As of 6/30/2023, the 1-year, 5-year, 10-year and since inception annualized total returns for the KL Allocation Fund Advisor Class were 2.37%, 1.06%, 3.62% and 4.98% and Institutional Class were 2.57%, 1.31%, 3.88% and 5.26%, respectively. The Morningstar Developed Markets Large-Mid Cap Index 1-year, 5-year, 10-year and since inception annualized total returns as of 6/30/2023 were 18.25%, 8.71%, 9.36% and 9.46%. Based upon the Fund’s current prospectus, the net and gross total operating expense of the fund are 1.53%/1.60% for the Advisor class and 1.28%/1.35% for the Institutional classes. The net annual expenses include the acquired fees and expenses but deducts the expense waivers being provided. The net annual expenses benefit from expense waivers that may not require reimbursement. The board of trustees intends to provide the waivers until 12/31/2023, subject to change. The inception date for the KL Allocation Fund is 9/30/10. Past performance is no guarantee of future results.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. Market performance does not represent the returns you would receive if you traded shares at other times. For the fund’s most recent performance please visit www.knowledgeleadersfunds.com. Performance may reflect fee waivers in effect; in their absence, the rate of return may have been lower.

Oakland A’s Coach Billy Beane’s genius was transforming professional baseball from a Winner’s Game, in which the actions of a few superstars dictated the outcome, to a Loser’s Game, where the team that made the fewest errors won. Legendary investor Charles Ellis has declared that active money management also has turned from a Winner’s Game to a Loser’s Game. Today, when over 90% of active managers are underperforming*, success may be as much about selling the wrong stocks as buying the right ones. In the KL Allocation Fund, we apply a Moneyball approach: seeking to outperform by making fewer mistakes than the overall market.

We first published “Moneyball Investing, Winning the Loser’s Game” in January 2018, and it quickly became our most popular white paper ever. The COVID-19 crisis of 2020 and its impacts on the markets remind us that years of accumulated investor capital can disappear in the blink of an eye. As such, we revisited our Moneyball analysis to explore how the philosophy stands up to new data. Download our updated white paper here: Moneyball Investing: Winning the Loser’s Game.

Past performance does not guarantee future results.

The KL Allocation Fund (GAVIX) had a lower correlation to the Morningstar DM Large-Mid Cap Index than the Morningstar Tactical Allocation category average over the trailing 10-year period.

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Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus or summary prospectus that contains this and other information about the Fund, is available by calling 888.998.9890 and should be read carefully.

The value of the securities held by the Fund will change due to general market and economic conditions and industry perceptions. Investments in non-US issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the Fund’s investments. The securities of mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. An investment in a fund that is less diversified across countries or geographic regions is generally riskier than an investment in a more geographically diversified fund.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.

The Fund’s primary performance benchmark is the Morningstar Developed Markets Large-Mid Cap Index. The index is a subset of large-cap and mid-cap stocks in the Morningstar Developed Markets Index, a broad market Index representing 97% of Developed Markets equity market capitalization.

The Fund’s secondary benchmark is the Morningstar US Treasury Bond Index, which measures the performance of fixed-rate, investment-grade USD-denominated Treasury bonds with maturities greater than one year. It is market-capitalization weighted.

US Fund Tactical Allocation is the Morningstar category average. Morningstar Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift during three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%.

Market Turbulence Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

The KL Allocation Fund is distributed by IMST Distributors, LLC.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Knowledge Leaders Funds are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Knowledge Leaders Funds or any member of the public regarding the advisability of investing in mutual funds or ETFs generally or in the Knowledge Leaders Funds in particular or the ability of the Knowledge Leaders Funds to track mutual fund or ETF market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE KNOWLEDGE LEADERS FUNDS OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS OMISSIONS, OR INTERRUPTIONS THEREIN.

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