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ck0001014913:index_MSCI_World_Index_Net_reflects_no_deductions_for_fees_expenses_or_taxesMember 2016-07-15 2025-12-31 0001014913 ck0001014913:index_SP_Global_Infrastructure_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2016-07-15 2025-12-31 pure iso4217:USD 2026-10-23 N-1A MFG FUNDS, INC. 2026-10-31 Summary Section The investment objective of the MFG Core Infrastructure Fund (the “Fund”) is long-term capital appreciation. Investment Objective. This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Fees and Expenses of the Fund. <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Institutional</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Service</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.25in; padding-left: 0.25in">Shareholder Fees (fees paid directly from your investment)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 74%">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">2.00</td> <td style="width: 2%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">2.00</td> <td style="width: 2%">%</td></tr> </table> Shareholder Fees (fees paid directly from your investment) -0.02 -0.02 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.25in; text-indent: -0.25in; width: 74%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 10%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Management Fees</td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Distribution (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Other Expenses</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.25in">Shareholder Servicing Fee</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">Additional Other Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.39</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.42</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total Other Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.39</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.57</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td>Total Annual Fund Operating Expenses(1)</td> <td> </td> <td> </td> <td style="text-align: right">0.89</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.07</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less: Fee Waiver/Expense Reimbursement(2)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.39</td> <td>)%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.42</td> <td>)%</td></tr> <tr style="vertical-align: bottom; "> <td>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(1)</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.50</td> <td>%</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.65</td> <td>%</td></tr> </table> <div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid"> </div></div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” for Service Class shares do not correlate to the “Ratio of expenses to average net assets” figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.07% for the fiscal year ended June 30, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Magellan Investment Partners North America, Inc. (“MIPNA”), the Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses (“AFFE”) and extraordinary expenses) do not exceed 0.50% and 0.65% of the Fund’s average daily net assets attributable to the Institutional Class and Service Class shares, respectively. MIPNA is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause the Fund’s expense ratio to exceed the lesser of: (a) the expense limitation in place at the time of the waiver and/or expense payment; or (b) the expense limitation in place at the time of the recoupment. The expense cap/reimbursement agreement will continue in effect until October 31, 2028, and may be terminated only by, or with the consent of, the Board of Directors of the Company.</td></tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0 0 0 0.0015 0.0039 0.0042 0.0039 0.0057 0.0089 0.0107 -0.0039 -0.0042 0.005 0.0065 The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” for Service Class shares do not correlate to the “Ratio of expenses to average net assets” figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.07% for the fiscal year ended June 30, 2026. 2028-10-31 The following example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The fee waiver/expense reimbursement arrangement included in the table above is reflected only through October 31, 2028. Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1 Year</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">3 Years</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">5 Years</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">10 Years</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Institutional Class</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">204</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">415</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,022</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Service Class</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">66</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">255</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">506</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,228</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 51 204 415 1022 66 255 506 1228 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio. Portfolio Turnover. 0.21 The Fund is in the process of liquidating its assets and winding up its business pursuant to a Plan of Liquidation and Dissolution and will no longer actively pursue its investment strategy or investment objective. The following disclosure describes the Fund’s investment strategy prior to the implementation of the Plan of Liquidation and Dissolution. Under normal market conditions, the Fund invests at least 80% of its net assets in the equity securities of infrastructure companies. Equity securities in which the Fund invests as part of its principal investment strategy consist of common stocks, stapled securities (an equity security comprised of multiple parts) and Real Estate Investment Trusts (“REITs”) of infrastructure companies. The Fund will concentrate in the infrastructure sector and utilities industry. The Fund will invest in both U.S. and non-U.S. companies of all market capitalizations, with a minimum market capitalization of U.S. $500 million at the time of investment. With respect to its non-U.S. investments, the Fund invests in companies located in developed countries but may also invest in emerging markets as part of its principal investment strategy. The Fund’s subadviser, Magellan Asset Management Limited doing business as Magellan Investment Partners (“Magellan Investment Partners”), seeks to provide investors with exposure to the infrastructure sector and to deliver stable investment returns relative to other equity funds. The Fund invests in a diversified portfolio of securities of infrastructure companies that Magellan Investment Partners has determined have an appropriate capital structure, are likely to generate reliable income streams and are likely to benefit from inflation protection. The Fund’s portfolio will typically comprise 70-100 securities. Principal Investment Strategy. Market Risks; Recent Market Events. The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and other global macro factors, including elevated inflation levels, trade tensions, tariffs and the ongoing wars in Europe and the Middle East. Uncertainties regarding the future of the Federal Reserve’s monetary policy, political events, rising government debt in the U.S. and the possibility of a national or global recession have also contributed to market volatility. During periods of volatility, the Fund may experience high levels of shareholder redemptions and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities may be difficult to value during such periods. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. Common Stocks Risks. Common stocks held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions, leading to fluctuations in the Fund’s share price. Stock Selection Risks. The stocks selected for the Fund may decline in value or not increase in value when the stock market in general is rising. Stapled Securities Risks. A stapled security is a security that is comprised of multiple parts (a trust and a share of a company) that cannot be separated from one another and is treated as one unit for trading purposes. The value of a stapled security may go down as a result of the performance of any part of the security. REIT Risks. A REIT’s share price may decline because of adverse developments affecting the underlying industry, including changes to interest rates. The returns of REITs may trail returns of the overall market. The Fund’s investments in REITs may be subject to special tax rules, or a particular REIT may fail to qualify for the favorable federal income tax treatment applicable to REITs, the effect of which may have adverse tax consequences for the Fund and shareholders. Changes in tax laws may also result in unfavorable tax treatment of REITs. The Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund. Foreign Securities Risks. Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability, differences in financial reporting standards and securities market regulation, and the imposition of foreign withholding taxes. Emerging Markets Risks. Emerging market countries may have relatively unstable governments, weaker economies and less developed legal systems with fewer securities holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Currency Risks. The value of the Fund’s foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates. The Fund may also incur costs in connection with conversions between various currencies. Management Risks. The Fund is subject to management risk as an actively-managed investment portfolio and is dependent on the decisions of the portfolio management team to achieve the Fund’s investment objective. Shareholder Ownership and Concentration Risks. A large percentage of the Fund’s shares are held by financial intermediaries and institutional investors. In many cases, the Fund does not have visibility as to the underlying beneficial owners of the Fund’s shares. A large redemption by one or more of these shareholders could result in the Fund selling securities when it otherwise would not have done so, accelerating the realization of capital gains and increasing transaction costs. A large redemption could also significantly reduce the Fund’s assets and increase the Fund’s expenses. Infrastructure and Utilities Concentration Risks. The Fund’s investments in infrastructure and utilities companies will expose the Fund to potential adverse economic, regulatory, political and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies. Specific infrastructure assets in which the Fund invests may be subject to additional risks relating to communication, energy, social, transportation and utilities infrastructure companies. Small- and Medium-Capitalization Company Risks. Small-capitalization and medium-capitalization companies are often more volatile and less liquid than larger companies. Securities of these companies may be subject to greater and more abrupt price fluctuations and may be more susceptible to market pressures and business failures. Stocks of small and medium-sized companies may underperform the stocks of larger companies as an asset class. Large Capitalization Risks. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative, smaller competitors. Large-capitalization companies are also sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Cybersecurity Risks. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices utilized by the Fund can be potentially breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach. The return information provided in the following bar chart and table illustrates how the performance of the Fund can vary from year to year, which is one indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year, while the table compares the average annual total returns of the Fund to those of a broad measure of market performance and the Fund’s benchmark index. Please keep in mind that the Fund’s past performance (before and after taxes) does not necessarily represent how it will perform in the future. Updated performance data is available on the Company’s website at www.mfg-funds.com or by calling toll-free to 1-888-825-2100. Performance. The return information provided in the following bar chart and table illustrates how the performance of the Fund can vary from year to year, which is one indication of the risks of investing in the Fund. Please keep in mind that the Fund’s past performance (before and after taxes) does not necessarily represent how it will perform in the future. www.mfg-funds.com 1-888-825-2100 Calendar Year Total Returns for Institutional Class Shares <img alt="" src="tm2627408d1_prosimg001.jpg"/> The Fund’s return from January 1, 2026, through September 30, 2026, was (1.76)%. Best and Worst Quarterly Performance (during the periods shown above) <table cellpadding="0" style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr> <td style="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Best Quarter Return</td> <td style="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Worst Quarter Return</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.27% (3rd quarter, 2024)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(16.90)% (1st quarter, 2020)</td></tr> </table> The Fund’s return from January 1, 2026, through September 30, 2026, was 2026-09-30 -0.0176 Best Quarter Return Worst Quarter Return 0.1527 2024-09-30 -0.169 2020-03-31 Average Annual Total Returns(1) (For the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Institutional Class</td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">One Year</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Five Years</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Ten Years</td><td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">22.90</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.34</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.93</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Return After Taxes on Distributions</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.47</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4.39</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.17</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19.05</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.66</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.38</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; padding-left: 0.25in; text-align: left">MSCI World Index (Net) (reflects no deductions for fees, expenses or taxes)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21.09</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.17</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">S&P Global Infrastructure Index (reflects no deductions for fees, expenses or taxes)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22.58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10.97</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.42</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: left; width: 61%">Service Class</td><td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 10%">One Year</td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 10%">Five Years</td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="font: italic 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td style="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 10%">Since Inception</td><td style="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Return Before Taxes</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22.83</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7.23</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.81</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">MSCI World Index (Net) (reflects no deductions for fees, expenses or taxes)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21.09</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12.48</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">S&P Global Infrastructure Index (reflects no deductions for fees, expenses or taxes)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22.58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10.97</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.31</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table> <div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid"> </div></div>(1) The Institutional Class and the Service Class commenced operations on January 18, 2012, and July 15, 2016, respectively. Return Before Taxes 0.229 0.0734 0.0793 Return After Taxes on Distributions 0.1547 0.0439 0.0617 Return After Taxes on Distributions and Sale of Fund Shares 0.1905 0.0566 0.0638 MSCI World Index (Net) (reflects no deductions for fees, expenses or taxes) MSCI World Index (Net) (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.2109 0.1215 0.1217 0.2258 0.1097 0.0942 Return Before Taxes 0.2283 0.0723 0.0681 0.2109 0.1215 0.1248 S&P Global Infrastructure Index (reflects no deductions for fees, expenses or taxes) S&P Global Infrastructure Index (reflects no deductions for fees, expenses or taxes) 0.2258 0.1097 0.0831 2012-01-18 2016-07-15 After-tax returns are shown only for Institutional Class shares, and the after-tax returns for Service Class shares will vary. After-tax returns for the Fund were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred or other tax-advantaged arrangements, such as a 401(k) plan or individual retirement account (“IRA”). In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are shown only for Institutional Class shares, and the after-tax returns for Service Class shares will vary. After-tax returns for the Fund were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred or other tax-advantaged arrangements, such as a 401(k) plan or individual retirement account (“IRA”). In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. 0.0618 0.2025 -0.0661 0.2801 -0.0139 0.1383 -0.0766 0.0485 0.0522 0.2290 485BPOS 0001014913 false The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” for Service Class shares do not correlate to the “Ratio of expenses to average net assets” figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.07% for the fiscal year ended June 30, 2026. Magellan Investment Partners North America, Inc. (“MIPNA”), the Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses (“AFFE”) and extraordinary expenses) do not exceed 0.50% and 0.65% of the Fund’s average daily net assets attributable to the Institutional Class and Service Class shares, respectively. MIPNA is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause the Fund’s expense ratio to exceed the lesser of: (a) the expense limitation in place at the time of the waiver and/or expense payment; or (b) the expense limitation in place at the time of the recoupment. The expense cap/reimbursement agreement will continue in effect until October 31, 2028, and may be terminated only by, or with the consent of, the Board of Directors of the Company. The Institutional Class and the Service Class commenced operations on January 18, 2012, and July 15, 2016, respectively.