0001556505 2026-11-01 2026-11-01 0001556505 apt:S000080783Member 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:ManagementRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:EquitySecuritiesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:FuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:CurrencyFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:DebtFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:EquityFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:EnergyFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:MetalsFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:AgricultureCommodityFuturesRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:EtfRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:MarketRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:ShortPositionRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:SmallAndMediumCapitalizationStockRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:TaxationRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:TurnoverRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:WhollyOwnedSubsidiaryRiskMember 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:C000243320Member 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:C000243319Member 2026-11-01 2026-11-01 0001556505 apt:S000080783Member apt:C000243319Member 2024-01-01 2024-12-31 0001556505 apt:S000080783Member apt:C000243319Member 2025-01-01 2025-12-31 0001556505 apt:S000080783Member apt:C000243319Member 2023-07-31 2025-12-31 0001556505 apt:S000080783Member apt:C000243319Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001556505 apt:S000080783Member apt:C000243319Member oef:AfterTaxesOnDistributionsMember 2023-07-31 2025-12-31 0001556505 apt:S000080783Member apt:C000243319Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001556505 apt:S000080783Member apt:C000243319Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-07-31 2025-12-31 0001556505 apt:S000080783Member apt:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001556505 apt:S000080783Member apt:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-07-31 2025-12-31 0001556505 apt:S000080783Member apt:BarclayGlobalMacroIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001556505 apt:S000080783Member apt:BarclayGlobalMacroIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-07-31 2025-12-31 iso4217:USD pure false 485BPOS N-1A 2026-06-30 0001556505 Advisors Preferred Trust 2026-11-01 2026-11-01 2026-11-01 FUND SUMMARY   DYNAMIC ALPHA MACRO FUND   Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zcIps7CF5kJj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Dynamic Alpha Macro Fund (the “Fund”) seeks capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z12q0nx0J8ec" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 table and examples below.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zviikC6c92m5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zH5F0sGnSze4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage<br/> of the value of your investment)</span></td> <td id="xdx_499_20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243320Member_zNNNz1E1t1u2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investor<br/> Class<br/> Shares <span id="xdx_F56_zCFnKPpHr4X4">*</span></b></span></td> <td id="xdx_493_20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zGXr1hFUU2Gd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional<br/> Class<br/> Shares</b></span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zkyxAzslIu4j" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.50%</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.50%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvepbkYFth5b" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zicFBqq7QjZ3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4A_zQ2fY9v4fxzj">(1)</sup></span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 10pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.36%⁽¹⁾</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZaW2jHLkGv8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses <sup id="xdx_F46_zNQ9DBXYutnj">(2)</sup></span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.04%</span></span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">0.04%</span></span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zORdBCMkvya4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">2.15%</span></span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">1.75% </span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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 id="xdx_F02_zne0JvBFZSuc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F17_zMjp6FUL2ru3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investor Class Shares have not commenced operations.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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 id="xdx_F0A_zI1BlO8W4OQf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1F_zLdQx0Ranlvd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May include up to 0.15% in shareholder service expenses that may include sub-transfer agent and sub-custodian fees.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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 id="xdx_F0C_zsy6BBy36f63" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zEB5ZlAFwN5g" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquired Fund Fees and Expenses are indirect costs of investing in other investment companies. <span id="xdx_90B_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zDp4XG30gBUi">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0150 0.0150 0.0025 0.0000 0.0036 0.0021 0.0004 0.0004 0.0215 0.0175 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies. Example: <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zOaNxy0S2C6g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmk4Nb6MkhBa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z9NTTY6DC0Q3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear01_ztBa9iVNJ6wc" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zzQrGSBfrIHc" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zXKE5WWICf21" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zN3fnkxO4oPe" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Year</b></span></td></tr> <tr id="xdx_416_20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243320Member_z0nkmVMVD554" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investor</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$218</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$673</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,154</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,483</span></td></tr> <tr id="xdx_419_20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zuVadWXafbQ" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$178</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$551</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$949</span></td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,062</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 218 673 1154 2483 178 551 949 2062 Portfolio Turnover: <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zSyrPGLZJEod" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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 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 the fiscal year ended June 30, 2026 the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zl5WHM3DM6Fj">25.75%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.2575 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_z5NAirClgoXk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s Adviser delegates execution of the Fund’s investment strategy to a Sub-Adviser, Dynamic Wealth Group, LLC; and to a Futures Trading Adviser, AG Capital Management Partners, L.P. Dynamic in the Fund’s name is a reference to the active management employed by the Sub-Adviser and Futures Trading Adviser. “Alpha” in the Fund’s name is a reference to the goal of producing above-market returns, such as exceeding the S&amp;P 500 Index return over a long-term investing horizon. Macro in the Fund’s name is a reference to the major macro-economic themes such as growth rates, interest rates, and inflation that inform the Sub-Adviser’s and Futures Trading Adviser’s analysis.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by allocating its assets approximately 50%/50% equally among two principal strategies:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 184.5pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Strategy</b></span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 184.5pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Futures Trading Strategy </b></span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Equity Securities Strategy is designed to achieve capital appreciation primarily by selecting exchange-traded funds (“ETFs”) that hold domestic common stocks that are representative of (i) growth stocks, (ii) above-average dividend paying stocks, and (iii) broad market stocks. An example of broad market stocks would be those included in the S&amp;P 500 Index. The Sub-Adviser anticipates allocating the 50% of the portfolio delegated to it under the Equity Securities Strategy as follows: (i) approximately 40% to growth stocks; (ii) approximately 40% to above-average dividend paying stocks; and (iii) approximately 20% to broad market stocks. These percentages will respectively represent approximately 20%, 20%, and 10% of the Fund’s overall holdings. The Fund invests in stocks of issuers of any capitalization. The Sub-Adviser executes its strategy primarily by selecting sector-representative ETFs rather than selecting individual stocks. The Sub-Adviser chooses ETFs based upon relative expenses, manager tenure, liquidity, historical returns, and the volatility of those returns. The Sub-Adviser sells ETFs to rebalance portfolio allocations or when a more-attractive ETF becomes available.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Futures Trading Strategy is designed to achieve capital appreciation primarily by selecting long and short futures positions generally among U.S. exchange-traded financial futures on: (i) currencies, (ii) debt, and (iii) equities and among U.S. exchange-traded commodity futures on: (i) energy, (ii) metals and (iii) agricultural foodstuffs. A futures contract is a legally binding agreement to buy or sell a standardized asset on a specific date or during a specific month. The Fund gains on long positions when the futures price rises and loses when the futures price falls. The opposite is true for short positions. The Futures Trading Adviser does not have an allocation target among futures and takes an opportunistic approach. The Futures Trading Adviser uses fundamental analysis and technical price-pattern analysis to develop forecasts for the price of financial and commodity futures. It sells a long position and buys back a short position when a price target has been reached, or vice versa.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund executes a portion of its Futures Trading Strategy by investing up to 25% of its total assets (measured at the time of purchase) in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary is expected to provide the Fund with exposure to certain futures contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Subsidiary also invests in short-term U.S. government securities intended to serve as margin or collateral for futures positions. The Fund’s investments will be composed primarily of securities, even when viewing the Subsidiary on a consolidated basis. The Subsidiary, when viewed from a consolidated basis, is subject to the same investment restrictions as the Fund. To the extent the Futures Trading Strategy does not require all assets allocated to it for futures margin, the Sub-Adviser may invest the excess in investment grade and high-quality debt instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sub-Adviser and Futures. Trading Adviser may engage in frequent trading to achieve the Fund’s investment objective, which may result in turnover in excess of 100%.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-YI_zwRSIoOi1qXh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the Subsidiary.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwN0mOrZfll"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Sub-Adviser’s and Futures Trading Adviser’s judgments about the attractiveness, value and potential appreciation or depreciation of a particular instrument in which the Fund invests may prove to be inaccurate and may not produce the desired results. The Adviser’s assessment of the Sub-Adviser’s and Futures Trading Adviser’s investment qualifications may also prove to be inaccurate and may not produce the desired results.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zePHFa2f2eV3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>The prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. Growth stocks and dividend stocks may underperform the market as a whole.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_gRBRTB-LXR_zQCgQuykqrAa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures Risk: </i>Futures are subject to inherent leverage that magnifies Fund losses. Futures may not provide an effective substitute for their reference asset or index because changes in futures prices may not track those of the underlying reference asset or index.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C04_gRBRTB-LXR_zxj0CpsCDK0j"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyFuturesRiskMember_zO1J1S2ERZC"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Futures Risk: </i>Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtFuturesRiskMember_z0qqpS7cSqQa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Debt Futures Risk: </i>Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityFuturesRiskMember_z3SERNrl2PRf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Futures Risk: </i>Equity futures are subject to general market risks and may not track the equity indices for which they are intended to serve as substitutes.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C02_gRBRTB-LXR_zJthcuC54Zcj"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyFuturesRiskMember_zFlbFpVK5w89"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Energy Futures Risk: </i>Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion of fuel sources, interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions.</span></td></tr></table></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C02_gRBRTB-LXR_zchPMm2rIQB7"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsFuturesRiskMember_zLrZBrS0eNv6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Metals Futures Risk: </i>Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a substitute for currencies.</span></td></tr></table></div></div><p id="xdx_A95_ztijp0UFvu24" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AgricultureCommodityFuturesRiskMember_zC5ezekkTT06"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Agriculture Commodity Futures Risk: </i>Investing in the commodities markets through futures may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geological and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zuyReM84N6id"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF Risk: </i>Investments in ETFs may involve duplication of advisory fees and certain other expenses. By investing in an ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the ETFs, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. If the ETFs fail to achieve their investment objectives, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Finally, because the value of ETF shares depends on the demand in the market, the Sub-Adviser may not be able to liquidate the Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoakuXOL9CLi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>The Fund’s investments will decline in value if the price of equities or futures contracts declines. Overall securities or futures market risks may affect the value of individual Fund holdings. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the equity and fixed income securities markets and futures markets.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Overall investment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and political events affect the US and international investment markets. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortPositionRiskMember_zHa7A5Bcm12f"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Position Risk</i>: Short positions are designed to profit from a decline in the price of particular futures contracts. The Fund will lose value if and when the future’s price rises, a result that is the opposite from traditional mutual funds. Positions in short futures are more risky than “long” positions because the cost of buying back the futures contracts is unknown.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationStockRiskMember_zRsg5gCFyVS8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Stock Risk</i>: The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxationRiskMember_z00aRfH2ach8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Taxation Risk: </i>By investing in certain futures contracts indirectly through the Subsidiary, the Fund will obtain exposure to these contracts within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRiskMember_z3I0z2heDsOk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Turnover Risk: </i>A higher portfolio turnover may result in higher transactional and brokerage costs. The Fund’s turnover rate is expected to be above 100% annually.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zUHfWSzy3PIb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Wholly Owned Subsidiary Risk: </i>Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwN0mOrZfll"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Sub-Adviser’s and Futures Trading Adviser’s judgments about the attractiveness, value and potential appreciation or depreciation of a particular instrument in which the Fund invests may prove to be inaccurate and may not produce the desired results. The Adviser’s assessment of the Sub-Adviser’s and Futures Trading Adviser’s investment qualifications may also prove to be inaccurate and may not produce the desired results.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-YI_zVr8adXN9zlf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zePHFa2f2eV3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>The prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. Growth stocks and dividend stocks may underperform the market as a whole.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-YI_zyKVfdaVBA9f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_gRBRTB-LXR_zQCgQuykqrAa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures Risk: </i>Futures are subject to inherent leverage that magnifies Fund losses. Futures may not provide an effective substitute for their reference asset or index because changes in futures prices may not track those of the underlying reference asset or index.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-YI_zmHyypMXbVmf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyFuturesRiskMember_zO1J1S2ERZC"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Futures Risk: </i>Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-YI_zUdZUvpx9Xo8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-YI_zh2ZFkcGzDC9"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtFuturesRiskMember_z0qqpS7cSqQa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Debt Futures Risk: </i>Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.</span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-YI_zgRMCFMCqo2f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0A_gRBRTB-YI_zxmybdszVse4"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityFuturesRiskMember_z3SERNrl2PRf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Futures Risk: </i>Equity futures are subject to general market risks and may not track the equity indices for which they are intended to serve as substitutes.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-YI_zgaD8UchCIKi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyFuturesRiskMember_zFlbFpVK5w89"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Energy Futures Risk: </i>Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion of fuel sources, interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions.</span></td></tr></table></div><div id="xdx_C01_gRBRTB-YI_z6BLNVdLYquj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsFuturesRiskMember_zLrZBrS0eNv6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Metals Futures Risk: </i>Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a substitute for currencies.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-YI_zU7HTT77QMUg"><p id="xdx_A95_ztijp0UFvu24" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0A_gRBRTB-YI_zNyJl2FyPDJ7"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AgricultureCommodityFuturesRiskMember_zC5ezekkTT06"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Agriculture Commodity Futures Risk: </i>Investing in the commodities markets through futures may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geological and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyFuturesRiskMember_zO1J1S2ERZC"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Futures Risk: </i>Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-LXR_zujcrV6idi39"><div id="xdx_C0E_gRBRTB-YI_zUdZUvpx9Xo8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtFuturesRiskMember_z0qqpS7cSqQa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Debt Futures Risk: </i>Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-LXR_zMDjiKVZNRm8"><div id="xdx_C0D_gRBRTB-YI_zgRMCFMCqo2f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityFuturesRiskMember_z3SERNrl2PRf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Futures Risk: </i>Equity futures are subject to general market risks and may not track the equity indices for which they are intended to serve as substitutes.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-LXR_zPyGFNblQ9L3"><div id="xdx_C0B_gRBRTB-YI_zgaD8UchCIKi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyFuturesRiskMember_zFlbFpVK5w89"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Energy Futures Risk: </i>Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion of fuel sources, interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-LXR_zIulm2r9nMKl"><div id="xdx_C01_gRBRTB-YI_z6BLNVdLYquj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsFuturesRiskMember_zLrZBrS0eNv6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Metals Futures Risk: </i>Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a substitute for currencies.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AgricultureCommodityFuturesRiskMember_zC5ezekkTT06"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Agriculture Commodity Futures Risk: </i>Investing in the commodities markets through futures may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geological and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-YI_z1wA1daZokE3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zuyReM84N6id"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF Risk: </i>Investments in ETFs may involve duplication of advisory fees and certain other expenses. By investing in an ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the ETFs, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. If the ETFs fail to achieve their investment objectives, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Finally, because the value of ETF shares depends on the demand in the market, the Sub-Adviser may not be able to liquidate the Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-YI_zZsuJQ7FN3Lk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoakuXOL9CLi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>The Fund’s investments will decline in value if the price of equities or futures contracts declines. Overall securities or futures market risks may affect the value of individual Fund holdings. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the equity and fixed income securities markets and futures markets.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-YI_zLEbbaIRdZbl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C04_gRBRTB-YI_zpgEEtbT7qM"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Overall investment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and political events affect the US and international investment markets. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p></div> <div id="xdx_C03_gRBRTB-YI_zxasGd2dhuqk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortPositionRiskMember_zHa7A5Bcm12f"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Position Risk</i>: Short positions are designed to profit from a decline in the price of particular futures contracts. The Fund will lose value if and when the future’s price rises, a result that is the opposite from traditional mutual funds. Positions in short futures are more risky than “long” positions because the cost of buying back the futures contracts is unknown.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-YI_zcnNCmXxqYeg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationStockRiskMember_zRsg5gCFyVS8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Small and Medium Capitalization Stock Risk</i>: The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-YI_znUcXaMXFM23"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxationRiskMember_z00aRfH2ach8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Taxation Risk: </i>By investing in certain futures contracts indirectly through the Subsidiary, the Fund will obtain exposure to these contracts within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-YI_zMwuj5aZItfd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRiskMember_z3I0z2heDsOk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Turnover Risk: </i>A higher portfolio turnover may result in higher transactional and brokerage costs. The Fund’s turnover rate is expected to be above 100% annually.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-YI_zGMBZyBBmkzg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zUHfWSzy3PIb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Wholly Owned Subsidiary Risk: </i>Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund.</span></td></tr></table></div> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zgeiHbnmOCZ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zibQdgSEKyF1">The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Institutional Class shares for each full calendar year since the Fund’s Institutional Class Shares inception.</span> The Investor Class Shares of the Fund have not commenced operations. The performance table compares the performance of the Fund’s Institutional Class shares over time to the performance of a broad-based market index and a supplemental index. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zfI88e8hUKm1">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</span> Also, class specific annual and semi-annual Shareholder Reports, containing performance and portfolio holdings information are mailed to shareholders; and full financials and shareholder reports are made available to shareholders semi-annually upon request. Updated performance information and daily net asset value per share (“NAV”) is available at no cost by calling toll-free <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zLHagws0QOtd">1-833-462-6344</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Institutional Class shares for each full calendar year since the Fund’s Institutional Class Shares inception. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. 1-833-462-6344 Dynamic Alpha Macro Fund Institutional Class Performance Bar Chart For Calendar Year Ended December 31   <div id="xdx_A84_eoef--BarChartTableTextBlock_zC681D6e1wn1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zBiNHQErAxxl" style="font: 10pt Arial, Helvetica, Sans-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: 33%"> </td> <td id="xdx_496_20240101__20241231_zvak815QNLea" style="width: 34%">2024</td> <td id="xdx_49D_20250101__20251231_zGhHvU0pD1M3" style="width: 33%">2025</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zm6s75eKvUmj" style="vertical-align: top; text-align: left"> <td> </td> <td>18.37%</td> <td>25.36%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="dy002_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1837 0.2536 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zPKv1Lf68Evg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_98D_eoef--HighestQuarterlyReturnLabel_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zAbXLHyQOWC5" style="border: Black 1pt solid; padding-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Best Quarter</span></td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_z7zwDWBVDSrj" style="border-top: Black 1pt solid; padding-top: 0pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.00%</span></td> <td id="xdx_98A_eoef--BarChartHighestQuarterlyReturnDate_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zq8kNHOwdRak" style="border-top: Black 1pt solid; padding-top: 0pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September 30, 2024</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_98F_eoef--LowestQuarterlyReturnLabel_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zdYjmPoRgSb5" style="border-right: Black 1pt solid; padding-top: 0pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Worst Quarter</span></td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturn_dp_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_z7LQMPC75BRc" style="border-right: Black 1pt solid; padding-top: 0pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7.30)%</span></td> <td id="xdx_98B_eoef--BarChartLowestQuarterlyReturnDate_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zgUJgJiTxGWh" style="border-right: Black 1pt solid; padding-top: 0pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2024</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--YearToDateReturnLabel_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zwA5kiR5pF64">The Fund’s Institutional Class year-to-date return</span> as of <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_z8PfhDTL6Lni">September 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zTHMRAmhPgx7">3.81%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Best Quarter 0.1700 2024-09-30 Worst Quarter -0.0730 2024-12-31 The Fund’s Institutional Class year-to-date return 2026-09-30 0.0381 Performance Table Average Annual Total Returns (For periods ended December 31, 2025)   <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zciOCELgbJc2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zAcXG5OPEBS4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 74%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dynamic Alpha Macro Fund</b></span></td> <td id="xdx_494_20250101__20251231_z2R747hPxnAj" style="border-top: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_494_20230731__20251231_zOkPWog8Tov8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 1pt 3pt; width: 13%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Since<br/> Inception<sup id="xdx_F5A_zwybYA3KXdx5">(1)</sup></b></span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zhxTuBoa7qX2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional Class Shares <span id="xdx_901_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zblRspurLna4">Return before taxes</span></span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.36%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.37%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfRWGT3VPIK" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional Class Shares Return after taxes on distributions<sup id="xdx_F4A_zJgTc5Fe8F7a">(2)</sup></span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.31%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.80%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdXHV1flHcWl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional Class Shares Return after taxes on distributions and sale of Fund shares<sup id="xdx_F42_z9qTGegPwZWe">(2)</sup></span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.20%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.84%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_ztqM4lWb2I6i" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Total Return Index<sup id="xdx_F4C_zXpeuLmLkGn1">(3)</sup><br/> (reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.62%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080783Member__oef--PerformanceMeasureAxis__custom--BarclayGlobalMacroIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zstofHpRJpY" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclay Global Macro Index<sup id="xdx_F41_zNGHTI085cFi">(4)<br/> </sup>(reflects no deduction for taxes)</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.62%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.00%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F06_zZZA5XkJIfD3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1B_zKzNvFkq2JB3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fund’s Institutional Class Shares commenced operations on <span id="xdx_905_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080783Member__oef--ClassAxis__custom--C000243319Member_zX32LB4vhHzh">July 31, 2023</span>. <span id="xdx_908_eoef--PerformanceTableOneClassOfAfterTaxShown_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_z3zSwiW2FNw4">The Fund’s Investor Class Shares have not commenced operations.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zE7fDCgjLCe6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F14_zUprciGSCAAd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_z5OMjztKXId7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_znCNPzN72eid">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zi9mwqir7OJ8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F17_zDVMv7wtC2kd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The S&amp;P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any taxes.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zpadq3HGWY1d" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</span></td><td style="text-align: justify"><span id="xdx_F1B_zN6q6x38c1ej" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barclay Global Macro Index is maintained by Barclay Hedge and measures the performance of hedge fund managers who take long and short positions across major capital and derivative markets worldwide. These positions are based on the managers’ views of macroeconomic trends and global events. Investors cannot invest directly in an index; <span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261101__20261101__dei--LegalEntityAxis__custom--S000080783Member_zqXOWNyRfsmj">unlike the Fund’s returns, the index does not reflect any fees or expenses.</span></span></td> </tr></table> Return before taxes 0.2536 0.2037 0.2231 0.1780 0.1520 0.1484 0.1788 0.1962 0.1962 0.1300 2023-07-31 The Fund’s Investor Class Shares have not commenced operations. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. unlike the Fund’s returns, the index does not reflect any fees or expenses. Investor Class Shares have not commenced operations. May include up to 0.15% in shareholder service expenses that may include sub-transfer agent and sub-custodian fees. Acquired Fund Fees and Expenses are indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies. The Fund’s Institutional Class Shares commenced operations on July 31, 2023. The Fund’s Investor Class Shares have not commenced operations. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any taxes. Barclay Global Macro Index is maintained by Barclay Hedge and measures the performance of hedge fund managers who take long and short positions across major capital and derivative markets worldwide. These positions are based on the managers’ views of macroeconomic trends and global events. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any fees or expenses.