0001020425 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member lgft:BloombergBarclaysUsAggregateBondIndexMember 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member lgft:BloombergBarclaysUsIntermediateCreditIndexMember 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member lgft:C000229355Member 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member lgft:C000229356Member 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member rr:AfterTaxesOnDistributionsAndSalesMember lgft:C000229356Member 2021-09-20 2021-09-20 0001020425 lgft:S000072812Member rr:AfterTaxesOnDistributionsMember lgft:C000229356Member 2021-09-20 2021-09-20 0001020425 lgft:S000072813Member 2021-09-20 2021-09-20 0001020425 lgft:S000072813Member lgft:C000229357Member 2021-09-20 2021-09-20 0001020425 lgft:S000072813Member rr:AfterTaxesOnDistributionsAndSalesMember lgft:C000229357Member 2021-09-20 2021-09-20 0001020425 lgft:S000072813Member rr:AfterTaxesOnDistributionsMember lgft:C000229357Member 2021-09-20 2021-09-20 0001020425 lgft:S000072813Member lgft:SgCtaIndexMember 2021-09-20 2021-09-20 0001020425 lgft:S000072814Member 2021-09-20 2021-09-20 0001020425 lgft:S000072814Member lgft:C000229358Member 2021-09-20 2021-09-20 0001020425 lgft:S000072814Member rr:AfterTaxesOnDistributionsAndSalesMember lgft:C000229358Member 2021-09-20 2021-09-20 0001020425 lgft:S000072814Member rr:AfterTaxesOnDistributionsMember lgft:C000229358Member 2021-09-20 2021-09-20 0001020425 lgft:S000072814Member lgft:HfrxEquityHedgeIndexMember 2021-09-20 2021-09-20 pure iso4217:USD 0001020425 false 485BPOS 2020-12-31 0.0184 0.2358 0.1125 0.0550 2021-09-17 N-1A LITMAN GREGORY FUNDS TRUST 2021-09-20 2021-09-20 iM DBi Managed Futures Strategy ETF Summary Section Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The iM DBi Managed Futures Strategy ETF (the “Fund”) seeks long-term capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0000 0 0.0085 “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> 87 271 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">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 shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, the Fund acquired the assets and assumed the liabilities of the iM DBi Managed Futures Strategy ETF, a series of Manager Directed Portfolios (the “Predecessor Fund”). Because amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less are excluded from the portfolio turnover calculation and these are the only types of instruments held by the Predecessor Fund, the Predecessor Fund did not report a portfolio turnover rate during the fiscal year ended December 31, 2020. </div> Principal Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by: (i) investing its assets pursuant to a managed futures strategy (described below); (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary (the “Subsidiary”), which is organized under the laws of the Cayman Islands, is advised by the Sub‑Advisor (as defined herein), and will comply with the Fund’s investment objective and investment policies; and (iii) investing directly in select debt instruments for cash management and other purposes.</div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund’s managed futures strategy employs long and short positions in derivatives, primarily futures contracts and forward contracts, across the broad asset classes of equities, fixed income, currencies and, through the Subsidiary, commodities. Fund positions in those contracts are determined based on a proprietary, quantitative model – the Dynamic Beta Engine – that seeks to identify the main drivers of performance by approximating the current asset allocation of a selected pool of the largest commodity trading advisor hedge funds (“CTA hedge funds”), which are hedge funds that use futures or forward contracts to achieve their investment objectives. The Dynamic Beta Engine analyzes recent (i.e., trailing 60‑day) performance of CTA hedge funds in order to identify a portfolio of liquid financial instruments that closely reflects the estimated current asset allocation of the selected pool of CTA hedge funds, with the goal of simulating the performance, but not the underlying positions, of those funds. Based on this analysis, the Fund will invest in an optimized portfolio of long and short positions in domestically-traded, liquid derivative contracts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Dynamic Beta Engine uses data sourced from (1) publicly available U.S. futures market data obtained and cross-checked through multiple common subscription pricing sources, and (2) public CTA hedge fund indexes obtained through common subscription services and cross-checked with publicly available index information. The Sub‑Advisor relies exclusively on the Dynamic Beta Engine and does not have discretion to override the model-determined asset allocation or portfolio weights. The Sub‑Advisor will periodically review whether instruments should be added to or removed from the model in order to improve the model’s efficiency. The model’s asset allocation is limited to asset classes that are traded on U.S.-based exchanges. Based on this analysis, the Fund will invest in an optimized portfolio of long and short positions in domestically-traded, liquid derivative contracts selected from a pool of the most liquid derivative contracts, as determined by the Sub‑Advisor. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Futures contracts and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre‑determined price in the future. The Fund takes long positions in derivative contracts that provide exposure to various asset classes, sectors and/or markets that the Fund expects to rise in value, and takes short positions in asset classes, sectors and/or markets that the Fund expects to fall in value. The Fund expects to limit its investments to highly-liquid, domestically-traded contracts that the Sub‑Advisor believes exhibit the highest correlation to what the Sub‑Advisor perceives to be the core positions of the target hedge funds. Such core positions are generally long and short positions in domestically-traded derivative contracts viewed as highly liquid by the Sub‑Advisor. Agreeing to buy the underlying instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund may have gross notional exposure, which is defined as the sum of the notional exposure of both long and short derivative positions across the Fund, that approximates the current asset allocation and matches the risk profile of a diversified pool of the largest CTAs. The Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and interpretations thereunder, impose certain limitations on the Fund’s ability to use leverage. Under normal market conditions, the Sub‑Advisor will seek to achieve Fund volatility of 8‑10% on an annual basis, which refers to the approximate maximum amount of expected gains or losses during a given year expressed as a percentage of value. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Sub‑Advisor will, in an effort to reduce certain risks (<span style="font-style:italic">e.g.,</span> volatility of returns), limit the Fund’s gross notional exposure on certain futures contracts whose returns are expected to be particularly volatile. In addition to these specific exposure limits, the Sub‑Advisor will use quantitative methods to assess the level of risk for the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund intends to gain exposure to commodities through its investments in the Subsidiary and may invest up to 20% of its total assets in the Subsidiary. Generally, the Subsidiary will invest primarily in commodity futures, but it may also invest in financial futures, fixed income securities, pooled investment vehicles, including those that are not registered with the SEC under the 1940 Act, and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivative instruments; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is the sole investor in the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">In addition to its use of futures and investment in the Subsidiary, the Fund expects, under normal circumstances, to invest a large portion of the portfolio in debt securities in order to collateralize its derivative investments, for liquidity purposes, or to enhance yield. The Fund may hold fixed income instruments of varying maturities, but that have an average duration of less than one year. In particular, the Fund may hold government money market instruments, such as U.S. Treasury securities and U.S. government agency discount notes and bonds with maturities of two years or less. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Since the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular investment or issuer than a diversified fund. </div> Principal Risks <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). The following risks could affect the value of your investment. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), total return and/or ability to meet its objective. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Managed Futures Strategy Risk</span>. <span style="font-weight:bold"/><span style="font-weight:bold"/>In seeking to achieve its investment objective, the Fund will utilize various investment strategies that involve the use of complex investment techniques, and there is no guarantee that these strategies will succeed. The use of such strategies and techniques may subject the Fund to greater volatility and loss. There can be no assurance that utilizing a certain approach or model will achieve a particular level of return or reduce volatility and loss. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk.</span> Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. There is an imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts. Futures contracts pose the risk of a possible lack of a liquid secondary market, resulting in the potential inability to close a futures contract when desired. Futures contracts are also subject to risks related to possible market disruptions or other extraordinary events, including but not limited to, governmental intervention, and potentially unlimited losses caused by unanticipated market movements. Futures contracts are subject to the possibility that the counterparties to the contracts will default in the performance of their obligations. If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its futures contracts, or close certain positions at a time when it may be disadvantageous to do so. The successful use of futures contracts draws upon the Sub‑Advisor’s skill and experience with respect to such instruments and is subject to special risk considerations. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;text-align:left;">The use of futures contracts, which are derivative instruments, will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. There is no assurance that the Fund’s investment in a futures contract with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">General Market Risk; Recent Market Events Risk.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;text-align:left;">U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID‑19) global pandemic, which has resulted in a public health crisis, business interruptions, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. The effects of COVID‑19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk.</span> Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. The primary types of derivatives in which the Fund or the Subsidiary invest are futures contracts and forward contracts. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund’s other investments. Although the value of futures contracts and forward contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts and forward contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts or forward contracts could have a potentially large impact on the </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and forward contracts. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Commodities Risk.</span> Exposure to the commodities markets (including financial futures markets) may subject the Fund, through its investment in the Subsidiary, to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies, public health crises and trade or price wars among commodity producers or buyers. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Securities Risk</span>. <span style="font-weight:bold"/><span style="font-weight:bold"/>The Fund may have exposure to equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Currency Risk.</span> The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk</span>. Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes<span style="font-weight:bold">.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">ETF Risks</span>. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-style:italic">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. </span>The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:15pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Cash Redemption Risk.</span><span style="font-weight:bold"> </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.<span style="font-style:italic"> </span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Shares May Trade at Prices Other Than NAV.</span> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Trading</span>.<span style="font-weight:bold"> </span>Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Leverage Risk</span>. Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund’s NAV. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> direct proportion to the degree of leverage employed. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Volatility is a statistical measurement of the variation of returns of a security or fund or index over time. Higher volatility generally indicates higher risk. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities and Fixed-Income Risk.</span> Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities are subject to credit risk and interest rate risk. Credit risk, as described more fully above, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk, as described more fully below, refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund’s returns and share price. In addition, the Fund may be subject to “call” risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates), and “extension” risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall). </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk.</span> Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub‑Advisor. The Fund may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund’s investment portfolio as a whole, as investors and markets adjust expected returns relative to such increasing rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Management Risk.</span> The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Models and Data Risk.</span> This is the risk that one or all of the proprietary systematic and quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Non‑Diversified Fund Risk.</span> Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Government Securities and Agency Risk.</span> Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; still others are supported only by the credit of the instrumentality. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk.</span> The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Short Position Risk.</span> 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 the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Subsidiary Risk.</span> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Forward Contracts Risk.</span> Forward contracts involve an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract as agreed by the parties in an amount and at a price set at the time of the contract. At the maturity of a forward contract, a fund may either accept or make delivery of the currency specified in the contract or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. The Fund may invest in non‑deliverable forwards, which are cash-settled, short-term forward contracts on foreign currencies that are non‑convertible and that may be </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> thinly traded or illiquid. The use of forward contracts involves various risks, including the risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. <span style="font-weight:bold"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Tax Risk.</span> The federal income tax treatment of the Fund’s income from the Subsidiary may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service (“IRS”) guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund’s investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund-level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9pt;vertical-align:top;text-align: left;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;text-align:left;">Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the Statement of Additional Information (“SAI”) and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund’s performance. </td> </tr> </table> As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). Non‑Diversified Fund Risk. Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”). The Fund assumed the performance and accounting history of the Predecessor Fund on the date of the Reorganization. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund from year to year. The table below shows how the Predecessor Fund’s average annual total returns for the 1‑year and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.partnerselectfunds.com. </div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund from year to year. The table below shows how the Predecessor Fund’s average annual total returns for the 1‑year and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.partnerselectfunds.com Predecessor Fund Calendar Year Total Return as of December 31  During the period shown above, the highest and lowest quarterly returns earned by the Predecessor Fund were:Highest:4.74%Quarter ended December 31, 2020Lowest:‑3.29%Quarter ended June 30, 2020 Highest: 0.0474 2020-12-31 Lowest: -0.0329 2020-06-30 Average Annual Total Returns (for the periods ended December 31, 2020) 2019-05-07 2019-05-07 2019-05-07 2019-05-07 0.0184 0.0756 0.0157 0.0566 0.0117 0.0533 0.0343 0.0360 <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. </div> The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iM DBi Hedge Strategy ETF Summary Section Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The iM DBi Hedge Strategy ETF (the “Fund”) seeks long-term capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0000 0 0.0085 “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> 87 271 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">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 shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, the Fund acquired the assets and assumed the liabilities of the iM DBi Hedge Strategy ETF, a series of Manager Directed Portfolios (the “Predecessor Fund”). Because amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less are excluded from the portfolio turnover calculation and these are the only types of instruments held by the Predecessor Fund, the Predecessor Fund did not report a portfolio turnover rate during the fiscal year ended December 31, 2020. </div> Principal Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by: (i) investing its assets pursuant to an equity hedge strategy (described below); and (ii) allocating the remainder of its assets directly in a portfolio of investment grade debt securities to collateralize its derivatives investments, for liquidity purposes, or to enhance yield. The Fund seeks to model its investments after long/short equity hedge fund strategies and does not invest in hedge funds. Because the Fund is not a hedge fund, the Fund will be limited in its ability to fully replicate hedge fund strategies due to regulatory requirements, including limitations on leverage and liquidity of the Fund’s investments. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund invests in long and short positions in exchange-traded futures contracts across the broad asset classes of equities, fixed income, and currencies. The long and short positions in the futures contracts are determined by the Fund’s sub‑adviser, Dynamic Beta investments (“DBi” or the “Sub‑Advisor”), using a proprietary, quantitative model – the Dynamic Beta Engine. The Dynamic Beta Engine is designed to identify the main drivers of performance of a diversified portfolio of the largest long/short equity hedge funds, which are hedge funds that employ fundamental analysis to buy or sell short individual equity securities to achieve their respective investment objectives (“Equity Hedge funds”). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Equity Hedge funds typically diversify their risks by limiting the hedge fund’s net exposure to certain industries, regions, or market capitalizations, which allows them to focus on company-specific characteristics. Equity Hedge funds often hedge against the returns of the overall market. The Fund will not necessarily use its long and short positions to reduce risk by taking offsetting positions. The Fund may take uncorrelated positions (<span style="font-style:italic">e.g.</span>, invest in long and short futures contracts with values that do not historically exhibit a strong relationship to each other), which may increase the Fund’s overall market exposure and risk. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">DBi has conducted extensive research into the drivers of performance of hedge funds and believes that individual security selection by the target Equity Hedge funds can deliver market outperformance over time through shifts in asset allocation among major equity markets. For example, if fundamentally-driven hedge fund managers collectively determine that stocks in emerging markets are more attractive than those in developed markets, the Dynamic Beta Engine can identify this and shift asset allocation exposures accordingly. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Based on this model, the Fund will invest in an optimized portfolio of long and short positions in U.S. exchange-traded futures contracts, as determined by the Sub‑Advisor. This process is repeated monthly, with all positions rebalanced at that time. The Dynamic Beta Engine analyzes recent historical performance of a diversified pool of the largest Equity Hedge funds in order to estimate the current asset allocation of a selected pool of Equity Hedge funds. The Sub‑Advisor relies exclusively on the model and does not have discretion to override the model-determined asset allocation or portfolio weights. Investing in a limited number of highly liquid futures contracts and monthly rebalancing is expected to keep transaction costs low relative to Equity Hedge funds. The model seeks to replicate Equity Hedge funds by analyzing historical returns of Equity Hedge funds provided by a third-party data provider and identifying futures contracts that most closely reflect the Equity Hedge funds’ estimated current exposures across the various asset classes. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Futures contracts are contractual agreements to buy or sell a particular equity index, currency, or financial instrument at a pre‑determined price in the future. The Fund will invest in a limited number of highly-liquid futures contracts (including futures contracts on underlying instruments such as listed U.S. equity indices, baskets of currency, and U.S. treasury securities) that the Sub‑Advisor believes exhibit the highest correlation to what the Sub‑Advisor perceives to be the core positions of the target Equity Hedge funds, which are generally long and short positions of individual equity securities. The Fund will take long and short positions in U.S. exchange-traded derivative contracts viewed as highly liquid by the Sub‑Advisor. Agreeing to buy the underlying instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Sub‑Advisor will use quantitative methods to assess the level of risk for the Fund. The Fund may invest in derivative contracts that have an aggregate notional value that is greater than the Fund’s total assets. The notional value of a derivatives contract is the market value of the asset underlying the derivatives contract. Aggregate notional value is the sum of the notional values of the Fund’s derivatives contracts. The Fund’s aggregate notional value is intended to approximate the current risk profile of a diversified pool of the largest Equity Hedge funds. The Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and interpretations thereunder, impose certain limitations on the Fund’s ability to use leverage, which is inherent in the futures positions held by the Fund. Volatility is a statistical measure of the frequency and level of changes in the Fund’s returns over time without regard to the direction of those changes. Higher volatility generally indicates higher risk. Under normal market conditions, the Sub‑Advisor will seek to achieve Fund volatility of 8‑10% on an annual basis, which refers to the approximate maximum amount of expected gains or losses during a given year expressed as a percentage of value. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund expects, under normal circumstances, to invest a large portion of the portfolio in investment grade debt securities in order to collateralize the Fund’s derivative investments, for liquidity purposes, or to enhance yield. The Fund may hold fixed </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> income instruments of varying maturities, but that have an average duration of less than one year. In particular, the Fund may hold government money market instruments, such as U.S. Treasury securities and U.S. government agency discount notes and bonds with maturities of two years or less. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Because the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular investment or issuer than a diversified fund. </div> Principal Risks <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). The following risks could affect the value of your investment. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), total return and/or ability to meet its objective. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Hedge Strategy Risk.</span> The Fund uses various investment strategies that seek to identify the main drivers of performance of a diversified portfolio of the largest long/short equity hedge funds. These investment strategies involve the use of complex derivatives techniques, and there is no guarantee that these strategies will succeed. The use of such strategies and techniques may subject the Fund to greater volatility and loss than investing in individual equity securities. There can be no assurance that utilizing a certain approach or model will achieve a particular level of return or reduce volatility and loss. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Futures Contracts Risk.</span> Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. There is an imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts. Futures contracts pose the risk of a possible lack of a liquid secondary market, resulting in the potential inability to close a futures contract when desired. Futures contracts are also subject to risks related to possible market disruptions or other extraordinary events, including but not limited to, governmental intervention, and potentially unlimited losses caused by unanticipated market movements. Futures contracts are subject to the possibility that the counterparties to the contracts will default in the performance of their obligations. If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its futures contracts, or close certain positions at a time when it may be disadvantageous to do so. The successful use of futures contracts draws upon the Sub‑Advisor’s skill and experience with respect to such instruments and is subject to special risk considerations. </td> </tr> </table><div style="margin-top:3pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The use of futures contracts, which are derivative instruments, will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. There is no assurance that the Fund’s investment in a futures contract with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">General Market Risk; Recent Market Events Risk.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment. </td> </tr> </table><div style="margin-top:3pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID‑19) global pandemic, which has resulted in a public health crisis, business interruptions, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. The effects of COVID‑19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Long Short Risk. </span>The Fund seeks long exposure to certain factors and short exposure to certain other factors.<span style="font-weight:bold"> </span>The Fund may or may not take long or short positions in correlated asset classes.<span style="font-weight:bold"> </span>The Fund could lose money if either or both of the Fund’s long and short positions produce negative returns. The Dynamic Beta Engine may or may not identify long and short positions in correlated asset classes. There is no guarantee that the returns of the Fund’s long and short positions will produce positive returns. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Short Sales Risk.</span> The Fund may take a short position in a derivative instrument, such as a future, forward, swap or security. The Fund will lose value if the underlying security that is the subject of a short sale increases in value. A short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Derivatives Risk.</span> Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts, swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. The primary type of derivatives in which the Fund invests </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> is futures contracts. As discussed above, futures contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund’s other investments. Although the value of futures contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Equity Risk</span>. <span style="font-weight:bold"/><span style="font-weight:bold"/>Through the Fund’s use of derivatives, the Fund may have exposure to equity securities and/or broad-based equity indices. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Credit Risk. </span>Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes<span style="font-weight:bold">.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Currency Risk.</span> The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">ETF Risks</span>. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-style:italic">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. </span>The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:15pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> their business activities and no other entities step forward to perform their functions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Cash Redemption Risk.</span><span style="font-weight:bold"> </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.<span style="font-style:italic"> </span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Shares May Trade at Prices Other Than NAV.</span> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Trading</span>.<span style="font-weight:bold"> </span>Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Debt Securities and Fixed-Income Risk.</span> Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities are subject to credit risk and interest rate risk. Credit risk, as described more fully above, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk, as described more fully below, refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund’s returns and share price. In addition, the Fund may be subject to “call” risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund’s income if the proceeds are reinvested at </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> lower interest rates), and “extension” risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Interest Rate Risk.</span> Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub‑Advisor. The Fund may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund’s investment portfolio as a whole, as investors and markets adjust expected returns relative to such increasing rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Management Risk.</span> The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Models and Data Risk.</span> This is the risk that one or all of the proprietary systematic and quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Non‑Diversified Fund Risk.</span> Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Government Securities and Agency Risk.</span> Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; still others are supported only by the credit of the instrumentality. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Liquidity Risk.</span> The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Short Position Risk.</span> The Fund will incur a loss as a result of a short position if the price of the short position instrument </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;">increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or that could adversely impact the Fund’s performance. </td> </tr> </table> As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). Non‑Diversified Fund Risk. Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”). The Fund assumed the performance and accounting history of the Predecessor Fund on the date of the Reorganization. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund from year to year. The table below shows how the Predecessor Fund’s average annual total returns for the 1‑year and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.partnerselectfunds.com. </div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund from year to year. The table below shows how the Predecessor Fund’s average annual total returns for the 1‑year and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.partnerselectfunds.com Predecessor Fund Calendar Year Total Return as of December 31  During the period shown above, the highest and lowest quarterly returns earned by the Predecessor Fund were:Highest:15.50%Quarter ended December 31, 2020Lowest:‑11.80%March 31, 2020 Highest: 0.1550 2020-12-31 Lowest: -0.1180 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2020) 2019-12-17 2019-12-17 2019-12-17 2019-12-17 0.2358 0.2263 0.2353 0.2258 0.1395 0.1723 0.0460 0.0498 <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. </div> The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iM Dolan McEniry Corporate Bond Fund Summary Section Investment Objective The iM Dolan McEniry Corporate Bond Fund (the “Fund”) seeks to provide investors with total return, with a secondary investment objective of preserving capital. Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0 0.0025 0 0.0010 0.0064 0.0069 0.0114 0.0154 -0.0044 -0.0049 0.0070 0.0105 “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The cost for the Fund reflects the net expenses of the Fund that result from the </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 72 319 107 438 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">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 shares of the Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, the Fund acquired the assets and assumed the liabilities of the iM Dolan McEniry Corporate Bond Fund, a series of Manager Directed Portfolios (the “Predecessor Fund”). During the fiscal year ended December 31, 2020, the Predecessor Fund’s portfolio turnover rate was 40% of the average value of its portfolio. </div> 0.40 Principal Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund invests in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. All securities will be U.S. dollar denominated, although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in corporate bonds. In addition to investments in corporate bonds issued by U.S. issuers, the Fund may invest in corporate bonds issued by foreign corporations. With respect to the Fund’s net assets allocated to investments in corporate bonds, the Fund invests approximately 75% in corporate bonds that are determined by the Fund’s sub‑advisor, Dolan McEniry Capital Management LLC (the “Sub‑Advisor”), to be investment grade, and approximately 25% in high yield bonds (also known as “junk bonds”). The Fund’s investments in investment grade corporate bonds will be rated investment grade (BBB‑ by Standard &amp; Poor’s or equivalent) by at least one major credit rating agency identified as a nationally recognized statistical rating organization (“NRSRO”), or if unrated, determined to be of comparable quality by the Sub‑Advisor. The Fund may invest up to 20% of its net assets in U.S. Government and Treasury securities. The Fund will not make any change in its investment policy of investing at least 80% of its net assets in corporate bonds without first providing shareholders with at least 60 days’ prior written notice. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Sub‑Advisor anticipates that the Fund’s duration will reflect that of the Bloomberg Barclays U.S. Intermediate Credit Index, plus or minus 50%. For example, if the duration of the Bloomberg </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> Barclays U.S. Intermediate Credit Index is 5 years, the Fund’s duration may be 2.5–7.5 years. As of March 31, 2021, the duration of the Bloomberg Barclays U.S. Intermediate Credit Index was 4.48 years. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes in a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of five years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund’s investment universe consists of corporate investment grade bonds, high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. When making decisions to buy or sell an investment for the Fund, the Sub‑Advisor utilizes bottom-up investment analysis which focuses on credit analysis and selection of undervalued bonds. The Sub-Advisor analyzes companies’ financial statements and creates financial models to assess trends in revenue, margins, earnings, cash earnings, investments in working capital and fixed assets, debt levels and cash balances, and other items, ranking each company by risk and return. The Sub-Advisor then applies qualitative diligence reviews of each company, taking into consideration pricing, liquidity, event risk and duration to select specific investments for the Fund’s portfolio. The Sub‑Advisor’s investment process is designed to identify undervalued corporate bonds – those that trade at wide spreads to U.S. Treasury securities yet are issued by companies that, in the Sub-Advisor’s assessment, generate sufficient cash flow to meet their debt obligations. The Sub‑Advisor ranks securities with equal weighting given to risk (cash flow coverage of debt obligations) and return (spread to U.S. Treasuries). The process identifies what the Sub‑Advisor deems to be the most undervalued bonds. The Sub‑Advisor will consider selling a security if the company’s fundamentals deteriorate to an unacceptable degree according to the Sub‑Advisor’s free cash flow credit analysis; the security has appreciated in price to a level that makes it no longer attractive in the Sub‑Advisor’s ranking system; or if the Sub‑Advisor identifies a more attractive investment opportunity. </div> Principal Risks <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). The following risks could affect the value of your investment. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), total return and/or ability to meet its objective. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">General Market Risk; Recent Market Events.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment. </div> </td> </tr> </table><div style="margin-top:3pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID‑19) global pandemic, which has resulted in a public health crisis, business interruptions, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. The effects of COVID‑19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Management Risk. </span>Investment strategies employed by the Sub‑Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Fixed Income Securities Risk</span>.<span style="font-weight:bold"> </span>Interest rates may go up resulting in a decrease in value of the securities held by the Fund. Fixed income securities held by the Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Credit Risk</span>. Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Interest Rate Risk</span>. Interest rates may go up resulting in a decrease in the value of the securities held by the Fund. Interest rates have been historically low, so the Fund faces a heightened risk that interest rates may rise. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Call Risk</span>. During periods of declining interest rates, a bond issuer may “call” or repay its high yielding bonds before their maturity dates. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align: left;"><span style="font-family:arial"><sup style="font-size:85%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-style:italic">Liquidity Risk</span>. Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and the Fund may experience some difficulty in closing out positions in these securities at prevailing market prices. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">High-Yield Fixed Income Securities Risk</span>.<span style="font-weight:bold"/> The fixed income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="text-align: left;width:6.75pt;vertical-align:top;color:#000000;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;">are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Prepayment and Extension Risk</span>. In times of declining interest rates, the Fund’s higher yielding securities will be prepaid, and the Fund will have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase the Fund’s sensitivity to rising rates and its potential for price declines. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">U.S. Government and U.S. Agency Obligations Risk.</span> Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support. Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality. No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law. Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the NAV or performance of the Fund, which will vary with changes in interest rates, the Sub‑Advisor’s performance and other market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Foreign Securities and Currency Risk</span>. <span style="font-weight:bold"/><span style="font-weight:bold"/>Foreign securities held by the Fund are subject to risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. Income earned on foreign securities may be subject to foreign withholding taxes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align: left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"><span style="font-weight:bold">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </td> </tr> </table> As with all mutual funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Simultaneous with the Fund’s commencement of operation, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”). The Fund assumed the performance and accounting history of the Predecessor Fund on the date of the Reorganization. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund’s Institutional Class shares from year to year. The table below shows how the Predecessor Fund’s average annual total returns of the Institutional Class for the 1‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.partnerselectfunds.com. </div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Predecessor Fund’s Institutional Class shares from year to year. The table below shows how the Predecessor Fund’s average annual total returns of the Institutional Class for the 1‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.partnerselectfunds.com Predecessor Fund Calendar Year Total Return as of December 31 Institutional Shares* During the period shown above, the highest and lowest quarterly returns earned by the Predecessor Fund were:Highest:7.70%Quarter ended June 30, 2020Lowest:‑5.56%Quarter ended March 31, 2020 Highest: 0.0770 2020-06-30 Lowest: -0.0556 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2020) 2019-05-17 2019-05-17 2019-05-17 2019-05-17 2019-05-17 2019-05-17 0.0550 0.0698 0.0446 0.0575 0.0325 0.0482 0.0513 0.0667 0.0708 0.0767 0.0751 0.0793 The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirementaccount, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. The Predecessor Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirementaccount, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. Returns of the Institutional Class and Investor Class are those of the Institutional Class and Advisor Class of the Predecessor Fund, respectively. “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Pursuant to a contractual operating expense limitation between Litman Gregory and the Fund, Litman Gregory has agreed to limit Total Annual Fund Operating Expenses (excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and any distribution fees and expenses paid by the Fund under a Rule 12b‑Plan) to 0.85% of the Fund’s average daily net assets for at least one year from the effective date of the Trust’s registration statement with respect to the Fund. This agreement may be renewed for additional periods of one (1) year and may be terminated by the Board upon sixty (60) days’ written notice to Litman Gregory. Litman Gregory may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Any fee waiver or expense reimbursement made by Litman Gregory pursuant to this agreement is subject to the repayment by the Fund only within three (3) years of the date such amounts were waived or reimbursed, provided that the repayment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of repayment, and the repayment is approved by the Board. “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Pursuant to a contractual operating expense limitation between Litman Gregory Fund Advisors, LLC (“Litman Gregory” or the “Advisor”), the advisor to the Fund, and the Fund, Litman Gregory has agreed to limit Total Annual Fund Operating Expenses (excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and any distribution fees and expenses paid by the Fund under a Rule 12b‑ Plan) to 0.85% of the Fund’s average daily net assets for at least one year from the effective date of the Trust’s registration statement with respect to the Fund. This agreement may be renewed for additional periods of one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to Litman Gregory. Litman Gregory may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Any fee waiver or expense reimbursement made by Litman Gregory pursuant to this agreement is subject to the repayment by the Fund only within three (3) years of the date such amounts were waived or reimbursed, provided that the repayment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of repayment, and the repayment is approved by the Board. “Other Expenses” have been estimated for the current fiscal year. Actual expenses may be different. Pursuant to a contractual operating expense limitation between Litman Gregory Fund Advisors, LLC (“Litman Gregory” or the “Advisor”), the advisor to the Fund, and the Fund, Litman Gregory has agreed to waive its management fees and/or reimburse the Fund’s to ensure that the Total Annual Fund Operating Expenses (excluding any front‑end or contingent deferred loads, Rule 12b‑1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation (collectively, “Excludable Expenses”)) do not exceed 0.70% of the Fund’s average daily net assets for at least one year from the effective date of the Trust’s registration statement with respect to the Fund. To the extent the Fund incurs Excludable Expenses, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will exceed 0.70%. This agreement may be renewed for additional periods of one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to Litman Gregory. Litman Gregory may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Litman Gregory may request recoupment of previously waived fees and paid expenses from the Fund for up to three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.