Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-877-771-7979.

*The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.

**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus).

Index definitions

FTSE All-World ex US Index: A market cap weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. It consists of companies located in both developed markets and emerging markets. FTSE All-World High Dividend Yield Index: A subset of the FTSE All-World Index that is comprised of companies with higher-than-average dividend yields, excluding real estate investment trusts. ICE BofA US Broad Market Index: A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. ICE BofA US High Yield Index: Tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market. ICE BofA US Corporate & Government 1-3 Year Index: A subset of the ICE BofA U.S. Corporate & Government Index that tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities with a remaining term to final maturity less than 3 years. ICE BofA 2-12 Year Municipal Securities Index: A subset of the ICE BofA US Municipal Securities Index including all securities with a remaining term to final maturity less than 12 years. Russell 1000 Index: A market cap-weighted index that measures the performance of the large-cap segment of the US equity universe and includes approximately 1,000 of the largest US companies based on market capitalization. Russell 2000 Index: A market cap-weighted index that measures the small-cap segment of the US equity universe and includes approximately 2,000 of the smallest securities in the Russell 3000 Index based on market capitalization. Russell Mid Cap Index: A market cap-weighted index that measures the performance of the mid-cap segment of the US equity universe and includes approximately 800 of the smallest companies in the Russell 1000 Index based on market capitalization. S&P 500 Index: A market cap-weighted index that includes 500 of the largest US public companies and covers approximately 80% of available market capitalization.