Funds.LeutholdGroup

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. An investment in the funds involves risk, including possible loss of principal. The Prospectus contains this and other information about the Fund. For a current Prospectus, call toll-free 1-800-273-6886. Please read the Prospectus carefully before you invest. Investing involves risk, including the possibility of loss of principal.

Risks of Investing in the Fund

As disclosed in the prospectus, the risks of investing in the Fund include, but are not limited to, interest rate risk, market risk, short sale risk, high portfolio turnover risk, currency risk, foreign securities risk, emerging markets risk, foreign securities risk, asset allocation risk, and quantitative investment approach risk. Investing in foreign securities presents risks that may be greater than U.S. securities. These risks include, but are not limited to, currency rate fluctuations, regulatory differences, accounting standards, higher trading costs, and political risks. Please read the prospectus carefully before you invest (1-800-273-6886).

Short-Selling Risk: Short-sales involve selling a security in anticipation that the price will decline. Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls.

Rising Stock Market Risk: In rising markets the risk of loss will be greater than in declining markets. Over time the stock market has risen more often than it has declined.

High Portfolio Turnover Risk: Annual turnover rate may exceed 100%, resulting in more transaction costs such as brokerage commission, mark-ups, or mark-downs. High turnover may also result in increased taxes on realized gains.

Distributor: Quasar Distributors, LLC

Index Definitions

S&P MidCap is a capitalization-weighted index measuring the performance of the mid-range sector of the U.S. stock market. S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy. Lipper Dedicated Short Bias, introduced in July 2003, consists of funds with a net short exposure to the market. These are indexes only and cannot be invested in directly. Performance return figures are historical and reflect the change in share price, reinvested distributions, change in net asset value, and capital gains distributions, if any.

S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy. Lipper Flexible Fund is composed of funds that allocate investments across various asset classes, with a focus on total return. These are indexes only and cannot be invested in directly. Performance return figures are historical and reflect the change in share price, reinvested distributions, change in net asset value, and capital gains distributions, if any.

The Lipper Dedicated Short-Bias Index and S&P 400 Midcap Index and S&P 500 are indexes only and cannot be invested in directly. Fund performance return figures are historical and reflect the change in share price, reinvested distributions, change in net asset value, and capital gains distributions, if any.

*Expense Ratio Disclosure

Per the Prospectus dated 1/28/25, the annual net operating expense excluding acquired fund fees and dividends on short positions was 1.80%; the annual gross operating expense, including acquired fund fees and dividends on short positions was 3.04%.

**Alpha Definition

Alpha is a measure of the active return on an investment, the performance of that investment compared with a suitable market index.

DOFU: 04/17/2025