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GOEHRING & ROZENCWAJG INVESTMENT FUNDS
2026-09-28
2026-09-28
GOEHRING & ROZENCWAJG RESOURCES FUND
FUND SUMMARY
INVESTMENT OBJECTIVE
<p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zwuW6X2FqU4d" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks to maximize total return, which
consists of income on its investments and capital appreciation.</p>
FEES AND EXPENSES OF THE FUND
<p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zrpy6PT2xB8i" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>
Shareholder
Fees (Fees Paid Directly from Your Investment)
0.0200
0.0200
Annual
Fund Operating Expenses (Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)
0.0090
0.0090
0
0.0025
0.0018
0.0018
0
0.0005
0.0002
0.0002
0.0110
0.0140
-0.0018
-0.0015
0.0092
0.0125
The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund. Therefore, amounts may not agree with the Financial Highlights due to the inclusion in this table of Acquired Fund Fees and Expenses.
September 30, 2027
Example
<p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zga8a6ZpWoF3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This example helps 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. After one year, the example does not take into consideration the
Adviser’s current agreement to waive fees.</p>
94
332
589
1323
127
428
751
1665
Portfolio Turnover
<p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zErwVyXMZDud" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended May 31, 2026, the Fund’s portfolio
turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_zsmGlGKYOPy2">26%</span> of the average value of its portfolio.</p>
0.26
PRINCIPAL INVESTMENT STRATEGIES OF THE FUND
<p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zRnQvc2I3y4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund invests at
least 80% of its net assets (plus borrowings made for investment purposes) in securities of natural resources companies and other investments
(including derivatives, futures and options, registered investment companies and exchange-traded funds (“ETFs”), including
ETFs that invest in commodities) that provide economic exposure to natural resources or natural resources companies (together “natural
resources investments”). This policy may be changed only after 60 days’ notice to shareholders. Natural resources companies
are U.S. and foreign companies that may own, explore, develop, produce, refine, transport, or market natural resources or that provide
related equipment, infrastructure, or services. Natural resources include energy commodities, such as oil, natural gas, coal and uranium;
precious metals, such as gold, silver, platinum, palladium and rhodium; diamond; base metals, such as copper, lead and zinc; ferrous metals;
agricultural commodities; and fertilizer commodities, such as potash, phosphate and nitrogen.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When determining whether a company is a natural
resources company or whether an investment provides economic exposure to natural resources or natural resources companies for purposes
of the Fund’s 80% investment policy above, the Fund currently relies on standard industry classifications developed by third-party
providers. The standard industry classifications used by the Fund may be changed by the third-party providers over time and without notice
to the Fund or its investors. When determining compliance with its 80% investment policy, the Fund will consider the underlying investments
of the investment companies in which it invests, to the extent the Fund has access to sufficient and timely portfolio holdings information
from such investment companies. For example, if the Fund invests in an investment company with an 80% investment policy that is consistent
with the Fund’s 80% investment policy, the Fund will count its investment in that investment company toward the Fund’s 80%
investment policy.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser believes that substantial value can
be created by investing in the securities of companies engaged in those sectors of the natural resources industry where investor sentiment
is extremely negative, the associated commodity price is low relative to historical levels, or the Adviser believes that the fundamentals
are on the verge of turning positive. The Fund seeks to implement an investment process that consists of both “top-down” and
“bottoms-up” analysis. For the “top-down” analysis, the Adviser will use its proprietary supply and demand models
to form an outlook for a given commodity. Once the “top-down” outlook for a given commodity is complete, the Adviser will
conduct a “bottoms-up” analysis of potential investments that uses its proprietary commodity price outlook to calculate an
estimate of intrinsic value for the investment. The Fund will seek to use “value investing” techniques and invest in those
securities that it believes are undervalued relative to its estimate of intrinsic value based upon its proprietary commodity outlook,
but may use other investment techniques as well.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will typically invest primarily in
equity and equity-related securities consisting of common stock, preferred stock, convertible securities, rights and warrants and depository
receipts (including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)). The Fund
also may participate in initial public offerings (“IPOs”) of equity and equity-related securities. In addition, the Fund
may invest in debt securities of natural resources companies. These debt securities may include “investment-grade” securities
(i.e., BBB- or better from S&P Global Ratings (“S&P”), Baa3 or better from Moody’s Investors Services, Inc.
(“Moody’s”) and BBB- or better from Fitch Investor Services, Inc. (“Fitch”)) as well as those that are
rated below investment-grade (commonly referred to as “junk bonds”) or are not rated by any rating agency. The Fund may maintain
an average portfolio duration of any length, and the Fund may invest in securities of any duration and maturity.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in derivatives, including,
but not limited to, long and short positions in futures and options, in order to gain market exposure to natural resources or natural
resources companies, enhance returns or hedge an existing position. At times, the Fund may invest in registered investment companies and
ETFs. The Fund will primarily utilize ETFs to gain market exposure to an underlying commodity, such as by investing in an ETF which invests
in the commodity (e.g., gold). Investments in interests in oil, gas or mineral exploration or development programs, including pipelines,
may be held through master limited partnerships (“MLPs”). In addition, the Fund may purchase securities issued in private
placements and initial public offerings. The Fund also may engage in repurchase agreements to earn incremental income on temporarily available
cash.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may hold both U.S. and foreign securities
(including emerging market securities) and does not limit the proportion of securities held by geography. In addition, the Fund does
not seek to limit its investments based upon market capitalization and may hold securities of companies whose market capitalization may
range from very small (“micro-cap”) to very large (“large-cap”). At times, the Fund may take a defensive position
when it believes commodity prices, or security valuations are at risk of a decline and as a result may hold a higher than normal level
of cash.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will not seek to provide diversified
commodity exposure and may be directly or indirectly exposed to a limited number of commodities.</p>
An investment
in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or
any other government agency.
You may
lose money by investing in the Fund.
<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="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91B_ecustom--CommoditiesRiskMember_zqNBxEsDuOw6">Commodities Risk</span> </i>– Commodity prices can be extremely volatile, and exposure to commodities can cause the NAV of the Fund’s shares to decline or fluctuate more than if the Fund had a broader range of investments. To the extent that the Fund is more heavily exposed to a commodity sub-sector that undergoes a period of weakness, an investor can expect poor returns from the Fund.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91A_ecustom--NaturalResourcesInvestmentRiskMember_zwMAiknJ7zeh">Natural Resources Investment Risk</span> </i>– Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, actions to address climate change or other environmental factors, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Energy prices may decline sharply, and a prolonged slump in energy prices is likely to have a negative effect on companies that extract, process or deliver energy-related commodities. Managers and investors applying environmental, social or governance (“ESG”) screens may preclude investment in some or all natural resources-related companies, which could adversely affect the performance of such companies, and in turn, the Fund.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_916_ecustom--FocusedInvestmentRiskMember_zulLeyZGQvJa">Focused Investment Risk</span></i> – As described in “Principal Investment Strategies of the Fund” above, the Fund concentrates its investments in natural resources investments. Concentrating in natural resources investments increases the risk of loss because the stocks of many or all of the companies in the natural resources industry may decline in value due to a development adversely affecting the industry or one or more particular sub-industries or commodities. In addition, investors may buy or sell substantial amounts of the Fund’s shares in response to factors affecting or expected to affect the natural resources industry, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund’s cash position or cash requirements to exceed normal levels.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91F_ecustom--CorporateDebtSecuritiesRiskMember_zVhtXWQmIhy">Corporate Debt Securities Risk</span> </i>– Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk, market risk and credit risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Credit Risk</i> – The issuers of the securities in which the Fund invests or the Fund’s counterparties may have their credit rating downgraded, fail financially or be unwilling or unable to make timely payments of interest, principal or other amounts owed to the Fund, thereby reducing the value of the Fund’s portfolio and its income.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91C_ecustom--CurrencyRiskMember_zc6UESrN7ava">Currency Risk</span> </i>– The values of non-U.S. securities may fluctuate with currency exchange rates and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. dollar.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91A_ecustom--DerivativesRiskMember_zpLMaVoazFW5">Derivatives Risk</span> </i>– Derivatives involve risks different from, and potentially greater than the risks associated with investing directly in securities and other more traditional assets. Derivatives can be illiquid, difficult to value, and may lack correlation with the underlying instrument. Derivatives, especially over-the-counter derivatives such as swaps and credit linked notes, are subject to the credit risk of the counterparty. For derivatives traded on exchanges and/or centrally cleared, such as futures, many options and certain swaps, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the exchange and/or central clearing house through which such derivative positions are traded and held. The Fund’s investments in derivatives are also subject to the risks associated with the underlying reference instruments. The use of derivatives may increase the volatility of the Fund through the financial leverage inherent in derivatives. Regulations relating to derivatives markets as well as a mutual fund’s use of derivatives and related instruments could prevent the Fund from fully implementing its investment strategy and adversely affect returns.</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Even a small investment in derivative
contracts can have a large impact on the Fund’s market, currency and interest rate exposure. Therefore, using derivatives can disproportionately
increase losses and reduce opportunities for gains when market prices, currency rates or interest rates are changing. The Fund may not
fully benefit from or may lose money on derivatives if changes in their value do not correspond accurately to changes in the value of
the Fund’s holdings.</p>
<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="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_919_ecustom--EmergingMarketsRiskMember_ztGHc64aiaC4">Emerging Markets Risk</span></i> – Non-U.S. securities risk may be particularly high to the extent that the Fund invests in emerging market securities. These securities may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed countries. Natural resource-related investments are often exposed to emerging markets to a greater extent than other investments.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_915_ecustom--EquityRiskMember_zavrgARKw4Il">Equity Risk</span> </i>– The market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably. The values of equity securities may decline due to factors affecting the issuer or general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They also may decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than bonds and other debt securities.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91D_ecustom--HighYieldJunkBondRiskMember_zeQ48Fe5ML8c">High-yield/Junk Bond Risk</span> </i>– Lower-quality debt securities (commonly known as “high-yield” securities or “junk bonds”) involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time, including in response to adverse news about the issuer, or the market or economy in general. The market for lower quality debt securities can be less liquid, especially during periods of recession or general market decline.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_911_ecustom--IlliquidityRiskMember_zKtLXSSob5ef">Illiquidity Risk</span> </i>– Many of the Fund’s investments may be or may become illiquid. Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at the desired time or price.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Interest Rate Risk</i> – The value of the Fund’s investments may fall if interest rates rise. Fiscal, economic, monetary or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91E_ecustom--IpoRiskMember_zTiFXaGowRai">IPO Risk</span> </i>– Securities purchased in IPOs have no trading history, limited issuer information and increased volatility.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_910_ecustom--IssuerRiskMember_zCwPYygjZqE2">Issuer Risk</span></i> – The value of securities may decline for a number of reasons that directly relate to the issuer, such as its financial strength, management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_913_ecustom--LeverageRiskMember_zaGJTa8ZycMf">Leverage Risk</span> </i>– Certain investments by the Fund may give rise to leverage, which may magnify gains and losses and increase the volatility of the Fund’s portfolio. Leverage entails a heightened risk of loss in excess of invested capital.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_917_ecustom--ManagedPortfolioRiskMember_zk7zjb9588l1">Managed Portfolio Risk</span> </i>– The Fund will be affected by the Adviser’s allocation determinations, investment decisions and techniques. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91B_ecustom--MarketDisruptionAndGeopoliticalRiskMember_zZOMThQJptk8">Market Disruption and Geopolitical Risk</span> </i>– Geopolitical and other events, such as war (including Russia’s military invasion of Ukraine), terrorist attacks, natural environmental disasters, or widespread pandemics (such as COVID-19) or other adverse public health developments may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could adversely affect the value of the Fund’s investments.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91D_ecustom--MarketRiskMember_zrmrDCENBsuc">Market Risk</span></i> – The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_914_ecustom--MicroCapitalizationCompanyRiskMember_z6cdVUUVjoGf">Micro-Capitalization Company Risk</span> </i>– Securities issued by very small companies may be more volatile and susceptible to loss of value due to, among other factors, the inability of the company to finance its business, the lack of institutional investor interest, lower trading volumes, the lack of broker-dealer analyst coverage, and greater susceptibility to changes in broad business conditions, than larger, more established companies.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_91E_ecustom--NonUsSecuritiesRiskMember_zQEw0xowOLfl">Non-U.S. Securities Risk</span></i> – Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.</span></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: 20pt">●</td>
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><span id="xdx_917_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zKe1mTmiZR79">Small and Mid-Capitalization Company Risk</span></i> – Securities issued by small and mid-sized companies may be more volatile and present increased liquidity risk relative to securities issued by larger companies.</span></td></tr>
</table>
PERFORMANCE INFORMATION
<p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zWjxk6Br79s" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_z6rQAUQeb9n9">The bar chart and performance tables below provide
an indication of the risks of investing in the Fund by showing the annual total returns, highest and lowest quarterly returns and the
average annual total returns (before and after taxes) in comparison to the performance of a broad-based market index for the same periods.</span>
<span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_zifU6IFSchK6">A fund’s past performance is not necessarily an indication of how it will perform in the future.</span> Updated performance information
is available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_zAo0WbeejjNj">www.gr-funds.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_zoFITS6ehZW4">1-844-464-6467</span>.</p>
The bar chart and performance tables below provide
an indication of the risks of investing in the Fund by showing the annual total returns, highest and lowest quarterly returns and the
average annual total returns (before and after taxes) in comparison to the performance of a broad-based market index for the same periods.
A fund’s past performance is not necessarily an indication of how it will perform in the future.
www.gr-funds.com
1-844-464-6467
Calendar Year Return - Institutional Class
as of December 31, 2025(1)
-0.0015
-0.3001
0.0001
-0.0275
0.6215
0.1660
0.1650
-0.0145
0.6158
<div id="xdx_A89_eoef--BarChartFootnotesTextBlock_zr0LrLw5K8q1"></div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i><sup id="xdx_F0D_zn83saqPM0f9">(1)</sup></i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i id="xdx_F15_zKecKJ8GNfil">As
of <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zayTqNxlemo3">June 30, 2026</span>, the 2026 calendar <span id="xdx_90D_eoef--YearToDateReturnLabel_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zIop8LEld8Tj">year-to-date return</span> for Institutional Class shares was
<span id="xdx_904_eoef--BarChartYearToDateReturn_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zTHVmlpOtah5">1.48%</span>.</i></span></td>
</tr></table>
2026-06-30
year-to-date return
0.0148
<p id="xdx_A8B_eoef--BarChartClosingTextBlock_zpL9NwG2TTb5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period shown on the bar chart,
the Fund’s <span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_z29ox69Rzju5">highest total return</span> for a quarter was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zdYum3dR5Ueh">39.23%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zobXPrxZpySf">June 30, 2020</span>) and the <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zBRX4mDB6ime">lowest total return</span> for a quarter
was <span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zqQn6eH58TZd" style="display: none">(46.92%)</span>–46.92% (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member__oef--ClassAxis__custom--C000173812Member_zgrm1DPx0Ue">March 31, 2020</span>).</p>
highest total return
0.3923
2020-06-30
lowest total return
-0.4692
2020-03-31
AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2025)
0.6158
0.2853
0.1013
0.5963
0.2724
0.0934
0.3667
0.2314
0.0789
0.2234
0.1119
0.1215
0.3572
0.1750
0.0820
0.6093
0.2811
0.0977
0.2234
0.1119
0.1215
0.3572
0.1750
0.0820
2016-12-29
2016-12-29
2016-12-29
2016-12-29
2016-12-29
2016-12-29
2016-12-29
2016-12-29
<p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zToNB9qdFYT4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_zUcjHfQv4mI4">After-tax returns are calculated using the
historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax
returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_ztrQgBQXXF3g">The after-tax returns shown are not relevant
to investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (IRAs).</span> <span id="xdx_904_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260928__20260928__dei--LegalEntityAxis__custom--S000055275Member_ziEeckRBI7z5">After-tax
returns are shown for only one class and after-tax returns for other classes will vary.</span></p>
After-tax returns are calculated using the
historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
The after-tax returns shown are not relevant
to investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (IRAs).
After-tax
returns are shown for only one class and after-tax returns for other classes will vary.