Institutional Class shares and Investor Class shares will vary. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class Y shares; after-tax returns for Institutional Class shares and Investor Class shares will vary. Fund Summary Investment Objective Polen High Income ETF (the “Fund”) seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zcSvUAxOF1N"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zYU2soPJqB4d" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 86%; text-align: left">Management Fee1</td> <td style="width: 1%"> </td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_fMQ_____zVXqLOdnRive" style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right" title="Management Fee">0.63</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Distribution and Service (12b-1) Fees2</td> <td> </td> <td id="xdx_98C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_fMg_____zTJl5ptDXW7g" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Distribution and Service (12b-1) Fees">0.00</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Other Expenses</td> <td> </td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_zuY2mJdRaq49" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Other Expenses">0.00</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td id="xdx_981_eoef--ExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_zjqVVEPvz7Di" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Total Annual Fund Operating Expenses">0.63</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Fee Waiver3</td> <td> </td> <td id="xdx_98F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_fMw_____z7l3RjGFD3R7" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Fee Waiver">(0.10</td> <td>)%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver3</td> <td> </td> <td id="xdx_984_eoef--NetExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_fMw_____za0lPNcKuvT5" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Total Annual Fund Operating Expenses After Fee Waiver">0.53</td> <td>%</td> <td> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify; text-indent: 0in; vertical-align: top">1 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"> The management fee is structured as a “unified fee.” Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; vertical-align: top">2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"> The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; vertical-align: top">3 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in"> The Adviser has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination.</td> </tr> </table> 0.0063 0.0000 0.0000 0.0063 -0.0010 0.0053 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNYpTbc90u84"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_zFncAWvxsGZ2" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_483_eoef--ExpenseExampleYear01_zblPSN7GtJj4" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zRDzzIesCPv6" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 24%; text-align: center">3 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_z0nrJhR7SFtk" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">5 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_486_eoef--ExpenseExampleYear10_zbFF6fPSWRic" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">10 Years</td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000090827Member__oef--ClassAxis__custom--C000258188Member_zQrppmHiHmce" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$54</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$192</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$341</td> <td> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">$777</td></tr> </table> 54 192 341 777 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. This portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio. 0.57 Principal Investment Strategy The Fund pursues its investment objective by seeking to outperform, after taking into account fees and expenses, the broader high yield market over a complete credit cycle. The “credit cycle” is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The Fund seeks to achieve its objective mainly by investing in fixed- and floating-rate high yield fixed income securities (commonly referred to as “junk bonds”) with a focus on “middle market” issuers in the United States and, to a much lesser extent, Canada. The Adviser considers middle market companies to be those with normalized earnings before interest, tax and depreciation in the range of $75-250 million. The Adviser believes that the flexibility to invest, sell, and reinvest throughout the capital structure of an issuer (and in particular, in both more senior bank loans and more junior high yield bonds) enables the Adviser to tailor its investment approach to the specific credit-related circumstances of that issuer as they may change from time to time and thereby select the most attractive opportunities for the Fund. The Adviser invests assets of the Fund primarily in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade. High yield fixed income securities include high yield corporate bonds, senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”)). In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer, and the Fund may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. Although the Fund does not have any maturity or duration requirements, the Fund typically holds securities that, on average, have a shorter maturity and duration than the maturity and duration of broad-based high yield market indices. The Fund does not acquire securities or other permitted investments that it classifies as “illiquid” (i.e., the Fund does not reasonably expect to be able to sell or dispose of such security or investment within seven calendar days without significantly changing its market value); however, the Fund is not be restricted from continuing to hold an investment that the Adviser reclassifies as illiquid, subject to ongoing compliance with applicable law. In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Adviser’s investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. The Adviser believes that its portfolios can appropriately balance these risks with the potential reward by purchasing securities of companies at deep discounts to intrinsic enterprise value, thereby providing significant cushion from a loan-to-value perspective; by properly understanding, as part of the Adviser’s due diligence process, the relevant legal aspects of a bond indenture or loan document with a focus on downside or bankruptcy scenarios; and by managing liquidity in the portfolio by limiting the number and size of positions considered by the Adviser to be less liquid in nature. This process applies value investing principles through rigorous research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company and to only invest in securities of that company’s capital structure that offer a significant margin of safety coupled with strong total return potential. “Significant margin of safety” means that the Fund endeavors to identify securities with a low loan-to-value ratio where there is accordingly low risk that the subject security will default and experience principal losses as a result. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection. The Adviser manages a relatively concentrated portfolio typically comprising between 50-130 issuers; however, the Fund may fall outside such ranges at the Adviser’s discretion based on then-available investment opportunities. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="font-family: Arial, Helvetica, Sans-Serif"></div> It is possible to lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zSF9YmaS65kd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered riskier than investment grade, fixed income securities. The total return and yield of high yield securities can be expected to fluctuate more than the total return and yield of higher quality securities. High yield securities are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield securities involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zK1Nl4btZsDb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security).</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zjcbJj9JBZq7"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Debt Securities Risk: Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund’s performance. A projection of an economic downturn or of a period rising interest rates, for example, could cause a decline in high yield bond prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payment on its debt securities.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoanRiskMember_z9CKytYtdHHi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Bank Loan Risk: The Fund’s investment in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the Fund depends primarily upon the creditworthiness of the borrower for payment of principal and interest. In addition, the settlement of bank loans occurs on an extended (multi-week) basis, which may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe. In addition, there is the potential that bank loans and other similar instruments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankruptcyAndRestructuringRiskMember_zS2c6QddEqq6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Bankruptcy and Restructuring Risk: The Fund may target securities and other obligations of issuers that are in financial difficulty and/or may be in, entering, or emerging from bankruptcy proceedings. Bankruptcy or other insolvency proceedings are highly complex and may result in unpredictable outcomes. In any investment opportunity involving work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions, there exists the risk that the contemplated transaction may be unsuccessful. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell the investment at a loss. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. Because there is a substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund may invest, there is a potential risk of loss of the entire investment in such companies, as well as the risk that the Fund may be required to accept cash or new securities with a value less than the Fund’s original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund’s investments may not compensate it adequately for the risks assumed.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CanadianSecuritiesRiskMember_zXLi63a4zE9l"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Canadian Securities Risk: The Fund may invest in, and/or have exposure to, Canadian securities. The Canadian economy may be significantly affected by the U.S. economy because the U.S. is Canada’s largest trading partner and foreign investor. Canada’s largest exports are its natural resources, so the Canadian economy is dependent on the demand for, and supply and price of, natural resources, and any market developments that reduce the price of such goods could disproportionately affect the Canadian economy.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPositionsMember_zv3kAqSxJ9B1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Cash Positions: The Fund may not always stay fully invested. For example, when the Adviser believes that market conditions are unfavorable for profitable investing or when it is otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase. In other words, cash or similar investments generally are a residual – they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund’s investments in cash or similar investments increase, it may not participate in market advances to the same extent that it would if the Fund remained more fully invested, and the Fund’s ability to achieve its investment objective may be affected.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleBondRiskMember_zduIjMIG69Le"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Convertible Bond Risk: Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt securities risk and equity securities risk. Convertible bonds are subject to equity securities risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zTApDDrBXiM9"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z6A2jraqcEI8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zcL0cOUgxav1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsMember_zYZNOkpksTv5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Limited History of Operations: The Fund is recently organized with a limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zezqXLUqzyD5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zEpcLO21F7df"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zXYWICdxP4cl"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zJhQJT8C0e2k"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Preferred Stock Risk: Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsRiskMember_zXMRfG1f3X9k"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_z16aRjN4i7Gd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Private Placement Risk: Private placements involve securities not registered under the Securities Act of 1933, as amended (the “1933 Act”). In addition to the general risks associated with fixed income securities, such securities (including “144A” securities) may be subject to restrictions on resale, transaction costs for such securities may be higher than comparable securities, and there may be no liquid secondary market for such securities.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144aSecuritiesRiskMember_zLxOkrQmLr34"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Rule 144A Securities Risk: The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapRiskMember_zqlb4RZPR5Pb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Small- and Mid-Cap Risk: The Fund’s investment approach is focused on identifying attractive securities issued by “middle market” companies. However, the securities of smaller and mid-size companies tend to be more volatile and less liquid than securities of larger companies. This can adversely affect the prices at which the Fund can purchase and sell these securities, and thus the value of the Fund’s shares.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z65Fj0Mkz2I4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Valuation Risk: Unlike publicly-traded common stock, which trades on national exchanges, there is no central exchange for fixed-income securities, including bank loans, to trade. Such fixed-income securities generally trade on an “over-the-counter” market, where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of fixed-income securities may carry more risk than that of publicly-traded common stocks. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing by third-party pricing vendors. Moreover, to the extent that prices or quotations are not available from such third-party pricing vendors, or when the Adviser believes that they are unreliable, securities may be priced by the Fund using fair value procedures approved by the Trust’s Board of Trustees. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a fixed-income security is sold in the market, the amount received by the Fund is less than the value of such fixed-income security carried on the Fund’s books.</td> </tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_ztKu4NBQMOL8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risks:</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares (known as “Creation Units”) directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Cash Redemption Risk. The Fund is expected to generally redeem shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., restricted securities). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify">Market Trading Risk. Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund’s shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or Authorized Participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left"> </td> <td style="text-align: justify">arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a significant variance in the market price of the Fund’s shares and its underlying value.</td> </tr> </table> There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules on the stock exchange or market. During a “flash crash,” the market prices of the Fund’s shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in the Fund’s shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Premium/Discount Risk. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings since the most recent calculation. The trading prices of the Fund’s shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and resulting premium or discount to the shares’ NAV is likely to widen.</td> </tr> </table> Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term. While the creation/redemption feature is designed to make it likely that the Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV. Performance Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. Once available, performance information will be presented in this section of this Prospectus. Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. Fund Summary Investment Objective Polen Floating Rate Income ETF (the “Fund”) seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zHHVYjciVY31"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zGE36IKOHz56" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 86%; text-align: left">Management Fee1</td> <td style="width: 1%"> </td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_fMQ_____zPB4dmaMlgg3" style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right" title="Management Fee">0.59</td> <td style="width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Distribution and Service (12b-1) Fees2</td> <td> </td> <td id="xdx_98A_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_fMg_____zWagsoT7Eyo3" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Distribution and Service (12b-1) Fees">0.00</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Other Expenses</td> <td> </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_z2auRFIgt8W1" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Other Expenses">0.00</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_zkQFEEVg2kE8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Total Annual Fund Operating Expenses">0.59</td> <td>%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Fee Waiver3</td> <td> </td> <td id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_fMw_____zSErfImZ9orb" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Fee Waiver">(0.10</td> <td>)%</td> <td> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver3</td> <td> </td> <td id="xdx_98C_eoef--NetExpensesOverAssets_dpn_c20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_fMw_____z9SdhkMDrDfd" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Total Annual Fund Operating Expenses After Fee Waiver">0.49</td> <td>%</td> <td> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">1 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The management fee is structured as a “unified fee.” Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top">2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top">3 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The Adviser has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination.</td> </tr> </table> 0.0059 0.0000 0.0000 0.0059 -0.0010 0.0049 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQmORB5AQWf5"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zEQ4O1YFWK84" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_481_eoef--ExpenseExampleYear01_zBckc1QZPqmd" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 25%; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_z4QDl6ICuUU7" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">3 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zUlStWmkndRa" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">5 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_z0VtH59Jo3R1" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; text-align: center">10 Years</td> </tr> <tr id="xdx_412_20260828__20260828__dei--LegalEntityAxis__custom--S000090826Member__oef--ClassAxis__custom--C000258187Member_zAWo6aIs92Ll" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$50</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$179</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$319</td> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">$728</td> </tr> </table> 50 179 319 728 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. This portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. During the most recent fiscal year, the portfolio turnover rate of the Fund was 102% of the average value of its portfolio. 1.02 Principal Investment Strategy The Fund pursues its investment objective by seeking to outperform, after taking into account fees and expenses, the broader bank loan market over a complete credit cycle. The “credit cycle” is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The “bank loan market” generally comprises first lien and second lien senior loans that are provided by a group of lenders and are structured, arranged and administered by one or several commercial or investment banks. The Fund seeks to achieve its objective mainly by investing in bank loans and other high yield fixed income securities (commonly referred to as “junk bonds”) with a focus on “middle market” issuers in the United States and, to a lesser extent, Canada. The Adviser considers middle market companies to be those with normalized earnings before interest, tax and depreciation in the range of $75-250 million. The Adviser believes that the flexibility to invest, sell, and reinvest throughout the capital structure of an issuer and, in particular, in bank loans will enable the Adviser to tailor its investment approach to the specific credit-related circumstances of that issuer as they may change from time to time and thereby select the most attractive opportunities for the Fund. The Fund invests its assets primarily in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield and leveraged loan market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade. High yield fixed income securities include high yield corporate bonds, senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”)). In addition, the Fund may also hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer, and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements. In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Adviser’s investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. This process applies value investing principles through rigorous research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company, and only invest in securities of that company’s capital structure that offer a significant margin of safety coupled with strong total return potential. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection. The Adviser manages a relatively concentrated portfolio typically comprising between 50-130 issuers; however, the Fund may fall outside such ranges at the Adviser’s discretion based on then-available investment opportunities. The Fund has adopted an investment policy providing that under normal circumstances, the Fund invests at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in floating rate securities and other obligations (such as bank loans). For purposes herein, a bank loan is an instrument arranged by a bank (or similar financial institution) to a company that typically holds legal claim to such company’s assets that is senior to all (or substantially all) other debt obligations. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> It is possible to lose money by investing in the Fund. <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoanRiskMember_znWAJnRoQyih"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Bank Loan Risk: The Fund’s investment in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the Fund depends primarily upon the creditworthiness of the borrower for payment</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; vertical-align: top; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">of principal and interest. In addition, the settlement of bank loans occurs on an extended (multi-week) basis, which may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe. In addition, there is the potential that bank loans and other similar instruments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zGtvv3saEvj4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered riskier than investment grade, fixed income securities. The total return and yield of high yield securities can be expected to fluctuate more than the total return and yield of higher quality securities. High yield securities are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield securities involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zNagtRjZI2jk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Debt Securities Risk: Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund’s performance. A projection of an economic downturn or of a period rising interest rates, for example, could cause a decline in high yield bond prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payment on its debt securities.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPositionsMember_z36tcBAbbx7j"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Cash Positions: The Fund may not always stay fully invested. For example, when the Adviser believes that market conditions are unfavorable for profitable investing or when it is otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase. In other words, cash or similar investments generally are a residual – they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund’s investments in cash or similar investments increase, it may not participate in market advances to the same extent that it would if the Fund remained more fully invested, and the Fund’s ability to achieve its investment objective may be affected.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleBondRiskMember_zzCuaA9I18R5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Convertible Bond Risk: Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt securities risk and equity securities risk. Convertible bonds are subject to equity securities risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z3xSSwA6mS69"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security).</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zrQhWL4Safnh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zq9GuaPeqLS8"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CanadianSecuritiesRiskMember_zKLkoSX9iUPc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Canadian Securities Risk: The Fund may invest in, and/or have exposure to, Canadian securities. The Canadian economy may be significantly affected by the U.S. economy because the U.S. is Canada’s largest trading partner and foreign investor. Canada’s largest exports are its natural resources, so the Canadian economy is dependent on the demand for, and supply and price of, natural resources, and any market developments that reduce the price of such goods could disproportionately affect the Canadian economy.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zmHH3vXZvx3a"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxVyIrbljX89"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zZgBvJvtAkze"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zM7JUFGbNoNk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsMember_zJk2895l6Uk5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Limited History of Operations: The Fund commenced operations as of the Reorganization Date. The performance returns presented for the Fund reflect the performance of the Predecessor Fund prior to the Reorganization Date, and the performance of the Fund since such date. The Fund has adopted the performance of the Predecessor Fund as the result of the Reorganization consummated after the close of business on March 21, 2025, in which the Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Predecessor Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size.</td> </tr> </table> The Predecessor Fund was a mutual fund formed in 2022 and had a limited history of operations for investors to evaluate. <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsRiskMember_zZg3bJZl1Ex2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementRiskMember_z1DqJrMTix53"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Private Placement Risk: Private placements involve securities not registered under the Securities Act of 1933, as amended (the “1933 Act”). In addition to the general risks associated with fixed income securities, such securities (including “144A” securities) may be subject to restrictions on resale, transaction costs for such securities may be higher than comparable securities, and there may be no liquid secondary market for such securities.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RatingAgencyRiskMember_zEFz78biqQQk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144aSecuritiesRiskMember_z41SBKGmgFAd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Rule 144A Securities Risk: The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapRiskMember_zMD8Hr5vvbh6"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Small- and Mid-Cap Risk: The Fund’s investment approach is focused on identifying attractive securities issued by “middle market” companies. However, the securities of smaller and mid-size companies tend to be more volatile and less liquid than securities of larger companies. This can adversely affect the prices at which the Fund can purchase and sell these securities, and thus the value of the Fund’s shares.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAgenciesSecuritiesRiskMember_z9RnuMROLica"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">U.S. Government Agencies Securities Risk: Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zYx7ttAii4zd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Valuation Risk: Unlike publicly-traded common stock, which trades on national exchanges, there is no central exchange for fixed-income securities, including bank loans, to trade. Such fixed-income securities generally trade on an “over-the-counter” market, where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of fixed-income securities may carry more risk than that of publicly-traded common stocks. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing by third-party pricing vendors. Moreover, to the extent that prices or quotations are not available from such third-party pricing vendors, or when the Adviser believes that they are unreliable, securities may be priced by the Fund using fair value procedures approved by the Trust’s Board of Trustees. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a fixed-income security is sold in the market, the amount received by the Fund is less than the value of such fixed-income security carried on the Fund’s books.</td> </tr> </table> <div style="font-family: Arial, Helvetica, Sans-Serif; display: none"></div> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zEuH10BSVFtj"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risks:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">○</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares (known as “Creation Units”) directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">○</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Cash Redemption Risk. The Fund is expected to generally redeem shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., restricted securities). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">○</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: justify; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: justify; vertical-align: top">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Market Trading Risk. Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund’s shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or Authorized Participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a significant variance in the market price of the Fund’s shares and its underlying value.</td> </tr> </table> There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules on the stock exchange or market. During a “flash crash,” the market prices of the Fund’s shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in the Fund’s shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Premium/Discount Risk. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings since the most recent calculation. The trading prices of the Fund’s shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and resulting premium or discount to the shares’ NAV is likely to widen.</td> </tr> </table> Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term. While the creation/redemption feature is designed to make it likely that the Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV. Performance The following information is intended to help you understand the risks and volatility of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total return of the Fund’s shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Universal Index) (the “Regulatory Benchmark”) and the Morningstar LSTA U.S. Leveraged Loan Index (the “Performance Benchmark”).The Adviser believes that the Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund is the successor to the Polen Bank Loan Fund (the “Predecessor Fund”), a mutual fund with substantially similar investment objectives, strategies, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on March 21, 2025 (the “Reorganization Date”).The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund’s Institutional Share Class. The Fund’s performance information reflects applicable fee waivers/expense limitations, if any, during the period shown and absent such fee waivers/expense limitations performance would have been lower. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://www.polencapital.com/strategies/floating-rate-income-etf or by calling the Fund toll-free at (888) 426-7515. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund is the successor to the Polen Bank Loan Fund (the “Predecessor Fund”), a mutual fund with substantially similar investment objectives, strategies, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on March 21, 2025 (the “Reorganization Date”).The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund’s Institutional Share Class. The Fund’s performance information reflects applicable fee waivers/expense limitations, if any, during the period shown and absent such fee waivers/expense limitations performance would have been lower. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. https://www.polencapital.com/strategies/floating-rate-income-etf (888) 426-7515 <img alt="" src="pro-pcfi_002.jpg" style="height: 191px; width: 500px"/> <div style="font-family: Arial, Helvetica, Sans-Serif"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z3RjeuSbBqSl" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> <th style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">Years</th> <th style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">Returns</th></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center; width: 50%">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000258187Member_ztXOanPWfcv9" style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center; width: 50%">15.45%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000258187Member_zQKpNOigLdgk" style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">8.88%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000258187Member_zBmfxZnwCRy" style="font-family: Arial, Helvetica, Sans-Serif; display: none; text-align: center">2.37%</td></tr> </table> Calendar Year-to-Date Total Return as of June 30, 2026: 1.03% 0.1545 0.0888 0.0237 Year-to-Date 2026-06-30 0.0103 During the periods shown in the chart: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="background-color: White; width: 24%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">Best Quarter</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 24%">Worst Quarter</td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 24%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.15%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">(0.78)%</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">(March 31, 2023)</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">(December 31, 2025)</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td></tr> </table> Best Quarter Worst Quarter 0.0415 -0.0078 2023-03-31 2025-12-31 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zCIWSQNKG1Ja"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z8WxWPJmw4A6" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: left">Polen Floating Rate Income ETF — Average Annual Total Returns as of December 31, 2025</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zVqDoY6Mnceb" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_499_20220630__20251231_zqQl7Feql3ga" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">Since Inception (<span id="xdx_90F_eoef--PerfInceptionDate_c20260828__20260828__oef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoanIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_znDzV6s4liT5"><span id="xdx_90A_eoef--PerfInceptionDate_c20260828__20260828__oef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--BloombergUSUniversalIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zVgkQK69xpp">June 30, 2022)</td> <td> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258187Member_z22Dv05LbFC6" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; width: 73%; text-align: left; padding-left: 0.125in">Return Before Taxes</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">2.37</td> <td style="text-align: left; width: 4%">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">7.88</td> <td style="text-align: left; width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjc2wlN23vab" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in">Return After Taxes on Distributions</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(1.65</td> <td style="text-align: left">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">3.71</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8kpTSwWf9P" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztudULi0Fynl" style="font-family: Arial, Helvetica, Sans-Serif">Return After Taxes on Distributions and Sale of Shares1</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.39</td> <td style="text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4.25</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoanIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zuprdLDcq2mb" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoanIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z9Hy9P5f0KZ4">Morningstar LSTA U.S. Leveraged Loan Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">8.96</td> <td style="text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">7.02</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--BloombergUSUniversalIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zytztLjEbJQk" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000258187Member__oef--PerformanceMeasureAxis__custom--BloombergUSUniversalIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDHJvUCXM7ge">Bloomberg U.S. Universal Index (reflects no deduction for fees, expenses or taxes)2,3</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.02</td> <td style="text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(1.92</td> <td style="text-align: left">)%</td> <td> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top">1 </td> <td id="xdx_F13_zx0VemNfRSD8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant period.</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top; width: 0.25in">2 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> The Morningstar LSTA U.S. Leveraged Loan Index is a market-value weighted index designed to measure the performance of the U.S. leveraged loan index. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; vertical-align: top; width: 0.25in">3 </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> Source: Bloomberg Index Services Limited. BLOOMBERG® and the Bloomberg indices referenced herein (for purposes of this paragraph, the “Indices”, and each such index, an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to Polen Capital Credit, LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, shall have any liability or responsibility for injury or damages arising in connection therewith.</td> </tr> </table> Average Annual Total Returns as of December 31, 2025 2022-06-30 2022-06-30 2022-06-30 2022-06-30 2022-06-30 Return Before Taxes 0.0237 0.0788 Return After Taxes on Distributions -0.0165 0.0371 Return After Taxes on Distributions and Sale of Shares1 0.0139 0.0425 Morningstar LSTA U.S. Leveraged Loan Index reflects no deduction for fees, expenses or taxes 0.0896 0.0702 Bloomberg U.S. Universal Index reflects no deduction for fees, expenses or taxes 0.0202 -0.0192 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 the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. POLEN FOCUS GROWTH ETF Investment Objective Polen Focus Growth ETF (the “Fund”) seeks to achieve long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z3zEpgDr0ihe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zULxu9xo2zYf" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left"> </td> <td> </td> <td id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000093102Member__oef--ClassAxis__custom--C000261175Member_z0tE6kDY9wv5" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td></tr> <tr style="font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zFr1YAirzYHk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 86%; text-align: left">Management Fee1</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">0.69</td> <td style="text-align: left; width: 4%">%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40A_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zUzgA6B9Iki1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees2</td> <td> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_z0JSW9PKqb06" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Other Expenses1</td> <td> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_znsPxK0oKluh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Total Annual Fund Operating Expenses1</td> <td> </td> <td style="text-align: right">0.69</td> <td style="text-align: left">%</td> <td> </td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z4YHc3boKrGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Fee Waiver3</td> <td> </td> <td style="text-align: right">(0.20</td> <td style="text-align: left">)%</td> <td> </td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_zohvkvQh12k2" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver3</td> <td> </td> <td style="text-align: right">0.49</td> <td style="text-align: left">%</td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in">1 </td> <td style="text-align: justify"> The management fee is structured as a “unified fee.” Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">2 </td> <td style="text-align: justify"> The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">3 </td> <td style="text-align: justify">The Adviser has contractually agreed to waive 0.20% (20 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination.</td></tr> </table> 0.0069 0.0000 0.0000 0.0069 -0.0020 0.0049 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOPsW4yn4U67"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zhBLim8LhRmf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zvVbO0KnegUc" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear03_zW7Prjz45pmd" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 24%; text-align: center">3 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zUJlKEREkTV1" style="border-bottom: Black 1pt solid; text-align: center; width: 24%">5 Years</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear10_zkr0ShFz5Ec1" style="border-bottom: Black 1pt solid; text-align: center; width: 24%">10 Years</td> </tr> <tr id="xdx_410_20260828__20260828__dei--LegalEntityAxis__custom--S000093102Member__oef--ClassAxis__custom--C000261175Member_zBmTNA2EP0Qb" style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$50</td> <td> </td> <td style="text-align: center">$201</td> <td> </td> <td style="text-align: center">$364</td> <td> </td> <td style="text-align: center">$840</td> </tr> </table> 50 201 364 840 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. This portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. During the period September 30, 2025 (commencement of operations) through April 30, 2026, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 17 Summary of Principal Investment Strategies The Fund typically invests in a focused portfolio of common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that, in the Adviser’s opinion, have a sustainable competitive advantage. In addition, the Fund may from time to time purchase up to 15% the Fund’s net assets in common stock of U.S. and non-U.S. issuers (excluding emerging market companies) with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase, if, in the Adviser’s opinion, the stock represents a particularly attractive investment opportunity. A company will be considered a “growth” company if it passes at least one of two tests. First, any company that appears in any one of three “growth” indices — MSCI USA Small Cap Growth, MSCI ACWI Growth, Russell 3000 Growth — will be classified as a “growth” company. Second, any company that receives a positive net “z-score” will be classified as a “growth” company. Growth factors covering forward and historical earnings growth, an internal growth measure, and sales growth will be weighed against value factors covering book-to-price ratio, forward earnings-to-price ratio, and dividend yield, to determine whether the net score is positive (growth) or negative (value). The Fund employs a focused portfolio investing style, which results in fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers. The Adviser generally expects that the Fund will invest in approximately 20 to 50 companies although the Fund may invest outside of this range at the Advisor’s discretion. The Adviser uses an intensive fundamental research process to identify companies that it believes have the following attractive characteristics, which the Adviser believes typically reflect an underlying competitive advantage: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets typically with low or no net debt to total capital, and (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry. The Fund will not invest in companies that do not meet, in the Adviser’s view the criteria outlined in (i) through (4) above. Sustainable competitive advantage means a competitive advantage that is not likely to erode over a reasonably long timeframe. The Adviser seeks companies with a long-term competitive advantage. Shareholder-oriented management teams means that a company’s management team seeks to maximize value creation for shareholders acting in a way that’s aligned with their interests. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable above average earnings growth. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Adviser assesses each factor it believes is material to making these determinations, which includes factors commonly classified as material environmental, social, and governance factors or “ESG” factors. This means considering how a company manages issues such as (but not limited to) climate impact, board diversity, supply chain management, governance practices, and other material risks or opportunities as part of the Adviser’s financial analysis. ESG factors are not assessed in isolation but as part of our comprehensive research process and no one factor is considered to be determinative. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Adviser may also sell a security if it is believed by the Adviser to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long-term basis. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors. <div style="display: none"></div> It is possible to lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z76x2249xgrc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zZHOh0tVumK3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in">●</td> <td style="text-align: justify">Focused Portfolio Risk: Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zSIgRkddPtSh"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Growth Style Risk: Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_ziJRIT8Uf3Gc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsMember_zSxYBypEC6y3"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Limited History of Operations: The Fund is recently organized with a limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size.</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z2kGVVX19SF5"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zGHV3oSODmgf"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.25in"> </td> <td style="vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="text-align: justify; vertical-align: top">In-Kind Contribution Risk: At its launch, the Fund expects to acquire assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zoYdYhd0e6Yg"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in">●</td> <td style="text-align: justify">Foreign Securities Risk: Foreign stocks may underperform U.S. stocks and may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks</td> </tr> </table> including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The Fund’s investment in foreign securities may be subject to foreign withholding and other taxes, and to the extent that is the case, the Fund’s return on such investments will be decreased. ●Mid-Cap Risk: Medium-sized companies are usually less stable in price and less liquid than larger, more established companies. Therefore, they generally involve greater risk. <div style="display: none"></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zaOOnPUeY3fe"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Non-Diversification Risk: Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> </table> <div style="display: none"></div> Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zst69yNnLBHd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zX0LuWDs3cw4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">ETF Risks:</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares (known as “Creation Units”) directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Cash Redemption Risk. Although the Fund is expected to generally redeem shares in-kind, it reserves the right to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., restricted securities). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.</td> </tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; vertical-align: top"> Market Trading Risk. Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund’s shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or Authorized Participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a significant variance in the market price of the Fund’s shares and its underlying value. There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules on the stock exchange or market. </td> </tr> </table> During a “flash crash,” the market prices of the Fund’s shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in the Fund’s shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.5in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Premium/Discount Risk. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings since the most recent calculation. The trading prices of the Fund’s shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and resulting premium or discount to the shares’ NAV is likely to widen.</td> </tr> </table> Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long-term. While the creation/redemption feature is designed to make it likely that the Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV. Performance Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. Once available, performance information will be presented in this section of this Prospectus. Because the Fund does not yet have a full calendar year of operations, no performance information is presented for the Fund at this time. PRIVATE CAPITAL MANAGEMENT VALUE FUND Investment Objective The Private Capital Management Value Fund (the “Fund”) seeks to achieve long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zT1LctKmzd5j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zq2KqABcposk" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086265Member_zie0H7VhiJn2" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086266Member_zlAvMi5Gp7H2" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086267Member_zLCBx2yn2F5l" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: left">Shareholder Fees (fees paid directly from your investment):</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">Class C</td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">Class I</td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center">Class R</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_408_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dn_zhEFnmLnRvg1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption)</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">1.00</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zsgKmp73Ymh1" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.00</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.00</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.00</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td></tr> </table> 0.0100 0 0 -0.0200 -0.0200 -0.0200 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zrzjduWf4rT"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zBDgKpf4IO5j" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086265Member_z6rCeNrpzGfc" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086266Member_zFw6ieaxN701" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086267Member_z5RwMfkhAlE9" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="11" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zfQFYzlGYMV" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 60%; text-align: left">Management Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.90</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.90</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right">0.90</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 4%; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr id="xdx_40C_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zCrr2PqTrm15" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Distribution and/or Service (Rule 12b-1) Fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.00</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.50</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zgSrAL18IRzk" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses (“AFFE”)</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.01</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zFdgfnxkqc8a" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.46</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.46</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.46</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zt2prr8nPjsk" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses2,3</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.37</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.37</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.87</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zUzkQ1KGT40b" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fee Waiver and/or Expense Reimbursement</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(0.16</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(0.16</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(0.16</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zgknl0nUrS3e" style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement2,3</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">2.21</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.21</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1.71</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> A 1.00% contingent deferred sales charge (“CDSC”) will be assessed when Class C shares are redeemed within 12 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker dealer was not paid a commission at the time of initial purchase.</td> </tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif"></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2</td> <td id="xdx_F11_zkxU2FTTJSBl" style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund’s Annual and Semi-annual Financials and Additional Information in the financial highlights table, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses”.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">3</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Private Capital Management, LLC (“Private Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions do not exceed 1.20% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). Prior to September 1, 2019 the Expense Limitation was 1.10%. The Expense Limitation will remain in place until August 31, 2027, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual Fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.</td></tr> </table> 0.0090 0.0090 0.0090 0.0100 0 0.0050 0.0001 0.0001 0.0001 0.0046 0.0046 0.0046 0.0237 0.0137 0.0187 -0.0016 -0.0016 -0.0016 0.0221 0.0121 0.0171 August 31, 2027 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund’s Class C shares, Class I shares and Class R shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zX2XV69fYYS4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zEcUgrsmN4i2" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 47%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_z7odezeGXjKf" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">1 Year</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zEDouFEzdQQ4" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">3 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_487_eoef--ExpenseExampleYear05_zJsHvAITI28g" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">5 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_z9SiOvbSC4B9" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10 Years </td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_415_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086265Member_zdzbB9wAuKih" style="background-color: #CCEEFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Class C</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$324</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$724</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,251</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$2,694</td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_417_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086266Member_zpgxugppJq6c" style="background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Class I</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$123</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$418</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$735</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,632</td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086267Member_zZ2U1kCYmwsc" style="background-color: #CCEEFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Class R</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$174</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$572</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$996</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$2,177</td> <td style="vertical-align: bottom"> </td></tr> </table> 324 724 1251 2694 123 418 735 1632 174 572 996 2177 You would pay the following expenses if you did not redeem your shares: <div id="xdx_A8C_eoef--ExpenseExampleNoRedemptionTableTextBlock_zpKVDyL76Qx6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z2LxF9PoAbpl" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 47%"> </td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_48B_eoef--ExpenseExampleNoRedemptionYear01_zdkXd0xnb3uj" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">1 Year</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear03_zK3LDyNEFwed" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">3 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear05_zuC5bRwBrYDg" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">5 Years</td> <td style="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear10_zYtp8F8LGi32" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10 Years </td> <td style="vertical-align: bottom; width: 1%; text-align: center"> </td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086265Member_z4soKp3P1MB9" style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Class C</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$224</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$724</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,251</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$2,694</td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_417_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086266Member_zT3FILh5406k" style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Class I</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$123</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$418</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$735</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$1,632</td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_41C_20260828__20260828__dei--LegalEntityAxis__custom--S000028203Member__oef--ClassAxis__custom--C000086267Member_zb13DWmEBHse" style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Class R</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$174</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$572</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$996</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$2,177</td> <td style="vertical-align: bottom; text-align: center"> </td></tr> </table> 224 724 1251 2694 123 418 735 1632 174 572 996 2177 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. 0.14 Summary of Principal Investment Strategies The Fund, under normal circumstances, primarily invests in common stocks of companies listed on stock exchanges in North America. While the Fund focuses its investments in smaller capitalization companies, there are no set limits on the market capitalizations of the companies in which the Fund may invest. The Adviser applies a fundamental value, research driven investment approach. The Adviser seeks to identify businesses that it believes are significantly mispriced by the public market. The Adviser values companies using a variety of measures, including an estimate of a company’s capacity to generate discretionary cash flow (cash flow from operations after required capital expenditures) over time and the long-term value of its assets. The Adviser seeks to identify companies that are out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to the Adviser’s estimation of long-term intrinsic value. The Adviser looks for companies that it believes have entrenched market positions or sustainable competitive advantages; competent management whose interests are aligned with creating long-term shareholder value; corporate cultures that are consistent with good governance and appropriately responsive to shareholders — the company’s ultimate owners; and the ability to compete effectively and succeed under various industry and broader economic scenarios. Consistent with its primary objective of achieving long-term capital appreciation, the Adviser generally expects to hold its investment in a company for a period of 3 to 5 years. The Adviser continually re-evaluates companies in which it has invested and will scale back or exit a position as a company’s market price approaches the Adviser’s price target or when a change in a fundamental aspect of the company or its operating environment materially affects the Adviser’s investment view. The Adviser will often continue to hold, or add to, positions with declining share prices so long as the factors driving the price decline do not result in a negative revision to the Adviser’s overall investment assessment of the company. The Fund is a diversified fund, but nevertheless has invested a significant portion of its assets in the securities of a small number of issuers, which may cause the Fund’s value to fluctuate more widely than some other diversified funds. As a result of the Fund’s investment approach and the relative price movements of certain Fund holdings, at times the Fund’s holdings profile may approximate a portfolio of securities with percentage weightings typically associated with a non-diversified fund. under normal circumstances, primarily invests in common stocks of companies listed on stock exchanges in North America. The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. <div></div> It is possible to lose money by investing in the Fund. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_z0ObP4yLcXk7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Common Stock Risk: Because the Fund normally invests a substantial portion of its assets in common stocks, the value of the Fund’s portfolio will be affected by changes in stock markets. Common stock represents an equity (ownership) interest in a company or other entity. At times, the stock markets can be volatile, and stock prices can change drastically. This market risk will affect the Fund’s net asset value, which will fluctuate as the values of the Fund’s portfolio securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time. In addition, other factors can adversely affect a particular stock’s price (for example, poor management decisions, poor earnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes in government regulations affecting an industry). Not all of these factors nor their affects can be predicted.</td> </tr> </table> <div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyTranslationRiskMember_zFXOrralvgTb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Currency Translation Risk: A significant number of companies in which the Fund invests rely on markets outside the United States for a portion of their operating revenues. These revenues are frequently denominated in currencies other than the U.S. dollar. As a result, these companies face a risk that revenues can be affected by changes in the exchange rate between the local currencies in which revenues are denominated and the U.S. dollar. A relative decline in the value of the U.S. dollar would have the effect of increasing the dollar amount of revenues generated in local currencies, while a relative strengthening of the U.S. dollar would have the opposite effect. While the Adviser evaluates potential currency translation effects along with other factors in making investment decisions, the Adviser does not take steps to hedge potential currency translation risks.</td> </tr> </table> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_z1zvldWrsjbc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Focused Portfolio Risk: The Adviser seeks to invest Fund assets in the equity securities (stock) of companies that the Adviser believes are currently being undervalued by the market. As a result, individual securities held by the Fund may appreciate significantly over time and may grow to comprise in excess of 5% of the Fund’s invested assets. Collectively, such positions may comprise materially in excess of 25% of the Fund’s overall portfolio. The Adviser is likely to continue to hold such positions so long as they meet the Adviser’s investment criteria. As a result, from time-to-time the Fund’s portfolio may reflect a concentration profile more typically associated with a non-diversified fund. This may cause the Fund’s value to fluctuate more widely than some other diversified funds.</td> </tr> </table> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zmE7dy1GrZe2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities, including Canadian securities, may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.</td> </tr> </table> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMkmCgAGMWh5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. In particular, the Fund faces the risk of loss as a result of mis-estimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the investment opportunity.</td> </tr> </table> <div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjFJhRI2NJG7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td> </tr> </table> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zfIFRVpIFfw1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr> </table> <div></div> <div style="display: none"></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zEjbfEfrxBEe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Small- and Mid-Capitalization Company Risk: The risk that securities of small or mid-capitalization companies may be subject to more abrupt or erratic market movements than securities of larger, more established companies. Generally the smaller the company size, the greater the risk. Small and mid-capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs.</td> </tr> </table> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zTSkKJuv8DPf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify">Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. The returns on “value” equity securities may be less than returns on other styles of investing or the overall stock market.</td> </tr> </table> Performance Information The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class I shares from year to year; and (b) how the average annual total return of the Fund’s Class I shares compares to those of a regulatorily required broad-based securities market index (Russell 1000® Equal Weight Index) (the “Regulatory Benchmark”) and the Russell 2000® Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. The Fund’s past performance (both before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.pcmvaluefund.com or by calling the Fund toll-free at (888) 568-1267. The annual returns in the bar chart are for the Fund’s Class I shares and do not reflect sales loads. If sales loads were reflected, returns would be lower than those shown. In addition, total returns would have been lower had certain fees and expenses not been waived or reimbursed. The Fund’s past performance (both before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.pcmvaluefund.com (888) 568-1267 The annual returns in the bar chart are for the Fund’s Class I shares and do not reflect sales loads. Annual Total Returns For Past Ten Calendar Years - Class I1 <img alt="" src="pro-vfpix_002.jpg" style="height: 240px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zQWpKjcAVDr6" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns1</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000086266Member_fMQ_____z8gA5DbVdKIk" style="display: none; text-align: center; width: 50%">11.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000086266Member_fMQ_____zprV5KQCiAg2" style="display: none; text-align: center">15.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000086266Member_fMQ_____z48Y8aQlMAC6" style="display: none; text-align: center">-9.02%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000086266Member_fMQ_____z9thslhhHMMc" style="display: none; text-align: center">17.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000086266Member_fMQ_____znIxjpXFtba9" style="display: none; text-align: center">13.79%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000086266Member_fMQ_____zcvla1OuwZOi" style="display: none; text-align: center">36.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000086266Member_fMQ_____zCF405EVUsy" style="display: none; text-align: center">-1.17%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000086266Member_fMQ_____zuKDwvfyOOmd" style="display: none; text-align: center">7.12%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000086266Member_fMQ_____zNCn9ElR52Gk" style="display: none; text-align: center">31.32%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000086266Member_fMQ_____ztvz1kDy2ELh" style="display: none; text-align: center">-0.11%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td id="xdx_F07_zwMb9gmoPD57" style="display: none; width: 3%">1</td> <td id="xdx_F1A_zMbBrqAykbs6" style="display: none; width: 97%"> Performance shown for the period from January 1, 1987 to May 28, 2010 is the performance of a corporate defined contribution plan account (the “Predecessor Account”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations on May 28, 2010 and does not reflect any taxes that you may pay as a result of any distributions or sale of shares of the Fund. The Predecessor Account’s performance has been adjusted to reflect the monthly deduction of the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement applicable to Class I shares of the Fund effective at the Fund’s commencement of operations on May 28, 2010. The Class C shares and the Class R shares have not been issued.</td></tr> </table> 0.1198 0.1550 -0.0902 0.1714 0.1379 0.3628 -0.0117 0.0712 0.3132 -0.0011 Calendar Year-to-Date Total Return as of June 30, 2026: 10.70% During the periods shown in the bar chart, the Fund’s best quarter was up 37.45% (December 31, 2020) and the Fund’s worst quarter was down (38.97)% (March 31, 2020). Calendar Year-to-Date Total Return 2026-06-30 0.1070 best quarter 0.3745 2020-12-31 worst quarter -0.3897 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zJzDecdqVEJe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zyQrjmDuQtE3" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; width: 47%; vertical-align: bottom">Private Capital Management Value Fund Class I Shares1</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_495_20250101__20251231_zr8DAVuvjqvc" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">1 Year</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zwQ9yzTa2cIj" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">5 Years</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_499_20160101__20251231_zXc3ITQL9s7f" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10 Years</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td id="xdx_491_19870101__20251231_zhSSaEmgMhT2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">Since Inception (<span id="xdx_90B_eoef--PerfInceptionDate_c20260828__20260828__oef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zdDFZJeB19yj">January 1, 1987) </td> <td style="width: 1%"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000086266Member_zb866PyGYMM1" style="background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Return Before Taxes</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">(0.11)%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">13.61%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">11.49%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">13.63%</td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKDunpDqMXO9" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Return After Taxes on Distributions</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">(0.61)%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">12.00%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">9.37%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">12.92%</td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ziVaTPvTrgYa" style="background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Return After Taxes on Distributions and Sale of Shares</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">0.29%4</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">10.54%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">8.74%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">12.50%</td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_z1Nh2eYvPE63" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260828__20260828__oef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zx4Cfp65PNPb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000® Index2 (reflects no deductions for fees, expenses or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">12.81%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">6.09%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">9.62%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">9.33%</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Russell 1000® Equal Weight Index3 (reflects no deductions for fees, expenses or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell1000EqualWeightIndexMember_fMw_____zCtp7xV1eYx" style="vertical-align: bottom; text-align: center">11.16%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell1000EqualWeightIndexMember_fMw_____zWZI6l4LQZna" style="vertical-align: bottom; text-align: center">8.23%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000086266Member__oef--PerformanceMeasureAxis__custom--Russell1000EqualWeightIndexMember_fMw_____zz9UNhCC7P0f" style="vertical-align: bottom; text-align: center">10.39%</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">-N/A5</td> <td style="vertical-align: bottom"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">1</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"> Performance shown for the period from January 1, 1987 to May 28, 2010 is the performance of a corporate defined contribution plan account (the “Predecessor Account”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations on May 28, 2010 and does not reflect any taxes that you may pay as a result of any distributions or sale of shares of the Fund. The Predecessor Account’s performance has been adjusted to reflect the monthly deduction of the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement applicable to Class I shares of the Fund effective at the Fund’s commencement of operations on May 28, 2010. The Class C shares and the Class R shares have not been issued.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">2</td> <td style="text-align: justify">The Russell 2000® Index is an unmanaged index measuring the performance of the 2,000 smallest companies in the Russell 3000® Index. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td><td style="text-align: justify">3</td> <td style="text-align: justify"> The Russell 1000® Equal Weight Index is an unmanaged broad-based securities market index measuring the performance of the 1,000 largest companies in the Russell 3000® Index. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization. As an “equal weight” index, the Russell 1000® Equal Weight Index equally weights each industry within the index and then equally weights the companies within each industry. This methodology is intended to capture representative performance of the investable companies in the U.S. equity market.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">4</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td><td style="text-align: justify">5</td> <td style="text-align: justify"> Index performance commences in 2000.</td></tr> </table> 1987-01-01 1987-01-01 1987-01-01 1987-01-01 1987-01-01 Return Before Taxes -0.0011 0.1361 0.1149 0.1363 Return After Taxes on Distributions -0.0061 0.1200 0.0937 0.1292 Return After Taxes on Distributions and Sale of Shares 0.0029 0.1054 0.0874 0.1250 Russell 2000® Index2 (reflects no deductions for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.0933 Russell 1000® Equal Weight Index3 (reflects no deductions for fees, expenses or taxes) 0.1116 0.0823 0.1039 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class C and Class R shares will vary. The Class C shares and the Class R shares would have had substantially similar annual returns because the shares are invested in the same portfolio. Annual returns would differ only to the extent that the Classes have different expenses. The Predecessor Account was not registered as a mutual fund under the Investment Company Act of 1940, as amended (“1940 Act”), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and Internal Revenue Code of 1986, as amended. If the Predecessor Account had been registered under the 1940 Act its performance may have been different. 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 your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class C and Class R shares will vary. A 1.00% contingent deferred sales charge (“CDSC”) may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker-dealer was not paid a commission. A 1.00% CDSC will be assessed when Class C shares are redeemed within 18 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund’s Annual and Semi-Annual Financials and Additional Information in the financial highlights table, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses”. Equity Investment Corporation (“EIC” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, do not exceed 0.95% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027, unless the Board of Trustees of the Trust approves Average annual total returns for Class A shares of the Fund reflect the imposition of the maximum front-end sales charge of 5.50%. Effective September 1, 2024, the Fund’s primary broad-based performance index changed to the S&P 500® Index due to the SEC’s revised definition for such an index. The S&P 500® Index is a widely recognized unmanaged index of 500 common stocks, which are generally representative of the U.S. stock market as a whole. The Fund will retain the Russell 3000® Value Index as its additional benchmark for performance comparison. The Russell 3000® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe, which more closely aligns with the Fund’s investment strategy. Reflects the imposition of the maximum deferred sales charge of 1.00%. The Asset Management Group of Bank of Hawaii (the “Adviser”) has agreed to waive its advisory fee (the “Waiver”). The Waiver will remain in effect until August 31, 2027. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust (the “Trust”). The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant periods. Effective September 1, 2024, the Fund’s primary broad-based performance index changed to the Bloomberg Municipal Bond Index due to regulatory requirements. The Bloomberg Municipal Bond Index measures the performance of the Bloomberg U.S. Municipal bond market, which covers the USD-denominated long-term tax-exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The Fund will retain the Bloomberg Hawaii Municipal Bond Index as its additional benchmark for performance comparison. The Bloomberg Hawaii Municipal Bond Index is a rules-based, market-value weighted index engineered for the long-term tax-exempt Hawaii bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index. “Other Expenses” are estimated based on expenses for the current fiscal year. The Asset Management Group of Bank of Hawaii (the “Adviser”) has voluntarily agreed to waive fees and reimburse expenses of the Fund to the extent necessary to maintain a minimum daily net yield for the Fund (the “Voluntary Waiver”). This is not reflected in the table above. Such Voluntary Waiver will continue until the Adviser notifies the Fund of a change in the amount of the Voluntary Waiver or its discontinuation. This Voluntary Waiver may be discontinued at any time at the discretion of the Adviser. The Fund ceased investment operations on April 14, 2021. Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.00% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, any fees waived and/or expenses reimbursed by the Adviser on or after January 1, 2017 with respect to the Fund for a three year period following the date of such fee waiver and/or expense reimbursement. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. The Russell 1000® Growth Index is an unmanaged index measuring the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-value ratios and higher forecasted growth values. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and/or the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period. Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. The MSCI All Country World® Index (“ACWI”) (Net Dividend) captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 2,837 constituents, the MSCI ACWI (Net Dividend) covers approximately 85% of the global investable equity opportunity. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and/or the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period. Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or expense reimbursement. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant periods. The MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the US) and 24 Emerging Markets countries. With 2,226 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.10% with respect to Investor Class shares and Institutional Class shares and 1.00% with respect to Class Y shares (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). Prior to May 1, 2021 the Expense Limitation was 1.25% with respect to Investor Class shares and Institutional Class shares. The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation. The Russell 2000® Growth Index is an unmanaged index measuring the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares after the relevant period. Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), interest and other costs of borrowing, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 0.89% with respect to Investor Class shares and Institutional Class shares and 0.79% with respect to Class Y shares (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2027 unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation. Source: ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the index, index data and any data included in, related to, or derived therefrom. Neither ICE DATA, its affiliates or their respective third-party providers shall not be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the index or the index data or any component thereof, and the index and index data and all components thereof are The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. Source: Bloomberg Index Services Limited. BLOOMBERG® and the Bloomberg indices referenced herein (for purposes of this paragraph, the “Indices”, and each such index, an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to Polen Capital Credit, LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, shall have any liability or responsibility for injury or damages arising in connection therewith. The performance information reflects the performance of the Predecessor Fund from its inception on July 16, 2015 through the Reorganization Date. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon sale of Fund shares immediately after the relevant periods. The management fee is structured as a “unified fee.” Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser. The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Adviser has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination. The management fee is structured as a “unified fee.” Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser. The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Adviser has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant period. The Morningstar LSTA U.S. Leveraged Loan Index is a market-value weighted index designed to measure the performance of the U.S. leveraged loan index. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. Source: Bloomberg Index Services Limited. BLOOMBERG® and the Bloomberg indices referenced herein (for purposes of this paragraph, the “Indices”, and each such index, an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to Polen Capital Credit, LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither Bloomberg nor Bloomberg’s licensors, including a Third-Party Provider, shall have any liability or responsibility for injury or damages arising in connection therewith. The management fee is structured as a “unified fee.” Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) has agreed to pay all expenses incurred by the Fund except for the following expenses, each of which is paid by the Fund: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Fund; payments under the Fund’s 12b-1 Plan (if activated); and the management fee payable to the Adviser. The Fund’s Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Adviser has contractually agreed to waive 0.20% (20 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place until August 31, 2027, unless the Board of Trustees approves its earlier termination. A 1.00% contingent deferred sales charge (“CDSC”) will be assessed when Class C shares are redeemed within 12 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker dealer was not paid a commission at the time of initial purchase. “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund’s Annual and Semi-annual Financials and Additional Information in the financial highlights table, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses”. Private Capital Management, LLC (“Private Capital” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions do not exceed 1.20% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). Prior to September 1, 2019 the Expense Limitation was 1.10%. The Expense Limitation will remain in place until August 31, 2027, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual Fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. Performance shown for the period from January 1, 1987 to May 28, 2010 is the performance of a corporate defined contribution plan account (the “Predecessor Account”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations on May 28, 2010 and does not reflect any taxes that you may pay as a result of any distributions or sale of shares of the Fund. The Predecessor Account’s performance has been adjusted to reflect the monthly deduction of the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement applicable to Class I shares of the Fund effective at the Fund’s commencement of operations on May 28, 2010. The Class C shares and the Class R shares have not been issued. The Russell 2000® Index is an unmanaged index measuring the performance of the 2,000 smallest companies in the Russell 3000® Index. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization.