0000831114 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262141Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262142Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262143Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:ActiveManagementRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:AffiliatedEtfRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:CyberSecurityRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:EquitySecuritiesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:ForeignMarketAndTradingRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:GrowthStocksRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:InvestmentCompaniesAndEtfsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:LargeCapCompaniesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:LiquidityRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:MarketRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:SectorRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:SmallAndMediumCapitalizationIssuersRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2016-01-01 2016-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2017-01-01 2017-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2018-01-01 2018-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2019-01-01 2019-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2020-01-01 2020-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2021-01-01 2021-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2022-01-01 2022-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2023-01-01 2023-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2024-01-01 2024-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262144Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262141Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262141Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262141Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262142Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262142Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262142Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index1Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:Index2Member 2026-08-31 2026-08-31 0000831114 rbb:S000093696Member rbb:C000262143Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262143Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:C000262143Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index1Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index1Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index1Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index2Member 2025-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index2Member 2021-01-01 2025-12-31 0000831114 rbb:S000093696Member rbb:Index2Member 2016-01-01 2025-12-31 0000831114 rbb:S000093697Member 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:ConcentrationRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:ConvertibleSecuritiesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:CurrencyRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:CyberSecurityRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:DistributedLedgerTechnologyDltAndBlockchainInvestmentsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:DepositaryReceiptsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:EmergingMarketsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:EquitySecuritiesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:EtfRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:FinancialTechnologyRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:ForeignInvestmentsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:GrowthStockRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:IlliquidInvestmentsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:InitialPublicOfferingsIposRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:IssuerRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:LargeCapitalizationInvestingRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:LiquidityRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:ManagementRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:MarketRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:MicroCapAndSmallCapCompaniesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:MidCapitalizationCompaniesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:OperationalRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:PreferredStockRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:PrivatePlacementsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:ReitsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:RiskOfInvestingInTheUnitedStatesMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:SectorRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:SecuritiesIssuedByOtherInvestmentCompaniesRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:SpecialPurposeAcquisitionCompanyRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:SpecialSituationsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:TurnoverRateRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:WarrantsAndRightsRiskMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2016-01-01 2016-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2017-01-01 2017-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2018-01-01 2018-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2019-01-01 2019-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2020-01-01 2020-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2021-01-01 2021-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2022-01-01 2022-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2023-01-01 2023-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2024-01-01 2024-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2025-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2021-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member 2016-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:C000262145Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index3Member 2025-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index3Member 2021-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index3Member 2016-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index4Member 2025-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index4Member 2021-01-01 2025-12-31 0000831114 rbb:S000093697Member rbb:Index4Member 2016-01-01 2025-12-31 0000831114 rbb:S000093696Member oef:RiskLoseMoneyMember 2026-08-31 2026-08-31 0000831114 rbb:S000093697Member oef:RiskLoseMoneyMember 2026-08-31 2026-08-31 iso4217:USD pure false 485BPOS 2026-08-31 0000831114 N-1A RBB FUND, INC. 2026-08-31 SUMMARY SECTION Investment Objective Emerald Growth Fund (the “Fund”) seeks long-term growth through capital appreciation. Fees And Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in the section entitled “SHAREHOLDER INFORMATION” of the Prospectus and the section entitled “PURCHASE AND REDEMPTION INFORMATION” of the Fund’s statement of additional information (the “SAI”). In addition, please see Appendix A - Intermediary Sales Charge Waivers and Discounts. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0475 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0058 0.0058 0.0058 0.0035 0.0075 0 0.0025 0.0002 0.0043 0.0017 0.0026 0.0002 0.0018 0.0012 0.0011 0 0.0025 0.0005 0.0015 0.0003 0.0003 0.0003 0.0003 0.0098 0.0179 0.0078 0.0112 -0.0003 -0.0003 -0.0003 -0.0004 0.0095 0.0176 0.0075 0.0108 Accordingly, “Other Fund Expenses” have been restated to reflect expenses estimated to be incurred for the Fund for the current fiscal year. Unless otherwise indicated, references to the “Fund” in this section refer to the Predecessor Fund and Fund. December 31, 2027 Example The Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the waivers of the acquired fund fees and expenses under the AFFE Agreement for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 567 769 988 1617 279 560 967 2103 77 246 430 963 110 352 613 1360 You would pay the following expenses on Class C Shares if you did not redeem your Shares at the end of periods: 179 560 967 2103 The Example does not reflect sales charges (loads) on dividends reinvested and other distributions. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. During the fiscal year ended April 30, 2026, the Predecessor Fund’s portfolio turnover was 54% of the average value of its portfolio. 0.54 Principal Investment Strategies The Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks, identified by the Adviser as having growth characteristics. In identifying investments with growth characteristics, the Adviser utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts company-specific research analysis, taking into account a company’s revenue and earnings growth rates and the financial, operating, and market characteristics that distinguish a company from other companies. The Fund’s policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval. Shareholders will receive 60 days’ prior written notice of any change to this policy. The Fund can invest in companies from a wide range of industries and of market capitalizations. The Fund may emphasize investments in smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index. As of June 30, 2026, the median market capitalization of the companies in the Russell 2000 Index was $1.2 billion and the largest company was $13.4 billion. The Fund may also invest in the other investment companies, principally money market funds, exchange-traded funds (“ETFs”), unit investment trusts, closed-end funds, and business development companies. The Fund intends to invest a portion of these assets in the securities of affiliated ETFs advised or sub-advised by the Adviser (each, an “Underlying ETF”). The Fund does not have a policy with respect to investing a certain portion of its assets in any particular sector, but may emphasize investments in the healthcare, technology, and industrial sectors. While the Fund may directly invest in the securities of companies within the healthcare sector, the Adviser intends for the Fund to gain exposure to the healthcare sector in part through the use of such Underlying ETFs, primarily the F/m Emerald Life Sciences Innovation ETF (the “Life Sciences ETF”). The Fund does not have a policy with respect to the amount of the Fund’s portfolio that will be allocated to the Life Sciences ETF, but generally the Adviser expects approximately 5% of the Fund’s portfolio to be allocated to the Life Sciences ETF, calculated at the time of investment. The Fund may invest in foreign companies directly and through American Depository Receipts (“ADRs”). The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Active Management Risk: The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. Affiliated ETF Risk: Affiliated ETF risk is the risk that the Adviser may select Underlying ETF investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying ETFs because the fees paid to the Adviser by some Underlying ETFs may be higher than other ETFs, or the Underlying ETFs may be in need of assets to enhance their appeal to other investors, liquidity, and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying ETFs. Cyber Security Risk: Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. Equity Securities Risk: The Fund is designed for investors who can accept the risks of investing in a portfolio with significant holdings of equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities held by the Fund. Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. These factors could result in a loss to the Fund by causing the Fund to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for some period of time. In addition, where all or portion of the Fund’s underlying securities trade in a foreign market that is closed when the market in which the Fund’s Shares are listed is open for trading, there may be changes between the last quote of the underlying securities’ value in the closed foreign market and the value of such underlying securities during the Fund’s domestic trading day. Growth Stocks Risk: Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor. Investment Companies and ETFs Risk: The Fund’s investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. Large-Cap Companies Risk: The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund's valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund's investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund's investments.. Market Risk: Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. Sector Risk: To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">o</td> <td style="text-align: justify">Health Care Sector Risk: Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>o</td> <td style="text-align: justify">Technology Companies Risk: Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid product obsolescence, as well as unexpected risks and costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by disruptions to supply chains and distribution networks, as well as issues at third-party partners. They are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability. Technology companies may face increased government scrutiny and may be subject to adverse governmental or legal action. These companies may also be adversely affect by, among other things, actual or perceived security vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions and other remediation costs.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">o</td> <td style="text-align: justify">Industrial Sector Risk: Companies in the industrial sector may be adversely affected by changes in the supply and demand for products and services, product obsolescence or discontinuance, claims for environmental damage or product liability and changes in general economic conditions, among other factors.</td></tr> </table> Small and Medium Capitalization Issuers Risk: Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Performance Information The Fund commenced investment operations on June 8, 2026. Substantially all of the assets of Predecessor Fund were transferred to the Fund in the Reorganization, as of the close of business on June 5, 2026. Accordingly, the Fund is the successor to the Predecessor Fund, and the performance information shown is that of the Predecessor Fund. The Fund has an investment objective, strategies and policies substantially the same as the Predecessor Fund. The bar chart below illustrates the performance of the Predecessor Fund’s Class A Shares, which will differ from other Classes of shares to the extent that the other classes do not have the same expenses and inception dates. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions. The performance table below shows how the Predecessor Fund’s average annual total returns for 1 year, 5 years and 10 years compare with those of a broad measure of market performance. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Predecessor Fund’s performance would be reduced. Updated performance information, current through the most recent month end is available by calling 1-855-828-9909. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-855-828-9909 Calendar Year Annual Returns (Years Ended December 31) - Class A Shares 0.1051 0.2772 -0.1187 0.2832 0.3842 0.0373 -0.2474 0.1869 0.1913 0.3173 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_z9FNiwplk8jg"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 90%">Best Quarter - June 30, 2020</td> <td style="width: 10%">32.13%</td></tr> <tr style="vertical-align: top; background-color: White"> <td>Worst Quarter - March 31, 2020</td> <td>-24.26%</td></tr> </table> The Fund’s Class A share year-to-date return as of June 30, 2026 (excluding sales load) was 38.03%. Best Quarter 2020-06-30 0.3213 Worst Quarter 2020-03-31 -0.2426 year-to-date return 2026-06-30 0.3803 Average Annual Total Returns (for the periods ended December 31, 2025) 1992-10-01 1992-10-01 1992-10-01 0.2545 0.0673 0.1184 0.2158 0.0363 0.0966 0.1722 0.0444 0.0916 2000-07-01 0.2966 0.0705 0.1164 2008-10-20 0.3195 0.0806 0.1271 2011-05-02 2011-05-02 2011-05-02 0.3144 0.0768 0.1231 0.1567 0.1155 0.1240 0.1301 0.0318 0.0957 After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are not relevant to investors who hold Fund shares in tax-qualified accounts (i.e., retirement plans or individual retirement accounts). After-tax returns are only shown for Class A Shares of the Predecessor Fund. F/m Emerald Special Situations ETF SUMMARY SECTION Investment Objective The investment objective of the F/m Emerald Special Situations ETF (the “Fund”) is to seek long-term growth through capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0089 0.0000 0.0001 0.0090 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 92 287 498 1108 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year ended April 30, 2026, the Fund’s portfolio turnover was 111% of the average value of its portfolio. 1.11 Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) and invests primarily in equity securities of companies experiencing unique, idiosyncratic situations and transformations (“Special Situations”), selected by Emerald Mutual Fund Advisers Trust (the “Sub-Adviser”), the Fund’s investment sub-adviser, under the supervision of the Adviser. The Sub-Adviser’s research staff conducts company-specific research analysis to identify securities of the companies in which an unusual and possibly non-repetitive development is taking place which, in the opinion of the Sub-Adviser, may cause the securities to attain a higher market value independently, to a degree, than the trend in the securities market in general. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies experiencing Special Situations (the “80% Policy”). The Fund considers that the Special Situation developments may include: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt">●</td> <td style="text-align: justify">Technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company’s business;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Corporate reorganization;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Recapitalization or other development involving a security exchange or conversion;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Material acquisition or transformational merger;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Spin-out, divestiture, liquidation or distribution of cash, securities or other assets;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Significant business model changes;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Material change in ownership;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Material or transformational contracts;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Impacts from business/external disruptions;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Litigation which, if resolved favorably, would improve the value of the company’s stock;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">New or changed management;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Price dislocation;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Changes in governmental legislation, industry regulations, policy oversight;</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Macroeconomic and industry catalysts; and </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Positive or negative legislative or regulatory approvals or actions.</td></tr> </table> The Sub-Adviser’s research process includes utilizing its proprietary 10-Step Research Process in prescreening potential investments. This includes, but is not limited to, the review of SEC filings, annual reports, financial statements, patents/other intellectual property, press releases and news stories, conducting surveys, monitoring patient groups, attending industry trade shows/conferences, meeting with management, interviewing customers, industry contacts, medical professionals, key opinion leaders, competitors, suppliers and distributors, developing financial and valuation models, reviewing third-party, peer-reviewed and internal research, and communicating and collaborating with fellow investment team members. The Fund can invest in companies from a wide range of industries and of various sizes. The Fund’s investment universe is not limited by market capitalization. Special Situations may often involve comparatively small companies which are not well known, and which have not been closely watched by investors generally, but may also involve larger companies. The Fund may invest in companies engaged in financial technology-related activities including decentralized finance and distributed ledger technology. Financial technology is the application of new technological advancements to products and services in the financial industry, seeking to improve and automate the delivery and use of financial services. Financial technology helps companies and consumers better manage their financial operations by utilizing specialized software. Financial technology companies compete with traditional financial methods in the delivery of financial services. Mobile banking, peer-to-peer lending, decentralized ledger technology and cryptocurrency are examples of financial technology. The Fund may also invest in companies that are engaged in the use of, or have exposure to, distributed ledger technology (“DLT”) and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur. Equity securities in which the Fund may invest include common stock, preferred stock, convertible preferred stock, shares of other investment companies and real estate investment trusts (“REITs”), and depositary receipts. The Fund may invest in shares of companies through private placements, warrants, rights, and initial public offerings. The Fund may invest in stocks of special purpose acquisition companies (“SPACs”). The Fund does not target a particular form of SPAC, with the exception that the SPAC must have identified an acquisition target at or prior to the time of the Fund’s investment. The Fund intends to invest primarily in U.S. companies, but it may invest up to 10% of its net assets in foreign companies listed on a U.S. exchange. A company is deemed to be a foreign company if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity security is located outside the United States; (ii) a majority of the company’s revenues are derived from outside the United States; or (iii) a majority of the issuer’s assets are located outside the United States. The Fund may invest in shares of companies through initial public offerings and private placements. The Fund generally sells investments when the Sub-Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. The Fund has elected to be, and intends to continue to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund invests more heavily in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Convertible Securities Risk. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Currency Risk. Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Fund generally does not seek to hedge currency risk, and although the Sub-Adviser considers currency risks as part of its investment process, its judgments in this regard may not always be correct.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Sub-Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Adviser or the Sub-Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Distributed Ledger Technology (“DLT”) and Blockchain Investments Risk. The Fund may invest in companies listed on U.S. and Canadian exchanges that are engaged in the use of, or have exposure to, DLT and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur. DLT and blockchain are subject to a rapidly-evolving regulatory landscape in the United States and in other countries, which might include security, privacy or other regulatory concerns that could negatively impact the companies in which the Fund invests. Companies in which the Fund invests may also be subject to the risk of fraud and cybersecurity threats and intellectual property claims. A significant disruption of internet connectivity could impede the functionality of these technologies and could adversely affect the Fund.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Depositary Receipts Risk. The Fund may purchase depositary receipts (American Depositary Receipts (“ADRs”), European Depositary receipts (“EDRs”), Global Depositary receipts (“GDRs”), and Non-Voting Depositary Receipts (“NVDRs”)) to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Emerging Markets Risk. The Fund may have exposure to securities in emerging markets. Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than Net Asset Value (“NAV”) Risk.”</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 80px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to its net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 80px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Cash Transactions Risk. Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/ or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 80px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Secondary Market Trading Risk. Although Shares are listed on a national securities exchange, the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 80px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. Where all or portion of the Fund’s underlying securities trade in a foreign market that is closed when the market in which the Fund’s Shares are listed is open for trading, there may be changes between the last quote of the underlying securities’ value in the closed foreign market and the value of such underlying securities during the Fund’s domestic trading day.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Financial Technology Risk. The Fund may invest in companies engaged in financial technology-related activities. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Financial technology companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. These financial technology companies may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Foreign Investments Risk. The Fund may invest in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, less stringent investor protections, unreliable and untimely information about issuers, and political and economic instability. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Growth Stock Risk. Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. The Fund will not purchase an illiquid investment if, as a result, more than 15% of the value of the Fund’s net assets would be so invested.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Initial Public Offerings (“IPOs”) Risk. Special risks associated with IPOs may include, among others, the fact that there may be only a limited number of shares available for trading. The market for those securities may be unseasoned. The issuer may have a limited operating history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform different from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Liquidity Risk. Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Management Risk. The Fund is subject to management risk as an actively-managed investment portfolio. The Sub- Adviser’s investment approach may fail to produce the intended results. The Sub-Adviser has limited experience in managing ETFs. Accordingly, shareholders in the Fund bear the risk that the Sub-Adviser’s limited experience may impact its effectiveness.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Micro-Cap and Small Cap Companies Risk. Investments in securities of micro- and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of micro- and small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some micro- and small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Micro- and small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Mid-Capitalization Companies Risk. The securities of mid-capitalization companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Preferred Stock Risk. Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stock generally pays dividends only after the company makes required payments to creditors. As a result, the value of a company’s preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Private Placements Risk. Investments in private placements could decrease the Fund’s liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may only get limited information about the issuer of a private placement security, so it may be less able to anticipate a loss.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">REITs Risk. Real estate investment trusts (“REITs”) may be affected by economic forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITS) and liquidity risks. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than larger company securities.</td></tr> </table> Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed REIT in which it invests. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Risk of Investing in the United States. Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Sector Risk. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 80px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Industrial Sector Risk: Companies in the industrial sector may be adversely affected by changes in the supply and demand for products and services, product obsolescence or discontinuance, claims for environmental damage or product liability and changes in general economic conditions, among other factors.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Health Care Sector Risk: Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. </td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Technology Sector Risk. To the extent the Fund invests a significant portion of its assets in technology companies, the Fund is particularly vulnerable to factors affecting the technology section. In addition to market or economic factors, companies in the technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Securities issued by Other Investment Companies Risk. The Fund may invest in shares of other investment companies, including other mutual funds, money market funds, exchange-traded funds, exchange-traded products, holding company depository receipt (“HOLDRs”), unit investment trusts, and closed-end funds, to gain exposure to a particular portion of the market rather than purchase securities directly. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact the Fund’s investment strategies and operations.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Special Purpose Acquisition Company Risk. The Fund may invest in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, “SPACs’). SPACs are often subject to extreme price volatility and speculative trading. SPACs may have little to no liquidity, and may trade at a discounted NAV. SPACs are “blank check” companies with no operating history. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC’s ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity’s management to complete a profitable acquisition. The value of a SPAC’s securities can be highly volatile and may depreciate over time. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. Among other conflicts of interest, an investment in a SPAC may include the potential for misalignment of incentives in the structure of the SPAC.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Special Situations Risk. The Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Turnover Rate Risk. The Fund may have portfolio turnover rates in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions. The Fund’s portfolio turnover rate is expected to vary from year to year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Warrants and Rights Risk. Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Warrants and rights are not dividend-paying investments and do not have the voting rights of common stock. They also do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than direct equity investments.</td></tr> </table> Performance Information Effective as of the close of business October 3, 2025, the Fund acquired all the assets and liabilities (the “Reorganization”) of the Emerald Insights Fund, a series of the Financial Investors Trust (the “Predecessor Fund”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Returns shown prior to October 6, 2025 were generated under the management of the Predecessor Fund’s investment adviser, which is the Sub-Adviser to the Fund. Although the Fund is the successor to the Predecessor Fund following the Reorganization, the Fund’s investment strategy differs materially from that of the Predecessor Fund such that the historical performance of the Predecessor Fund is not representative of the performance investors should reasonably expect from the Fund. The bar chart below illustrates the performance of the Fund and the Class A Shares of the Predecessor Fund, for the applicable periods. The bar chart figures do not include any applicable sales charges that an investor may have paid when they bought or sold Class A Shares of the Predecessor Fund for the period prior to October 6, 2025. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund’s performance has varied year by year during the periods indicated and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions. The Fund’s and Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information is available on the Fund’s website at www.emeraldetfs.com. The bar chart figures do not include any applicable sales charges that an investor may have paid when they bought or sold Class A Shares of the Predecessor Fund for the period prior to October 6, 2025. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund’s performance has varied year by year during the periods indicated and provides some indication of the risks of investing in the Fund. The Fund’s and Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.emeraldetfs.com Annual Total Returns for the Calendar Years Ended December 31: 0.0344 0.2255 -0.0911 0.3624 0.4966 0.2327 -0.3112 0.4081 0.2534 0.3847 The Fund's year-to-date return through June 30, 2026 was 34.60%. During the periods shown in the bar chart, the Predecessor Fund’s highest return for a quarter was 35.17% during the quarter ended June 30, 2020 and the lowest return for a quarter was -23.71% during the quarter ended June 30, 2022. year-to-date return 2026-06-30 0.3460 highest return 0.3517 2020-06-30 lowest return -0.2371 2022-06-30 Average Annual Total Returns For the Calendar Years Ended December 31, 2025 0.3847 0.1598 0.1748 0.3303 0.1332 0.1469 0.2516 0.1164 0.1319 0.1567 0.1155 0.1240 0.1776 0.1378 0.1642 After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are not relevant to investors who hold Fund Shares in tax-qualified accounts (i.e., retirement plans or Individual Retirement Accounts). The Fund commenced investment operations on June 8, 2026. Substantially all of the assets of the Emerald Growth Fund, a series of Financial Investors Trust (the “Predecessor Fund”), were transferred to the Fund in a tax-free reorganization (the “Reorganization”) following the close of business on June 5, 2026. Accordingly, “Other Fund Expenses” have been restated to reflect expenses estimated to be incurred for the Fund for the current fiscal year. Unless otherwise indicated, references to the “Fund” in this section refer to the Predecessor Fund and Fund. Pursuant to a written agreement (the “AFFE Agreement”), Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed to waive and/or reimburse the Fund’s Class A, Class C, Institutional Class, and Investor Class Shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund’s investment in any exchange-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The AFFE Agreement has no termination date. Prior to December 31, 2027, and thereafter, this waiver may not be modified or discontinued without the approval of the Fund’s board of directors. After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.After-tax returns are not relevant to investors who hold Fund shares in tax-qualified accounts (i.e., retirement plans or individual retirement accounts). After-tax returns are only shown for Class A Shares of the Predecessor Fund. After-tax returns for Class C, Institutional Class, and Investor Class Shares will vary from those shown for Class A Shares due to varying expenses among the Classes. The returns do not include any applicable sales charges that an investor may pay to a broker-dealer or other financial intermediary when they buy or sell shares of the Fund. Broad-based securities market index. Additional index. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including mutual funds, money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.After-tax returns are not relevant to investors who hold Fund Shares in tax-qualified accounts (i.e., retirement plans or Individual Retirement Accounts). Broad-based securities market index. Additional index.