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ck0001027596:S000070990Member ck0001027596:C000225405Member 2018-01-01 2018-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2019-01-01 2019-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2020-01-01 2020-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2021-01-01 2021-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2022-01-01 2022-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2023-01-01 2023-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2024-01-01 2024-12-31 0001027596 ck0001027596:S000070990Member ck0001027596:C000225405Member 2025-01-01 2025-12-31 pure iso4217:USD 485BPOS 0001027596 false 0.0213 0.3131 -0.0481 0.3912 0.3823 0.2601 -0.2787 0.3549 0.3202 0.1800 2026-08-28 N-1A ADVISORS SERIES TRUST 2026-08-28 2026-08-28 Logan Capital Large Cap Growth ETF Investment Objective <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:18.03pt">The </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72.03pt;position:var(--position);text-decoration:none;white-space:pre;width:154.54pt">Logan Capital Large Cap Growth ETF</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:226.57pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:229.07pt;position:var(--position);text-decoration:none;white-space:pre;width:200.28pt">(the “Fund”) seeks long-term capital appreciation.</span> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”).</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:318.85pt">This table and the Example below do not include the brokerage commissions </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:372.85pt;position:var(--position);text-decoration:none;white-space:pre;width:166.96pt">and other fees to financial intermediaries</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.81pt;position:var(--position);text-decoration:none;white-space:pre;width:18.19pt"> that</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:229.22pt">investors may pay on their purchases and sales of Shares.</span></div> Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0065 0 0.0020 0.0085 Example <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.89pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.29pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem and hold all of your</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.29pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.98pt">Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:343.29pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:175.24pt">pay on your purchases and sales of Shares.</span> Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 87 87 271 271 471 471 1049 1049 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.84pt">taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:336.01pt">performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:390.01pt;position:var(--position);text-decoration:none;white-space:pre;width:13.33pt">7%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:403.34pt;position:var(--position);text-decoration:none;white-space:pre;width:145.94pt"> of the average value of its portfolio.</span> 0.07 Principal Investment Strategies of the Fund <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.98pt">Logan Capital Management, Inc. (“Logan Capital” or the “Adviser”) believes that earnings growth ultimately drives stock</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:532.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:28.98pt">prices. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:82.98pt;position:var(--position);text-decoration:none;white-space:pre;width:474.98pt">The Adviser’s Large Cap Growth investment philosophy seeks to identify large capitalization companies that have the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:292.18pt">ability to generate sustainable and durable long-term earnings growth.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:346.18pt;position:var(--position);text-decoration:none;white-space:pre;width:4.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:350.21pt;position:var(--position);text-decoration:none;white-space:pre;width:207.63pt">The Fund seeks to invest in U.S. companies with</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">strong earnings growth potential resulting from factors such as superior pricing power, strong distribution channels, effective</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:568.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:192.51pt">management, and other competitive advantages.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:246.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.85pt">The Adviser is a patient, long-term growth investor and may hold investments through temporary earnings setbacks when it</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:604.54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:475.06pt">believes such setbacks are short-term and the underlying fundamentals support a likely resumption of earnings growth.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.86pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">purposes) in large capitalization equity securities of companies that the Adviser believes have the potential for long-term</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:62.01pt">capital growth.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:116.00999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:441.94pt"> Logan Capital defines large capitalization companies as those with a market capitalization greater than</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:663.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:384.62pt">$5 billion and defines growth companies as those with positive long-term earnings growth rates.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:438.62pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:687.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.83pt">The Fund expects to invest principally in equity securities traded on U.S. securities exchanges. Equity securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:245.64pt">Fund may invest include common stocks, preferred stocks, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:299.64pt;position:var(--position);text-decoration:none;white-space:pre;width:174.65pt">American Depositary Receipts (“ADRs”), </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:474.29pt;position:var(--position);text-decoration:none;white-space:pre;width:83.61pt">rights, and warrants,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:711.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:156.69pt">and may include securities issued in </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:210.69pt;position:var(--position);text-decoration:none;white-space:pre;width:139.15pt">initial public offerings (“IPOs”). </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:349.84pt;position:var(--position);text-decoration:none;white-space:pre;width:208.11pt">From time to time, the Fund invests a significant</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.92pt">portion of its assets in securities of companies within the same economic sector. For example, as of April 30, 2026, 38.1% of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:364.32pt">the Fund’s net assets were invested in companies within the information technology sector.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:90pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:478.98pt">The Fund may invest up to 20% of its total assets in securities of foreign issuers, including issuers in emerging markets.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:532.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.98pt">The Fund’s investment process is primarily bottom-up and focused on identifying companies with superior growth</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">characteristics through disciplined security selection. The investment team utilizes a three-component process that includes</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">top-down macroeconomic analysis, fundamental research, and technical analysis. For a security to be eligible for inclusion in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:310.5pt">the portfolio, it must satisfy all three independent components of this process.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:364.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:8.33pt">1)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Macroeconomic analysis – To aid in security selection, the Adviser begins by analyzing macroeconomic factors</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:181.08pt">including, but not limited to, trends in real </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:271.08000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:138.02pt">gross domestic product (“GDP”) </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:409.1pt;position:var(--position);text-decoration:none;white-space:pre;width:148.83pt">growth, short and long-term interest</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:433.11pt">rates, yield curve, inflation, U.S. Federal Reserve Board actions, productivity gains and corporate cash flow.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:523.11pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:8.33pt">2)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">Fundamental analysis – Investment ideas are generated utilizing the Adviser’s proprietary ranking and screening tool</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">which assigns a score, based on a number of factors, to a broad universe of stocks, giving the Adviser an advantage</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">when evaluating new opportunities. Factors considered include, but are not limited to, market expansion</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">opportunities, market dominance and/or pricing power, a strong balance sheet, and significant barriers to entry</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.33pt">(</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:93.33pt;position:var(--position);text-decoration:none;white-space:pre;width:19.89pt">e.g., </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:113.22pt;position:var(--position);text-decoration:none;white-space:pre;width:444.62pt">obstacles that prevent a company from easily entering the market or industry, such as dominant market share,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.24pt">proprietary software, patents, or brand loyalty).</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:279.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:8.33pt">3)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Technical Analysis – An evaluation that examines a stock’s price behavior and chart patterns to determine an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">uptrend or downtrend.  Other factors considered include, but are not limited to, relative performance as compared to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">the peer group and the overall market, historically significant price patterns, overbought and oversold levels and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">support and resistance levels. “Support” occurs where a downtrend is expected to pause due to a concentration of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:420.89pt">demand, and “resistance” occurs where an uptrend is expected to pause, due to a concentration of supply.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:510.89pt;position:var(--position);text-decoration:none;white-space:pre;width:5pt">  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.9pt">The Adviser may sell a position when it no longer qualifies for purchase under at least two of the three independent</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:50.79pt">components.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.86pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">purposes) in large capitalization equity securities of companies that the Adviser believes have the potential for long-term</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:62.01pt">capital growth.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:325.6pt;position:var(--position);text-decoration:none;white-space:pre;width:232.2pt">As with any investment, there is a risk that you could lose</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:189.78pt">all or a portion of your investment in the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ETF Risks. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.25pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:499.68pt;position:var(--position);text-decoration:none;white-space:pre"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:367.06pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:457.06pt;position:var(--position);text-decoration:none;white-space:pre;width:100.84pt">The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:370.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:141.27pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:231.27pt;position:var(--position);text-decoration:none;white-space:pre;width:326.63pt"> Due to the costs of buying or selling Shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.93pt">an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:533.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:193.36pt">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:283.36pt;position:var(--position);text-decoration:none;white-space:pre;width:274.6pt">As with all ETFs, Shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:423.97pt">activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:513.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.22pt">Trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:124.72pt;position:var(--position);text-decoration:none;white-space:pre;width:2.53pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:127.25pt;position:var(--position);text-decoration:none;white-space:pre;width:430.65pt">Although Shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:720pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.53pt">portfolio holdings, which can be significantly less liquid than </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:337.53pt;position:var(--position);text-decoration:none;white-space:pre;width:29.14pt">Shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:367.06pt">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:457.06pt;position:var(--position);text-decoration:none;white-space:pre;width:100.84pt">The Fund has a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:280.5pt">activities and no other entities step forward to perform their functions.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:141.27pt">Costs of Buying or Selling Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:231.27pt;position:var(--position);text-decoration:none;white-space:pre;width:326.63pt"> Due to the costs of buying or selling Shares, including brokerage commissions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.93pt">an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:193.36pt">Shares May Trade at Prices Other Than NAV. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:283.36pt;position:var(--position);text-decoration:none;white-space:pre;width:274.6pt">As with all ETFs, Shares may be bought and sold in the secondary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:423.97pt">activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.22pt">Trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:122.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:124.72pt;position:var(--position);text-decoration:none;white-space:pre;width:2.53pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:127.25pt;position:var(--position);text-decoration:none;white-space:pre;width:430.65pt">Although Shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:720pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:54pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.53pt">portfolio holdings, which can be significantly less liquid than </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:337.53pt;position:var(--position);text-decoration:none;white-space:pre;width:29.14pt">Shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:128.14pt">Economic and Market Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:200.14pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:5.49pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:205.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:352.33pt">Economies and financial markets throughout the world are becoming increasingly</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:97.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:109.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.85pt">markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:121.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">securities in general financial markets, a particular financial market or other asset classes due to a number of factors,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:133.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:145.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.91pt">instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:169.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:181.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:193.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.99pt">pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:205.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:431.23pt">on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:100.58pt">Equity Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:172.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:385.35pt"> The price of equity securities may rise or fall because of economic or political changes or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:235.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:247.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:285.49pt">market as a whole, such as changes in economic or political conditions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:81.44pt">Management Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:153.44pt;position:var(--position);text-decoration:none;white-space:pre;width:404.49pt"> The Fund is an actively managed portfolio.  The Adviser’s management practices and investment</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:289.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">strategies might not produce the desired results. The Adviser may be incorrect in its assessment of a stock’s appreciation</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:37.44pt">potential.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:121.49pt">Large-Cap Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:193.49pt;position:var(--position);text-decoration:none;white-space:pre;width:364.5pt"> Larger, more established companies may be unable to respond quickly to new competitive</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:343.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.96pt">sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:84.35pt">economic expansion.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:135.28pt">Growth Style Investment Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:207.28pt;position:var(--position);text-decoration:none;white-space:pre;width:350.6pt">  Growth stocks can perform differently from the market as a whole and from other</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:385.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">types of stocks. While growth stocks may react differently to issuer, political, market and economic developments than</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">the market as a whole and other types of stocks by rising or falling in price in certain environments, growth stocks also</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">tend to be sensitive to changes in the earnings of their underlying companies and more volatile than other types of stocks,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:421.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:126.78pt">particularly over the short term.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:103.47pt">Foreign Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:175.47pt;position:var(--position);text-decoration:none;white-space:pre;width:382.49pt"> Investing in foreign securities typically involves more risks than investing in U.S. securities,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:451.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:414.34pt">and includes risks associated with: (1) internal and external political and economic developments – </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:486.34pt;position:var(--position);text-decoration:none;white-space:pre;width:14.43pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:500.77pt;position:var(--position);text-decoration:none;white-space:pre;width:57.19pt">, the political,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.98pt">economic and social policies and structures of some foreign countries may be less stable and more volatile than those in</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:475.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.86pt">the United States or some foreign countries may be subject to trading restrictions or economic sanctions; (2) trading</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:487.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:46.74pt">practices – </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:118.74000000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:14.43pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:424.7pt">, government supervision and regulation of foreign securities and currency markets, trading systems and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:280.83pt">brokers may be less than in the U.S.; (3) availability of information – </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:352.83pt;position:var(--position);text-decoration:none;white-space:pre;width:14.43pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:367.26pt;position:var(--position);text-decoration:none;white-space:pre;width:190.59pt">, foreign issuers may not be subject to the same</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:511.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:452.81pt">disclosure, accounting and financial reporting standards and practices as U.S. issuers; (4) limited markets – </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:524.81pt;position:var(--position);text-decoration:none;white-space:pre;width:14.43pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:539.24pt;position:var(--position);text-decoration:none;white-space:pre;width:18.68pt">, the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:523.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:486pt">securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (5) currency exchange rate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:100.15pt">fluctuations and policies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:114.32pt">Emerging Markets Risk. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:186.32pt;position:var(--position);text-decoration:none;white-space:pre;width:371.62pt">Emerging markets are markets of countries in the initial stages of industrialization and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">generally have low per capita income. In addition to the risks of foreign securities in general, emerging markets are</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">economies based on only a few industries and securities markets that are substantially smaller, less liquid and more</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:601.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:319.93pt">volatile with less government oversight than those of more developed countries.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:107.98pt">Depositary Receipt Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:179.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:377.88pt"> The Fund’s equity investments may take the form of sponsored or unsponsored depositary</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.9pt">receipts.  Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.88pt">an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:482.58pt">issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:123.24pt">Initial Public Offering Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:195.24pt;position:var(--position);text-decoration:none;white-space:pre;width:362.7pt"> The market value of IPO shares may fluctuate considerably due to factors such as the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.84pt">absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:697.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.97pt">information about the issuer. The purchase of IPO shares may involve high transaction costs.  IPO shares are subject to</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:709.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:118.49pt">market risk and liquidity risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:95.92pt">Sector Emphasis Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:167.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:390.03pt"> The securities of companies in the same or related businesses, if comprising a significant portion</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:66pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.87pt">of the Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:78pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:485.92pt">regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if securities of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:90pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:310.53pt">companies in such a sector comprised a lesser portion of the Fund’s portfolio.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt">◦</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:166.18pt">Information Technology Sector Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:274.18pt;position:var(--position);text-decoration:none;white-space:pre;width:283.79pt"> Information technology companies face intense competition, both</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">domestically and internationally, which may have an adverse effect on profit margins. Information technology</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">companies may have limited product lines, markets, financial resources or personnel. The products of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">information technology companies may face rapid product obsolescence due to technological developments and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">frequent new product introduction, unpredictable changes in growth rates and competition for the services of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">general market acceptance for their products could have a material adverse effect on a company’s business.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Companies in the information technology sector are heavily dependent on intellectual property and the loss of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">patent, copyright and trademark protections may adversely affect the profitability of these companies. The</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">information technology sector has recently experienced significant disruptions caused by artificial intelligence</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">(“AI”) related events, including layoffs and workforce re-alignments related to AI advancements and AI-related</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">spending and escalating AI-enabled cyberattacks and data breaches. These events have led to significant market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:412.81pt">volatility and stock declines for certain software, cybersecurity, and other companies within this sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:166.18pt">Information Technology Sector Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:274.18pt;position:var(--position);text-decoration:none;white-space:pre;width:283.79pt"> Information technology companies face intense competition, both</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">domestically and internationally, which may have an adverse effect on profit margins. Information technology</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">companies may have limited product lines, markets, financial resources or personnel. The products of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">information technology companies may face rapid product obsolescence due to technological developments and</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">frequent new product introduction, unpredictable changes in growth rates and competition for the services of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">general market acceptance for their products could have a material adverse effect on a company’s business.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Companies in the information technology sector are heavily dependent on intellectual property and the loss of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">patent, copyright and trademark protections may adversely affect the profitability of these companies. The</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">information technology sector has recently experienced significant disruptions caused by artificial intelligence</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">(“AI”) related events, including layoffs and workforce re-alignments related to AI advancements and AI-related</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">spending and escalating AI-enabled cyberattacks and data breaches. These events have led to significant market</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:412.81pt">volatility and stock declines for certain software, cybersecurity, and other companies within this sector.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:372.94pt">The following performance information indicates some of the risks of investing in the Fund.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:426.94pt;position:var(--position);text-decoration:none;white-space:pre;width:130.96pt"> As of August 8, 2022, the Fund</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.97pt">has adopted the performance history of the Logan Capital Large Cap Growth Fund (the “Predecessor Fund”), which operated</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:279.55pt">as a mutual fund using substantially similar investment strategies. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:333.55pt;position:var(--position);text-decoration:none;white-space:pre;width:224.39pt"> The bar chart shows the Predecessor Fund’s and the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:268.44pt">Fund’s performance for the calendar years ended December 31. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:322.44pt;position:var(--position);text-decoration:none;white-space:pre;width:235.54pt">The table illustrates how the Predecessor Fund’s and the</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.91pt">Fund’s average annual returns for one-year, five years, ten years and since inception periods compare with those of a broad</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:488.46pt">measure of market performance and an additional index that reflects the market sectors in which the Fund invests. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:542.46pt;position:var(--position);text-decoration:none;white-space:pre;width:15.53pt">The</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:503.93pt">Predecessor Fund’s and the Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:86.59pt">perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:140.59pt;position:var(--position);text-decoration:none;white-space:pre;width:291.47pt"> Updated performance information is available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:432.06pt;position:var(--position);text-decoration:none;white-space:pre;width:114.88pt">www.logancapitalfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:546.94pt;position:var(--position);text-decoration:none;white-space:pre;width:11.02pt"> or</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:121.79pt">by calling the Fund toll-free at</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:175.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:178.29000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:64.99pt">1-800-617-0004</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:243.28pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt">.</span></div> The following performance information indicates some of the risks of investing in the Fund. The table illustrates how the Predecessor Fund’s and the Fund’s average annual returns for one-year, five years, ten years and since inception periods compare with those of a broad measure of market performance and an additional index that reflects the market sectors in which the Fund invests. The Predecessor Fund’s and the Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.logancapitalfunds.com 1-800-617-0004 Calendar Year Total Returns as of December 31 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:189.71pt;position:var(--position);text-decoration:none;white-space:pre">Calendar</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:225.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:228.26pt;position:var(--position);text-decoration:none;white-space:pre">Year to Date Return </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:311.48pt;position:var(--position);text-decoration:none;white-space:pre">as of</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:330.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:333.13pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:388.95000000000005pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:391.45000000000005pt;position:var(--position);text-decoration:none;white-space:pre">20.91%</span><div style="position:var(--position);top:72pt;width:612pt"><div style="font-size:0pt;left:197.25pt;position:var(--position);width:217.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:113.25pt"></td><td style="padding:0;width:50.25pt"></td><td style="padding:0;width:54pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:113.25pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:113.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Highest Quarterly Return</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:113.25pt;position:var(--position);width:50.25pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:50.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Q2: 2020</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:163.5pt;position:var(--position);width:54pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:54pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:22.42pt;position:var(--position)"></span><span style="left:22.42pt;position:var(--position)">30.67%</span></span></div></div></div></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:113.25pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:113.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lowest Quarterly Return</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:113.25pt;position:var(--position);top:15.75pt;width:50.25pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:50.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Q2: 2022</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:163.5pt;position:var(--position);top:15.75pt;width:54pt"><div><div style="line-height:10pt;position:var(--position);top:5.17pt;width:54pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:19.09pt;position:var(--position)"></span><span style="left:19.09pt;position:var(--position)">-19.37%</span></span></div></div></div></td></tr></tbody></table></div></div></div> Year to Date Return 2026-06-30 0.2091 Highest Quarterly Return 2020-06-30 0.3067 Lowest Quarterly Return 2022-06-30 -0.1937 Average Annual Total Returns For Periods Ended December 31, 2025 for the Predecessor Fund and the Fund 2012-06-28 Return Before Taxes 0.1800 0.1392 0.1676 0.1627 Return After Taxes on Distributions 0.1800 0.1339 0.1627 0.1587 Return After Taxes on Distributions and Sale of Shares 0.1066 0.1103 0.1415 0.1410 Russell 1000® Total Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 0.1483 Russell 1000® Growth Total Return Index(reflects no deduction for fees, expenses, or taxes) 0.1870 0.1535 0.1814 0.1774 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.5pt;position:var(--position);text-decoration:none;white-space:pre;width:490.5pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:558pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:291.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.5pt;position:var(--position);text-decoration:none;white-space:pre;width:333.61pt">covered by the table above and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:401.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.4pt"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:404.51pt;position:var(--position);text-decoration:none;white-space:pre;width:153.48pt">Actual after-tax returns depend on an</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:303.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.5pt;position:var(--position);text-decoration:none;white-space:pre;width:236.5pt">investor’s tax situation and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:304pt;position:var(--position);text-decoration:none;white-space:pre;width:253.97pt">After-tax returns shown are not relevant to investors who hold</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:315.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.5pt;position:var(--position);text-decoration:none;white-space:pre;width:490.4pt">their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:557.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.5pt;position:var(--position);text-decoration:none;white-space:pre;width:37.45pt">accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.