0001437249 2026-10-01 2026-10-01 0001437249 vat:S000042102Member 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:StockMarketRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:RiskOfWarrantsAndRightsMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:VolatilityRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:ManagementRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:IssuerFocusRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:SectorFocusRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:GrowthRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:LargecapRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:MidcapRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:ForeignSecuritiesRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:OtherInvestmentCompanyRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:InvestmentRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:CybersecurityRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:ChangesInTradeNegotiationsRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:HighlyVolatileMarketsRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:LegislationAndRegulatoryRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:MarketDisruptionsRiskMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:USDebtCeilingAndBudgetDeficitRisksMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:C000245604Member 2026-10-01 2026-10-01 0001437249 vat:S000042102Member vat:C000245604Member 2016-01-01 2016-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2017-01-01 2017-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2018-01-01 2018-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2019-01-01 2019-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2020-01-01 2020-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2021-01-01 2021-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2022-01-01 2022-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2023-01-01 2023-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2024-01-01 2024-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2025-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2021-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member 2016-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001437249 vat:S000042102Member vat:C000245604Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001437249 vat:S000042102Member vat:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001437249 vat:S000042102Member vat:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001437249 vat:S000042102Member vat:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001437249 vat:S000042102Member vat:DowJonesIndustrialAverageReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001437249 vat:S000042102Member vat:DowJonesIndustrialAverageReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001437249 vat:S000042102Member vat:DowJonesIndustrialAverageReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 iso4217:USD pure false 2026-05-31 485BPOS 0001437249 2020-06-30 2020-03-31 N-1A VALUED ADVISERS TRUST 2026-10-01 2026-10-01 2026-10-01 SUMMARY SECTION Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zRDNMYGLLrg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the BFS Equity Fund (the “Fund”) is long-term appreciation through growth of principal and income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zEuRwtwu0gq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zBZVdWdAuIZe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z27I21BJ5ET1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: justify"> </td> <td id="xdx_495_20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_zNM5Rtu6SOkb" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--RedemptionFee_iN_din_zmGT06laWQ1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 79%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee for Redemptions Paid by Wire</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15.00</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> -15.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zeKBY7Uv9s57"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zpcx7QgHdYGj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_zavMtpDZYFH3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; width: 20%; background-color: #DEEAF6; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Institutional Class</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; background-color: #DEEAF6"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b>(<i>expenses that are deducted from Fund assets</i>)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zhzRbSXpPqNf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhjI9QyaCksf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zgJvAzfgV191" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.42%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_z8CfyfEYogU5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.17%</span></td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_z97o9KaiZvMb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver/Expense Reimbursement</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.18%)</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zk3wKgZr8O5g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 3pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement<sup id="xdx_F46_z36VmytHJEZ1">1</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.99%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 22.5pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 80%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F02_zyHaIel3zGO7">1</sup></span></td><td style="text-align: justify"><span id="xdx_F17_z4InbXjOLDQb" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement reflects that the Adviser (defined later) has contractually agreed to waive or limit its fees and to assume other expenses of the Fund through <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zAyb12u2l058">September 30, 2027</span>, so that Total Annual Fund Operating Expenses does not exceed 0.99%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board of Trustees of the Trust, and it will automatically terminate upon the termination of the investment advisory agreement between the Fund and the Adviser. This operating expense limitation does not apply to: (i) interest, (ii) taxes, (iii) brokerage commissions, (iv) other expenditures which are capitalized in accordance with generally accepted accounting principles, (v) other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (vi) dividend expense on short sales, (vii) expenses incurred under a plan of distribution under Rule 12b-1, and (viii) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any “Acquired Fund Fees and Expenses,” which are the expenses indirectly incurred by the Fund as a result of investing in money market funds or other investment companies, including exchange-traded funds, that have their own expenses. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within the three years following the date of such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and the expense limitation in place at the time of the repayment.</span></td> </tr></table> 0.0075 0 0.0042 0.0117 -0.0018 0.0099 September 30, 2027 Expense Example: <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zjWnUkLf1Amh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> 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. The effect of the Adviser’s agreement to waive fees and/or reimburse Fund expenses is only reflected in the first year of the example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLjjq4INQ8re"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z0pKinw3uoB8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zB8infpGqen7" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zeH8k26aGSu4" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zuH85V1outN9" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zZ5hHllbtDCc" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41E_20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_zCSBVJTCRDZe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional Class</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$101</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$354</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$626</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,404</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 101 354 626 1404 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zVR5LcRT5mqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zkJYqv9YhC2d">26.67%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.2667 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zRJYiPQmVVzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest primarily in large capitalization common stocks that in the opinion of the Fund’s adviser, Bradley, Foster &amp; Sargent, Inc. (the “Adviser”), appear to be high quality and attractively valued companies. The Adviser selects portfolio securities after applying a two-step process. First, the Adviser attempts to identify quality companies by utilizing qualitative and quantitative processes. The Adviser identifies companies with strong management, a proven business model, a wide moat to protect against competitive threats, leading brands, and an excellent market position. The Adviser supplements this qualitative analysis with a quantitative assessment which emphasizes high returns on equity, consistent growth of earnings and revenues, above average margins, balance sheet strength, and effective allocation of cash flow (including share buy backs and dividend growth). Secondly, the Adviser seeks to identify an event or change in circumstances at a company as it believes that investing in quality companies after an “opportunistic” event has occurred can increase the return on investment and lower the risk profile of a given stock. The Adviser generally invests broadly across industries and companies. The Adviser’s macro-economic views may influence portfolio sector weightings. For example, if the Adviser feels that a particular sector was threatened or may experience an economic downturn in the near future, it may determine to underweight that sector relative to its benchmark. The Fund may also invest in mid-capitalization stocks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights or warrants, which give the Fund the ability to purchase the common stock) and shares of other investment companies (including open-end and closed-end funds and exchange-traded funds (“ETFs”)) whose portfolios primarily consist of equity securities. The Fund may invest in foreign companies either directly or through American Depositary Receipts (“ADRs”), which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. The Fund may also invest in cash and other cash equivalents. While the Fund is diversified, it may, at times, hold the securities of a small number of issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser will sell a security when it no longer meets its criteria or when it reaches its price target.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-T_zq3xz3DFmblk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund’s investment risks before deciding whether to invest in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zmflQXRdt1Ec"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Market Risk. </b>Overall stock market risks may affect the value of the Fund. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, pandemics, natural disasters, and political events affect the securities markets. Movements in the stock market may affect adversely the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund’s net asset value per share (“NAV”). When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfWarrantsAndRightsMember_z0F0Nt5SWYTd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Warrants and Rights. </b>A warrant or a right may become worthless unless exercised or sold before expiration. For example, if the market price of the common stock does not exceed the exercise price during the life of the warrant or right, the warrant or right will expire worthless. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant or right may be greater than the percentage increase or decrease in the value of the underlying common stock.</span></td></tr></table></div><p id="xdx_A9D_zjTDyGYOylsk" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zX0pmhiup6Bc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk</b>. Common stocks tend to be more volatile than other investment alternatives. The value of an individual company can be more volatile than the market as a whole. This volatility affects the value of the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuZK2GgZqvo8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> Fund management’s skill in choosing appropriate investments will play a large part in determining whether the Fund is able to achieve its investment objective. To the extent appropriate investments are not chosen, the Fund may decline in value and you could lose money.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerFocusRiskMember_ziYi7EN5PhLk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Focus Risk.</b> While the Fund is diversified, it may, at times, hold the securities of a small number of issuers. At such times where the Fund may hold the securities of fewer issuers, the performance of these issuers could have a substantial impact on the Fund’s performance.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zPXRD4Pr01T2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Focus Risk. </b>The Adviser may allocate more of the Fund’s investments to particular segments of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. Stocks within the same group of industries will decline in price due to sector-specific, market or economic developments. To the extent that the Fund has over-weighted holdings within a particular sector, the Fund is subject to an increased risk that its investments in that particular sector may decline because of changing expectations for the performance of that sector.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthRiskMember_zt58EnzuBuDc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Growth Risk. </b>If the Adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapRiskMember_zBmg2FdgIL1k"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Cap Risk. </b>Large-capitalization companies tend to be less volatile than companies with smaller market capitalization. This potentially lower risk means that the Fund’s share price may not rise as much as share prices of funds that focus on smaller capitalization companies.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_z0TismqpWPv4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid-Cap Risk.</b> To the extent the Fund invests in mid-cap companies, it will be subject to additional risks. The earnings and prospects of mid-capitalization companies are more volatile than larger companies, and mid-capitalization companies may experience higher failure rates than do larger companies. The trading volume of securities of mid-capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Mid-capitalization companies may also have limited markets, product lines, or financial resources, and may lack management experience.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zSfPcVjBsjue"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> There may be less information about foreign companies in the form of reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. Certain foreign markets may not be as developed or efficient as those in the United States, and there may be less government supervision and regulation of foreign securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values.</span></td></tr></table></div><p id="xdx_A96_zz76phrFQpw4" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompanyRiskMember_z0IRSrV3a7nj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Investment Company Risk</b>. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds.</span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentRiskMember_z56u4mOhrSt3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Risk</b>. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.</span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z4dbMLQVL9Z9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity Risk.</b> The Fund and its service providers may be subject, directly or indirectly, to operational and information security risks resulting from breaches in cybersecurity that may cause the Fund to lose or compromise confidential information, suffer data corruption or lose operational capacity. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund may invest, which may cause the Fund’s investments in such companies to lose value. There is no guarantee the Fund will be successful in protecting against cybersecurity breaches.</span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangesInTradeNegotiationsRiskMember_zVWZwz42GwEk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes in Trade Negotiations Risk</b>. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.</span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighlyVolatileMarketsRiskMember_zfnr47yB9OWi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Highly Volatile Markets Risk</b>. The prices of instruments in which the Fund may invest are influenced by numerous factors, including interest rates, currency rates, default rates, governmental policies and political and economic events (both domestic and global). Moreover, political or economic crises, or other events may occur that can be highly disruptive to the markets in which the Fund may invest. In addition, governments from time to time intervene (directly and by regulation), which intervention may adversely affect the performance of the Fund and its investment activities. The Fund is also subject to the risk of a temporary or permanent failure of the exchanges and other markets on which its investments may trade. Sustained market turmoil and periods of heightened market volatility make it more difficult to produce positive trading results, and there can be no assurance that the Fund’s strategies will be successful in such markets.</span></td></tr></table> </div><p id="xdx_A98_zuOkYsNrcS9h" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LegislationAndRegulatoryRiskMember_zuDG1TSegS4f"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legislation and Regulatory Risk</b>. New or amended regulations may be imposed by the Commodity Futures Trading Commission (the “CFTC”), the SEC, the Federal Reserve, the European Union (the “EU”) or other financial regulators, other governmental or intergovernmental regulatory authorities or self-regulatory organizations that supervise the financial markets, and could adversely affect the Fund. In particular, the CFTC and the SEC are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statutes and rules by these regulatory authorities or self-regulatory organizations.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskMember_zheiMSL13fV"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Disruptions Risk</b>. The Fund may incur major losses in the event of market disruptions and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Fund and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USDebtCeilingAndBudgetDeficitRisksMember_znNpnheYbSa1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Debt Ceiling and Budget Deficit Risks.</b> <span style="font-weight: normal">U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have historically passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. In August 2023, Fitch Ratings Inc., downgraded the U.S. credit rating to AA+ from AAA, citing fiscal deterioration over the next three years and close encounters with default due to ongoing political dysfunction. The impact of a U.S. default on its obligations or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on the Fund’s business, financial condition and results of operations.</span></span></td></tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z3IbnfdgS9pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by any government agency.</span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zmflQXRdt1Ec"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Market Risk. </b>Overall stock market risks may affect the value of the Fund. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, pandemics, natural disasters, and political events affect the securities markets. Movements in the stock market may affect adversely the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund’s net asset value per share (“NAV”). When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-T_zEHXPIPbvtv6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfWarrantsAndRightsMember_z0F0Nt5SWYTd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Warrants and Rights. </b>A warrant or a right may become worthless unless exercised or sold before expiration. For example, if the market price of the common stock does not exceed the exercise price during the life of the warrant or right, the warrant or right will expire worthless. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant or right may be greater than the percentage increase or decrease in the value of the underlying common stock.</span></td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zX0pmhiup6Bc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk</b>. Common stocks tend to be more volatile than other investment alternatives. The value of an individual company can be more volatile than the market as a whole. This volatility affects the value of the Fund’s shares.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-T_zPh73n1C2ny6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuZK2GgZqvo8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> Fund management’s skill in choosing appropriate investments will play a large part in determining whether the Fund is able to achieve its investment objective. To the extent appropriate investments are not chosen, the Fund may decline in value and you could lose money.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-T_z5jXfZ9npTia"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerFocusRiskMember_ziYi7EN5PhLk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Focus Risk.</b> While the Fund is diversified, it may, at times, hold the securities of a small number of issuers. At such times where the Fund may hold the securities of fewer issuers, the performance of these issuers could have a substantial impact on the Fund’s performance.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-T_zjvrKkdBtvX1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zPXRD4Pr01T2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Focus Risk. </b>The Adviser may allocate more of the Fund’s investments to particular segments of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. Stocks within the same group of industries will decline in price due to sector-specific, market or economic developments. To the extent that the Fund has over-weighted holdings within a particular sector, the Fund is subject to an increased risk that its investments in that particular sector may decline because of changing expectations for the performance of that sector.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-T_zDur92eq8iyh"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthRiskMember_zt58EnzuBuDc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Growth Risk. </b>If the Adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-T_z0rnrdPaLO9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapRiskMember_zBmg2FdgIL1k"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Cap Risk. </b>Large-capitalization companies tend to be less volatile than companies with smaller market capitalization. This potentially lower risk means that the Fund’s share price may not rise as much as share prices of funds that focus on smaller capitalization companies.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-T_zFLi57GgYjul"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapRiskMember_z0TismqpWPv4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid-Cap Risk.</b> To the extent the Fund invests in mid-cap companies, it will be subject to additional risks. The earnings and prospects of mid-capitalization companies are more volatile than larger companies, and mid-capitalization companies may experience higher failure rates than do larger companies. The trading volume of securities of mid-capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Mid-capitalization companies may also have limited markets, product lines, or financial resources, and may lack management experience.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-T_z3atOFgqPkmf"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zSfPcVjBsjue"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> There may be less information about foreign companies in the form of reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. Certain foreign markets may not be as developed or efficient as those in the United States, and there may be less government supervision and regulation of foreign securities exchanges, brokers and listed issuers than in the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values.</span></td></tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompanyRiskMember_z0IRSrV3a7nj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Investment Company Risk</b>. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds.</span></td></tr></table> </div><div id="xdx_C07_gRBRTB-T_zf1CoWtJ83h3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentRiskMember_z56u4mOhrSt3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Risk</b>. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.</span></td></tr></table> </div><div id="xdx_C08_gRBRTB-T_zggBP3GtPiq7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0E_gRBRTB-T_zf1h2GRk3o4b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.</span></p></div> <div id="xdx_C01_gRBRTB-T_ziBSlEWDBF76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z4dbMLQVL9Z9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity Risk.</b> The Fund and its service providers may be subject, directly or indirectly, to operational and information security risks resulting from breaches in cybersecurity that may cause the Fund to lose or compromise confidential information, suffer data corruption or lose operational capacity. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund may invest, which may cause the Fund’s investments in such companies to lose value. There is no guarantee the Fund will be successful in protecting against cybersecurity breaches.</span></td></tr></table> </div><div id="xdx_C01_gRBRTB-T_zDfzvCM6thY6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangesInTradeNegotiationsRiskMember_zVWZwz42GwEk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes in Trade Negotiations Risk</b>. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.</span></td></tr></table> </div><div id="xdx_C05_gRBRTB-T_zbMx66JniZfj"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighlyVolatileMarketsRiskMember_zfnr47yB9OWi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Highly Volatile Markets Risk</b>. The prices of instruments in which the Fund may invest are influenced by numerous factors, including interest rates, currency rates, default rates, governmental policies and political and economic events (both domestic and global). Moreover, political or economic crises, or other events may occur that can be highly disruptive to the markets in which the Fund may invest. In addition, governments from time to time intervene (directly and by regulation), which intervention may adversely affect the performance of the Fund and its investment activities. The Fund is also subject to the risk of a temporary or permanent failure of the exchanges and other markets on which its investments may trade. Sustained market turmoil and periods of heightened market volatility make it more difficult to produce positive trading results, and there can be no assurance that the Fund’s strategies will be successful in such markets.</span></td></tr></table> </div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LegislationAndRegulatoryRiskMember_zuDG1TSegS4f"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legislation and Regulatory Risk</b>. New or amended regulations may be imposed by the Commodity Futures Trading Commission (the “CFTC”), the SEC, the Federal Reserve, the European Union (the “EU”) or other financial regulators, other governmental or intergovernmental regulatory authorities or self-regulatory organizations that supervise the financial markets, and could adversely affect the Fund. In particular, the CFTC and the SEC are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statutes and rules by these regulatory authorities or self-regulatory organizations.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-T_z2bLZ7Y2h2C1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketDisruptionsRiskMember_zheiMSL13fV"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Disruptions Risk</b>. The Fund may incur major losses in the event of market disruptions and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Fund and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-T_zbwSzqoDcUml"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USDebtCeilingAndBudgetDeficitRisksMember_znNpnheYbSa1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Debt Ceiling and Budget Deficit Risks.</b> <span style="font-weight: normal">U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have historically passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. In August 2023, Fitch Ratings Inc., downgraded the U.S. credit rating to AA+ from AAA, citing fiscal deterioration over the next three years and close encounters with default due to ongoing political dysfunction. The impact of a U.S. default on its obligations or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on the Fund’s business, financial condition and results of operations.</span></span></td></tr></table> </div><div id="xdx_C0D_gRBRTB-T_zbld2f93Oqle"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z3IbnfdgS9pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by any government agency.</span></p> Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zkWd8WzPeCIe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zVzoWegIOtPd">The bar chart below shows how the Fund’s investment results have varied from year to year. The table below shows how the Fund’s average annual total returns for the one-year, five-year, and ten-year periods</span> compare over time to those of a broad-based securities market index as well as a secondary benchmark. The performance information prior to November 3, 2023, is for Investor Class shares of the Fund, which were exchanged for Institutional Class shares of the Fund on November 3, 2023. The Institutional Class shares of the Fund had no operating history prior to the exchange. This information provides some indication of the risks of investing in the Fund. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_z7xXsjcOUj83">Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart below shows how the Fund’s investment results have varied from year to year. The table below shows how the Fund’s average annual total returns for the one-year, five-year, and ten-year periods Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Annual Total Return (years ended December 31st) <div id="xdx_A86_eoef--BarChartTableTextBlock_zrdsiSPEsKL8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zTVDakkPyxwk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_493_20160101__20161231_zxMH1Gvy3ttd" style="width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zyXqMbCWixy8" style="width: 9%">2017</td> <td id="xdx_493_20180101__20181231_z4GmChOYFaT6" style="width: 9%">2018</td> <td id="xdx_493_20190101__20191231_zCgb03rAor07" style="width: 9%">2019</td> <td id="xdx_493_20200101__20201231_zzXCaU5e0dJb" style="width: 9%">2020</td> <td id="xdx_493_20210101__20211231_zvoqKqLDPooa" style="width: 9%">2021</td> <td id="xdx_493_20220101__20221231_zL4yaXPaZBEe" style="width: 9%">2022</td> <td id="xdx_493_20230101__20231231_ztGLWDxlTEWb" style="width: 9%">2023</td> <td id="xdx_493_20240101__20241231_zlBEFoDSBzIh" style="width: 9%">2024</td> <td id="xdx_493_20250101__20251231_zVIteVbRbd9j" style="width: 9%">2025</td></tr> <tr id="xdx_409_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_zHSXxtZiscMi" style="vertical-align: top; text-align: left"> <td> </td> <td>4.55%</td> <td>20.97%</td> <td>-2.89%</td> <td>32.87%</td> <td>10.47%</td> <td>24.75%</td> <td>-18.54%</td> <td>16.83%</td> <td>23.39%</td> <td>11.03%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="bf001_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0455 0.2097 -0.0289 0.3287 0.1047 0.2475 -0.1854 0.1683 0.2339 0.1103 <p id="xdx_A83_eoef--BarChartClosingTextBlock_z3Hsvayihhtl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highest/Lowest quarterly results during this time period were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_982_eoef--HighestQuarterlyReturnLabel_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zTQ6hZmIMlz1" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highest Quarter:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zZbknIdBgFQe" title="::XDX::2020-06-30">2nd Quarter, 2020</span>, <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_dp_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zUV7QHqYmmYa">18.12%</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_985_eoef--LowestQuarterlyReturnLabel_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_ziYS9sMZkPO2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lowest Quarter:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zbZlOS22KaCf" title="::XDX::2020-03-31">1st Quarter, 2020</span>, <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zcZHd3L7ilU">(22.33%)</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--YearToDateReturnLabel_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zw5Zo3nYGT84">The year to date return as of</span> <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zutMomCxayXk">June 30, 2026</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_dp_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zIsSDXyuZpmj">(0.15)%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Highest Quarter: 0.1812 Lowest Quarter: -0.2233 The year to date return as of 2026-06-30 -0.0015 Average Annual Total Returns for the periods ending December 31, 2025: <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zY4c3Za6ZfK5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zEy4HQhp4md2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E6E6E6"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5pt; padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BFS Equity Fund </b></span></td> <td id="xdx_496_20250101__20251231_zwTfx6X2QHAf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49A_20210101__20251231_z6J9ZfFMJGm9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49F_20160101__20251231_zSevsYAjc2sc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_z1KkXo150QH9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional Class <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member_zEwNrGY42yIf">Return Before Taxes</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.03%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.36%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zr5zUCHb23Ya" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional Class Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.54%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.17%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.63%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--ClassAxis__custom--C000245604Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztwxVMp9C5X3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional Class Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.59%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.89%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.25%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zeysHyfVGgW9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Index®<br/> </b>(<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zHVY7r9toQ0a">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.42%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.82%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000042102Member__oef--PerformanceMeasureAxis__custom--DowJonesIndustrialAverageReflectsNoDeductionForFeesExpensesOrTaxesMember_zfN0H3idBNL4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dow Jones Industrial Average<br/> </b>(<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zw3CKj8qboI9">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.92%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.58%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.11%</span></td></tr> </table> Return Before Taxes 0.1103 0.1022 0.1136 0.0954 0.0917 0.1063 0.0759 0.0789 0.0925 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1492 0.1158 0.1311 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zPBsRvMwY9w5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zdUetoMcJH09">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zrCWRtn5Axkc">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Current performance of the Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20261001__20261001__dei--LegalEntityAxis__custom--S000042102Member_zdkbbvsRHuW8">(855) 575-2430</span>.</i></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). (855) 575-2430 Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement reflects that the Adviser (defined later) has contractually agreed to waive or limit its fees and to assume other expenses of the Fund through September 30, 2027, so that Total Annual Fund Operating Expenses does not exceed 0.99%. This contractual arrangement may only be terminated by mutual consent of the Adviser and the Board of Trustees of the Trust, and it will automatically terminate upon the termination of the investment advisory agreement between the Fund and the Adviser. This operating expense limitation does not apply to: (i) interest, (ii) taxes, (iii) brokerage commissions, (iv) other expenditures which are capitalized in accordance with generally accepted accounting principles, (v) other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (vi) dividend expense on short sales, (vii) expenses incurred under a plan of distribution under Rule 12b-1, and (viii) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable, in any fiscal year. The operating expense limitation also excludes any “Acquired Fund Fees and Expenses,” which are the expenses indirectly incurred by the Fund as a result of investing in money market funds or other investment companies, including exchange-traded funds, that have their own expenses. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within the three years following the date of such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and the expense limitation in place at the time of the repayment.