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Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) 0 0 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0008 0.0072 0.0006 0.0066 0.0001 0.0206 January 31, 2023 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: 201 621 1068 2306 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended September 30, 2021, the Fund’s portfolio turnover rate was 6% of the average value of its portfolio. 0.06 Principal Investment Strategies: In pursuing the Fund’s investment objective, the Adviser utilizes three strategies:(i) selecting individual equity securities, (ii) hedging that seeks to mitigate the downside risk of equities during unfavorable markets, and (iii) seeking to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. Equity Instruments Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts (“Equity Instruments”). The Fund may invest in or have exposure to domestic and foreign companies of any market capitalization or sector. The Adviser primarily selects long equity positions from companies in the S&P 500 index. Hedging When the Adviser believes it is warranted by unfavorable market conditions, the Adviser uses its dynamic hedging strategy model to seek to reduce the downside risks associated with the Fund’s exposure to Equity Instruments. Exposure to the hedging strategy is gained through selling short exchange-traded equity index futures contracts. The Fund expects to have net long exposure to equity markets. The Adviser uses the hedge strategy as an overlay to manage the Fund’s net exposure. The Adviser expects that the Fund’s exposure to equities will range from 40% to 100% net long. Tax Management The Adviser seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gain by minimizing the net gains available for distribution. As part of its tax aware strategy, the Adviser seeks to sell any security that has breached a predetermined loss level. Thus, it seeks to accumulate capital losses to partially offset any realized capital gains. This strategy, commonly known as tax-loss harvesting, is combined with the equity portfolio with the objective of creating favorable after-tax returns. However, the Fund’s portfolio may not contain any securities in a loss position. The Adviser may use an exchange-traded fund (“ETF”) as a temporary substitute for an individual Equity Instrument or group of Equity Instruments. Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts (“Equity Instruments”). Principal Investment Risks: As with all mutual funds, there is a risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance. <ul style="margin-top: 0in; list-style-type: disc"> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Equity Risk: The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund or underlying funds that invest in U.S. and/or foreign equity securities. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Foreign Investment Risk: Foreign investing (including through American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes different or greater risks than those associated with foreign developed countries.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Futures Risk: The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based. </li> </ul> <ul style="margin-top: 0in; list-style-type: disc"> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Hedging Risk: Investing for hedging purposes or to increase the Fund’s return may result in certain additional transaction costs that may reduce the Fund’s performance. When used for hedging purposes, no assurance can be given that each derivative position will achieve a perfect correlation with the security against which it is being hedged. </li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Issuer-Specific Risk: The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Large Cap Stock Risk: To the extent the Fund invests in large capitalization stocks, the Fund may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (long or short) may prove to be incorrect and may not produce the desired results.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Model Risk: Like any analysis, the Adviser’s investment model carries a risk that the model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the Adviser’s algorithmic model. No assurance can be given that the Fund will be successful under all or any market conditions.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Short Position Risk: The Fund will incur a potentially unlimited 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.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Small and Medium Capitalization Risk: The value of small or medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Tax Aware Investing Risk: The Adviser’s tax aware strategies may reduce shareholder taxable distributions but will not likely eliminate taxes. These strategies may require trade-offs that reduce pretax income. Managing the Fund to maximize after-tax returns may also potentially have a negative effect on the Fund’s performance. Because tax consequences are considered in managing the Fund, the Fund’s pre-tax performance may be lower than that of a similar fund that is not tax-managed.</li> <li style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0">Underlying Funds Risk: Investment companies, including ETFs and mutual funds, are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in investment companies and also may be higher than other mutual funds that invest directly in securities. Investment companies are subject to specific risks, depending on the nature of the fund.</li> </ul> As with all mutual funds, there is a risk that you could lose money through your investment in the Fund. Performance: <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zfNxhIVHQrz7">The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Fund over time to the performance of a broad-based market index and a supplemental index. <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_90C_err--PerformancePastDoesNotIndicateFuture_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_z5IdEmfPPbC1">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zgJHitI81dHe">www.persimmonfunds.com or by calling 1-855-233-8300. The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.persimmonfunds.com 1-855-233-8300 Class I Performance Bar Chart For Calendar Years Ended December 31 0.1040 0.0180 0.0267 -0.0479 0.1340 -0.0610 0.0527 0.0813 0.1467 <div id="xdx_A83_err--BarChartClosingTextBlock_zpyoHSB0y5A8"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_98A_err--HighestQuarterlyReturnLabel_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_z2uipzE7G0l5" style="border: black 1pt solid; width: 39%; text-align: center">Best Quarter:</td> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_98E_err--BarChartHighestQuarterlyReturnDate_dxH_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zW13ZC0Dkrdj" style="border-top: black 1pt solid; width: 31%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" title="::XDX::2020-06-30">6/30/2020</td> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_98F_err--BarChartHighestQuarterlyReturn_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_z8NmWuHGl7X5" style="border-top: black 1pt solid; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">7.81% </td></tr> <tr style="vertical-align: top"> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_98F_err--LowestQuarterlyReturnLabel_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_z4y3itN7WOkb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Worst Quarter:</td> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_987_err--BarChartLowestQuarterlyReturnDate_dxH_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zVytm2HV9gG" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" title="::XDX::2020-03-31">3/31/2020</td> <td class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_989_err--BarChartLowestQuarterlyReturn_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zSGUsUW7X9bj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">(9.70)% </td></tr> </table> Best Quarter: 0.0781 Worst Quarter: -0.0970 Performance Table Average Annual Total Returns (For periods ended December 31, 2021) 2012-12-31 2012-12-31 Return before taxes Return before taxes 0.1467 0.0681 0.0481 0.1467 0.0627 0.0430 0.0869 0.0525 0.0373 reflects no deduction for fees, expenses or taxes reflects no deduction for fees, expenses or taxes 0.2871 0.1847 0.1661 reflects no deduction for fees, expenses or taxes reflects no deduction for fees, expenses or taxes 0.1214 0.0528 0.0402 <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_90C_err--PerformanceTableUsesHighestFederalRate_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zP96UOxvEA2j">After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <span class="xdx_phnt_U3RhdGVtZW50IC0gUmlzay9SZXR1cm4gRGV0YWlsIERhdGEA" id="xdx_902_err--PerformanceTableNotRelevantToTaxDeferred_c20220125__20220125__dei--LegalEntityAxis__custom--S000039332Member_zmGTpkVQy3q4">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s adviser, Dakota Wealth Management, LLC, (the “Adviser”) has contractually agreed to waive management fees and to make payments to limit Fund expenses, at least until January 31, 2023, so that the total annual operating expenses (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) of the Fund do not exceed 1.99% of average daily net assets attributable to Class I shares. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund within three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recapture. This agreement may be terminated only by the Board of Trustees on 60 days’ written notice to the Adviser. Expense information has been restated to reflect current fees. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange traded funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index. HFRX Equity Hedge Index is a daily index of Long/Short Equity Hedge Fund Returns provided by Hedge Fund Research (hedgefundresearch.com). Index performance returns do not reflect any management fees, transaction costs or expenses. You cannot invest directly in an index.