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margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Q3 All-Season Total Return Fund (the “Total Return Fund”) seeks total return, consisting of current income and capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> FEES AND EXPENSES <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zEXKCR9grYok" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>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.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>     Shareholder Fees (fees paid directly from your investment) <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zb9EfyJCzlif"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zWzTL1TWC8ui" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member__oef--ClassAxis__custom--C000281409Member_zbTmUrOJLtxa" style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional <br/> Class</b></span></td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zdcDIaO9mn61" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a percentage of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--MaximumDeferredSalesChargeOverOther_dpn_zyxZD4CKNdp7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Contingent Deferred Sales Charge (Load)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_dn_zUx1kzu8yEp6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z054sy0TQJbh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zL0fgAtgTTt8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member__oef--ClassAxis__custom--C000281409Member_zm8TMTCJoTs1" style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional Class </b></span></td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zDBujDSU9jR1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgNw6nbGagzh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zPs7cCqXIG81" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.43%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_ziKYEJiGz4t9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses</span></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.12%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zTO9FyN46n9i" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zO5yPmbxWgD">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zwmMi0yRiNp6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zBa3eA8gESZ9">(1)(2)</sup></span></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F05_zUryAYrQEXSh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zHaOyd4FbpN5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zeDdHpKxR8Cd">“Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zUlYCJEL2mHf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zHUJLrPbvnyh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zg8iURGuHHt8">March 31, 2029</span>, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Fund’s business;) to an amount not exceeding 1.99% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2029, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Total Return Fund if the Fund’s investment advisory agreement (the “Total Return Fund’s Advisory Agreement”) with the Adviser is terminated.</span></td> </tr></table> 0.0100 0.0000 0.0043 0.0012 0.0155 0.0155 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. March 31, 2029 Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zXLG91VqgL41" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses of the Fund remain the same and the contractual agreement to limit expenses remains in effect only until March 31, 2029. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6IzfGrLrRC4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z7CyLtChco0f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 54%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 30%; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_480_eoef--ExpenseExampleYear01_zf8lctVgRWIa" style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zHcBwxECXex4" style="border-bottom: black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41B_20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member__oef--ClassAxis__custom--C000281409Member_zRsmsowH0VC5" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: gray 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 13.7pt; text-align: left; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional Class Shares</span></td> <td style="border-bottom: gray 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$158</span></td> <td style="border-bottom: gray 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$490</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> 158 490 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zgjsjtJt3D7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the 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. Because the Fund has not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zax1KHa4jCYe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by dynamically allocating its assets across global fixed-income and equity markets, with a primary emphasis on fixed-income strategies. The Fund operates as an unconstrained, active strategy, allowing the Adviser to shift exposure among corporate bonds, government debt, and other debt instruments, as well as equity securities (such as dividend-paying common stocks) based on quantitative models and market opportunities. Through this flexible and tactical asset allocation process, the Fund seeks to construct a portfolio that exhibits low overall volatility and a reduced correlation to equity markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under normal circumstances, the Fund will invest in fixed income and equity securities within the following ranges (as a percentage of the Fund’s assets”):</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 30%; border-collapse: collapse; margin-left: 20%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Income</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%-90%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equities</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%-60%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to its fixed income strategy, the Fund will invest in mutual funds and exchange-traded funds (ETFs) that primarily invest in high-yield bonds (commonly known as “junk bonds”), investment grade bonds or U.S. treasury securities. The Fund may also invest in high-yield bonds, investment grade bonds or U.S. treasury securities directly. High yield bonds and investment grade bonds may be issued by U.S. or foreign issuers, including those in emerging markets. The Fund considers emerging market issuers to be those located in countries represented in the MSCI Emerging Markets Index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may enter into fixed income and bond futures contracts to achieve certain long and short investment exposures and to hedge the overall investment risk of the Fund’s portfolio.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to its equity strategy, the Fund may invest in a broad and unrestricted range of equity securities and equity-linked instruments including individual common and preferred stocks, mutual funds, and exchange-traded funds (ETFs). The Fund retains the flexibility to invest in issuers of any market capitalization (including large-, mid-, and small-cap companies), within any industry sector, and across any geographic region, including domestic and foreign issuers in both developed and emerging markets. To manage exposures, hedge risks, or obtain leveraged market exposure, the Fund may enter into long and short equity and index futures contracts. All equity allocations, asset selections, and leverage levels are determined and executed systematically based on the Adviser’s proprietary quantitative models and trading rules.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may invest in other registered funds managed by the Fund’s adviser.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In executing the Fund’s tactical allocation strategy, the Adviser employs a systematic, rules-based investment process designed to objectively evaluate market conditions and allocate capital across asset classes. This process relies on proprietary quantitative models and systematic frameworks that analyze various market inputs, which may include price trends, momentum indicators, volatility metrics, interest rate adjustments, credit spreads, and macroeconomic data. The models synthesize these objective data points to determine the optimal target exposure for the portfolio at any given time, in an attempt to reduce subjective or emotional biases from the decision-making process.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser’s systematic process operates continuously, evaluating market data on a periodic basis to generate allocation signals. Based on these signals, the portfolio will automatically adjust its exposures, which can include increasing allocations to fixed-income instruments or equities, utilizing fixed-income futures to scale net long market exposure past 100%, or rotating into capital preservation positions, such as short-term Treasury securities and cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In managing the Fund portfolio, the Adviser may engage in frequent trading, resulting in a higher portfolio turnover rate.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_gRBRTB-PYFZH_zSsCnDOPI8Q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <b>A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. </b>The success of the Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund will be subject to the following principal risks:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_z7RYppkL5Pj5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset Allocation Risk.</b> The Fund invests in a broad array of asset classes and may allocate assets to an asset class that underperforms other asset classes. For example, the Fund may be overweight in instruments tied to rising growth, i.e. convertible bonds, when the stock market is falling and the fixed-income market is rising.</span></p><p id="xdx_A99_z0UbR22hlT92" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesSecuritiesRiskMember_gRBRTB-EZJD_zO5Gd13hwwSh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Derivatives Securities Risk</b>. The use of derivative instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling stocks. If the Adviser uses a derivative instrument at the wrong time or incorrectly identifies market conditions, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Total Return Fund’s return. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, the Fund’s use of futures contracts creates leverage, which can magnify the Fund’s potential for gain or loss and therefore amplify the effect of market volatility on the Fund’s share price. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule 18f-4 under the 1940 Act regulates a fund’s use of derivative investments and certain financing transactions. Among other conditions, Rule 18f-4 requires certain funds that invest in derivative instruments beyond a specified limited amount (generally greater than 10% of a fund’s net assets) to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. To the extent a fund uses derivative instruments (excluding certain currency and interest rate hedging transactions) in a limited amount (up to 10% of a fund’s net assets), it will not be subject to the full requirements of Rule 18f-4.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s use of derivatives or derivatives transactions may expose it to various risks, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk, and legal risk. Leverage occurs when the Fund uses derivatives (such as futures contracts), or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund’s initial investment. The use of leverage magnifies changes in the Fund’s net asset value and thus may result in increased portfolio volatility and increased risk of loss. Leverage may lower the Fund’s overall returns. There can be no guarantee that the Fund’s use of leverage will be successful. Market risk generally refers to risk from potential adverse market movements in relation to a Fund’s derivatives transactions, or the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its contractual obligations under the transaction, and the related risks of having concentrated exposure to such a counterparty. Liquidity risk generally refers to risk involving the liquidity demands that derivatives transactions can create to make payments of margin, collateral or settlement obligations to counterparties. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</span></p><div id="xdx_C08_gRBRTB-EZJD_zbLmrFl8u9J1"><p id="xdx_A9C_z9aslOp3pxm8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p></div><div id="xdx_C0F_gRBRTB-EZJD_zuFiRfnWs0v1"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zScejmSKtOS6"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Futures Contract Risk</b>: Futures contracts involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments’ prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on futures contracts may substantially exceed the amount invested in these instruments. Transaction costs are incurred in opening and closing futures contract positions.</span></td></tr></table></div></div><div id="xdx_C01_gRBRTB-EZJD_zSxLUcVrj0Vj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The successful use of futures contracts depends upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations, including:</span></td> </tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">losses caused by unanticipated market movement, which are potentially unlimited;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Adviser’s inability to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a counterparty will default in the performance of its obligations;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that the Fund may have insufficient cash and have to sell securities from its portfolio to meet the daily variation margin requirements at a time when it may be disadvantageous to do so;</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund or that rapid selling to avoid delivery may result in unfavorable execution prices; and</span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible inefficiencies that are created by the need to “roll contracts” (i.e., sell out of a contract that is nearing delivery or settlement in favor of a contract with a delivery or settlement date that is further into the future).</span></td> </tr></table><p id="xdx_A90_z43LvaJyVTmj" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ziykDHcEbDm1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s control, including fluctuation in interest rates, the quality of the Fund’s investments, economic conditions and general market conditions. Certain market events could cause turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets, such as changes in government economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics or other public health issues, which may negatively affect many issuers domestically and around the world. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and rapidly and, therefore, adversely affect the Fund.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleAndManagementRiskMember_zXFaVCWniRJc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style and Management Risk.</b> The Adviser’s method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. The Fund’s sector rotation style may not be implemented successfully, negatively affecting the Fund’s performance. In addition, the Adviser may select investments that fail to appreciate as anticipated.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z13Cefh6vDTb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk.</b> The Adviser’s investment decisions about individual securities impact the Fund’s ability to achieve its investment objective. The Adviser’s judgments about the attractiveness and potential returns for specific investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s investment strategy will produce the desired results.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zBHTkv52Ycqb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Debt Securities Risk.</b> The Fund may invest indirectly in corporate debt securities and U.S. Government obligations. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. A debt security’s credit quality depends on the issuer’s ability to pay interest on the security and repay the debt; the lower the credit rating, the greater the risk that the security’s issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_gRBRTB-UP_zibb247caeyf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The prices of equity securities in which the Fund invests indirectly through ETFs and other investment companies may fluctuate in response to many factors, including, but not limited to, the activities of the individual issuers, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C0A_gRBRTB-UP_ztj7n4ccuk34"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapCompanyRiskMember_zjGd2kof0or2"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Large-Cap Company Risk.</i></b> Large-capitalization companies may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span></td> </tr></table></div></div><div id="xdx_C02_gRBRTB-UP_z1v7A1GLmYs8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapCompanyRiskMember_zvv58RZ2vu1g"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Small-Cap and Mid-Cap Company Risk.</i></b> Investing in small- and mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. Small- and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources. Due to these and other factors, stocks of small- and mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile.</span></td> </tr></table></div><p id="xdx_A9C_zcbTMeqmNqac" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsStructureRiskMember_gRBRTB-MJZ_zbVAdUjLR2c6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Structure Risk.</b> Investments in ETFs and other investment companies (e.g. open end and closed end mutual funds) subject the Fund to paying its proportionate share of fees and expenses from those investments. In other words, by investing in the Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses. The Adviser may be deemed to have a conflict of interest when determining whether to invest or maintain the Fund’s assets in affiliated underlying funds. The Adviser would seek to mitigate this conflict of interest, however, by undertaking to waive a portion of fees it receives from affiliated underlying funds on the Fund’s assets invested in those affiliated underlying funds. The Adviser may derive indirect benefits such as increased assets under management from investing Fund assets in an affiliated underlying fund, which benefits would not be present if investments were made in unaffiliated underlying funds.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, under the Investment Company Act of 1940, as amended (the “1940 Act”), the Total Return Fund is subject to restrictions that may limit the amount of any particular ETF or other registered investment company that the Fund may own.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C07_gRBRTB-MJZ_z4Scpy9ldnO1"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_gRBRTB-SQ_zhhwyrJcDHie"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>ETF Risk. </i></b>Investments in ETFs are subject to the risk that the market price of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Investments in ETFs are also subject to the following additional risks:</span></td> </tr></table></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C06_gRBRTB-MJZ_zuh6lPKmF9pd"><div id="xdx_C07_gRBRTB-SQ_zlYBnlKroyw4"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentLimitationRiskMember_zTAtwIzj6988"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investment Limitation Risk. </i></b><span style="font-weight: normal">Under the 1940 Act, the Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser considers optimal.</span></span></td> </tr></table></div></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C0D_gRBRTB-MJZ_zpYTwhpWtX86"><div id="xdx_C09_gRBRTB-SQ_zT8m6V42KZgg"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketValueRiskMember_zIpOfaBUrMIh"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market Value Risk. </i></b>The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF 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 an ETF trades at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Fund’s NAV is reduced for undervalued ETFs it holds, and that the Fund receives less than NAV when selling an ETF).</span></td> </tr></table></div></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C0D_gRBRTB-MJZ_zgFCH31NPQF"><div id="xdx_C09_gRBRTB-SQ_zSaQ6Rycmax5"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingRiskMember_z0eHQahai0b2"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Tracking Risk. </i></b>Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices 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. In addition, ETFs and mutual funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance.</span></td> </tr></table></div></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C09_gRBRTB-MJZ_zRoQSWJcChe5"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zSDqf9G83T1c"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Sampling Risk. </i></b>Index-based ETFs and mutual fund’s may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index.</span></td> </tr></table></div></div><p id="xdx_A96_zFVB4jGVDgd1" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedincomeEtfRiskMember_gRBRTB-DQDKU_zKf26Oty5Krf"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Fixed-Income ETF Risk. </i></b>There are risks associated with the potential investment of the Fund’s assets in fixed-income ETFs, which may include credit risk, interest rate risk and maturity risk as described below:</span></td> </tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C04_gRBRTB-MJZ_zDgphjmfMIvf"><div id="xdx_C04_gRBRTB-DQDKU_zdhR0haw9Ei5"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zg0swS9kVT7g"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Credit Risk. </i></b>Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</span></td> </tr></table></div></div></div><div id="xdx_C08_gRBRTB-DQDKU_zqb5JeA6HQ7k"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-MJZ_z9fdVhYhOL4j"><div id="xdx_C0F_gRBRTB-DQDKU_zGIAHpMGSO9l"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zocT875eYax4"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Interest Rate Risk. </i></b>The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed-income securities may fall because fixed-income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed-income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities.</span></td> </tr></table></div></div></div><div id="xdx_C00_gRBRTB-MJZ_z26e7jPPrjud"><p id="xdx_A9E_zG1ambjKkhf3" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C04_gRBRTB-MJZ_zRsCUDBhhkUe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to interest rate changes. When interest rates drop, not only can the value of fixed-income securities drop, but also the yield can drop, particularly where the yield is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than expected since the Fund prepaid must be reinvested at lower prevailing interest rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk.</span></p></div><div id="xdx_C05_gRBRTB-MJZ_z19K7kgnoAhf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-DQDKU_zQ0uiKxAgJE8"><div id="xdx_C06_gRBRTB-MJZ_zJxcopRgZlTh"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_zrw2aggBvgL6"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Maturity Risk.</i></b> Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</span></td> </tr></table></div></div></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zxx3qoIAs3Va" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Portfolio Turnover Risk.</b> Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund’s performance and may result in the realization of capital gains, including net short-term capital gains, which must generally be distributed to shareholders. Therefore, high portfolio turnover may reduce the Fund’s returns and increase taxable distributions to shareholders.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zIaLtOb386Fj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Quantitative Model Risk.</b> Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortPositionRiskMember_z122j9he4Kd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Short Position Risk.</b> The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser’s ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_z7RYppkL5Pj5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset Allocation Risk.</b> The Fund invests in a broad array of asset classes and may allocate assets to an asset class that underperforms other asset classes. For example, the Fund may be overweight in instruments tied to rising growth, i.e. convertible bonds, when the stock market is falling and the fixed-income market is rising.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesSecuritiesRiskMember_gRBRTB-EZJD_zO5Gd13hwwSh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Derivatives Securities Risk</b>. The use of derivative instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling stocks. If the Adviser uses a derivative instrument at the wrong time or incorrectly identifies market conditions, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Total Return Fund’s return. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument.</span></p><div id="xdx_C0C_gRBRTB-PYFZH_zZ5AgOY9eKF2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0A_gRBRTB-PYFZH_z6PuEhysy30g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, the Fund’s use of futures contracts creates leverage, which can magnify the Fund’s potential for gain or loss and therefore amplify the effect of market volatility on the Fund’s share price. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.</span></p></div> <div id="xdx_C00_gRBRTB-PYFZH_zC2wYtYYWuC2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C05_gRBRTB-PYFZH_zWR7pfRwSM9h"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule 18f-4 under the 1940 Act regulates a fund’s use of derivative investments and certain financing transactions. Among other conditions, Rule 18f-4 requires certain funds that invest in derivative instruments beyond a specified limited amount (generally greater than 10% of a fund’s net assets) to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. To the extent a fund uses derivative instruments (excluding certain currency and interest rate hedging transactions) in a limited amount (up to 10% of a fund’s net assets), it will not be subject to the full requirements of Rule 18f-4.</span></p></div> <div id="xdx_C0E_gRBRTB-PYFZH_zL4AdVKTWC39"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C08_gRBRTB-PYFZH_z60ZwsVkQQ1f"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s use of derivatives or derivatives transactions may expose it to various risks, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk, and legal risk. Leverage occurs when the Fund uses derivatives (such as futures contracts), or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund’s initial investment. The use of leverage magnifies changes in the Fund’s net asset value and thus may result in increased portfolio volatility and increased risk of loss. Leverage may lower the Fund’s overall returns. There can be no guarantee that the Fund’s use of leverage will be successful. Market risk generally refers to risk from potential adverse market movements in relation to a Fund’s derivatives transactions, or the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its contractual obligations under the transaction, and the related risks of having concentrated exposure to such a counterparty. Liquidity risk generally refers to risk involving the liquidity demands that derivatives transactions can create to make payments of margin, collateral or settlement obligations to counterparties. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</span></p></div> <p id="xdx_A9C_z9aslOp3pxm8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zScejmSKtOS6"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Futures Contract Risk</b>: Futures contracts involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments’ prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on futures contracts may substantially exceed the amount invested in these instruments. Transaction costs are incurred in opening and closing futures contract positions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The successful use of futures contracts depends upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations, including:</span></td> </tr></table><div id="xdx_C00_gRBRTB-PYFZH_zvZ9kmPg2dnj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract;</span></td> </tr></table></div><div id="xdx_C06_gRBRTB-PYFZH_zmfOFOmMU0M"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-PYFZH_zFaedFEePNjh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">losses caused by unanticipated market movement, which are potentially unlimited;</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-PYFZH_zRJOsM04Pl6i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Adviser’s inability to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors;</span></td> </tr></table></div><div id="xdx_C05_gRBRTB-PYFZH_zF21y6qTGRn1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a counterparty will default in the performance of its obligations;</span></td> </tr></table></div><div id="xdx_C07_gRBRTB-PYFZH_zZ1HFUpLCGi6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that the Fund may have insufficient cash and have to sell securities from its portfolio to meet the daily variation margin requirements at a time when it may be disadvantageous to do so;</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-PYFZH_zAKcFpiaSeU1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund or that rapid selling to avoid delivery may result in unfavorable execution prices; and</span></td> </tr></table></div><div id="xdx_C0E_gRBRTB-PYFZH_zATkmFALR2Qi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible inefficiencies that are created by the need to “roll contracts” (i.e., sell out of a contract that is nearing delivery or settlement in favor of a contract with a delivery or settlement date that is further into the future).</span></td> </tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zScejmSKtOS6"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Futures Contract Risk</b>: Futures contracts involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments’ prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on futures contracts may substantially exceed the amount invested in these instruments. Transaction costs are incurred in opening and closing futures contract positions.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-PYFZH_zF3VvG9onuyj"><div id="xdx_C01_gRBRTB-EZJD_zSxLUcVrj0Vj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The successful use of futures contracts depends upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations, including:</span></td> </tr></table></div></div> <div id="xdx_C0D_gRBRTB-EZJD_zRizgRQpaAch"><div id="xdx_C00_gRBRTB-PYFZH_zvZ9kmPg2dnj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract;</span></td> </tr></table></div></div> <div id="xdx_C0F_gRBRTB-EZJD_zYrQkcMwNNe2"><div id="xdx_C06_gRBRTB-PYFZH_zmfOFOmMU0M"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</span></td> </tr></table></div></div> <div id="xdx_C0B_gRBRTB-EZJD_z8yQdGrU7yD9"><div id="xdx_C02_gRBRTB-PYFZH_zFaedFEePNjh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">losses caused by unanticipated market movement, which are potentially unlimited;</span></td> </tr></table></div></div> <div id="xdx_C0D_gRBRTB-EZJD_z8v0BU524X09"><div id="xdx_C03_gRBRTB-PYFZH_zRJOsM04Pl6i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Adviser’s inability to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors;</span></td> </tr></table></div></div> <div id="xdx_C05_gRBRTB-EZJD_zvQBkwr5w7ea"><div id="xdx_C05_gRBRTB-PYFZH_zF21y6qTGRn1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a counterparty will default in the performance of its obligations;</span></td> </tr></table></div></div> <div id="xdx_C08_gRBRTB-EZJD_z4cGmLSJYir8"><div id="xdx_C07_gRBRTB-PYFZH_zZ1HFUpLCGi6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that the Fund may have insufficient cash and have to sell securities from its portfolio to meet the daily variation margin requirements at a time when it may be disadvantageous to do so;</span></td> </tr></table></div></div> <div id="xdx_C02_gRBRTB-EZJD_zexlGAGvYDq1"><div id="xdx_C03_gRBRTB-PYFZH_zAKcFpiaSeU1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund or that rapid selling to avoid delivery may result in unfavorable execution prices; and</span></td> </tr></table></div></div> <div id="xdx_C07_gRBRTB-EZJD_zJTqWokLWnca"><div id="xdx_C0E_gRBRTB-PYFZH_zATkmFALR2Qi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">possible inefficiencies that are created by the need to “roll contracts” (i.e., sell out of a contract that is nearing delivery or settlement in favor of a contract with a delivery or settlement date that is further into the future).</span></td> </tr></table></div></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ziykDHcEbDm1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s control, including fluctuation in interest rates, the quality of the Fund’s investments, economic conditions and general market conditions. Certain market events could cause turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets, such as changes in government economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics or other public health issues, which may negatively affect many issuers domestically and around the world. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and rapidly and, therefore, adversely affect the Fund.</span></p><div id="xdx_C04_gRBRTB-PYFZH_zKU0Es1bGuwb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleAndManagementRiskMember_zXFaVCWniRJc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style and Management Risk.</b> The Adviser’s method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. The Fund’s sector rotation style may not be implemented successfully, negatively affecting the Fund’s performance. In addition, the Adviser may select investments that fail to appreciate as anticipated.</span></p><div id="xdx_C0C_gRBRTB-PYFZH_zMPIjwXSIg71"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z13Cefh6vDTb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk.</b> The Adviser’s investment decisions about individual securities impact the Fund’s ability to achieve its investment objective. The Adviser’s judgments about the attractiveness and potential returns for specific investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s investment strategy will produce the desired results.</span></p><div id="xdx_C07_gRBRTB-PYFZH_zvEz0Sef1K34"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zBHTkv52Ycqb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Debt Securities Risk.</b> The Fund may invest indirectly in corporate debt securities and U.S. Government obligations. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. A debt security’s credit quality depends on the issuer’s ability to pay interest on the security and repay the debt; the lower the credit rating, the greater the risk that the security’s issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security.</span></p><div id="xdx_C0E_gRBRTB-PYFZH_zD2wc1zDO3b9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_gRBRTB-UP_zibb247caeyf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The prices of equity securities in which the Fund invests indirectly through ETFs and other investment companies may fluctuate in response to many factors, including, but not limited to, the activities of the individual issuers, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses.</span></p><div id="xdx_C0A_gRBRTB-PYFZH_z1IYYg0qfkN1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapCompanyRiskMember_zjGd2kof0or2"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Large-Cap Company Risk.</i></b> Large-capitalization companies may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span></td> </tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_C0E_gRBRTB-PYFZH_zgGrHMJ4N4qb"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapCompanyRiskMember_zvv58RZ2vu1g"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Small-Cap and Mid-Cap Company Risk.</i></b> Investing in small- and mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. Small- and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources. Due to these and other factors, stocks of small- and mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile.</span></td> </tr></table></div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapCompanyRiskMember_zjGd2kof0or2"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Large-Cap Company Risk.</i></b> Large-capitalization companies may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-PYFZH_z3Av46OUyiG7"><div id="xdx_C02_gRBRTB-UP_z1v7A1GLmYs8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapCompanyRiskMember_zvv58RZ2vu1g"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Small-Cap and Mid-Cap Company Risk.</i></b> Investing in small- and mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. Small- and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources. Due to these and other factors, stocks of small- and mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile.</span></td> </tr></table></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsStructureRiskMember_gRBRTB-MJZ_zbVAdUjLR2c6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Structure Risk.</b> Investments in ETFs and other investment companies (e.g. open end and closed end mutual funds) subject the Fund to paying its proportionate share of fees and expenses from those investments. In other words, by investing in the Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses. The Adviser may be deemed to have a conflict of interest when determining whether to invest or maintain the Fund’s assets in affiliated underlying funds. The Adviser would seek to mitigate this conflict of interest, however, by undertaking to waive a portion of fees it receives from affiliated underlying funds on the Fund’s assets invested in those affiliated underlying funds. The Adviser may derive indirect benefits such as increased assets under management from investing Fund assets in an affiliated underlying fund, which benefits would not be present if investments were made in unaffiliated underlying funds.</span></p><div id="xdx_C0E_gRBRTB-PYFZH_zOQRPCDKcuc9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0A_gRBRTB-PYFZH_zbdKsTDo5IC8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition, under the Investment Company Act of 1940, as amended (the “1940 Act”), the Total Return Fund is subject to restrictions that may limit the amount of any particular ETF or other registered investment company that the Fund may own.</span></p></div> <div id="xdx_C0E_gRBRTB-PYFZH_zMjSNeJCS4H2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_gRBRTB-SQ_zhhwyrJcDHie"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>ETF Risk. </i></b>Investments in ETFs are subject to the risk that the market price of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Investments in ETFs are also subject to the following additional risks:</span></td> </tr></table></div><div id="xdx_C05_gRBRTB-PYFZH_zfgkZ62uOi19"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-SQ_zlYBnlKroyw4"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentLimitationRiskMember_zTAtwIzj6988"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investment Limitation Risk. </i></b><span style="font-weight: normal">Under the 1940 Act, the Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser considers optimal.</span></span></td> </tr></table></div></div><div id="xdx_C00_gRBRTB-PYFZH_zqZsXUw1YgK4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-SQ_zT8m6V42KZgg"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketValueRiskMember_zIpOfaBUrMIh"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market Value Risk. </i></b>The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF 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 an ETF trades at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Fund’s NAV is reduced for undervalued ETFs it holds, and that the Fund receives less than NAV when selling an ETF).</span></td> </tr></table></div></div><div id="xdx_C0D_gRBRTB-PYFZH_zbiLnyeJMUpc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-SQ_zSaQ6Rycmax5"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingRiskMember_z0eHQahai0b2"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Tracking Risk. </i></b>Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices 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. In addition, ETFs and mutual funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance.</span></td> </tr></table></div></div><div id="xdx_C03_gRBRTB-PYFZH_zFbIHI1iYSV9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zSDqf9G83T1c"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Sampling Risk. </i></b>Index-based ETFs and mutual fund’s may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index.</span></td> </tr></table></div><div id="xdx_C00_gRBRTB-PYFZH_zVG7C770Tyb2"><p id="xdx_A96_zFVB4jGVDgd1" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0E_gRBRTB-PYFZH_zN07aJL92xz9"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedincomeEtfRiskMember_gRBRTB-DQDKU_zKf26Oty5Krf"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Fixed-Income ETF Risk. </i></b>There are risks associated with the potential investment of the Fund’s assets in fixed-income ETFs, which may include credit risk, interest rate risk and maturity risk as described below:</span></td> </tr></table></div></div><div id="xdx_C0A_gRBRTB-PYFZH_zXFG1fReYfNf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C04_gRBRTB-DQDKU_zdhR0haw9Ei5"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zg0swS9kVT7g"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Credit Risk. </i></b>Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</span></td> </tr></table></div></div><div id="xdx_C04_gRBRTB-PYFZH_zNMyhDCPjvfb"><div id="xdx_C08_gRBRTB-DQDKU_zqb5JeA6HQ7k"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0F_gRBRTB-DQDKU_zGIAHpMGSO9l"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zocT875eYax4"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Interest Rate Risk. </i></b>The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed-income securities may fall because fixed-income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed-income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities.</span></td> </tr></table></div></div><p id="xdx_A9E_zG1ambjKkhf3" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to interest rate changes. When interest rates drop, not only can the value of fixed-income securities drop, but also the yield can drop, particularly where the yield is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than expected since the Fund prepaid must be reinvested at lower prevailing interest rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_zrw2aggBvgL6"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Maturity Risk.</i></b> Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</span></td> </tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_gRBRTB-SQ_zhhwyrJcDHie"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>ETF Risk. </i></b>Investments in ETFs are subject to the risk that the market price of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Investments in ETFs are also subject to the following additional risks:</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-MJZ_zDq9Cu3Nor19"><div id="xdx_C05_gRBRTB-PYFZH_zfgkZ62uOi19"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentLimitationRiskMember_zTAtwIzj6988"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investment Limitation Risk. </i></b><span style="font-weight: normal">Under the 1940 Act, the Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser considers optimal.</span></span></td> </tr></table></div><div id="xdx_C04_gRBRTB-MJZ_zq2hd0DYM7O3"><div id="xdx_C00_gRBRTB-PYFZH_zqZsXUw1YgK4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketValueRiskMember_zIpOfaBUrMIh"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market Value Risk. </i></b>The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF 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 an ETF trades at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Fund’s NAV is reduced for undervalued ETFs it holds, and that the Fund receives less than NAV when selling an ETF).</span></td> </tr></table></div><div id="xdx_C0F_gRBRTB-MJZ_zAElsUBe16Bi"><div id="xdx_C0D_gRBRTB-PYFZH_zbiLnyeJMUpc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingRiskMember_z0eHQahai0b2"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Tracking Risk. </i></b>Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices 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. In addition, ETFs and mutual funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance.</span></td> </tr></table></div><div id="xdx_C00_gRBRTB-MJZ_zbcQ2wTH3gZg"><div id="xdx_C03_gRBRTB-PYFZH_zFbIHI1iYSV9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0A_gRBRTB-PYFZH_zFWsxIAgSYP1"><div id="xdx_C09_gRBRTB-MJZ_zRoQSWJcChe5"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zSDqf9G83T1c"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Sampling Risk. </i></b>Index-based ETFs and mutual fund’s may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index.</span></td> </tr></table></div></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentLimitationRiskMember_zTAtwIzj6988"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investment Limitation Risk. </i></b><span style="font-weight: normal">Under the 1940 Act, the Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser considers optimal.</span></span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-SQ_zdsVFDp5ckwg"><div id="xdx_C04_gRBRTB-MJZ_zq2hd0DYM7O3"><div id="xdx_C00_gRBRTB-PYFZH_zqZsXUw1YgK4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketValueRiskMember_zIpOfaBUrMIh"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market Value Risk. </i></b>The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF 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 an ETF trades at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Fund’s NAV is reduced for undervalued ETFs it holds, and that the Fund receives less than NAV when selling an ETF).</span></td> </tr></table></div><div id="xdx_C06_gRBRTB-SQ_zxivhgWR1Ri9"><div id="xdx_C0F_gRBRTB-MJZ_zAElsUBe16Bi"><div id="xdx_C0D_gRBRTB-PYFZH_zbiLnyeJMUpc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingRiskMember_z0eHQahai0b2"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Tracking Risk. </i></b>Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices 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. In addition, ETFs and mutual funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance.</span></td> </tr></table></div><div id="xdx_C0C_gRBRTB-SQ_zT3DP5GpIuWk"><div id="xdx_C00_gRBRTB-MJZ_zbcQ2wTH3gZg"><div id="xdx_C03_gRBRTB-PYFZH_zFbIHI1iYSV9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zSDqf9G83T1c"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Sampling Risk. </i></b>Index-based ETFs and mutual fund’s may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index.</span></td> </tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedincomeEtfRiskMember_gRBRTB-DQDKU_zKf26Oty5Krf"> <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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Fixed-Income ETF Risk. </i></b>There are risks associated with the potential investment of the Fund’s assets in fixed-income ETFs, which may include credit risk, interest rate risk and maturity risk as described below:</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-MJZ_zcUAKwzaSCli"><div id="xdx_C0A_gRBRTB-PYFZH_zXFG1fReYfNf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zg0swS9kVT7g"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Credit Risk. </i></b>Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</span></td> </tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zocT875eYax4"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Interest Rate Risk. </i></b>The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed-income securities may fall because fixed-income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed-income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-PYFZH_z3c5fsstioh6"><div id="xdx_C00_gRBRTB-MJZ_z26e7jPPrjud"><p id="xdx_A9E_zG1ambjKkhf3" style="margin-top: 0; margin-bottom: 0"> </p></div></div><div id="xdx_C01_gRBRTB-PYFZH_zgHWdUHUqSZh"><div id="xdx_C04_gRBRTB-MJZ_zRsCUDBhhkUe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to interest rate changes. When interest rates drop, not only can the value of fixed-income securities drop, but also the yield can drop, particularly where the yield is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than expected since the Fund prepaid must be reinvested at lower prevailing interest rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk.</span></p></div></div><div id="xdx_C03_gRBRTB-PYFZH_zKx0DqmPnZ7k"><div id="xdx_C05_gRBRTB-MJZ_z19K7kgnoAhf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C06_gRBRTB-MJZ_zJxcopRgZlTh"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_zrw2aggBvgL6"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Maturity Risk.</i></b> Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</span></td> </tr></table></div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zg0swS9kVT7g"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Credit Risk. </i></b>Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-MJZ_zqYmfARrLVJ7"><div id="xdx_C04_gRBRTB-PYFZH_zNMyhDCPjvfb"><div id="xdx_C08_gRBRTB-DQDKU_zqb5JeA6HQ7k"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zocT875eYax4"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Interest Rate Risk. </i></b>The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed-income securities may fall because fixed-income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed-income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities.</span></td> </tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_zrw2aggBvgL6"> <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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Maturity Risk.</i></b> Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</span></td> </tr></table></div><div id="xdx_C0D_gRBRTB-PYFZH_zcGDCWD6RJF"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zxx3qoIAs3Va" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Portfolio Turnover Risk.</b> Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund’s performance and may result in the realization of capital gains, including net short-term capital gains, which must generally be distributed to shareholders. Therefore, high portfolio turnover may reduce the Fund’s returns and increase taxable distributions to shareholders.</span></p><div id="xdx_C0C_gRBRTB-PYFZH_zyTn3BPHTqre"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zIaLtOb386Fj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Quantitative Model Risk.</b> Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</span></p><div id="xdx_C05_gRBRTB-PYFZH_zSKHfrTmCOgf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortPositionRiskMember_z122j9he4Kd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Short Position Risk.</b> The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser’s ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> PERFORMANCE SUMMARY <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zuFe0GxMfSCk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zoG69a4NljS">Performance information is not provided below because the Fund has not yet been in operation for one full calendar year.</span> When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual returns compare with a broad measure of market performance. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zW7yRiwNz8gl">Past performance does not necessarily indicate how the Fund will perform in the future.</span> Performance information will be available after the Fund completes a full calendar year of operations. Updated performance information, current through the most recent month end, will be available by calling <span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zPgX7S6gsaLc">1-855-784-2399</span> or by visiting <span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20261113__20261113__dei--LegalEntityAxis__custom--S000110164Member_zml8Pr7pwzy9">www.q3allseasonfunds.com</span></span>.</span></p> Performance information is not provided below because the Fund has not yet been in operation for one full calendar year. Past performance does not necessarily indicate how the Fund will perform in the future. 1-855-784-2399 www.q3allseasonfunds.com “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2029, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Fund’s business;) to an amount not exceeding 1.99% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2029, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Total Return Fund if the Fund’s investment advisory agreement (the “Total Return Fund’s Advisory Agreement”) with the Adviser is terminated.