0001537140 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:DerivativesRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:ETFRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:LargeCapitalizationCompanyRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:LeverageRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:ManagementRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:OptionRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:SectorRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:DerivativesRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:ETFRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:LargeCapitalizationCompanyRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:LeverageRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:ManagementRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:OptionRiskMember 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:C000115777Member 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:C000115778Member 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:C000115779Member 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:C000205842Member 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:C000205843Member 2026-10-28 2026-10-28 0001537140 nlft:S000063531Member nlft:C000205844Member 2026-10-28 2026-10-28 0001537140 nlft:S000037505Member nlft:C000115779Member 2016-01-01 2016-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2017-01-01 2017-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2018-01-01 2018-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2019-01-01 2019-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2020-01-01 2020-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2021-01-01 2021-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2022-01-01 2022-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2023-01-01 2023-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2024-01-01 2024-12-31 0001537140 nlft:S000037505Member nlft:C000115779Member 2025-01-01 2025-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2019-01-01 2019-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2020-01-01 2020-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2021-01-01 2021-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2022-01-01 2022-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2023-01-01 2023-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2024-01-01 2024-12-31 0001537140 nlft:S000063531Member nlft:C000205844Member 2025-01-01 2025-12-31 0001537140 nlft:C000115779Member 2025-01-01 2025-12-31 0001537140 nlft:C000115779Member 2021-01-01 2025-12-31 0001537140 nlft:C000115779Member 2016-01-01 2025-12-31 0001537140 nlft:C000115779Member 2026-10-28 2026-10-28 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001537140 nlft:C000115779Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001537140 nlft:C000115777Member 2025-01-01 2025-12-31 0001537140 nlft:C000115777Member 2021-01-01 2025-12-31 0001537140 nlft:C000115777Member 2016-01-01 2025-12-31 0001537140 nlft:C000115777Member 2026-10-28 2026-10-28 0001537140 nlft:C000115778Member 2025-01-01 2025-12-31 0001537140 nlft:C000115778Member 2021-01-01 2025-12-31 0001537140 nlft:C000115778Member 2016-01-01 2025-12-31 0001537140 nlft:C000115778Member 2026-10-28 2026-10-28 0001537140 nlft:C000115778Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:SwanDefinedRiskFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:SwanDefinedRiskFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000115778Member nlft:SwanDefinedRiskFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001537140 nlft:C000205844Member 2026-10-28 2026-10-28 0001537140 nlft:C000205842Member 2026-10-28 2026-10-28 0001537140 nlft:C000205843Member 2026-10-28 2026-10-28 0001537140 nlft:C000205844Member 2025-01-01 2025-12-31 0001537140 nlft:C000205844Member 2021-01-01 2025-12-31 0001537140 nlft:C000205844Member 2018-12-27 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsMember 2018-12-27 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001537140 nlft:C000205844Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-12-27 2025-12-31 0001537140 nlft:C000205842Member 2025-01-01 2025-12-31 0001537140 nlft:C000205842Member 2021-01-01 2025-12-31 0001537140 nlft:C000205842Member 2018-12-27 2025-12-31 0001537140 nlft:C000205843Member 2025-01-01 2025-12-31 0001537140 nlft:C000205843Member 2021-01-01 2025-12-31 0001537140 nlft:C000205843Member 2018-12-27 2025-12-31 0001537140 nlft:C000205843Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2018-12-27 2025-12-31 0001537140 nlft:C000205843Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2018-12-27 2025-12-31 0001537140 nlft:C000205843Member nlft:SwanDefinedRiskGrowthFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:SwanDefinedRiskGrowthFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001537140 nlft:C000205843Member nlft:SwanDefinedRiskGrowthFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2018-12-27 2025-12-31 iso4217:USD pure false 485BPOS N-1A 0001537140 2026-10-28 Northern Lights Fund Trust III 2026-11-01 FUND SUMMARY – SWAN DEFINED RISK FUND Investment Objective: The Fund seeks long term capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 22 of the Fund’s Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts” to the Prospectus based on information provided by the financial intermediary. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zWKBYfYx1be7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zGJFmV5Q5TY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #DEEAF6"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 54%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_493_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115777Member_zIOdlAn6ucvg" 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: 12%; text-align: center">Class A</td> <td id="xdx_497_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115778Member_zzeZx5jVgEmd" 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: 12%; text-align: center">Class C</td> <td id="xdx_497_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115779Member_zsspwo6PORFj" 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: 12%; text-align: center">Class I</td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zYNFGc3IUVdi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">5.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zgJbu7LWCZMg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Maximum Deferred Sales Charge (Load) (as a % of the original purchase price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dpn_zOFpb5o83Fn1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Redemption Fee (as a % of amount redeemed, if sold within 30 days)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">None</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0550 0 0 0 0 0 0 0 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zauJMVl2g0fh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zleETbrMxIo" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115777Member_ziGgdaGDNFCh" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_499_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115778Member_zjzgulMHU5Ze" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_49E_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115779Member_zpSNXtTPC5i3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zzS2mViiK9z9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; width: 54%">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 12%">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 12%">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 12%">1.00%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zaHYS0V6Hq09" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zNCGqGNJRM0f" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Other Expenses </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.20%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zTs4GuMiVzhg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses(1) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.04%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.04%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">0.04%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_z07XZO86HwB8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">1.49%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">2.24%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">1.24%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange-traded funds (“ETFs”). 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.</td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0020 0.0020 0.0020 0.0004 0.0004 0.0004 0.0149 0.0224 0.0124 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. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4AKiMM7Fpkg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zB94imRoWBBe" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Class</td> <td id="xdx_485_eoef--ExpenseExampleYear01_zhUE0xfFcTY1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zyvDAPB9on6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">3 Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zXCdHyvRKfdd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">5 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zjfoXMAubgxa" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">10 Years</td></tr> <tr id="xdx_411_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115777Member_zZmLct91lzI3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$693</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$995</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,318</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$2,232</td></tr> <tr id="xdx_419_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115778Member_zbAoukIScGRb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">C</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$227</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$700</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,200</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$2,575</td></tr> <tr id="xdx_412_20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115779Member_zxyqIbGpIOO9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">I</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$126</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$393</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$681</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,500</td></tr> </table> 693 995 1318 2232 227 700 1200 2575 126 393 681 1500 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 most recent fiscal year, the Fund’s portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies: Using the sub-adviser’s proprietary Defined Risk Strategy (“DRS”) to select the Fund’s investments, the Fund seeks to achieve its investment objective by investing directly, or indirectly through ETFs, in: <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">equity securities that are represented in the S&P 500 Index,</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">buying and selling exchange-traded put and call options on various equity indices to generate additional returns.</td></tr> </table> The DRS seeks to provide risk-managed growth of capital by matching or exceeding the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The Fund invests primarily in equity securities of large capitalization (over $10 billion) U.S. companies directly or through ETFs. The sub-adviser executes ETF trades through an exchange rather than trading directly with a fund. The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult, may produce volatile returns and that asset allocation is limited in its risk reduction properties. Using DRS, the sub-adviser seeks to “define risk” by seeking to protect against large losses by hedging equity ETFs through investments in protective long-term S&P 500 Index put options. Additionally, the sub-adviser seeks to increase returns by buying and selling call and put options on several indices using hedging strategies. A call option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any appreciation in the value of the reference index over a fixed price as of the valuation date of the option. A put option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any depreciation in the value of the reference index below a fixed price as of the valuation date of the option. Defined Risk Strategy The DRS was created in 1997 by Randy Swan, President of the adviser and sub-adviser. The objective of the DRS is to provide risk-managed growth of capital by offering a strategy that seeks to match or exceed the long-term performance of the stock market without the traditional losses incurred during bear markets. The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult and that asset allocation is limited in its risk reduction properties. Hedging Process The sub-adviser applies a put hedging strategy to hedge the Fund’s equity exposure. The Fund invests in long-term put options (referred to as paying a premium) that give the Fund the right to sell a security or index at a set (strike) price or sell the long-term put option on an option exchange. The put strategy is executed using exchange-traded S&P 500 Index put options to hedge the portfolio and to reduce volatility. The put strategy seeks to limit downside loss. Generally, S&P 500 Index put options have an inverse relationship to the S&P 500 Index and its sector-specific constituents. Option Writing To generate additional returns, the sub-adviser buys and sells short-term (generally 1-3 month) (i) put and call options on equity indices, such as the S&P 500, Sector SDPR and Russell 2000, (ii) ETFs and (iii) futures on a regular basis. Additionally, the sub-adviser regularly engages in various spread option strategies. Spread option strategies involve, for example, selling a 1-month call option while buying a 2-month call option. Each option strategy includes a hedging element so that the Fund is not exposed to significant losses on written options. Long-term protective put options are typically traded annually to protect capital and/or allow for profit potential by re-establishing a current-market strike price which depends on whether or not the market has increased or decreased. Turnover The sub-adviser intends on having very little portfolio turnover since most of the ETF portfolio is held indefinitely. Written options are bought back when the sub-adviser believes they present an unfavorable risk and reward profile. Purchased options are sold when the sub-adviser believes they present an unfavorable risk and reward profile or when more attractive investments are available. As with all mutual funds, there is a 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 (“NAV”) and performance. The following risks may apply to the Fund’s direct investments as well as the Fund’s indirect investments through ETFs. <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and counterparty default risk.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risk: ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are subject to specific risks, depending on the nature of the ETF. The market value of ETF shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to NAV.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Index-Related Risk: The ETFs in which the Fund invests are subject to the risks associated with changes to the index the ETFs are designed to track.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Passive Investment Risk: The ETFs in which the Fund invests may be affected by a general decline in market segments related to the index the ETFs are designed to track.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Tracking Error Risk: Investment in the Fund should be made with the understanding that the passive ETFs in which the Fund invests will not be able to replicate exactly the performance of the index they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</td></tr> </table> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zrBL3aUwsTMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Large Capitalization Company Risk: Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and have limited growth potential compared to smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Leverage Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: The sub-adviser’s dependence on its DRS process and judgments about the attractiveness, value and potential appreciation of particular investments or ETFs and options in which the Fund invests or writes may prove to be incorrect and may not produce the desired results.</td></tr> </table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zozCyEOtZCVa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Option Risk: Purchased put options may expire worthless and may have imperfect correlation to the value of the Fund’s sector-based investments. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Sector Risk: The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.</td></tr> </table> Performance: The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each of the last ten full calendar years. Although Class A and Class C shares have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A and Class C shares are different from Class I shares because Class A and Class C shares have different expenses than Class I shares. The table illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of both broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. 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. Updated performance information is available at no cost by visiting swandefinedriskfunds.com or by calling 1-877-896-2590. On October 28, 2019, the Fund’s investment objective changed. The performance prior to that date reflects the previous investment objective of the Fund. The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each of the last ten full calendar years. 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. swandefinedriskfunds.com 1-877-896-2590 Class I Performance Bar Chart For Calendar Years Ended December 31 <div id="xdx_A86_eoef--BarChartTableTextBlock_zY9YBkEIH6u9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zrGM35xye4B6" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 11%"> </td> <td id="xdx_49E_20160101__20161231_zA7Rp1AidqG4" style="text-align: center; width: 16%">2016</td> <td id="xdx_499_20170101__20171231_z9elIYVzUF0l" style="text-align: center; width: 8%">2017</td> <td id="xdx_497_20180101__20181231_zaXopbRjSJ9" style="text-align: center; width: 8%">2018</td> <td id="xdx_496_20190101__20191231_zQRDcCdVW6zh" style="text-align: center; width: 8%">2019</td> <td id="xdx_495_20200101__20201231_zntRu0p2K4bg" style="text-align: center; width: 8%">2020</td> <td id="xdx_49D_20210101__20211231_z7iKIFpTYEP3" style="text-align: center; width: 8%">2021</td> <td id="xdx_49A_20220101__20221231_z9RkpoHNaGu6" style="text-align: center; width: 8%">2022</td> <td id="xdx_49C_20230101__20231231_zKwUZehVt771" style="text-align: center; width: 8%">2023</td> <td id="xdx_492_20240101__20241231_zcf6q6xbaQm5" style="text-align: center; width: 8%">2024</td> <td id="xdx_498_20250101__20251231_zJ1p9GY3cZ74" style="width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000037505Member__oef--ClassAxis__custom--C000115779Member_zlAzezqIF5pg" style="vertical-align: top; text-align: center"> <td> </td> <td>7.08%</td> <td>10.25%</td> <td>-8.84%</td> <td>12.75%</td> <td>5.25%</td> <td>17.41%</td> <td>-12.84%</td> <td>12.35%</td> <td>11.47%</td> <td>10.73%</td></tr> </table> <img alt="(BAR CHAT)" src="sw002_v1.jpg" style="height: 221px; width: 550px"/> 0.0708 0.1025 -0.0884 0.1275 0.0525 0.1741 -0.1284 0.1235 0.1147 0.1073 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zJVJy5p9Hxl6"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; background-color: #DEEAF6; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_988_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_zUJ7EZmIs6Xd" style="border: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; text-align: center">Best Quarter:</td> <td id="xdx_98A_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_zChoR2gY5cyh" style="border-top: Black 0.25pt solid; border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">6/30/2020</td> <td id="xdx_98B_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_zU1fRGVblYOl" style="border-top: Black 0.25pt solid; border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">10.27%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_981_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_z8KXo1jIbTD6" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; border-left: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Worst Quarter:</td> <td id="xdx_982_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_zWd1LMudB7g7" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">3/31/2020</td> <td id="xdx_982_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000037505Member_zDuHitqN5EL8" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">-12.99%</td></tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 6.16%. Best Quarter: 2020-06-30 0.1027 Worst Quarter: 2020-03-31 -0.1299 The year-to-date return as of the most recent calendar quarter 2026-09-30 0.0616 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zDlTZL7mQtW1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zljw6mFOr424" 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; background-color: #DEEAF6"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 64%; padding-left: 3pt"> </td> <td id="xdx_494_20250101__20251231_zS6bYlAcbUzb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">One Year</td> <td id="xdx_49F_20210101__20251231_z1XadMV17kgj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Five Years</td> <td id="xdx_49F_20160101__20251231_zZfOvobawaJ7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Ten Years</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">Class I shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115779Member_zSbGOWsEJxre" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.125in">Return before taxes </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">10.73%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">7.25%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">6.13%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115779Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7V9JJgvTGld" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top; background-color: #DEEAF6">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">8.23%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">5.90%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">5.32%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115779Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3zrnnLKjUfe" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top; background-color: #DEEAF6">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">8.16%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">5.59%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">4.82%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">Class A shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115777Member_zYBTOngP2xo7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.125in">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">4.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">5.79%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">5.28%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">Class C shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115778Member_zIcPuLa9jMKd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.125in">Return before taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">9.59%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">6.21%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-left: 4.3pt; text-align: center">5.08%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115778Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDcbXHcmahUd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">S&P 500 Total Return Index(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">14.73%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115778Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zB7MUoGy2I52" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">Bloomberg U.S. Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">(0.36)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">2.01%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000115778Member__oef--PerformanceMeasureAxis__custom--SwanDefinedRiskFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1f9Qqmu76O2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; vertical-align: top; background-color: #DEEAF6">Swan Defined Risk Fund Blended Index(3) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">13.70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">8.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">9.78%</td></tr> </table> <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"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(1)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td></tr> </table> <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"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(2)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td></tr> </table> <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"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(3)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> The Swan Defined Risk Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index.</td></tr> </table> Return before taxes 0.1073 0.0725 0.0613 0.0823 0.0590 0.0532 0.0816 0.0559 0.0482 Return before taxes 0.0434 0.0579 0.0528 Return before taxes 0.0959 0.0621 0.0508 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1473 reflects no deduction for fees, expenses or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses or taxes 0.1370 0.0847 0.0978 After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class I shares. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class I shares. FUND SUMMARY – SWAN DEFINED RISK GROWTH FUND Investment Objective: The Fund seeks long term capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 22 of the Fund’s Prospectus. In addition, descriptions of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts” to the Prospectus based on information provided by the financial intermediary. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zxnglgGboanl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zXratFQuQKrl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #DEEAF6"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 54%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_498_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205842Member_z2O6t4XgHN2a" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Class A</td> <td id="xdx_499_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205843Member_zRvdjkfBexV7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Class C</td> <td id="xdx_49B_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205844Member_zBjxA5eyQ9u3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z8nb9XBQwBX1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Maximum Sales Charge (Load) Imposed on purchases (as a % of offering price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">5.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zqrSCw8YTxR3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Maximum Deferred Sales Charge (Load) (as a % of the original purchase price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_dpn_ztA5PbeHeX7i" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Redemption Fee (as a % of amount redeemed, if sold within 30 days)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">None</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0550 0 0 0 0 0 0 0 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zowBLXXHRte6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zqbgqL90CrS1" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205842Member_zGHA07KUNXw2" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_492_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205843Member_ziOg44M1BVy6" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td> <td id="xdx_49F_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205844Member_zIKg7fSO1ZOg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zAJPdC67diQb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; width: 54%">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 12%">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 12%">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 12%">1.00%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVLys0JpKbC3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zIINRZzY0vr4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.44%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.44%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.44%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNOTmS01j587" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">0.03%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zqWI6gQFa4S5" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">1.72%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">2.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">1.47%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zQoWpMqquru9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Fee Waiver and Expense Reimbursement(2)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">(0.04)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">(0.04)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">(0.04)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zDgG7V9RurWa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">1.68%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">2.43%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">1.43%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange-traded funds (“ETFs”). 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto;width: 90%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td> <td style="text-align: justify"> Swan Capital Management, LLC (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until November 1, 2027 so that the Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.65%, 2.40% and 1.40% of average daily net assets attributable to Class A, Class C and Class I shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Adviser.</td> </tr> </table> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0044 0.0044 0.0044 0.0003 0.0003 0.0003 0.0172 0.0247 0.0147 -0.0004 -0.0004 -0.0004 0.0168 0.0243 0.0143 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. November 1, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The numbers reflected herein include the expense caps through the expiration date of the current expense limitation agreement, November 1, 2027, and not thereafter. 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_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsnJYTzhIE45"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zj5E1bzqJvDi" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Class</td> <td id="xdx_481_eoef--ExpenseExampleYear01_zdrYU89hOmO" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z5Z1SWspVVtk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zOHcOppgMK48" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zf3bkXxH704" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">10 Years</td></tr> <tr id="xdx_418_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205842Member_zswjGWySBCHj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$711</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,058</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,428</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$2,465</td></tr> <tr id="xdx_413_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205843Member_zHEEkCg3O6eb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">C</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$246</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$766</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,312</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$2,803</td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205844Member_zGHHrIP9bzF1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">I</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$146</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$461</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$799</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,754</td></tr> </table> 711 1058 1428 2465 246 766 1312 2803 146 461 799 1754 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. 0.14 Principal Investment Strategies: Using the sub-adviser’s proprietary Defined Risk Strategy (“DRS”) to select the Fund’s investments, the Fund seeks to achieve its investment objective by investing directly, or indirectly through ETFs, in: <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">capitalization-weighted U.S. large capitalization ETFs that invest in equity securities that are represented in the S&P 500 Index,</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">exchange-traded put and call options on various equity indices to generate additional returns.</td></tr> </table> The DRS seeks to provide risk-managed growth of capital by matching or exceeding the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The Fund invests primarily in equity securities of large capitalization (over $10 billion) U.S. companies directly or through ETFs. The sub-adviser executes ETF trades through an exchange rather than trading directly with a fund. The Fund differs from other funds managed by the adviser and sub-adviser by focusing on growth over protection. The Fund purchases slightly “out-of-the-money” put options, i.e., put options where the current price of the underlying stock is above the strike price of the option, thus spending less on hedging. This small difference is spent on additional market exposure to increase growth potential. The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult, may produce volatile returns and that asset allocation is limited in its risk reduction properties. Using DRS, the sub-adviser seeks to “define risk” by seeking to protect against large losses by hedging equity ETFs through investments in protective long-term S&P 500 Index put options. Additionally, the sub-adviser seeks to increase returns by buying and selling call and put options on several indices using hedging strategies. A call option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any appreciation in the value of the reference index over a fixed price as of the valuation date of the option. A put option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any depreciation in the value of the reference index below a fixed price as of the valuation date of the option. The Fund may be invested 75-95% in the iShares Core S&P 500 ETF or SPDR S&P 500 ETF, or a combination of the two. Defined Risk Strategy The DRS was created in 1997 by Randy Swan, President of the Adviser and sub-adviser. The objective of the DRS is to provide risk-managed growth of capital by offering a strategy that seeks to match or exceed the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult and that asset allocation is limited in its risk reduction properties. Stock Selection The Fund invests 75-95% of its assets in U.S. large capitalization ETFs. This underlying position is hedged with long-term put options. Hedging Process The sub-adviser applies a put hedging strategy to hedge the Fund’s equity exposure. The Fund invests in long-term put options (referred to as paying a premium) that gives the Fund the right to sell a security or index at a set (strike) price or sell the long-term put option on an option exchange. The put strategy is executed using exchange-traded S&P 500 Index put options to hedge the portfolio and to reduce volatility. The put strategy seeks to limit downside loss. Generally, S&P 500 Index put options have an inverse relationship to the S&P 500 Index and its sector-specific constituents. 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 NAV and performance. The following risks may apply to the Fund’s direct investments as well as the Fund’s indirect investments through ETFs. <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Derivatives Risk: The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and counterparty default risk.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risk: ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are subject to specific risks, depending on the nature of the fund. The market value of ETF shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to NAV.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Index-Related Risk: The ETFs in which the Fund invests are subject to the risks associated with changes to the index the ETFs are designed to track.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Passive Investment Risk: The ETFs in which the Fund invests may be affected by a general decline in market segments related to the index the ETFs are designed to track.</td></tr> </table> <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">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Tracking Error Risk: Investment in the Fund should be made with the understanding that the passive ETFs in which the Fund invests will not be able to replicate exactly the performance of the index they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</td></tr> </table> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zJ49j3FwyHV8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Large Capitalization Company Risk: Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and have limited growth potential compared to smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Leverage Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Management Risk: The sub-adviser’s dependence on its DRS process and judgments about the attractiveness, value and potential appreciation of particular investments or ETFs and options in which the Fund invests or writes may prove to be incorrect and may not produce the desired results.</td></tr> </table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z3jyKn7aY3B1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td></tr> </table> <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">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Option Risk: Purchased put options may expire worthless. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.</td></tr> </table> Performance: The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception. The table illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of both broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. 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. Although Class A and Class C shares would have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A and Class C shares are different from Class I shares because Class A and Class C shares have different expenses than Class I shares. Updated performance information is available at no cost by visiting swandefinedriskfunds.com or by calling 1-877-896-2590. The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund’s 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. swandefinedriskfunds.com 1-877-896-2590 Class I Performance Bar Chart For Calendar Years Ended December 31 <div id="xdx_A83_eoef--BarChartTableTextBlock_zNdT9ha6VIcb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z5YAliWINRql" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 14%"> </td> <td id="xdx_491_20190101__20191231_z1NYcVaQXYrb" style="text-align: center; width: 17%">2019</td> <td id="xdx_49C_20200101__20201231_zQ3DrOcxUj57" style="text-align: center; width: 12%">2020</td> <td id="xdx_498_20210101__20211231_zZFP3NVXzlbf" style="text-align: center; width: 12%">2021</td> <td id="xdx_49D_20220101__20221231_z01WKAdir1U7" style="text-align: center; width: 12%">2022</td> <td id="xdx_498_20230101__20231231_zFo8ayiobpKh" style="text-align: center; width: 12%">2023</td> <td id="xdx_490_20240101__20241231_zTV0oKatZtc5" style="text-align: center; width: 12%">2024</td> <td id="xdx_49D_20250101__20251231_zjR1iDUIdFg" style="width: 9%">2025</td></tr> <tr id="xdx_403_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000063531Member__oef--ClassAxis__custom--C000205844Member_z27PwW7HA4bk" style="vertical-align: top; text-align: center"> <td> </td> <td>23.13%</td> <td>11.87%</td> <td>22.93%</td> <td>-17.87%</td> <td>16.24%</td> <td>16.11%</td> <td>14.14%</td></tr> </table> <img alt="(BAR CHAT)" src="sw003_v1.jpg" style="height: 205px; width: 550px"/> 0.2313 0.1187 0.2293 -0.1787 0.1624 0.1611 0.1414 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zqpa4iNi41Mk"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; background-color: #DEEAF6; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_985_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_zjFmnz8FnE6e" style="border: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; text-align: center">Best Quarter:</td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_zhZ8VVEyP8G8" style="border-top: Black 0.25pt solid; border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">6/30/2020</td> <td id="xdx_982_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_zInfubcXYMre" style="border-top: Black 0.25pt solid; border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">13.79%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_983_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_zdl5q5Qr7ka" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; border-left: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Worst Quarter:</td> <td id="xdx_980_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_zWKr8v5R8csf" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">6/30/2022</td> <td id="xdx_980_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000063531Member_z1M0ID0iQGC6" style="border-right: Black 0.25pt solid; border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">-14.63%</td></tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 7.11% Best Quarter: 2020-06-30 0.1379 Worst Quarter: 2022-06-30 -0.1463 The year-to-date return as of the most recent calendar quarter 2026-09-30 0.0711 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zpmwDmaeDDTf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zB9pONkxxgGi" 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; background-color: #DEEAF6"> <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; width: 64%"> </td> <td id="xdx_492_20250101__20251231_zne4NjyDaQIj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">One Year</td> <td id="xdx_492_20210101__20251231_z0IyfZCMRlz7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Five Years</td> <td id="xdx_497_20181227__20251231_zFUNb3Z6NAU6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: center">Since Inception (12-27-18)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">Class I shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205844Member_zFODLaBbkdR8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.25in">Return before taxes </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">14.14%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">9.24%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">11.43%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205844Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5SsqeTnq9i4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; vertical-align: top; background-color: #DEEAF6">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">14.14%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">7.95%</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">10.38%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205844Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBaEeCy3N4K6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; vertical-align: top; background-color: #DEEAF6">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">8.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">7.07%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">9.06%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">Class A shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205842Member_z5DGDDBAV49a" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.25in">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">7.64%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">7.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">10.30%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">Class C shares</td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205843Member_z6atpE3EQYzg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DEEAF6; padding-left: 0.25in">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">13.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">8.15%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 4.3pt; vertical-align: bottom; text-align: center">10.51%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205843Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zh8PkIDX91U2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">S&P 500 Total Return Index(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">17.39%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205843Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zI0qrAa8H7b1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">Bloomberg U.S. Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">(0.36)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">2.03%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205843Member__oef--PerformanceMeasureAxis__custom--SwanDefinedRiskGrowthFundBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z3sUMfjQMhZ2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; vertical-align: top; background-color: #DEEAF6">Swan Defined Risk Growth Fund Blended Index(3) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">13.70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">8.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">11.29%</td></tr> </table> <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">(1)</td> <td style="text-align: justify"> The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td> </tr> </table> <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">(2)</td> <td style="text-align: justify"> The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td> </tr> </table> <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">(3)</td> <td style="text-align: justify"> The Swan Defined Risk Growth Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index.</td> </tr> </table> 2018-12-27 2018-12-27 2018-12-27 Return before taxes 0.1414 0.0924 0.1143 0.1414 0.0795 0.1038 0.0837 0.0707 0.0906 Return before taxes 0.0764 0.0775 0.1030 Return before taxes 0.1303 0.0815 0.1051 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1739 reflects no deduction for fees, expenses or taxes 0.0730 -0.0036 0.0203 reflects no deduction for fees, expenses or taxes 0.1370 0.0847 0.1129 After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class I shares. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class I shares. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange-traded funds (“ETFs”). 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. The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the Index does not reflect any fees or expenses. The Swan Defined Risk Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange-traded funds (“ETFs”). 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. Swan Capital Management, LLC (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until November 1, 2027 so that the Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.65%, 2.40% and 1.40% of average daily net assets attributable to Class A, Class C and Class I shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Adviser. The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. The Swan Defined Risk Growth Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index.