# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-23-001272
**Filing Date:** 2023-3
**Character Count:** 2100957
**Document Hash:** 066281f79865a3a19ae4219111250f1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001272.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001580642-23-001272

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-180308
- **FILM NUMBER:** 23708688

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Quality AllCap Fund (Series ID: S000072658)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Westwood Quality AllCap Fund Ultra Shares         | WQAUX         | C000229074 |
| Westwood Quality AllCap Fund Institutional Shares | WQAIX         | C000229075 |

---

### Westwood SmallCap Growth Fund (Series ID: S000072659)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| Westwood SmallCap Growth Fund Institutional Shares | WSCIX         | C000229076 |

---

### Westwood Alternative Income Fund (Series ID: S000072839)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                            | Ticker Symbol | Class ID   |
| Westwood Alternative Income Fund Ultra Shares         | WMNUX         | C000229465 |
| Westwood Alternative Income Fund Institutional Shares | WMNIX         | C000229466 |
| Westwood Alternative Income Fund A Class Shares       | WMNAX         | C000229467 |
| Westwood Alternative Income Fund C Class Shares       | WWACX         | C000229468 |

---

### Westwood High Income Fund (Series ID: S000072840)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                     | Ticker Symbol | Class ID   |
| Westwood High Income Fund Institutional Shares | WHGHX         | C000229469 |
| Westwood High Income Fund A Class Shares       | WSDAX         | C000229470 |
| Westwood High Income Fund C Class Shares       | WWHCX         | C000229471 |

---

### Westwood Income Opportunity Fund (Series ID: S000072841)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                            | Ticker Symbol | Class ID   |
| Westwood Income Opportunity Fund C Class Shares       | WWICX         | C000229472 |
| Westwood Income Opportunity Fund Institutional Shares | WHGIX         | C000229473 |
| Westwood Income Opportunity Fund A Class Shares       | WWIAX         | C000229474 |
| Westwood Income Opportunity Fund Ultra Shares         | WHGOX         | C000240107 |

---

### Westwood Quality SmallCap Fund (Series ID: S000072842)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                          | Ticker Symbol | Class ID   |
| Westwood Quality SmallCap Fund A Class Shares       | WHGAX         | C000229475 |
| Westwood Quality SmallCap Fund Institutional Shares | WHGSX         | C000229476 |
| Westwood Quality SmallCap Fund Ultra Shares         | WWSYX         | C000229477 |
| Westwood Quality SmallCap Fund C Class Shares       | WHGCX         | C000229478 |

---

### Westwood Quality Smidcap Fund (Series ID: S000072843)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| Westwood Quality Smidcap Fund Ultra Shares         | WWSMX         | C000229479 |
| Westwood Quality Smidcap Fund Institutional Shares | WHGMX         | C000229480 |

---

### Westwood Quality Value Fund (Series ID: S000072844)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                       | Ticker Symbol | Class ID   |
| Westwood Quality Value Fund A Class Shares       | WWLAX         | C000229481 |
| Westwood Quality Value Fund C Class Shares       | WWLCX         | C000229482 |
| Westwood Quality Value Fund Institutional Shares | WHGLX         | C000229483 |
| Westwood Quality Value Fund Ultra Shares         | WHGQX         | C000240108 |

---

### Westwood Total Return Fund (Series ID: S000072845)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| Westwood Total Return Fund C Class Shares       | WTOCX         | C000229484 |
| Westwood Total Return Fund A Class Shares       | WWTAX         | C000229485 |
| Westwood Total Return Fund Institutional Shares | WLVIX         | C000229486 |

---

### WESTWOOD QUALITY MIDCAP FUND (Series ID: S000074487)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| WESTWOOD QUALITY MIDCAP FUND INSTITUTIONAL SHARES | WWMCX         | C000232438 |

---

## Series and Classes Contracts Data

### Westwood Quality AllCap Fund (Series ID: S000072658)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000229074 | Westwood Quality AllCap Fund Ultra Shares         | WQAUX           |
| C000229075 | Westwood Quality AllCap Fund Institutional Shares | WQAIX           |

### Westwood SmallCap Growth Fund (Series ID: S000072659)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000229076 | Westwood SmallCap Growth Fund Institutional Shares | WSCIX           |

### Westwood Alternative Income Fund (Series ID: S000072839)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |
| C000229468 | Westwood Alternative Income Fund C Class Shares       | WWACX           |

### Westwood High Income Fund (Series ID: S000072840)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood High Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood High Income Fund A Class Shares       | WSDAX           |
| C000229471 | Westwood High Income Fund C Class Shares       | WWHCX           |

### Westwood Income Opportunity Fund (Series ID: S000072841)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229472 | Westwood Income Opportunity Fund C Class Shares       | WWICX           |
| C000229473 | Westwood Income Opportunity Fund Institutional Shares | WHGIX           |
| C000229474 | Westwood Income Opportunity Fund A Class Shares       | WWIAX           |
| C000240107 | Westwood Income Opportunity Fund Ultra Shares         | WHGOX           |

### Westwood Quality SmallCap Fund (Series ID: S000072842)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000229475 | Westwood Quality SmallCap Fund A Class Shares       | WHGAX           |
| C000229476 | Westwood Quality SmallCap Fund Institutional Shares | WHGSX           |
| C000229477 | Westwood Quality SmallCap Fund Ultra Shares         | WWSYX           |
| C000229478 | Westwood Quality SmallCap Fund C Class Shares       | WHGCX           |

### Westwood Quality Smidcap Fund (Series ID: S000072843)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000229479 | Westwood Quality Smidcap Fund Ultra Shares         | WWSMX           |
| C000229480 | Westwood Quality Smidcap Fund Institutional Shares | WHGMX           |

### Westwood Quality Value Fund (Series ID: S000072844)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000229481 | Westwood Quality Value Fund A Class Shares       | WWLAX           |
| C000229482 | Westwood Quality Value Fund C Class Shares       | WWLCX           |
| C000229483 | Westwood Quality Value Fund Institutional Shares | WHGLX           |
| C000240108 | Westwood Quality Value Fund Ultra Shares         | WHGQX           |

### Westwood Total Return Fund (Series ID: S000072845)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000229484 | Westwood Total Return Fund C Class Shares       | WTOCX           |
| C000229485 | Westwood Total Return Fund A Class Shares       | WWTAX           |
| C000229486 | Westwood Total Return Fund Institutional Shares | WLVIX           |

### WESTWOOD QUALITY MIDCAP FUND (Series ID: S000074487)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232438 | WESTWOOD QUALITY MIDCAP FUND INSTITUTIONAL SHARES | WWMCX           |

**WESTWOOD FUNDS**

**PROSPECTUS**

**February 28, 2023**

**WESTWOOD QUALITY VALUE FUND**

**TICKER SYMBOL: WWLAX**

**WESTWOOD QUALITY SMALLCAP FUND**

**TICKER SYMBOL: WHGAX**

**WESTWOOD TOTAL RETURN FUND**

**TICKER SYMBOL: WWTAX**

**WESTWOOD INCOME OPPORTUNITY FUND**

**TICKER SYMBOL: WWIAX**

**WESTWOOD HIGH INCOME FUND**

**TICKER SYMBOL: WSDAX**

**WESTWOOD ALTERNATIVE INCOME FUND**

**TICKER SYMBOL: WMNAX**

**A CLASS SHARES**

**INVESTMENT ADVISER:**

**WESTWOOD MANAGEMENT CORP.**

**The U.S. Securities and Exchange Commission has not approved or disapproved these**

**securities or passed upon the adequacy or accuracy of this Prospectus.<br> Any representation to the contrary is a criminal offense.**

**About This Prospectus**

This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund (individually a "Fund" and collectively the "Funds"), please see:

i

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
|  | **Page** |
| **WESTWOOD QUALITY VALUE FUND** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 6 |
| **WESTWOOD QUALITY SMALLCAP FUND** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGER** | 12 |
| **WESTWOOD TOTAL RETURN FUND** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 20 |
| **WESTWOOD INCOME OPPORTUNITY FUND** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVES** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 28 |
| **WESTWOOD HIGH INCOME FUND** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 37 |

---

ii

---

| | |
|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 45 |
| **SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION** | 46 |
| **MORE INFORMATION ABOUT RISKS** | 47 |
| **MORE INFORMATION ABOUT FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** | 61 |
| **INFORMATION ABOUT PORTFOLIO HOLDINGS** | 62 |
| **INVESTMENT ADVISER** | 63 |
| **PORTFOLIO MANAGERS** | 66 |
| **RELATED PERFORMANCE DATA OF THE ADVISER** |  |
| **PURCHASING, SELLING AND EXCHANGING FUND SHARES** | 69 |
| **SALES CHARGES** | 79 |
| **PAYMENTS TO FINANCIAL INTERMEDIARIES** | 83 |
| **OTHER POLICIES** | 84 |
| **DIVIDENDS AND DISTRIBUTIONS** | 87 |
| **TAXES** | 88 |
| **ADDITIONAL INFORMATION** | 91 |
| **FINANCIAL HIGHLIGHTS** | 91 |
| **HOW TO OBTAIN MORE INFORMATION ABOUT THE FUNDS** | Back Cover |
| **INTERMEDIARY-SPECIFIC SALES CHARGE DISCOUNTS AND WAIVERS** | Appendix A |

---

iii

**WESTWOOD QUALITY VALUE FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality Value Fund (the "Fund" or "Value Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

<sup>1</sup> A Class Shares purchases of $250,000 or more made may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees<sup>1</sup> | 0.50% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.09% |
| Total Annual Fund Operating Expenses | 0.84% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.80% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and expense limitation, effective November 30, 2022.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for A Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.55% of the Fund's A Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $379 | $556 | $748 | $1302 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 77% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 1000<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the A Class Shares of the Westwood Quality Value Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart figures do not include sales charges that may have been paid when investors bought and sold A Class Shares of the Fund. If sales charges were included, the returns would be lower. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_001.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (5.85)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.29%** | **(23.12)%** |
| **(12/31/2020)** | **(03/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

The figures in the average annual total returns table below reflect the A Class Shares maximum front-end sales charge of 3.00%. Prior to March 1, 2020, A Class Shares of the Predecessor Fund were subject to a maximum front-end sales charge of 5.00%. If the prior maximum front-end sales charge of 5.00% was reflected, performance for A Class Shares of the Predecessor Fund in the average annual total returns table would be lower.

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**WESTWOOD QUALITY VALUE FUND – A CLASS** | <br>**1 Year** | <br>**5 Years** | <br>**10 Years** | **Inception Date**<br>**December 31, 2007** |
| **Fund Returns Before Taxes** | (8.69)% | 6.58% | 10.19% |  |
| **Fund Returns After Taxes on Distributions** | (8.96)% | 4.61% | 8.02% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (4.95)% | 4.87% | 7.79% |  |
| **Russell 1000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.54)% | 6.67% | 7.79% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since 2020.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2012.\*

Mr. Michael Wall, Vice President, Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY SMALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SmallCap Fund (the "Fund" or "SmallCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

---

| | |
|:---|:---|
| 1 | A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees | 0.85% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 1.16% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.04% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for A Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.79% of the Fund's A Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $502 | $742 | $1002 | $1742 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 60% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 2000<sup>®</sup> Value Index. The performance shown in the bar chart and table for period priors to November 1, 2021 represents the performance of the A Class Shares of the Westwood Quality SmallCap Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart figures do not include sales charges that may have been paid when investors bought and sold A Class Shares of the Fund. If sales charges were included, the returns would be lower. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_002.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.56)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **25.99%** | **(32.66)%** |
| **(12/31/2020)** | **(3/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

The figures in the average annual total returns table below reflect the A Class Shares maximum front-end sales charge of 4.00%. Prior to August 4, 2020, the Predecessor Fund's A Class Shares were subject to a maximum front-end sales charge of 3.00%.

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND – A CLASS** | **1 Year** | **Since Inception<br> (September 3, 2019)** |
| **Fund Returns Before Taxes** | (16.07)% | 6.18% |
| **Fund Returns After Taxes on Distributions** | (16.78)% | 5.35% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (8.99)% | 4.72% |
| **Russell 2000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (14.48)% | 8.85% |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2010.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2010.\*

Mr. Frederic G. Rowsey, CFA, Vice President, Research Analyst, has managed the Fund since 2013.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD TOTAL RETURN FUND**

**Fund Investment Objective**

The investment objective of the Westwood Total Return Fund (the "Fund" or "Total Return Fund") seeks to provide total return, through a combination of current income and capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

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| | |
|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees<sup>1</sup> | 0.59% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.97% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.08)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.89% |

---

<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.50% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.20% based on the Fund's A Class Shares' performance relative to the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.05% of the Fund's A Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $388 | $592 | $813 | $1447 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 63% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has significant flexibility to achieve its investment objective and invests in a broad range of securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has wide latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 60% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 60% of its total assets in equity securities and 40% of its total assets in debt securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 50% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities, inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds").

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 70% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the S&P 500<sup>®</sup> Index, Bloomberg U.S. Aggregate Bond Index, and the Blended 60/40 S&P 500<sup>®</sup> Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the A Class Shares of the Predecessor Fund. The Fund is the successor to the Westwood Total Return Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund") through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart figures do not include sales charges that may have been paid when investors bought and sold A Class Shares of the Fund. If sales charges were included, the returns would be lower. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_003.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (13.04)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **6.52%** | **(12.83)%** |
| **(12/31/2022)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND – A CLASS** | **1 Year** | **Since Inception**<br> **(March 31, 2020)**  |
| **Fund Returns Before Taxes** | (15.62)% | 10.28% |
| **Fund Returns After Taxes on Distributions** | (16.31)% | 8.42% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (9.08)% | 7.50% |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (18.11)% | 17.31% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (13.01)% | (4.04)% |
| **Blended 60/40 S&P 500<sup>®</sup> Index/Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (15.79)% | 8.63% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Manager**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

Mr. Ben Chittenden, Vice President and Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**Fund Investment Objectives**

The primary investment objective of the Westwood Income Opportunity Fund (the "Fund" or "Income Opportunity Fund") is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

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| | |
|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees<sup>1</sup> | 0.65% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.97% |
| Less Fee Reductions and/or Expense Reimbursements | (0.00)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.97% |

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<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and expense limitation effective November 30, 2022.

<sup>2</sup> "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements" will not correlate to the ratio of expenses to the average net assets in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $396 | $600 | $820 | $1454 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 81% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships ("MLPs"), enhanced equipment trust certificates ("EETCs") and equipment trust certificates ("ETCs"), securities of real estate investment trusts ("REITs") and shares of exchange-traded funds ("ETFs"). EETCs and ETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund is permitted to invest in companies of any capitalization range. The Fund's fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds) and unrated securities.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser's investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Large-Capitalization Company Risk –** The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Convertible Securities Risk –** The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**High Yield Bond Risk –** High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Micro-Capitalization Company Risk –** Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small- capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small- capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Warrants Risk –** Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**ETC and EETC Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**LIBOR Replacement Risk** – The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which the U.S. Federal Reserve has announced will replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk** – The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index, and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the A Class Shares of the Westwood Income Opportunity Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart figures do not include sales charges that may have been paid when investors bought and sold A Class Shares of the Fund. If sales charges were included, the returns would be lower. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_004.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (13.03)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.11%** | **(13.06)%** |
| **(6/30/2020)** | **(3/31/2020)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

The figures in the average annual total returns table below reflect the A Class Shares maximum front-end sales charge of 3.00%. Prior to September 3, 2019, A Class Shares of the Predecessor Fund were subject to a maximum front-end sales charge of 5.00%. If the prior maximum front-end sales charge of 5.00% was reflected, performance for A Class Shares in the average annual total returns table would be lower.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**WESTWOOD INCOME OPPORTUNITY FUND – A CLASS** | <br>**1 Year** | <br>**5 Year** | <br>**10 Year** | **Inception Date**<br>**December 31, 2007** |
| **Fund Returns Before Taxes** | (15.60)% | 2.37% | 4.81% |  |
| **Fund Returns After Taxes on Distributions** | (16.38)% | (0.36)% | 3.14% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (9.08)% | 1.48% | 3.59% |  |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (2.71)% | 0.02% | 1.06% |  |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | 7.66% | 9.42% | 12.56% |  |
| **Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (14.76)% | 4.07% | 5.78% |  |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.* 

**WESTWOOD HIGH INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood High Income Fund (the "Fund" or "High Income Fund") seeks to maximize total return through a high level of current income and capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

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| | |
|:---|:---|
| 1 | A Class Shares purchases of $250,000 may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees<sup>1</sup> | 0.70% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.17% |
| Total Annual Fund Operating Expenses | 1.12% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.07)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.05% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.38% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's A Class Shares' performance relative to the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%, resulting in a minimum total fee of 0.06% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.10% of the Fund's A Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $404 | $639 | $892 | $1616 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 62% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has flexibility to achieve its investment objective and invests in a broad range of income-producing securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 80% of its total assets in debt securities and 20% of its total assets in equity securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 100% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities (including collateralized mortgage obligations), inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund currently expects to invest no more than 70% of its total assets in junk bonds.

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 30% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index, and the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the A Class Shares of the Westwood High Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. Prior to August 31, 2019, the Predecessor Fund had a sub-adviser and, prior to November 1, 2019, the Predecessor Fund employed a different investment strategy. Therefore, the past performance shown for periods prior to August 31, 2019 may have differed if the Predecessor Fund had not had a sub-adviser and the Fund's current investment strategy had been in effect. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_005.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (11.35)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **12.46%** | **(10.97)%** |
| **(6/30/2020)** | **(3/31/2020)** |

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**Average Annual Total Returns for Periods Ended December 31, 2022**

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

The figures in the average annual total returns table below reflect the A Class Shares maximum front-end sales charge of 3.00%. Prior to March 1, 2020, A Class Shares of the Predecessor Fund were subject to a maximum front-end sales charge of 2.25%.

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| | | | |
|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND – A CLASS** | **1 Year** | **5 Years** | **Since Inception**<br> **(June 28, 2013)**  |
| **Fund Returns Before Taxes** | (13.99)% | 2.96% | 2.85% |
| **Fund Returns After Taxes on Distributions** | (15.41)% | 1.37% | 1.14% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (8.19)% | 1.62% | 1.41% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (13.01)% | 0.02% | 1.37% |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (18.11)% | 9.42% | 11.72% |
| **Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (13.84)% | 2.09% | 3.54% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019. \*

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Hussein Adatia, Vice President, has managed the Fund since 2020.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood Alternative Income Fund (the "Fund" or "Alternative Income Fund") seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell A Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class A Shares, which are not reflected in the table or the example below**. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 90 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.00% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 1.00% |

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| | |
|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **A Class Shares** |
| Management Fees<sup>1</sup> | 0.21% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.59% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.45% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's A Class Shares' performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund's average daily net assets until March 1, 2024 (the "Management Fee Waiver Agreement"). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.00% of the Fund's A Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. These agreements may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. These agreements will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreements to limit expenses remain in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $345 | $470 | $606 | $1003 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 128% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.

In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund may invest in foreign companies in both developed and emerging markets.

The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds ("ETFs"). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security's income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.

When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund's investments in cash or money market instruments to protect the Fund's assets and maintain liquidity. When the Fund's investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Foreign Securities Risk** – Investing in foreign securities poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Short Sales Risk –** A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Warrants Risk** – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Regional Focus Risk** – To the extent that it focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value ("NAV") and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk -** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes and securities selection could be adversely affected if it relies on erroneous or outdated data. In addition, securities selected using the quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the A Class Shares of the r Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the FTSE 1-Month U.S. Treasury Bill Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the A Class Shares of the Westwood Alternative Income Fund, a series of the Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart figures do not include sales charges that may have been paid when investors bought and sold A Class Shares of the Fund. If sales charges were included, the returns would be lower. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlax_006.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (1.38)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **2.00%** | **(2.47)%** |
| **(3/31/2021)** | **(06/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's A Class Shares' average annual total returns (after applicable sales charges) for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND – A Class** | **1 Year** | **Since Inception<br> (March 31, 2020)** |
| **Fund Returns Before Taxes** | (4.30)% | 3.08% |
| **Fund Returns After Taxes on Distributions** | (9.98)% | 0.43% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (2.55)% | 1.27% |
| **FTSE 1-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)** | 1.48% | 0.58% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2020.\*

Mr. Christopher Hartman, Vice President Portfolio Manager of the Multi-Asset Portfolios, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation**

**Purchase and Sale of Fund Shares**

To purchase shares A Class Shares of a Fund for the first time, including an initial purchase through an IRA or other tax qualified account, you must invest at least $1,000. There is no minimum for subsequent investments.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

**Tax Information**

Each Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**More Information about Risks**

Investing in each Fund involves risk and there is no guarantee that each Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which they trade. Although each Fund is diversified, the effect on the Fund of a change in the value of a single security will depend on the size of the position within the Fund.

The following is a list of principal risks ("X") that may apply to your investment in a Fund, followed by a description of each risk. Unless otherwise noted, in this section, references to a single Fund apply equally to all applicable Funds. Further information about each Fund's investment risks is available in the Funds' Statement of Additional Information (the "SAI"):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **SmallCap Fund** | **Total Return Fund** | **Income Opportunity Fund** | **High Income Fund** | **Alternative Income Fund** |
| Absolute Return Strategy Risk |  |  |  |  |  | X |
| Asset-Backed Securities Risk |  |  | X |  | X |  |
| Bank Loans Risk |  |  | X |  | X |  |
| Collateralized Mortgage Obligations Risk |  |  |  |  | X |  |
| Convertible Securities Risk |  |  | X | X | X | X |
| Corporate Bond Risk |  |  | X |  | X |  |
| Derivatives Risk |  |  | X | X | X | X |
| Emerging Markets Securities Risk |  |  | X |  | X | X |
| Energy Sector Risk | X | X |  | X |  |  |
| Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk |  |  |  | X |  |  |
| Equity Risk | X | X | X | X | X | X |
| ETF Risk |  | X |  | X |  | X |
| Fixed Income Risk |  |  | X | X | X | X |
| Foreign Company Risk | X | X |  | X |  |  |
| Foreign Currency Risk | X | X | X | X | X | X |
| Foreign Securities Risk |  |  | X |  | X | X |
| Frequent Trading Risk |  |  |  | X |  | X |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **SmallCap Fund** | **Total Return Fund** | **Income Opportunity Fund** | **High Income Fund** | **Alternative Income Fund** |
| Geographic Focus Risk |  |  | X |  | X |  |
| High Yield ("Junk") Bond Risk |  |  | X | X | X | X |
| Inflation-Linked Securities Risk |  |  | X |  | X |  |
| Investment Style Risk | X | X |  |  |  |  |
| Large-Capitalization Company Risk | X |  | X | X | X | X |
| LIBOR Replacement Risk |  |  |  | X |  |  |
| Liquidity Risk |  |  | X | X | X | X |
| Market Risk | X | X | X | X | X | X |
| Micro-Capitalization Company Risk |  |  |  | X |  |  |
| MLP Risk | X | X |  | X |  |  |
| Additional Information Related to Taxation of MLPs | X | X |  | X |  |  |
| Money Market Instruments Risk |  |  |  |  |  | X |
| Mortgage-Backed Securities Risk |  |  | X |  | X |  |
| Portfolio Turnover Risk |  |  |  |  |  | X |
| Preferred Stock Risk |  |  | X |  | X | X |
| Quantitative Security Selection Risk |  |  |  |  |  | X |
| Regional Focus Risk |  |  |  |  |  | X |
| REIT Risk | X | X | X | X | X |  |
| Short Sales Risk |  |  |  |  |  | X |
| Small-Capitalization Company Risk |  | X |  |  |  |  |
| Small- and Mid-Capitalization Company Risk |  |  | X | X | X | X |
| TBA/Dollar Roll Risk |  |  | X |  | X |  |
| U.S. Government Securities Risk |  |  | X |  | X |  |
| Value Investing Risk | X | X |  |  |  |  |
| Warrants Risk |  |  |  | X |  | X |

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**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Asset-Backed Securities Risk –** Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Bank Loans Risk –** Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Investments in bank loans are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. This means bank loans are subject to greater credit risks than other investments, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

A Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). In connection with purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When a Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Convertible Securities Risk –** Convertible securities are fixed income securities, preferred stocks or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Investments in corporate bonds are also subject to the same risks as fixed income securities.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify a Fund's gains or losses. There are various factors that affect a Fund's ability to achieve its investment objective(s) with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly or at all with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its investment objective(s) or to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

*Forward Contracts.* A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

*Futures Contracts*. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge. Such lack of correlation may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded.

While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. For example, futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading. Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous.

*Options.* Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying instrument rather than only the premium payment received (which could result in a potentially unlimited loss). If a Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. If a Fund writes a "covered" put option (i.e., a put option on a security in which the Fund holds a short position), the Fund may not participate fully in a decline in market value of the underlying security. Over-the-counter options also involve counterparty risk.

*Swaps*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund may also invest in credit default swap indexes, which are designed to track representative segments of the credit default swap market and provide investors with exposure to specific baskets of issuers. Credit default swaps and credit default swap indexes are subject to the general risks of swaps described above.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation or use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, or terrorist threats or attacks, among others. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. Factors adversely affecting producers, refiners, distributors, or others in the energy sector may affect adversely companies that service or supply those entities, either because demand for those services or products is curtailed, or those services or products come under price pressure. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**Equity Risk –** Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, interests in master limited partnerships ("MLPs") and royalty trusts, shares of real estate investment trusts ("REITs") and American Depositary Receipts ("ADRs"), as well as shares of exchange-traded funds ("ETFs") that attempt to track the price movement of equity indices. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. Investments in equity securities, in general, are subject to market risks that may cause their prices to fluctuate over time. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, has resulted in significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment. The U.S. Federal Reserve and the U.S. government have taken numerous measures to address the economic impact of the COVID-19 pandemic and to stimulate the U.S. economy. The ultimate effects of these and other efforts that may be taken may not be known for some time. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Even investments in high quality or "blue chip" stocks can be negatively impacted by poor overall market and economic conditions. COVID-19 also lead to production cutbacks for many companies and coupled with changes in consumer spending fueled by government stimulus, created a supply/demand imbalance and resulted in higher inflation. Inflation negatively affected the prices of higher growth companies (longer duration assets) and benefited higher dividend-paying equities (lower duration assets). Any such impact could adversely affect the value and liquidity of a Fund's investments, limit severely a Fund's investment opportunity set, impact a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19 or similar infectious diseases, and measures taken to mitigate their effects, could result in disruptions to the services provided to a Fund by its service providers, leading to operational delays and failures and additional investment losses. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that a Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of a Fund. Accordingly, a Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Fixed Income Risk** – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. This risk may be heightened given the likelihood of increases in interest rates in the future as the U.S. Federal Reserve continues to increase the federal funds rate after a period of historically low rates. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities, such as individual country risk, currency exchange risk, volatility risk, inflation risk, and liquidity risk.

**Frequent Trading Risk**. The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund's portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.

**Geographic Focus Risk –** To the extent that it focuses its investments in a particular country or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**High Yield ("Junk") Bond Risk –** High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Inflation-Linked Securities Risk –** The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-linked securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an inflation-linked debt security will be considered taxable ordinary income, even though a Fund will not receive the principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. A Fund's investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the CPI or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

**Investment Style Risk –** The Fund pursues, at least in part, a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Large-Capitalization Company Risk –**Large-capitalization companies are those above $5 billion capitalization value at the time of purchase. The large-capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**LIBOR Replacement Risk –** The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which will replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Liquidity Risk –** Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. In addition, at times all or a large portion of segments of the market may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market where frequent and large purchase and sale transactions of a security occur without significantly affecting the price of that security, it may be difficult to value and impossible to sell these investments, and a Fund may have to sell such an investment at a price or time that is not advantageous in order to meet redemptions or other cash needs. The price of illiquid securities may be more volatile than more liquid investments.

**Market Risk** – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The duration and lasting impact of the COVID-19 outbreak is unclear and may not be fully known for some time. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets, the lasting impact of which may not be fully know for some time.

**Micro-Capitalization Company Risk –** Micro-capitalization companies are those with a capitalization range of the Russell Microcap Index, and while the market capitalization range of the Russell Microcap Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $3.96 million and $5.10 billion. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**MLP Risk** – MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses. MLP operating expenses are not reflected in the fee tables and examples in this Prospectus. MLPs may be negatively affected by the COVID-19 pandemic or military actions. As with other serious economic disruptions, government authorities and regulators have responded to this crisis with significant government regulation and intervention, including quarantines, travel restrictions, temporary business closures and other similar protective actions. As a result, the COVID-19 pandemic has impacted the volume of products sold, the level of services provided by midstream companies and the supply and demand for hydrocarbon products. In addition, the disruption of a company's operations due to labor constraints or a supply disruption of required maintenance items can negatively affect MLPs, which could adversely affect the value of the Fund's investment in MLPs and negatively impact the Fund's performance. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets. In response to the invasion, government authorities and regulators imposed sanctions on Russia that ultimately affected the global economy. The continuation of this conflict and corresponding sanctions could adversely affect the Fund.

**Additional Information Related to Taxation of MLPs –** MLPs generally do not pay U.S. federal income tax at the partnership level. Rather, each partner in an MLP is allocated a share of the MLP's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the Fund and lower income.

If an MLP is treated as a partnership, then for each tax year, the MLP will allocate its net profits and net losses (and corresponding tax items) to its partners in accordance with its partnership agreement. The allocation occurs whether or not the MLP makes a distribution to its partners. Each partner in the MLP reports its share of the tax items on its income tax return. If an MLP makes a cash distribution to a partner, then the partner recognizes no income from the distribution if the amount of the distribution is equal to or less than the partner's adjusted tax basis in its ownership interest. Any cash distributed in excess of the partner's adjusted tax basis is taxed as capital gain. A partner's adjusted tax basis in its MLP interest is the value of its initial contribution to the MLP, plus annual allocations of income and any additional capital contributions made by a partner to the MLP, minus annual allocations of losses and deductions and any distributions to the partners. In general, any gain or loss from the sale of an ownership interest in an MLP is capital gain or loss. However, some of the gain may be ordinary income if the MLP holds certain ordinary income producing assets, such as depreciable tangible personal property and certain contracts.

Unlike direct investments in MLPs, income and losses from the Fund's investments in MLPs will not directly flow through to the personal tax returns of shareholders. Rather, the Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. If additional information becomes available regarding the characterization of a distribution after 1099s have been printed and mailed, it may be necessary to provide shareholders with a corrected 1099.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for a Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent a Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit a Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Mortgage-Backed Securities Risk –** Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Preferred Stock Risk –** The Fund may invest in preferred stocks. Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends. The factors used in such analyses may not be predictive of a security's value, and its effectiveness can change over time. These changes may not be reflected in the quantitative model. In addition, data for some issuers may be less available and/or less current than data for issuers in other markets.

**Regional Focus Risk –** To the extent that the Fund focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, a Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee tables and examples in this Prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). REITs have been and may continue to be negatively affected by the COVID pandemic. As with other serious economic disruptions, government authorities and regulators are responding to this crisis with significant political, fiscal and monetary policy changes, including moratoriums on rents and evictions. Further, the COVID pandemic has weakened the financial condition of many tenants that could result in tenants seeking the protection of bankruptcy or insolvency laws, which could result in the rejection and termination of leases and thereby causing a reduction in rent payments. Lower rental income as a result of any of these situations can negatively affect a REIT, which could adversely affect the value of the Fund's investment in the REIT and negatively impact the Fund's performance.

**Short Sales Risk** – Short sales are transactions in which a Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to an unlimited loss. The risk of such price increases is the principal risk of engaging in short sales.

In addition, a Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, a Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when a Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. Furthermore, a Fund may be required to pay a premium or interest to the lender of the security. The forgoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. A Fund is also required to segregate other assets on its books to cover its obligation to return the security to the lender which means that those other assets may not be available to meet the Fund's needs for immediate cash or other liquidity.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Small- and Mid-Capitalization Company Risk –** Small-capitalization companies are those with a capitalization range of the Russell 2000® Index, and while the market capitalization range of the Russell 2000® Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. Small-and mid-capitalization companies are those with a capitalization range of the Russell 2500® Index, and while the market capitalization range of the Russell 2500® Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**TBA/Dollar Roll Risk –** TBA and dollar roll transactions present special risks to a Fund. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, a Fund will still bear the risk of any decline in the value of the security to be delivered. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to a Fund may be less favorable than the security delivered to the dealer.

**U.S. Government Securities Risk –** U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value, either because the market fails to recognize what the Adviser considers to be the company's true business value or because the Adviser's assessment of the company's prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance.

**Warrants Risk –** The Fund may invest in warrants. Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**More Information about Fund Investment Objectives and Principal Investment Strategies**

**Investment Objectives**

The investment objective of the Value Fund and the SmallCap Fund is to seek long-term capital appreciation.

The investment objective of the Total Return Fund seeks to provide total return, through a combination of current income and capital appreciation.

The primary investment objective of the Income Opportunity Fund is to provide current income. A secondary investment objective of the Income Opportunity Fund is to provide the opportunity for long-term capital appreciation.

The investment objective of the High Income Fund seeks to maximize total return through a high level of current income and capital appreciation.

The investment objective of the Alternative Income Fund seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

The investment objectives of the Value Fund and SmallCap Fund are fundamental and cannot be changed without shareholder approval. The investment objective(s) of the Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund may be changed without shareholder approval, upon 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

In addition to each Fund's principal investment strategies as described above in the Fund's "Principal Investment Strategies", additional discussion regarding the Alternative Income Fund's principal investment strategies are set forth below.

The Alternative Income strategy seeks to provide absolute returns through a combination of current income and capital appreciation with a low correlation to equity and fixed income markets. The Adviser's market-neutral approach is built on an alternative methodology that combines shorter-dated, yield-oriented securities with convertible arbitrage and macro hedging. The Adviser's portfolio management team employs a quantitative and fundamental approach to identify convertible bonds with shorter maturities that can generate attractive yields and the potential for capital appreciation as a result of mispriced volatility in the market. The portfolio management team then incorporates a convertible arbitrage strategy that the Adviser believes can take advantage of market dislocations and arbitrage opportunities, including earnings catalysts, credit ratings, and mergers. As a fixed income alternative, the Adviser's philosophy is grounded in managing downside risks and embracing market volatility as a source of return akin to what traditional fixed income investors require to balance total portfolio risk. Additionally, the Adviser's methodology consistently implements an active macro hedging strategy that is intended to mitigate residual systematic risks in the portfolio, including interest rates, credit, equity, and currency. The investment discipline and portfolio construction process are designed to generate absolute returns regardless of the direction of the market to serve as a complement to traditional income allocations.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective(s). If a Fund invests in this manner, it may not achieve its investment objective(s). The Funds will only do so if the Adviser believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

This Prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this Prospectus, are described in detail in the Funds' SAI (for information on how to obtain a copy of the SAI see the back cover of this Prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

**Information about Portfolio Holdings**

A description of the Funds' policy and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI. Within 10 days of the end of each calendar quarter, each Fund will post its complete portfolio holdings on the internet at www.westwoodfunds.com. This information will generally remain available until it is replaced by new portfolio holdings information as described above. The Adviser may exclude any portion of a Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. Nevertheless, as described in the SAI, each Fund will disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter.

**Investment Adviser**

Westwood Management Corp., a New York corporation formed in 1983, serves as the investment adviser to the Funds and other registered investment companies. The Adviser's principal place of business is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201. The Adviser is a wholly-owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2022, the Adviser had approximately $11.91 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board supervises the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the Value Fund, SmallCap Fund and Income Opportunity Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the applicable Fund, as set forth in the table below.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.50%<sup>1</sup> |
| *Westwood Quality SmallCap Fund* | 0.85% |
| *Westwood Income Opportunity Fund* | 0.65%<sup>2</sup> |

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<sup>1</sup> Prior to November 30, 2022, the management fee for the Value Fund was 0.60%.

<sup>2</sup> Prior to November 30, 2022, the management fee for the Income Opportunity Fund was 0.75%.

In connection with the Adviser's Sensible Fees™ framework, for its services to the A Class Shares of the Total Return Fund, High Income Fund and Alternative Income Fund, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of the A Class Shares of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). The Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the A Class Shares of each Fund during the Performance Period.

*Westwood Total Return Fund*

The Base Fee is an annual rate of 0.50%. The Index Hurdle is the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0020% of the A Class Shares' average daily net assets for each 0.01% by which the performance of the A Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.20% of the A Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the A Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.30% to a maximum annual rate of 0.70%.

*Westwood High Income Fund*

The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the A Class Shares' average daily net assets for each 0.01% by which the performance of the A Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the A Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the A Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

*Westwood Alternative Income Fund*

The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the A Class Shares' average daily net assets for each 0.01% by which the performance of the A Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the A Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the A Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

A Performance Adjustment will not be based on whether the absolute performance of the A Class Shares is positive or negative, but rather will be based on whether such performance exceeds, or is exceeded by, the performance of the Index Hurdle. The A Class Shares could pay a Performance Adjustment for positive relative performance even if the A Class Shares decrease in value, so long as the performance of the A Class Shares exceeds that of the Index Hurdle. It is possible that, if you buy A Class Shares of a Fund after the beginning of a Performance Period, you will bear a share of a Performance Adjustment payable by the A Class Shares based on performance that preceded your purchase and from which you therefore did not benefit.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the A Class Shares of the Value Fund, SmallCap Fund and Income Opportunity Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the A Class Shares of the applicable Fund.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.55%<sup>1</sup> |
| *Westwood Quality SmallCap Fund* | 0.79% |
| *Westwood Income Opportunity Fund* | 0.74% |

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<sup>1</sup> Prior to November 30, 2022, the Expense Cap for the Value Fund was 0.65%.

Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the A Class Shares of the Total Return Fund, High Income Fund and Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the A Class Shares of the applicable Fund.

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| | |
|:---|:---|
| *Westwood Total Return Fund* | 0.05% |
| *Westwood High Income Fund* | 0.10% |
| *Westwood Alternative Income Fund* | 0.00% |

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Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

In addition to the contractual agreement above, for the Alternative Income Fund the Advisor has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets (the "Management Fee Waiver Agreement"). This contractual agreement shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser may receive from a share class of a Fund the difference between the share class's total annual Fund operating expenses (not including excluded expenses) and the share class's expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than management fee waivers pursuant to the Management Fee Waiver Agreement for the Alternative Income Fund) made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2022, the Adviser received advisory fees (after fee reductions) as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.56% |
| *Westwood Total Return Fund* | 0.51% |
| *Westwood Quality SmallCap Fund* | 0.73% |
| *Westwood Income Opportunity Fund* | 0.75% |
| *Westwood High Income Fund* | 0.63% |
| *Westwood Alternative Income Fund* | 0.07% |

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A discussion of the factors considered by the Board in its approval of the Funds' Investment Advisory Agreement, including the Board's conclusions with respect thereto, is available in the Funds' Semi-Annual Report to Shareholders for the period ended April 30, 2022.

**Portfolio Managers**

Each Fund is managed by a portfolio management team of one or more portfolio managers, and the members of a Fund's portfolio management team are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. The investment process for the Funds is driven by proprietary team-oriented, in-depth, fundamental research. Weekly research meetings provide a forum where the Adviser's investment professionals discuss current investment ideas within their assigned industries. Generally, the entire portfolio management team, or a sub-set of the team, then debates the merits of recommendations, taking into account the prevailing market environment, the portfolio's current composition, and the relative value of alternative investments. Investment decisions are generally made by majority agreement of the portfolio management team. The Adviser has identified the following team members as those with the most significant responsibility for each Fund's assets. This list does not include all members of the investment team.

Mr. Hussein Adatia, Vice President, joined the Adviser in 2018 and previously served as a Research Analyst prior to becoming Portfolio Manager in 2019. Prior to joining the Adviser, Mr. Adatia worked at Oaklawn Investments as a Managing Director from 2016 to 2018 and was responsible for researching, identifying and investing in a variety of credit products including bank loans, bonds and asset-backed securities. Prior to that, he worked for Archview Investment Group from 2008 until 2015 as a Senior Investment Analyst on the distressed credit team. Mr. Adatia began his career as an Investment Banking Analyst at Citigroup in the Global Communications Group and subsequently joined Citi's Global Special Situations Group where he focused on public market debt and equity investments. Mr. Adatia has served on the portfolio team for the High Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Adatia participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Adatia has more than 15 years of investment experience.

Mr. Scott Barnard, CFA, has served as Vice President for the Adviser since joining the Adviser in 2020. Prior to joining the Adviser, Mr. Barnard was an Associate Portfolio Manager at Amundi Pioneer. Mr. Barnard helped design, launch and manage numerous customized investment solutions for both institutional and retail clients during his time at Amundi Pioneer. During his 14-year Amundi tenure, Mr. Barnard also co-created a risk management solution that was utilized across the entire firm for all fixed income portfolios. Mr. Barnard graduated with a BS in Finance from the University of Colorado at Boulder. He is a member of the CFA Institute. Mr. Barnard has served on the portfolio team for the Income Opportunity Fund and High Income Fund since their inception in 2021 and for their respective Predecessor Funds since 2020. Mr. Barnard participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Barnard has more than 14 years of investment experience.

Mr. William E. Costello, CFA, currently serves as Senior Vice President, Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Senior Research Analyst for the Adviser from July 2010 to 2018. Prior to joining the Adviser, Mr. Costello was a Portfolio Manager and Director of Research at the Boston Company, where he worked from 1997 to 2009, and he worked at Delphi Management as a generalist equity analyst from 1992 until 1997. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Costello has more than 33 years of investment experience.

Mr. Christopher Hartman joined the Adviser in 2021 and currently serves as Vice President, Portfolio Manager on the Multi-Asset Portfolios. Prior to joining the Adviser, Mr. Hartman served as Senior Portfolio Manager – Convertible Arbitrage at Aegon Asset Management in Chicago, where he was responsible for portfolio management of Aegon Asset Management Market Neutral Fund and the Legacy Convertible Insurance product strategy. Mr. Hartman also focused on convertible arbitrage and managed long-only convertible bonds. Prior to that, Mr. Hartman spent 17 years at Calamos Investments, eight of which he served as Senior Vice President, Portfolio Manager of the Calamos Market Neutral Fund. Mr. Hartman earned his MBA in Finance from Benedictine University and his BA in Economics from Southern Illinois University. Mr. Hartman has served on the portfolio team for the Alternative Income Fund since 2021. Mr. Hartman participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Hartman has more than 24 years of investment experience.

Mr. Adrian Helfert has served as Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios for the Adviser since February 2020. Prior to this appointment, he served as Senior Vice President and Director of Multi-Asset Portfolios for the Adviser since joining the Adviser in January 2019. He is responsible for leading the firm's multi-asset strategies team, which includes Income Opportunity and Flexible Income strategies, as well as Global Convertibles and Fixed Income strategies. Prior to joining the Adviser, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios. Prior to joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and in JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic. Mr. Helfert has served on the portfolio team for the Income Opportunity Fund, Total Return Fund and High Income Fund since their inception in 2021 and for their respective Predecessor Fund since 2019 and the portfolio team for the Alternative Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Helfert participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Helfert has more than 20 years of investment experience.

Ms. Lauren Hill, CFA, has served as Senior Vice President, Research Analyst & Portfolio Manager since joining the Adviser in 2015. She is also a member of the Consumer/Health Care and Technology/Industrials research groups. Prior to joining the Adviser, Ms. Hill spent 11 years working in equity research in New York. She served as a Generalist with Northern Border Investments and Cantillon Capital and as a Financials and Utilities Analyst with J.P. Morgan Asset Management. Prior to that, she worked as an Associate at Sanford Bernstein. Ms. Hill earned her MBA with Honors from Columbia Business School where she participated in the Value Investing Program. She earned her BBA in Finance and Accounting with Honors from Southern Methodist University. Ms. Hill is a member of the CFA Institute and the CFA Society of Dallas-Ft. Worth. She has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Ms. Hill participates in the investment decision process. She has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Ms. Hill has more than 17 years of investment experience.

Mr. Matthew R. Lockridge currently serves as Senior Vice President, Head of US Value for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Research Analyst for the Adviser from March 2015 to 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser from May 2010 to March 2015. Prior to joining the Adviser, Mr. Lockridge was a Managing Director at Dearborn Partners, L.L.C. from 2004 to 2010, and he was with Deloitte Consulting, L.L.P. from 2001 to 2004, where he worked as a Senior Consultant. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010 and the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2012. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Lockridge has more than 19 years of investment experience.

Mr. Frederic G. Rowsey, CFA, has served as Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Associate Vice President, Research Analyst for the Adviser from March 2015 until February 2018. He joined the Adviser in July 2010 as a Research Associate. Prior to joining the Adviser, Mr. Rowsey was a student at Harvard University, graduating in May 2010 with a BA in Economics. Mr. Rowsey is a member of the CFA Institute. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Rowsey has more than 11 years of investment experience.

Mr. Michael Wall has served as Vice President, Research Analyst for the Adviser after McCarthy Group Advisors, LLC, in which he joined in 2004, was acquired by the Adviser. Mr. Wall is responsible for investment research in REITs, Life Insurance and Transportation. He is also a member of the Energy / Utilities and Financials research groups. Mr. Wall began his career at State Street Bank in Kansas City, Missouri, as a Portfolio Accountant and subsequently worked for The SilverStone Group in Omaha, Nebraska, as an Account Manager. Mr. Wall earned an MBA from the University of Nebraska at Omaha and a BS in Accounting from Concordia University. He has served on the portfolio team for the Quality Value Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

Ben Chittenden, CFA, has served as Vice President, Research Analyst for the Adviser within the Value Equity Team since joining Westwood in 2018. Mr. Chittenden began his professional career in 2004, as an Equity Analyst at Bear Stearns and subsequently at J.P. Morgan as a Senior Associate. He was most recently with Oppenheimer where he served as a Senior Analyst responsible for US Regional Banks and Specialty Finance. In 2004, Mr. Chittenden graduated from Bucknell University with a dual major in Mathematics (BA) and Economics (BA). Mr. Chittenden is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth. Mr. Chittenden joined Westwood in 2018, as a Research Analyst. He was responsible for investment research of the Regional Bank sector and was a member of the Financials research group. In April 2021 Mr. Chittenden joined the Multi-Asset Team as an Equity Analyst. Mr. Chittenden has served on the portfolio team for the Total Return Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**The Administrator and Transfer Agent**

Ultimus Fund Solutions, LLC ("Ultimus", the "Administrator", or the "Transfer Agent"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds' administrator, transfer agent and fund accounting agent. Management and administrative services provided to the Funds by Ultimus include (i) providing office space, equipment and officers and clerical personnel to the Funds, (ii) obtaining valuations, calculating net asset values ("NAVs") and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory reporting services, (v) processing shareholder account transactions and disbursing dividends and other distributions, and (vi) administering custodial and other third-party service provider contracts on behalf of the Funds.

**The Distributor**

Ultimus Fund Distributors, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the Funds' principal underwriter and serves as the exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or other approved entities.

The Funds' SAI has more detailed information about the Adviser and other service providers to the Funds.

**Purchasing, Selling and Exchanging Fund Shares**

This section tells you how to purchase, sell (sometimes called "redeem") and exchange A Class Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class**

The Funds offer the following classes of shares to investors:

● Westwood Quality Value Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood Quality SmallCap Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares;

● Westwood Total Return Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood Income Opportunity Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood High Income Fund: Institutional Shares, A Class Shares and C Class Shares; and

● Westwood Alternative Income Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares.

Each share class has its own shareholder eligibility criteria, cost structure and other features. The following summarizes the primary features of Institutional Shares, C Class Shares, A Class Shares and Ultra Shares. Institutional Shares, C Class Shares and Ultra Shares are offered in separate prospectuses. Contact your financial intermediary or a Fund for more information about each Fund's share classes and how to choose between them.

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000 | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund) |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000 | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund) |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000 | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund) |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000 | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund) |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000 | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund) |
|  |  | Subsequent: None | CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
|  |  | Subsequent: None | CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
|  |  | Subsequent: None | CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
|  |  | Subsequent: None | CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
|  |  | Subsequent: None | CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |

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<sup>1</sup> A Class Shares purchases of $250,000 or more of the Income Opportunity Fund or its Predecessor Fund made on or after September 3, 2019 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Value Fund and High Income Fund or its Predecessor Fund made on or after March 1, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Total Return Fund and Alternative Income Fund or its Predecessor Fund may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $1,000,000 or more of the SmallCap Fund or their respective Predecessor Fund made on or after August 4, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase.

An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which classes of shares are available through the intermediary.

A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares, and results in a smaller dollar amount being invested in the Fund than the purchase price you pay (unless you qualify for a waiver or reduction of the sales charge). Each Fund's other share classes do not have a front-end sales charge, so the full amount of your purchase price is invested in those classes. A Class Shares have lower ongoing distribution and shareholder services fees ("Rule 12b-1 Fees") than C Class Shares. Over time, C Class Shares can incur Rule 12b-1 Fees that are equal to or more than the front-end sales charge and Rule 12b-1 Fees you would pay for A Class Shares. Although the full amount of your purchase price of C Class Shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of C Class Shares.

**How to Purchase Fund Shares**

You will ordinarily submit your purchase orders through your securities broker or other financial intermediary through which you opened your shareholder account. To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-877-FUND-WHG (1-877-386-3944) or log on to the Funds' website at www.westwoodfunds.com.

All investments must be made by check, Automated Clearing House ("ACH"), or wire. The Fund does not accept cash, drafts, "starter" checks, travelers checks, credit card checks, post-dated checks, non-U.S. financial institution checks, cashier's checks under $10,000, or money orders. In addition, the Fund does not accept checks made payable to third parties. When shares are purchased by check, the proceeds from the redemption of those shares will not be paid until the purchase check has been converted to federal funds, which could take up to 15 calendar days from the date of purchase. If an order to purchase shares is canceled because your check does not clear, the Transfer Agent will charge a $25 fee against your account, in addition to any resulting losses or other fees incurred by the Fund or the Transfer Agent in the transaction.

By sending your check to the Transfer Agent, please be aware that you are authorizing the Transfer Agent to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Transfer Agent receives your payment in the amount of your check; no additional amount will be added to the total. The transaction will appear on your bank statement. Your original check will be destroyed once processed, and you will not receive your canceled check back. If the Transfer Agent cannot post the transaction electronically, you authorize the Transfer Agent to present an image copy of your check for payment.

The Funds reserve the right to reject any specific purchase order for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons (persons who are citizens of a country other than the U.S. or corporations, partnerships, funds or other entities that are established and organized under the laws of a country other than the U.S.). Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail**

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire**

To open an account by wire or to add to an existing account by wire, call 1-877-FUND-WHG (1-877-386-3944) for additional information and wiring instructions.

The Funds require advance notification of all wire purchases in order to ensure that the wire is received in proper form and that your account is subsequently credited in a timely fashion. Failure to notify the Transfer Agent prior to the transmittal of the bank wire may result in a delay in purchasing shares of a Fund. An order, following proper advance notification to the Transfer Agent, is considered received when a Fund's custodian, receives payment by wire. If your account application was faxed to the Transfer Agent, you must also mail the completed account application to the Transfer Agent on the same day the wire payment is made. See "Opening an Account – By Mail" above. Your financial institution may charge a fee for wiring funds. Shares will be issued at the NAV next computed after receipt of your wire in proper form.

**General Information**

You may purchase shares on any day that the New York Stock Exchange (the "NYSE") is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. Each Fund's price per share will be the next determined NAV per share after the Fund or an authorized institution (defined below) receives your purchase order in proper form, plus the front-end sales charge. "Proper form" means that the Funds were provided a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive your purchase order in proper form before the close of normal trading on the NYSE. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

**Buying or Selling Shares through a Financial Intermediary**

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of the Funds through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Funds), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to the time each Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact the financial intermediary directly.

**How the Funds Calculate NAV**

The NAV of each Fund is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Currently, the NYSE is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. To calculate NAV, each Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. Each Fund generally values its portfolio securities at their current market values determined based on available market quotations. However, if market quotations are not available or are considered to be unreliable due to market or other events, portfolio securities will be valued at their fair values, as of the close of regular trading on the NYSE, as determined in good faith under procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by each Fund to calculate its NAV are based on the consideration by that Fund of a number of subjective factors and therefore may differ from quoted or published prices for the same securities. To the extent the assets of a Fund are invested in other registered investment companies that are not listed on an exchange that Fund's NAV is calculated based upon the NAVs reported by such registered investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

When valuing fixed income securities with remaining maturities of more than 60 days, the Funds use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Funds may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Your order to purchase or redeem shares is priced at the NAV next calculated after your order is received in proper form by that Fund. An order is considered to be in "proper form" if it includes all necessary information and documentation related to the purchase or redemption request, and, if applicable, payment in full of the purchase amount.

**Purchases In Kind**

Subject to the approval of a Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund's valuation policies. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Purchases**

You can open an account with a Fund, including an initial purchase through an IRA or other tax qualified account, with a minimum initial investment of $1,000. There is no minimum for subsequent investments. Each Fund may accept initial investments of smaller amounts in its sole discretion. The Transfer Agent may charge a $25 annual account maintenance fee for each retirement account.

**Retirement Plans**

If you own shares of a Fund through an IRA, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Certain transactions within a IRA account, including shares redeemed to return an excess contribution, retirement plan or IRA transfers or hardship withdrawals, IRS re-characterizations and conversions, and account closures, may be subject to a $25.

**Shareholder Statements and Householding**.

The Transfer Agent maintains an account for each shareholder and records all account transactions. You will be sent confirmation statements showing the details of your transactions as they occur. Account statements may be obtained by calling the Fund at 1-877-FUND-WHG (1-877-386-3944) on the days the Fund is open for business. Other account statement requests may be subject to a $25 retrieval fee.

**By Automatic Investment Plan (via ACH)**

You may not open an account via ACH. However, once you have established an account, you can set up an automatic investment plan by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually and annually in amounts of at least $100 per Fund. To cancel or change a plan, write to the Funds at: Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022. Please allow up to 15 days to create the plan and 3 days to cancel or change it.

**How to Sell Your Fund Shares**

If you own your shares directly, you may redeem your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your sales proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

If the shares to be redeemed have a value of greater than $100,000, or if the payment of the proceeds of a redemption of any amount is to be sent to a person other than the shareholder of record or to an address other than that on record with that Fund, you must have all signatures on written redemption requests guaranteed. If the name(s) or the address on your account has changed within the previous 15 days of your redemption request, the request must be made in writing with your signature guaranteed, regardless of the value of the shares being redeemed. The Transfer Agent will accept signatures guaranteed by a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which participates in the Securities Transfer Agents Medallion Program ("STAMP") sponsored by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in STAMP will not be accepted. A notary public cannot provide a signature guarantee. The Transfer Agent has adopted standards for accepting signature guarantees from the above institutions. The Funds and the Transfer Agent reserve the right to amend these standards at any time without notice.

Redemption requests by corporate and fiduciary shareholders must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the account. Forms of resolutions and other documentation to assist in compliance with the Transfer Agent's procedures may be obtained by calling the Transfer Agent.

The sale price will be the NAV per share next determined after the Funds receive your request in proper form.

**By Mail**

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

You may request express delivery of redemption proceeds. Checks requested to be sent via express delivery are subject to a $35 charge from your account.

**By Telephone**

You must first establish the telephone redemption privilege (and, if desired, the wire or ACH redemption privileges) by completing the appropriate sections of the account application. Call 1-877-FUND-WHG (1-877-386-3944) to redeem your shares. Based on your instructions, a Fund will mail your proceeds to you, or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (via ACH)**

If your account balance is at least $10,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Receiving Your Money**

The length of time each Fund typically expects to pay redemption proceeds is the same regardless of whether the payment is made by check, wire or ACH. Each Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, each Fund typically expects to mail the check within one (1) to three (3) business days; and

● For payment by wire or ACH, each Fund typically expects to process the payment within one (1) to three (3) business days.

Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to 7 calendar days as permitted under the 1940 Act. Under unusual circumstances as permitted by the SEC, the Funds may suspend the right of redemption or delay payment of redemption proceeds for more than 7 calendar days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to 15 calendar days. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account.

**Redemptions In Kind**

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of a Fund's remaining shareholders, a Fund might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Redemptions of Your Shares**

If your account balance drops below $500 because of redemptions, you may be required to sell your shares. The Funds will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If your Alternative Income Fund shares are redeemed for this reason within 30 days of their purchase, the redemption fee will not be applied.

**Suspension of Your Right to Sell Your Shares**

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Fund Shares**

At no charge, you may exchange between like share classes or different share classes of any of the Value Fund, SmallCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund, or Alternative Income Fund (each a "Westwood Fund") in the Trust (the "Westwood Funds complex"), where offered, by writing to or calling the Fund. Exchanges are subject to the eligibility requirements and the fees and expenses of the share class you exchange into, as set forth in the applicable prospectus. You may only exchange shares between accounts with identical registrations (i.e., the same names and addresses). An exchange between share classes of the same Westwood Fund is not a taxable event. Unless you are investing through a tax-deferred arrangement, an exchange between share classes of different Westwood Funds is a taxable event, and you may recognize a gain or loss for tax purposes.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Telephone Transactions**

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Sales Charges**

**Front-End Sales Charges – A Class Shares**

The offering price of A Class Shares is the next calculated NAV after the Funds receive your request, plus the front-end sales charge. The amount of any front-end sales charge included in your offering price varies depending on the amount of your investment.

For the Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund, the sales charges below apply.

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| | | | |
|:---|:---|:---|:---|
| ***If Your Investment Is:*** | ***Your Sales Charge as a Percentage of***<br> ***Offering Price*** | ***Your Sales Charge as a Percentage of Your Net Investment*** | ***Dealer Reallowance as a Percentage of Offering Price*** |
| Less than $50,000 | 3.00% | 3.09% | 3.00% |
| $50,000 but less than $100,000 | 2.00% | 2.04% | 2.00% |
| $100,000 but less than $250,000 | 1.00% | 1.01% | 1.00% |
| $250,000 and over<sup>1</sup> |  |  |  |

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| | |
|:---|:---|
| 1 | Purchases of A Class Shares of a Fund or its respective Predecessor purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 18 months of purchase. See "Contingent Deferred Sales Charges" below for more information. |

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For the SmallCap Fund, the sales charges below apply.

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| | | | |
|:---|:---|:---|:---|
| ***If Your Investment Is:*** | ***Your Sales Charge as a Percentage of***<br> ***Offering Price*** | ***Your Sales Charge as a Percentage of Your Net Investment*** | ***Dealer Reallowance as a Percentage of Offering Price*** |
| Less than $50,000 | 4.00% | 4.17% | 4.00% |
| $50,000 but less than $100,000 | 3.50% | 3.63% | 3.50% |
| $100,000 but less than $250,000 | 2.25% | 2.30% | 2.25% |
| $250,000 but less than $500,000 | 1.50% | 1.52% | 1.50% |
| $500,000 but less than $1,000,000 | 1.00% | 1.01% | 1.00% |
| $1,000,000 and over<sup>1</sup> |  |  |  |

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<sup>1</sup> A Class Shares purchases of $1,000,000 or more made on or after August 4, 2020, may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. See "Contingent Deferred Sales Charges" below for more information.

You may qualify for reduced sales charges or sales charge waivers. If you believe that you may qualify for a reduction or waiver of the sales charge, you should discuss this matter with your broker or other financial intermediary. To qualify for these reductions or waivers, you or your financial intermediary must provide sufficient information at the time of purchase to verify that your purchase qualifies for such treatment. This information could be used to aggregate, for example, holdings in personal or retirement accounts, Fund shares owned by your family members, and holdings in accounts at other brokers or financial intermediaries. The Funds or your financial intermediary may request documentation from you in order to verify your eligibility for a breakpoint discount. This information may include account statements and records regarding Fund shares held at all financial intermediaries by you and members of your family. In addition to breakpoint discounts, the following sections describe other circumstances in which sales charges are waived or otherwise may be reduced. Your financial intermediary may not offer any or all of the waivers or discounts discussed below, in which case you would be required to purchase A Class Shares directly from a Fund or through another intermediary in order to receive the desired waiver or discount. **Investors investing in a Fund through an intermediary should consult "Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries" below, and Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries.**

**Waiver of Front-End Sales Charge – A Class Shares**

Certain investors may be eligible for a waiver of the sales loads due to the nature of the investors and/or the reduced sales efforts necessary to obtain their investments. The front-end sales charge will be waived on A Class Shares purchased:

● Through reinvestment of dividends and distributions;

● Through an account advised or sub-advised by the Adviser or its affiliates;

● By persons repurchasing shares they redeemed within the last 90 days (see "Repurchase of A Class Shares");

● By employees, officers and directors, and members of their family, of the Adviser and its affiliates;

● By persons reinvesting distributions from qualified employee benefit retirement plans and rollovers from IRAs as long as the plan was previously invested in one or more Westwood Funds;

● By investors who purchase shares with redemption proceeds (but only to the extent of such redemption proceeds) from another investment company within 30 days of such redemption, provided that the investors paid either a front-end or contingent deferred sales charge on the original shares redeemed;

● Through dealers, retirement plans, asset allocation programs and financial institutions that, under their dealer agreements with the distributor or otherwise, do not receive any portion of the front-end sales charge;

● Purchases by registered representatives and other employees of certain financial intermediaries (and their family members) having selling agreements with the Adviser or distributor; and

● Certain other investors as deemed appropriate by the Adviser.

You should inquire with your financial intermediary regarding whether a waiver of front-end sales charge is applicable to you.

**Repurchase of A Class Shares**

You may repurchase any amount of A Class Shares of any Fund at NAV (without the normal front-end sales charge), up to the limit of the value of any amount of A Class Shares (other than those which were purchased with reinvested dividends and distributions) that you redeemed within the past 90 days. In effect, this allows you to reacquire shares that you may have had to redeem, without repaying the front-end sales charge. To exercise this privilege, a Fund must receive your purchase order within 90 days of your redemption. In addition, you must notify your investment professional or institution when you send in your purchase order that you are repurchasing shares. Certain tax rules may limit your ability to recognize a loss on the redemption of your A Class Shares, and you should consult your tax advisor if recognizing such a loss is important to you.

**Rights of Accumulation**

In calculating the appropriate sales charge rate, this right allows you to add the value of the A Class Shares you already own to the amount that you are currently purchasing. The Funds will combine the value of your current purchases with the current value of any A Class Shares you purchased previously for (i) your account, (ii) your spouse's account, (iii) a joint account with your spouse, or (iv) your minor children's trust or custodial accounts. A fiduciary purchasing shares for the same fiduciary account, trust or estate may also use this right of accumulation. If your investment qualifies for a reduced sales load due to accumulation of purchases, you must notify the transfer agent at the time of purchase of the existence of other accounts and/or holdings eligible to be aggregated to reduce or eliminate the sales load. You may be required to provide records, such as account statements, regarding Fund shares held by you or related accounts at the Funds or at other financial intermediaries in order to verify your eligibility for a breakpoint discount. You will receive the reduced sales load only on the additional purchases and not retroactively on previous purchases. The Funds may amend or terminate this right of accumulation at any time.

**Letter of Intent**

You may purchase A Class Shares at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period. In other words, a Letter of Intent allows you to purchase A Class Shares of a Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at the same time. The Fund will only consider the value of A Class Shares sold subject to a sales charge. As a result, shares of the A Class Shares purchased with dividends or distributions will not be included in the calculation. To be entitled to a reduced sales charge on the purchase of A Class Shares based on shares you intend to purchase over the 13-month period, you must send the Fund a Letter of Intent. In calculating the total amount of purchases, you may include in your Letter purchases made up to 90 days before the date of the Letter. Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the Letter. The 13-month period begins on the date of the first purchase, including those purchases made in the 90-day period before the date of the Letter. Please note that the purchase price of these prior purchases will not be adjusted.

You are not legally bound by the terms of your Letter of Intent to purchase the amount of your shares stated in the Letter. The Letter does, however, authorize the Fund to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase of A Class Shares at the end of the 13-month period, the Fund's transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

**Combined Purchase/Quantity Discount Privilege**

When calculating the appropriate sales charge rate, a Fund will combine same-day purchases of A Class Shares (that are subject to a sales charge) made by you, your spouse and your minor children (under age 21). This combination also applies to A Class Shares you purchase with a Letter of Intent.

**Contingent Deferred Sales Charges**

You will not pay a front-end sales charge if you purchase $250,000 or more of A Class Shares of the Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund, or if you purchase $1,000,000 or more of A Class Shares of the SmallCap Fund. However, A Class Shares purchases of $250,000 or more of the Income Opportunity Fund or its Predecessor Fund made on or after September 3, 2019, A Class Shares purchases of $250,000 or more of the Value Fund and High Income Fund or their respective Predecessor Funds made on or after March 1, 2020, A Class Shares purchases of $250,000 or more of the Total Return Fund and Alternative Income Fund and their respective Predecessor Funds, and A Class Shares purchases of $1,000,000 or more of the SmallCap Fund or its Predecessor Fund made on or after August 4, 2020, may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. The CDSC will be based on the lesser of (1) the NAV of the shares at the time of purchase or (2) the NAV of the shares next calculated after a Fund receives your redemption request. The sales charge does not apply to shares you purchase through reinvestment of dividends or distributions. So, you never pay a CDSC on any increase in your investment above the initial offering price. The sales charge does not apply to exchanges of A Class Shares of one fund for A Class Shares of another fund in the Westwood Funds complex.

In addition, the CDSC may be waived under the following circumstances:

● in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the A Class Shares being redeemed;

● in the event of the death of the shareholder (including a registered joint owner); and

● redemptions of A Class Shares where the Funds' distributor did not pay a sales commission when such shares were purchased.

**Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries**

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges). Such intermediary-specific sales charge variations are described in Appendix A to this Prospectus, entitled "Intermediary-Specific Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and, therefore, is legally a part of this Prospectus.

In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.

**General Information about Sales Charges**

Your securities dealer is paid a commission when you buy your shares and is paid a servicing fee as long as you hold your shares. Your securities dealer or servicing agent may receive different levels of compensation depending on which class of shares you buy. The Funds' distributor may pay dealers up to 1.00% on investments of $250,000 or more in A Class Shares of the Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund, and up to 1.00% on investments of $1,000,000 or more in A Class Shares of the SmallCap Fund. From time to time, some financial institutions may be reallowed up to the entire sales charge. Firms that receive a reallowance of the entire sales charge may be considered underwriters for the purpose of federal securities law.

The Funds' distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs for dealers, which will be paid for by the Funds' distributor from any sales charge it receives or from any other source available to it. Under any such program, the Funds' distributor may provide cash or non-cash compensation as recognition for past sales or encouragement for future sales that may include merchandise, travel expenses, prizes, meals, lodgings, and gifts that do not exceed $100 per year, per individual.

Information regarding the Funds' sales charges may be obtained free of charge by calling toll-free 1-877-FUND-WHG (1-877-386-3944).

Because this Prospectus is available on the Funds' website free of charge, the Funds do not separately make information regarding the Funds' sales charges available on the website.

**Payments to Financial Intermediaries**

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Distribution Plan**

The Funds have adopted a distribution plan under Rule 12b-1 of the 1940 Act for A Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual Rule 12b-1 Fee for A Class Shares of a Fund is 0.25%. A financial intermediary that receives a 1.00% upfront commission on a purchase of A Class Shares of $250,000 or more of the Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Total Return Fund, or a purchase of A Class Shares of $1,000,000 or more of the SmallCap Fund, will generally become eligible to receive the Rule 12b-1 Fees with respect to such shares beginning in the 13th month following the date of the purchase.

**Other Payments by the Funds**

The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, distribution fees the Funds may pay to financial intermediaries pursuant to the Funds' distribution plan.

**Payments by the Adviser**

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies**

**Excessive Trading Policies and Procedures**

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Funds may present risks to the Funds' long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds' investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair values. Although each Fund has procedures designed to determine the fair value of foreign securities for purposes of calculating its NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, Funds that invest in micro-, small- and mid-cap securities, which often trade in lower volumes and may be less liquid, may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control.

When monitoring shareholder purchases and redemptions, the Funds do not apply a quantitative definition to frequent trading. Instead the Funds uses a subjective approach that permits it to reject any purchase orders that it believes may be indicative of market timing or disruptive trading. In addition, a redemption fee of 1.00% of the value of the shares sold will be imposed on shares of the Alternative Income Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions discussed below in "Redemption Fees"). The right to reject a purchase order applies to any purchase order, including a purchase order placed by financial intermediaries. The Funds may also modify any terms or conditions of purchases of Fund shares or withdraw all or any part of the offering made by this Prospectus.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds may enter into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), financial intermediaries with whom the Funds have an information sharing agreement are generally obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Redemption Fee (Westwood Alternative Income Fund)**

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of the Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from the Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Fund requests that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Fund. However, the Fund recognizes that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Fund's. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, the Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

The Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

**Customer Identification and Verification**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in proper form (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program**

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**Unclaimed Property**

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-877-FUND-WHG (1-877-386-3944).

**Dividends and Distributions**

The Value Fund and the SmallCap Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually.

The Total Return Fund, Income Opportunity Fund and the Alternative Income Fund distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually.

The High Income Fund distributes its net investment income monthly and makes distributions of its net realized capital gains, if any, at least annually.

If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution. You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes**

**Please consult your tax advisor regarding your specific questions about federal, state and local income taxes.** The following is a summary of the U.S. federal income tax consequences of investing in the Funds. This summary is based on current tax laws, which may change. This summary does not apply to shares held in a tax-deferred arrangements, such as an IRA or other tax-qualified plans. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. Such shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, and local tax consequences of investing in the Fund. This summary only applies with respect to U.S. investors in the Funds. Non-U.S. investors are encouraged to read a summary of certain rules applicable to them in the SAI and to consult their tax advisors prior to investing in the Funds.

Each Fund intends to qualify each year for treatment as a regulated investment company for U.S. federal income taxes under Subchapter M of the Code ("RIC"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Fund-level taxation and, consequently, a reduction in income available for distribution to shareholders. In addition, the Fund may be subject to a 4% excise tax if it fails to make sufficient distributions.

In order for a Fund to qualify for taxation as a RIC, the Fund must derive at least 90% of its gross income each taxable year from qualifying income and diversify its assets as described in more detail in the SAI.

Certain investments of a Fund may not generate qualifying income if made directly by such Fund. For example, certain Funds intend to invest in royalty trusts. Depending on the U.S. federal income tax classification of these royalty trusts in which a Fund invests, securities issued by certain royalty trusts (such as royalty trusts which are grantor trusts for U.S. federal income tax purposes) may not produce qualifying income for purposes of the requirements to be treated as a RIC under the Code. Additionally, a Fund may be deemed to directly own the assets of each royalty trust and would need to look to such assets when determining its compliance with the diversification requirements under the Code. Certain Canadian royalty trusts may be treated as corporations for U.S. federal income tax purposes and distributions from such may be qualifying income when received by a Fund. Each Fund will monitor its investments in royalty trusts with the objective of maintaining its continued qualification as a RIC under the Code.

The Funds intend to distribute substantially all of their net investment income and net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds, may be subject to federal, state, and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains, but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year. Certain investment strategies of the Funds may limit a particular Fund's ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

You should note that if you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and should be avoided by taxable investors should consult with their tax advisors regarding the tax consequences to them of "buying a dividend".

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. A sale may result in a capital gain or loss to you. The gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or 30 days after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($125,000, if married and filing separately, $250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Certain Funds may invest in MLPs taxed as partnerships. Due to a variety of factors, including significant non-cash deductions such as depreciation and depletion, MLPs have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to such limited partners or members. These excess cash distributions would not be treated as income to a Fund but rather would be treated as a return of capital to the extent of the Fund's basis in the MLP. As a consequence, a Fund may make distributions that exceed its earnings and profits, which would be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in Fund shares and result in a higher capital gain or lower capital loss when the Fund shares are sold. After a shareholder's basis in Fund shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Fund shares will be treated as gain from the sale of the Fund shares.

"Qualified publicly traded partnership income" within the meaning of section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Fund to pass through the special character of "qualified publicly traded partnership income" to shareholders.

MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions, and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your Form 1099 tax reporting statement and, accordingly, send you a corrected Form 1099.

Certain Funds may invest in REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV, Dividends and Distributions ("Form 1099-DIV") to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. If a Fund makes the election, the Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is in the SAI.**

**Additional Information**

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights**

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years or, if shorter, the period of the Funds' operations. The financial highlights information presented for the Funds includes the financial history of Predecessor Funds, each of which was reorganized into a corresponding Fund after the close of business on November 1, 2021. The financial highlights show the Predecessor Fund's financial history for the four fiscal years ended October 31, 2021, or, if shorter, the period of operations through October 31, 2021 for the Predecessor Fund or any of its share classes. Certain information reflects financial results for a single Fund (or, where applicable, Predecessor Fund) share. The information presented in the tables below for the fiscal year ended October 31, 2022 for the Funds has been audited by BBD, LLP, the Funds' independent registered public accountant, whose report, along with each Fund's and its respective Predecessor Fund's financial statements, are included in the Funds' October 31, 2022 annual report, which is available upon request by calling the Funds at 1-877-386-3944. The information presented in the tables below for the fiscal year ended October 31, 2021 and earlier for the Funds has been audited by Ernst & Young, LLP, the independent registered public accountant to the Predecessor Funds.

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

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| |
|:---|
| **SELECTED PER SHARE DATA & RATIOS** |
| **FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **<br>Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **<br> Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $15.53 | 0.15 | (0.75) | (0.60) | (0.07) | (2.28) | (2.35) | $12.58 | (4.64)% | $1402 | 0.90% | 0.94% | 1.15% | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.84 | 0.08 | 4.31 | 4.39 | (0.12) | (0.58) | (0.70) | $15.53 | 38.46% | $858 | 0.90% | 1.01% | 0.58% | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $13.20 | 0.18 | (0.96) | (0.78) | (0.18) | (0.40) | (0.58) | $11.84 | (6.32)% | $2143 | 0.90% | 1.00% | 1.43% | 52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $13.12 | 0.19 | 1.21 | 1.40 | (0.17) | (1.15) | (1.32) | $13.20 | 12.92% | $13174 | 0.90% | 0.98% | 1.54% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $13.15 | 0.17 | 0.62 | 0.79 | (0.12) | (0.70) | (0.82) | $13.12 | 6.02% | $13183 | 0.90% | 0.97% | 1.25% | 49% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(1)* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

---

| |
|:---|
| **SELECTED PER SHARE DATA & RATIOS** |
| **FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **<br>Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **<br> Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income (loss) to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $21.94 | 0.16 | (2.27) | (2.11) | (0.18) | (0.81) | (0.99) | $18.84 | (10.15)% | $1556 | 1.04% | 1.16% | 0.81% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $14.44 | 0.16 | 7.45 | 7.61 | (0.11) |  | (0.11) | $21.94 | 52.90% | $1470 | 1.04% | 1.22% | 0.77% | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $16.99 | 0.08 | (2.43) | (2.35) | (0.14) | (0.06) | (0.20) | $14.44 | (14.04)% | $881 | 1.09% | 1.28% | 0.55% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2019 <sup>(g)</sup> | $15.78 | (0.02) | 1.23 | 1.21 |  |  |  | $16.99 | 7.67 %<sup>(e)(f)</sup> | $96 | 1.08 %<sup>(f)</sup> | 1.30 %<sup>(f)</sup> | (0.90)%<sup>(f)</sup> | 64 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (September 3, 2019) through October 31, 2019.* 

*(1)* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

---

| |
|:---|
| **SELECTED PER SHARE DATA & RATIOS** |
| **FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value, beginning of<br> period** | **Net investment income <sup>(a)</sup>** | **Net realized <br> and unrealized gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Dividends from net investment income** | **Distributions<br> from net realized <br> capital gains** | **Total<br> distributions** | **Net asset value, end of period** | **Total <br> return <sup>(b)</sup>** | **Net assets, <br> end of period<br> (000's)** | **Ratio of total net <br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross <br> expenses to average <br> net assets** | **Ratio of net<br> investment income to average net assets <sup>(c)</sup>** | **Portfolio<br> turnover <br> rate <sup>(d)</sup>** |
| **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $7.64 | 0.14 | (1.09) | (0.95) | (0.15) | (0.47) | (0.62) | $6.07 | (13.41)% | $24 | 0.77% | 0.85% | 2.31% | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $6.43 | 0.11 | 1.40 | 1.51 | (0.11) | (0.19) | (0.30) | $7.64 | 24.04% | $4 | 0.64% | 0.78% | 1.47% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $5.20 | 0.03 | 1.23 | 1.26 | (0.03) |  | (0.03) | $6.43 | 24.30 %<sup>(e)</sup> | $- | 0.01 %<sup>(f)</sup> | 0.01 %<sup>(f)</sup> | 0.90 %<sup>(f)</sup> | 62 %<sup>(e)</sup> |
| **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** |  |  |  |  |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $13.90 | 0.27 | (2.19) | (1.92) | (0.25) | (1.16) | (1.41) | $10.57 | (15.21)% | $55296 | 1.06% | 1.06% | 2.27% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $12.83 | 0.20 | 1.88 | 2.08 | (0.46) | (0.55) | (1.01) | $13.90 | 16.86% | $62614 | 1.10% | 1.11% | 1.44% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $15.88 | 0.18 | 0.34 | 0.52 | (0.16) | (3.41) | (3.57) | $12.83 | 4.34% | $48051 | 1.14% | 1.14% | 1.43% | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $15.30 | 0.28 | 1.25 | 1.53 | (0.32) | (0.63) | (0.95) | $15.88 | 10.71% | $64450 | 1.10% | 1.10% | 1.86% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $15.71 | 0.24 | (0.11) | 0.13 | (0.24) | (0.30) | (0.54) | $15.30 | 0.78% | $74510 | 1.08% | 1.08% | 1.56% | 42% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(1)* *Effective November 1, 2021, Westwood Low Volatility Equity Fund was renamed as Westwood Total Return Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

---

| |
|:---|
| **SELECTED PER SHARE DATA & RATIOS** |
| **FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>**  | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized gains (losses) <br> on investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions <br> from net realized<br> capital gains** | **Return of <br> capital** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period<br> (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | | |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.72 | 0.39 | (1.71) | (1.32) | (0.40) |  |  | (0.40) | $9.00 | (12.54)% | $2321 | 1.15% | 1.22% | 3.95% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $9.60 | 0.33 | 1.13 | 1.46 | (0.34) |  |  | (0.34) | $10.72 | 15.34% | $1623 | 1.05% | 1.21% | 3.05% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $9.29 | 0.34 | 0.29 | 0.63 | (0.32) |  |  | (0.32) | $9.60 | 7.01% | $320 | 0.48% | 0.82% | 3.61% | 130% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $9.15 | 0.39 | 0.14 | 0.53 | (0.39) |  |  | (0.39) | $9.29 | 5.93% | $46 | 1.05% | 1.34% | 4.20% | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $9.37 | 0.40 | (0.23) | 0.17 | (0.39) |  |  | (0.39) | $9.15 | 1.91% | $31 | 1.05% | 1.26% | 4.26% | 37% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(1)* *Effective November 1, 2019, Westwood Short Duration High Yield Fund was renamed as Westwood High Income Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

---

| |
|:---|
| **SELECTED PER SHARE DATA & RATIOS** |
| **FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<br>**  | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized <br> gains (losses) <br> on investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Return of <br> capital** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return (b)** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets (c)** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to average net assets (c)** | **Portfolio<br> turnover<br> rate (d)** |
| **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | | |
| **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | **A Class Shares** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $11.00 | 0.18 | (0.49) | (0.31) | (0.15) | (0.15) |  | (0.30) | $10.39 | (2.88)% | $33 | 0.45% | 0.59% | 1.69% | 128% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $10.46 | 0.14 | 0.48 | 0.62 | (0.08) |  |  | (0.08) | $11.00 | 5.97% | $68 | 1.11% | 1.38% | 1.32% | 125% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $9.78 | 0.10 | 0.62 | 0.72 | (0.04) |  |  | (0.04) | $10.46 | 7.35 %<sup>(e)</sup> | $28 | 1.15 %<sup>(f)</sup> | 1.67 %<sup>(f)</sup> | 1.61 %<sup>(f)</sup> | 137 %<sup>(e)</sup> |

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*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(1)* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**CUSTOMER PRIVACY NOTICE**

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| | | | |
|:---|:---|:---|:---|
| **FACTS** | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** |  | ■ | Social Security number |
|  |  | ■ | Assets |
|  |  | ■ | Retirement Assets |
|  |  | ■ | Transaction History |
|  |  | ■ | Checking Account Information |
|  |  | ■ | Purchase History |
|  |  | ■ | Account Balances |
|  |  | ■ | Account Transactions |
|  |  | ■ | Wire Transfer Instructions |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| **How?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Do the <br> Funds share?** | **Can you limit <br> this sharing?** |
| **For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | Call 1-877-FUND-WHG (1-877-386-3944) |

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| | | |
|:---|:---|:---|
| **Who we are** | | |
| **Who is providing this notice?** | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood Total Return Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Westwood Quality SMidCap Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood Total Return Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Westwood Quality SMidCap Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) |
| **What we do** |  |  |
| **How do the Funds protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How do the Funds collect my personal information?** |  |  |
| **How do the Funds collect my personal information?** | ■ | Open an account |
| **How do the Funds collect my personal information?** | ■ | Provide account information |
| **How do the Funds collect my personal information?** | ■ | Give us your contact information |
| **How do the Funds collect my personal information?** | ■ | Make deposits or withdrawals from your account |
| **How do the Funds collect my personal information?** | ■ | Make a wire transfer |
| **How do the Funds collect my personal information?** | ■ | Tell us where to send the money |
| **How do the Funds collect my personal information?** | ■ | Tell us who receives the money |
| **How do the Funds collect my personal information?** | ■ | Show your government-issued ID |
|  | ■ | Show your driver's license |
|  | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you |
| **Why can't I limit all sharing?** |  |  |
| **Why can't I limit all sharing?** | ■ | Sharing for affiliates' everyday business purposes – information about your creditworthiness |
| **Why can't I limit all sharing?** | ■ | Affiliates from using your information to market to you |
|  | ■ | Sharing for nonaffiliates to market to you |
|  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  |
| **Definitions** |  |  |
| **Affiliates** | &nbsp;&nbsp;&nbsp;*Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. | &nbsp;&nbsp;&nbsp;*Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Nonaffiliates** | &nbsp;&nbsp;&nbsp;*The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies | &nbsp;&nbsp;&nbsp;*The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies |
| **Joint marketing** | &nbsp;&nbsp;&nbsp;*The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | &nbsp;&nbsp;&nbsp;*The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |

---

This information is not part of the Prospectus.

**WESTWOOD FUNDS**

**Investment Adviser**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

**Distributor**

Ultimus Fund Distributors, LLC

225 Pictoria Drive

Suite 450

Cincinnati, Ohio 45246

**Legal Counsel**

Kilpatrick Townsend & Stockton LLP

4208 Six Forks Road, Suite 1400

Raleigh, North Carolina 27609

***More information about the Funds is available, without charge, through the following:***

**Appendix A to the Prospectus - Intermediary-Specific Sales Charge Discounts and Waivers**

Appendix A contains more information about specific sales charge discounts and waivers available for shareholders who purchase Fund shares through a specific financial intermediary. Appendix A is incorporated by reference into this Prospectus. This means that Appendix A, for legal purposes, is a part of this Prospectus.

**Statement of Additional Information ("SAI"):** The SAI, dated February 28, 2023, as it may be amended from time to time, includes detailed information about the Funds and the Ultimus Managers Trust. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** These reports, when available, will list the Funds' holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.

**To obtain more information about the Funds or to request a copy of the documents listed above:**

---

| | |
|:---|:---|
| ***By Telephone:*** | 1-877-FUND-WHG (1-877-386-3944) |

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---

| | |
|:---|:---|
| ***By Mail:*** | Westwood Funds |

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P.O. Box 541150

Omaha, NE 68154

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| | |
|:---|:---|
| ***By Internet:*** | www.westwoodfunds.com |

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***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about the Ultimus Managers Trust, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**Investment Company Act registration No. 811-22680.**

**Appendix A**

**Intermediary-Specific Sales Charge Discounts and Waivers**

Specific intermediaries may have different policies and procedures regarding the availability of front-end sales charge or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.** Please see the "Sales Charges" section of the A Class Shares and C Class Shares Prospectuses for more information on sales charge discounts and waivers.

The following descriptions of financial intermediary sales charge waivers, discounts, policies or procedures, as the case may be, are reproduced based on information provided by the intermediary. The financial intermediary sales charge waivers, discounts, policies or procedures disclosed in this Appendix may vary from those disclosed in the A Class Shares and C Class Shares Prospectuses or SAI and are subject to change. This Appendix will be updated based on information provided by the financial intermediaries. Neither the Funds, nor the Adviser, nor the Distributor supervises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do they verify the intermediaries' administration of such waivers, discounts, policies or procedures.

The information in this Appendix is part of, and incorporated into, the A Class Shares and C Class Shares Prospectuses.

**Merrill Lynch**

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the A Class Shares and C Class Shares Prospectuses or SAI.

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| |
|:---|
| **Front-End Sales Load Waivers on A Class Shares Available at Merrill Lynch** |
| Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
| Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
| Shares purchased through a Merrill Lynch affiliated investment advisory program |
| Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |
| Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform |
| Shares purchased through the Merrill Edge Self-Directed platform |
| Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the Westwood Fund family) |
| Shares exchanged from C Class Shares (*i.e.* level-load) shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |
| Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
| Trustees of the Trust, and employees of the Funds' investment adviser or any of its affiliates, as described in the A Class Shares and C Class Shares Prospectuses |
| Eligible shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement |

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| |
|:---|
| **CDSC Waivers on A Class Shares and C Class Shares Available at Merrill Lynch** |
| Death or disability of the shareholder |
| Shares sold as part of a systematic withdrawal plan as described in the A Class Shares and C Class Shares Prospectuses |
| Return of excess contributions from an IRA Account |
| Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Code |
| Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
| Shares acquired through a right of reinstatement |
| Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms |
| Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |

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---

| |
|:---|
| **Front-End Sales Load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** |
| Breakpoints as described in the A Class Shares and C Class Shares Prospectuses |
| Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the A Class Shares and C Class Shares Prospectuses will be automatically calculated based on the aggregated holding of Westwood Fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible Westwood Fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
| Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within the Westwood Fund family, through Merrill Lynch, over a 13-month period of time |

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\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the A Class Shares and C Class Shares Prospectuses or SAI.

*Front-end sales load waivers on A Class Shares available at Raymond James*

● Shares purchased in an investment advisory program.

● Shares purchased within the Westwood Fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in a Fund's C Class Shares will have their shares converted at net asset value to A Class Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

*CDSC Waivers on A Class Shares and C Class Shares available at Raymond James*

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the A Class Shares and C Class Shares Prospectuses.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

*Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent*

● Breakpoints as described in the A Class Shares Prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Westwood Fund family assets held by accounts within the purchaser's household at Raymond James. Eligible Westwood Fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Westwood Fund family, over a 13-month time period. Eligible Westwood Fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Morgan Stanley Wealth Management ("Morgan Stanley")**

Shareholders purchasing Fund shares through a Morgan Stanley transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to A Class Shares, which may differ from and may be more limited than those disclosed elsewhere in A Class Shares and C Class Shares Prospectuses or SAI.

**<u>Front-end Sales Charge Waivers on A Class Shares available at Morgan Stanley</u>**

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

● Shares purchased through a Morgan Stanley self-directed brokerage account.

● C Class (i.e., level-load) Shares that are no longer subject to a contingent deferred sales charge and are converted to A Class Shares of the same Fund pursuant to Morgan Stanley's share class conversion program.

● Shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**WESTWOOD FUNDS**

**PROSPECTUS**

**February 28, 2023**

**WESTWOOD QUALITY VALUE FUND**

**TICKER SYMBOL: WWLCX**

**WESTWOOD QUALITY SMALLCAP FUND**

**TICKER SYMBOL: WHGCX**

**WESTWOOD TOTAL RETURN FUND**

**TICKER SYMBOL: WTOCX**

**WESTWOOD INCOME OPPORTUNITY FUND**

**TICKER SYMBOL: WWICX**

**WESTWOOD HIGH INCOME FUND**

**TICKER SYMBOL: WWHCX**

**WESTWOOD ALTERNATIVE INCOME FUND**

**TICKER SYMBOL: WWACX**

**C CLASS SHARES**

**INVESTMENT ADVISER:**

**WESTWOOD MANAGEMENT CORP.**

**The U.S. Securities and Exchange Commission has not approved or disapproved these<br> securities or passed upon the adequacy or accuracy of this Prospectus.<br> Any representation to the contrary is a criminal offense.**

**About This Prospectus**

This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund (individually a "Fund" and collectively the "Funds"), please see:

i

**<u>**Table of Contents**</u>**

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| | |
|:---|:---|
|  | **Page** |
| **WESTWOOD QUALITY VALUE FUND** | 1 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 1 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 1 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 3 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 3 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 5 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 6 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 6 |
| **WESTWOOD QUALITY SMALLCAP FUND** | 7 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 7 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 7 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 8 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 9 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 11 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 12 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGER** | 12 |
| **WESTWOOD TOTAL RETURN FUND** | 13 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 13 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 13 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 15 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 16 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 19 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 20 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 20 |
| **WESTWOOD INCOME OPPORTUNITY FUND** | 21 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVES** | 21 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 21 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 22 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 23 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 27 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 28 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 28 |

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ii

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| | |
|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | 29 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 29 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 29 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 31 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 32 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 36 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 37 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 37 |
| **WESTWOOD ALTERNATIVE INCOME FUND** | 38 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 38 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 38 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 40 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 40 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 44 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 45 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 45 |
| **SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION** | 46 |
| **MORE INFORMATION ABOUT RISKS** | 47 |
| **MORE INFORMATION ABOUT FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** | 62 |
| **INFORMATION ABOUT PORTFOLIO HOLDINGS** | 63 |
| **INVESTMENT ADVISER** | 63 |
| **PORTFOLIO MANAGERS** | 66 |
| **PURCHASING, SELLING AND EXCHANGING FUND SHARES** | 69 |
| **SALES CHARGES** | 79 |
| **PAYMENTS TO FINANCIAL INTERMEDIARIES** | 80 |
| **OTHER POLICIES** | 81 |
| **DIVIDENDS AND DISTRIBUTIONS** | 84 |
| **TAXES** | 85 |
| **ADDITIONAL INFORMATION** | 88 |
| **FINANCIAL HIGHLIGHTS** | 88 |
| **HOW TO OBTAIN MORE INFORMATION ABOUT THE FUNDS** | Back Cover |
| **INTERMEDIARY-SPECIFIC SALES CHARGE DISCOUNTS AND WAIVERS** | Appendix A |

---

iii

**WESTWOOD QUALITY VALUE FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality Value Fund (the "Fund" or "Value Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below** More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 96 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

---

| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees<sup>1</sup> | 0.50% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses | 0.09% |
| Total Annual Fund Operating Expenses | 1.59% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.55% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and expense cap effective November 30, 2022.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.55% of the Fund's C Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $258 | $498 | $862 | $1886 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $158 | $498 | $862 | $1886 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 77% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered

with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 1000<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the C Class Shares of the Westwood Quality Value Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at <u>www.westwoodfunds.com</u> or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_001.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (6.63)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **11.10%** | **(11.47)%** |
| **(12/31/2022)** | **(6/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND – C Class** | **1 Year** | **Since Inception**<br> **(March 31, 2020)**  |
| **Fund Returns Before Taxes** | (6.63)% | 16.65% |
| **Fund Returns After Taxes on Distributions** | (6.82)% | 14.26% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (3.78)% | 12.91% |
| **Russell 1000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.54)% | 19.25% |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since 2020.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2012.\*

Mr. Michael Wall, Vice President, Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY SMALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SmallCap Fund (the "Fund" or "SmallCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below**. More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 96 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

---

| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees | 0.85% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 1.91% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.79% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.79% of the Fund's C Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $282 | $588 | $1020 | $2223 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $182 | $588 | $1020 | $2223 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund, was 60% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, and since inception of the Fund compare with those of the Russell 2000<sup>®</sup> Value Index. The performance shown in the bar chart and table for period priors to November 1, 2021 represents the performance of the C Class Shares of the Westwood Quality SmallCap Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at <u>www.westwoodfunds.com</u> or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_002.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (13.17)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **25.83%** | **(32.80)%** |
| **(12/31/2020)** | **(3/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND – C CLASS** | **1 Year** | **Since Inception**<br> **(September 3, 2019)** |
| **Fund Returns Before Taxes** | (13.17)% | 6.73% |
| **Fund Returns After Taxes on Distributions** | (13.72)% | 6.06% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (7.39)% | 5.17% |
| **Russell 2000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (14.48)% | 8.85% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2010.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2010.\*

Mr. Frederic G. Rowsey, CFA, Vice President, Research Analyst, has managed the Fund since 2013.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD TOTAL RETURN FUND**

**Fund Investment Objective**

The investment objective of the Westwood Total Return Fund (the "Fund" or "Total Return Fund") seeks to provide total return, through a combination of current income and capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below**. More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 96 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

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---

| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees<sup>1</sup> | 0.59% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 1.72% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.08)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.64% |

---

<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.50% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.20% based on the Fund's C Class Shares' performance relative to the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for C Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.05% of the Fund's C Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $267 | $534 | $926 | $2024 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $167 | $534 | $926 | $2024 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 63% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has significant flexibility to achieve its investment objective and invests in a broad range of securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has wide latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 60% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 60% of its total assets in equity securities and 40% of its total assets in debt securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 50% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities, inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds").

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 70% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, and since inception of the Fund compare with those of the S&P 500<sup>®</sup> Index, Bloomberg U.S. Aggregate Bond Index, and the Blended 60/40 S&P 500<sup>®</sup> Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represent the performance of the C Class Shares of the Westwood Total Return Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at <u>www.westwoodfunds.com</u> or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_003.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (13.76)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **6.39%** | **(13.00)%** |
| **(12/31/2022)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND – C CLASS** | **1 Year** | **Since Inception**<br> **(March 31, 2020)**  |
| **Fund Returns Before Taxes** | 13.76)% | 10.82% |
| **Fund Returns After Taxes on Distributions** | (14.19)% | 9.19% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (8.04)% | 8.01% |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (18.11)% | 17.31% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (13.01)% | (4.04)% |
| **Blended 60/40 S&P 500<sup>®</sup> Index/Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (15.79)% | 8.63% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Manager**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

Mr. Ben Chittenden, Vice President and Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**Fund Investment Objectives**

The primary investment objective of the Westwood Income Opportunity Fund (the "Fund" or "Income Opportunity Fund") is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below**. More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 96 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

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| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees<sup>1</sup> | 0.65% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses<sup>1</sup> | 0.07% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 1.72% |
| Less Fee Reductions and/or Expense Reimbursements | (0.00)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.72% |

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<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees, effective November 30, 2022

<sup>2</sup> "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements" will not correlate to the ratio of expenses to the average net assets in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $275 | $542 | $933 | $2030 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $175 | $542 | $933 | $2030 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 81% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships ("MLPs"), enhanced equipment trust certificates ("EETCs") and equipment trust certificates ("ETCs"), securities of real estate investment trusts ("REITs") and shares of exchange-traded funds ("ETFs"). EETCs and ETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund is permitted to invest in companies of any capitalization range. The Fund's fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds) and unrated securities.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser's investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Large-Capitalization Company Risk –** The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Convertible Securities Risk –** The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**High Yield Bond Risk –** High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Micro-Capitalization Company Risk –** Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small- capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small- capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Warrants Risk –** Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**ETC and EETC Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**LIBOR Replacement Risk** – The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR, ceased publication of most LIBOR settings on a representative bases after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which the U.S. Federal Reservice has announced will replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk**. The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index, and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the C Class Shares of the Westwood Income Opportunity Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_004.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (13.73)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **12.94%** | **(13.18)%** |
| **(6/30/2020)** | **(3/31/2020)** |

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******

 ****

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND – C CLASS** | **1 Year** | **Since Inception**<br> **(September 3, 2019)** |
| **Fund Returns Before Taxes** | (13.73)% | 1.61% |
| **Fund Returns After Taxes on Distributions** | (14.31)% | (1.70)% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (8.01)% | 0.92% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (13.01)% | (2.61)% |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (18.11)% | 10.55% |
| **Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (14.76)% | 2.87% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD HIGH INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood High Income Fund (the "Fund" or "High Income Fund") seeks to maximize total return through a high level of current income and capital appreciation.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below**. More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 91 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

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| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees<sup>1</sup> | 0.70% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses | 0.17% |
| Total Annual Fund Operating Expenses | 1.87% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.07)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.80% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.38% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's C Class Shares' performance relative to the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%, resulting in a minimum total fee of 0.06% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for C Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.10% of the Fund's C Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $283 | $581 | $1004 | $2185 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $183 | $581 | $1004 | $2185 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 62% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has flexibility to achieve its investment objective and invests in a broad range of income-producing securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 80% of its total assets in debt securities and 20% of its total assets in equity securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 100% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities (including collateralized mortgage obligations), inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund currently expects to invest no more than 70% of its total assets in junk bonds.

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 30% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index, and the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the C Class Shares of the Westwood High Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_005.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.00)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **4.93%** | **(9.56)%** |
| **(12/31/2022)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND – C CLASS** | **1 Year** | **Since Inception**<br> **(March 31, 2020)** |
| **Fund Returns Before Taxes** | (12.00)% | 7.35% |
| **Fund Returns After Taxes on Distributions** | (13.20)% | 5.98% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (7.02)% | 5.15% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)**  | (13.01)% | (4.04)% |
| **S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)** | (18.11)% | 17.31% |
| **Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)**  | (13.84)% | 0.13% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Hussein Adatia, Vice President, has managed the Fund since 2020.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood Alternative Income Fund (the "Fund" or "Alternative Income Fund") seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell C Class Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class C Shares, which are not reflected in the table or the example below**. More information about sales charges is available (i) from your financial professional and (ii) in the section "Sales Charges" on page 96 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | 1.00%<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 1.00% |

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| | |
|:---|:---|
| 1 | C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge ("CDSC") if redeemed within 12 months of purchase. |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **C Class Shares** |
| Management Fees<sup>1</sup> | 0.21% |
| Distribution (12b-1) Fees | 1.00% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 1.34% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 1.20% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.53% of the average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's C Class Shares' performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund's average daily net assets until March 1, 2024 (the "Management Fee Waiver Agreement"). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for C Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.00% of the Fund's C Class Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. These agreements may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. These agreements will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreements to limit expenses remain in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $222 | $411 | $721 | $1600 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $122 | $411 | $721 | $1600 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 128% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.

In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund may invest in foreign companies in both developed and emerging markets.

The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds ("ETFs"). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security's income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.

When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund's investments in cash or money market instruments to protect the Fund's assets and maintain liquidity. When the Fund's investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Foreign Securities Risk** – Investing in foreign securities poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Short Sales Risk –** A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Warrants Risk** – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Regional Focus Risk** – To the extent that it focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value ("NAV") and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk -** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes and securities selection could be adversely affected if it relies on erroneous or outdated data. In addition, securities selected using the quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the FTSE 1-Month U.S. Treasury Bill Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the C Class Shares of the Westwood Alternative Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-wwlcx_006.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (1.99)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **1.81%** | **(2.53)%** |
| **(3/31/2021)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's C Class Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND – C CLASS** | **1 Year** | **Since Inception**<br> **(March 31, 2020)** |
| **Fund Returns Before Taxes** | (1.99)% | 3.67% |
| **Fund Returns After Taxes on Distributions** | (7.53)% | 1.26% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (1.18)% | 1.82% |
| **FTSE 1-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)** | 1.48% | 0.58% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2020.\*

Mr. Christopher Hartman, Vice President Portfolio Manager of the Multi-Asset Portfolios, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation**

**Purchase and Sale of Fund Shares**

To purchase shares C Class Shares of a Fund for the first time, including an initial purchase through an IRA or other tax qualified account, you must invest at least $1,000. There is no minimum for subsequent investments.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

**Tax Information**

Each Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**More Information about Risks**

Investing in each Fund involves risk and there is no guarantee that each Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which they trade. Although each Fund is diversified, the effect on the Fund of a change in the value of a single security will depend on the size of the position within the Fund.

The following is a list of principal risks ("X") that may apply to your investment in a Fund, followed by a description of each risk. Unless otherwise noted, in this section, references to a single Fund apply equally to all applicable Funds. Further information about each Fund's investment risks is available in the Funds' Statement of Additional Information (the "SAI"):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value**<br> **Fund** | **SmallCap**<br> **Fund** | **Total Return Fund** | **Income Opportunity Fund** | **High Income**<br> **Fund** | **Alternative Income**<br> **Fund** |
| Absolute Return Strategy Risk |  |  |  |  |  | X |
| Asset-Backed Securities Risk |  |  | X |  | X |  |
| Bank Loans Risk |  |  | X |  | X |  |
| Collateralized Mortgage Obligations Risk |  |  |  |  | X |  |
| Convertible Securities Risk |  |  | X | X | X | X |
| Corporate Bond Risk |  |  | X |  | X |  |
| Derivatives Risk |  |  | X | X | X | X |
| Emerging Markets Securities Risk |  |  | X |  | X | X |
| Energy Sector Risk | X | X |  | X |  |  |
| Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk |  |  |  | X |  |  |
| Equity Risk | X | X | X | X | X | X |
| ETF Risk |  | X |  | X |  | X |
| Fixed Income Risk |  |  | X | X | X | X |
| Foreign Company Risk | X | X |  | X |  |  |
| Foreign Currency Risk | X | X | X | X | X | X |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value**<br> **Fund** | **SmallCap**<br> **Fund** | **Total Return Fund** | **Income Opportunity Fund** | **High Income**<br> **Fund** | **Alternative Income**<br> **Fund** |
| Foreign Securities Risk |  |  | X |  | X | X |
| Frequent Trading Risk |  |  |  | X |  | X |
| Geographic Focus Risk |  |  | X |  | X |  |
| High Yield ("Junk") Bond Risk |  |  | X | X | X | X |
| Inflation-Linked Securities Risk |  |  | X |  | X |  |
| Investment Style Risk | X | X |  |  |  |  |
| Large-Capitalization Company Risk | X |  | X | X | X | X |
| LIBOR Replacement Risk |  |  |  | X |  |  |
| Liquidity Risk |  |  | X | X | X | X |
| Market Risk | X | X | X | X | X | X |
| Micro-Capitalization Company Risk |  |  |  | X |  |  |
| MLP Risk | X | X |  | X |  |  |
| Additional Information Related to Taxation of MLPs | X | X |  | X |  |  |
| Money Market Instruments Risk |  |  |  |  |  | X |
| Mortgage-Backed Securities Risk |  |  | X |  | X |  |
| Portfolio Turnover Risk |  |  |  |  |  | X |
| Preferred Stock Risk |  |  | X |  | X | X |
| Quantitative Security Selection Risk |  |  |  |  |  | X |
| Regional Focus Risk |  |  |  |  |  | X |
| REIT Risk | X | X | X | X | X |  |
| Short Sales Risk |  |  |  |  |  | X |
| Small-Capitalization Company Risk |  | X |  |  |  |  |
| Small- and Mid-Capitalization Company Risk |  |  | X | X | X | X |
| TBA/Dollar Roll Risk |  |  | X |  | X |  |
| U.S. Government Securities Risk |  |  | X |  | X |  |
| Value Investing Risk | X | X |  |  |  |  |
| Warrants Risk |  |  |  | X |  | X |

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**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Asset-Backed Securities Risk** – Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Bank Loans Risk** – Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Investments in bank loans are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. This means bank loans are subject to greater credit risks than other investments, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

A Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). In connection with purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When a Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Convertible Securities Risk –** Convertible securities are fixed income securities, preferred stocks or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**Corporate Bond Risk –** Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Investments in corporate bonds are also subject to the same risks as fixed income securities.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify a Fund's gains or losses. There are various factors that affect a Fund's ability to achieve its investment objective(s) with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly or at all with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its investment objective(s) or to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

*Forward Contracts.* A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

*Futures Contracts*. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge. Such lack of correlation may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded.

While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. For example, futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading. Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous.

*Options.* Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying instrument rather than only the premium payment received (which could result in a potentially unlimited loss). If a Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. If a Fund writes a "covered" put option (i.e., a put option on a security in which the Fund holds a short position), the Fund may not participate fully in a decline in market value of the underlying security. Over-the-counter options also involve counterparty risk.

*Swaps*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund may also invest in credit default swap indexes, which are designed to track representative segments of the credit default swap market and provide investors with exposure to specific baskets of issuers. Credit default swaps and credit default swap indexes are subject to the general risks of swaps described above.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation or use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, or terrorist threats or attacks, among others. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. Factors adversely affecting producers, refiners, distributors, or others in the energy sector may affect adversely companies that service or supply those entities, either because demand for those services or products is curtailed, or those services or products come under price pressure. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**Equity Risk –** Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, interests in master limited partnerships ("MLPs") and royalty trusts, shares of real estate investment trusts ("REITs") and American Depositary Receipts ("ADRs"), as well as shares of exchange-traded funds ("ETFs") that attempt to track the price movement of equity indices. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. Investments in equity securities, in general, are subject to market risks that may cause their prices to fluctuate over time. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, has resulted in significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment. The U.S. Federal Reserve and the U.S. government have taken numerous measures to address the economic impact of the COVID-19 pandemic and to stimulate the U.S. economy. The ultimate effects of these and other efforts that may be taken may not be known for some time. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Even investments in high quality or "blue chip" stocks can be negatively impacted by poor overall market and economic conditions. COVID-19 also lead to production cutbacks for many companies and coupled with changes in consumer spending fueled by government stimulus, created a supply/demand imbalance and resulted in higher inflation. Inflation negatively affected the prices of higher growth companies (longer duration assets) and benefited higher dividend-paying equities (lower duration assets). Any such impact could adversely affect the value and liquidity of a Fund's investments, limit severely a Fund's investment opportunity set, impact a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19 or similar infectious diseases, and measures taken to mitigate their effects, could result in disruptions to the services provided to a Fund by its service providers, leading to operational delays and failures and additional investment losses. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that a Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of a Fund. Accordingly, a Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Fixed Income Risk** – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. This risk may be heightened given the likelihood of increases in interest rates in the future as the U.S. Federal Reserve continues to increase the federal funds rate after a period of historically low rates. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

**Foreign Securities Risk –** Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities, such as individual country risk, currency exchange risk, volatility risk, inflation risk, and liquidity risk.

**Frequent Trading Risk –** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund's portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.

**Geographic Focus Risk –** To the extent that it focuses its investments in a particular country or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**High Yield ("Junk") Bond Risk –** High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-linked securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an inflation-linked debt security will be considered taxable ordinary income, even though a Fund will not receive the principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. A Fund's investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the CPI or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

**Investment Style Risk** – The Fund pursues, at least in part, a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Large-Capitalization Company Risk** – Large-capitalization companies are those above $5 billion capitalization value at the time of purchase. The large-capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**LIBOR Replacement Risk –** The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which will replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Liquidity Risk** – Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. In addition, at times all or a large portion of segments of the market may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market where frequent and large purchase and sale transactions of a security occur without significantly affecting the price of that security, it may be difficult to value and impossible to sell these investments, and a Fund may have to sell such an investment at a price or time that is not advantageous in order to meet redemptions or other cash needs. The price of illiquid securities may be more volatile than more liquid investments.

**Market Risk** – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The duration and lasting impact of the COVID-19 outbreak is unclear and may not be fully known for some time. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets, the lasting impact of which may not be fully know for some time.

**Micro-Capitalization Company Risk *–*** Micro-capitalization companies are those with a capitalization range of the Russell Microcap Index, and while the market capitalization range of the Russell Microcap Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $3.96 million and $5.10 billion. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**MLP Risk** – MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses. MLP operating expenses are not reflected in the fee tables and examples in this Prospectus. MLPs may be negatively affected by the COVID-19 pandemic or military actions. As with other serious economic disruptions, government authorities and regulators have responded to this crisis with significant government regulation and intervention, including quarantines, travel restrictions, temporary business closures and other similar protective actions. As a result, the COVID-19 pandemic has impacted the volume of products sold, the level of services provided by midstream companies and the supply and demand for hydrocarbon products. In addition, the disruption of a company's operations due to labor constraints or a supply disruption of required maintenance items can negatively affect MLPs, which could adversely affect the value of the Fund's investment in MLPs and negatively impact the Fund's performance. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets. In response to the invasion, government authorities and regulators imposed sanctions on Russia that ultimately affected the global economy. The continuation of this conflict and corresponding sanctions could adversely affect the Fund.

**Additional Information Related to Taxation of MLPs** – MLPs generally do not pay U.S. federal income tax at the partnership level. Rather, each partner in an MLP is allocated a share of the MLP's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the Fund and lower income.

If an MLP is treated as a partnership, then for each tax year, the MLP will allocate its net profits and net losses (and corresponding tax items) to its partners in accordance with its partnership agreement. The allocation occurs whether or not the MLP makes a distribution to its partners. Each partner in the MLP reports its share of the tax items on its income tax return. If an MLP makes a cash distribution to a partner, then the partner recognizes no income from the distribution if the amount of the distribution is equal to or less than the partner's adjusted tax basis in its ownership interest. Any cash distributed in excess of the partner's adjusted tax basis is taxed as capital gain. A partner's adjusted tax basis in its MLP interest is the value of its initial contribution to the MLP, plus annual allocations of income and any additional capital contributions made by a partner to the MLP, minus annual allocations of losses and deductions and any distributions to the partners. In general, any gain or loss from the sale of an ownership interest in an MLP is capital gain or loss. However, some of the gain may be ordinary income if the MLP holds certain ordinary income producing assets, such as depreciable tangible personal property and certain contracts.

Unlike direct investments in MLPs, income and losses from the Fund's investments in MLPs will not directly flow through to the personal tax returns of shareholders. Rather, the Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. If additional information becomes available regarding the characterization of a distribution after 1099s have been printed and mailed, it may be necessary to provide shareholders with a corrected 1099.

**Money Market Instruments Risk** - The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for a Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent a Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit a Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Preferred Stock Risk –** The Fund may invest in preferred stocks. Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends. The factors used in such analyses may not be predictive of a security's value, and its effectiveness can change over time. These changes may not be reflected in the quantitative model. In addition, data for some issuers may be less available and/or less current than data for issuers in other markets.

**Regional Focus Risk –** To the extent that the Fund focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, a Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee tables and examples in this Prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). REITs have been and may continue to be negatively affected by the COVID pandemic. As with other serious economic disruptions, government authorities and regulators are responding to this crisis with significant political, fiscal and monetary policy changes, including moratoriums on rents and evictions. Further, the COVID pandemic has weakened the financial condition of many tenants that could result in tenants seeking the protection of bankruptcy or insolvency laws, which could result in the rejection and termination of leases and thereby causing a reduction in rent payments. Lower rental income as a result of any of these situations can negatively affect a REIT, which could adversely affect the value of the Fund's investment in the REIT and negatively impact the Fund's performance.

**Short Sales Risk** – Short sales are transactions in which a Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to an unlimited loss. The risk of such price increases is the principal risk of engaging in short sales.

In addition, a Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, a Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when a Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. Furthermore, a Fund may be required to pay a premium or interest to the lender of the security. The forgoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. A Fund is also required to segregate other assets on its books to cover its obligation to return the security to the lender which means that those other assets may not be available to meet the Fund's needs for immediate cash or other liquidity.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Small- and Mid-Capitalization Company Risk** – Small-capitalization companies are those with a capitalization range of the Russell 2000<sup>®</sup> Index, and while the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. Small-and mid-capitalization companies are those with a capitalization range of the Russell 2500<sup>®</sup> Index, and while the market capitalization range of the Russell 2500<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**TBA/Dollar Roll Risk** – TBA and dollar roll transactions present special risks to a Fund. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, a Fund will still bear the risk of any decline in the value of the security to be delivered. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to a Fund may be less favorable than the security delivered to the dealer.

**U.S. Government Securities Risk** – U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value, either because the market fails to recognize what the Adviser considers to be the company's true business value or because the Adviser's assessment of the company's prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance.

**Warrants Risk –** The Fund may invest in warrants. Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**More Information about Fund Investment Objectives and Principal Investment Strategies**

**Investment Objectives**

The investment objective of the Value Fund and the SmallCap Fund is to seek long-term capital appreciation.

The investment objective of the Total Return Fund seeks to provide total return, through a combination of current income and capital appreciation.

The primary investment objective of the Income Opportunity Fund is to provide current income. A secondary investment objective of the Income Opportunity Fund is to provide the opportunity for long-term capital appreciation.

The investment objective of the High Income Fund seeks to maximize total return through a high level of current income and capital appreciation.

The investment objective of the Alternative Income Fund seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

The investment objectives of the Value Fund and SmallCap Fund are fundamental and cannot be changed without shareholder approval. The investment objective(s) of the Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund may be changed without shareholder approval, upon 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

In addition to each Fund's principal investment strategies as described above in the Fund's " Principal Investment Strategies", additional discussion regarding the Alternative Income Fund's principal investment strategies are set forth below.

The Alternative Income strategy seeks to provide absolute returns through a combination of current income and capital appreciation with a low correlation to equity and fixed income markets. The Adviser's market-neutral approach is built on an alternative methodology that combines shorter-dated, yield-oriented securities with convertible arbitrage and macro hedging. The Adviser's portfolio management team employs a quantitative and fundamental approach to identify convertible bonds with shorter maturities that can generate attractive yields and the potential for capital appreciation as a result of mispriced volatility in the market. The portfolio management team then incorporates a convertible arbitrage strategy that the Adviser believes can take advantage of market dislocations and arbitrage opportunities, including earnings catalysts, credit ratings, and mergers. As a fixed income alternative, the Adviser's philosophy is grounded in managing downside risks and embracing market volatility as a source of return akin to what traditional fixed income investors require to balance total portfolio risk. Additionally, the Adviser's methodology consistently implements an active macro hedging strategy that is intended to mitigate residual systematic risks in the portfolio, including interest rates, credit, equity, and currency. The investment discipline and portfolio construction process are designed to generate absolute returns regardless of the direction of the market to serve as a complement to traditional income allocations.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective(s). If a Fund invests in this manner, it may not achieve its investment objective(s). The Funds will only do so if the Adviser believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

This Prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this Prospectus, are described in detail in the Funds' SAI (for information on how to obtain a copy of the SAI see the back cover of this Prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

**Information about Portfolio Holdings**

A description of the Funds' policy and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI. Within 10 days of the end of each calendar quarter, each Fund will post its complete portfolio holdings on the internet at www.westwoodfunds.com. This information will generally remain available until it is replaced by new portfolio holdings information as described above. The Adviser may exclude any portion of a Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. Nevertheless, as described in the SAI, each Fund will disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter.

**Investment Adviser**

Westwood Management Corp., a New York corporation formed in 1983, serves as the investment adviser to the Funds and other registered investment companies. The Adviser's principal place of business is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201. The Adviser is a wholly-owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2022, the Adviser had approximately $11.91 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board supervises the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the Value Fund, SmallCap Fund and Income Opportunity Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the applicable Fund, as set forth in the table below.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.50%<sup>1</sup> |
| *Westwood Quality SmallCap Fund* | 0.85% |
| *Westwood Income Opportunity Fund* | 0.65%<sup>2</sup> |

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<sup>1</sup> Prior to November 30, 2022, the management fee for the Value Fund was 0.60%.

<sup>2</sup> Prior to November 30, 2022, the management fee for the Income Opportunity Fund was 0.75%.

In connection with the Adviser's Sensible Fees™ framework, for its services to the C Class Shares of the Total Return Fund, High Income Fund and Alternative Income Fund, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of the C Class Shares of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). The Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the C Class Shares of each Fund during the Performance Period.

*Westwood Total Return Fund*

The Base Fee is an annual rate of 0.50%. The Index Hurdle is the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0020% of the C Class Shares' average daily net assets for each 0.01% by which the performance of the C Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.20% of the C Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the C Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.30% to a maximum annual rate of 0.70%.

*Westwood High Income Fund*

The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the C Class Shares' average daily net assets for each 0.01% by which the performance of the C Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the C Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the C Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

*Westwood Alternative Income Fund*

The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the C Class Shares' average daily net assets for each 0.01% by which the performance of the C Class Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the C Class Shares' average daily net assets during the Performance Period, which would occur when the performance of the C Class Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

A Performance Adjustment will not be based on whether the absolute performance of the C Class Shares is positive or negative, but rather will be based on whether such performance exceeds, or is exceeded by, the performance of the Index Hurdle. The C Class Shares could pay a Performance Adjustment for positive relative performance even if the C Class Shares decrease in value, so long as the performance of the C Class Shares exceeds that of the Index Hurdle. It is possible that, if you buy C Class Shares of a Fund after the beginning of a Performance Period, you will bear a share of a Performance Adjustment payable by the C Class Shares based on performance that preceded your purchase and from which you therefore did not benefit.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the C Class Shares of the Value Fund, SmallCap Fund and Income Opportunity Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the C Class Shares of the applicable Fund.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.55%<sup>1</sup> |
| *Westwood Quality SmallCap Fund* | 0.79% |
| *Westwood Income Opportunity Fund* | 0.74% |

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<sup>1</sup> Prior to November 30, 2022, the Expense Cap for the Value Fund was 0.65%.

Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the C Class Shares of the Total Return Fund, High Income Fund and Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the C Class Shares of the applicable Fund.

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| | |
|:---|:---|
| *Westwood Total Return Fund* | 0.05% |
| *Westwood High Income Fund* | 0.10% |
| *Westwood Alternative Income Fund* | 0.00% |

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Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

In addition to the contractual agreement above, for the Alternative Income Fund the Advisor has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets (the "Management Fee Waiver Agreement"). This contractual agreement shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser may receive from a share class of a Fund the difference between the share class's total annual Fund operating expenses (not including excluded expenses) and the share class's expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than management fee waivers pursuant to the Management Fee Waiver Agreement for the Alternative Income Fund) made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2022, the Adviser received advisory fees (after fee reductions) as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.56% |
| *Westwood Total Return Fund* | 0.51% |
| *Westwood Quality SmallCap Fund* | 0.73% |
| *Westwood Income Opportunity Fund* | 0.75% |
| *Westwood High Income Fund* | 0.63% |
| *Westwood Alternative Income Fund* | 0.75% |

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A discussion of the factors considered by the Board in its approval of the Funds' investment advisory agreement, including the Board's conclusions with respect thereto, is available in the Funds' Semi-Annual Report to Shareholders for the period ended April 30, 2022.

**Portfolio Managers**

Each Fund is managed by a portfolio management team of one or more portfolio managers, and the members of a Fund's portfolio management team are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. The investment process for the Funds is driven by proprietary team-oriented, in-depth, fundamental research. Weekly research meetings provide a forum where the Adviser's investment professionals discuss current investment ideas within their assigned industries. Generally, the entire portfolio management team, or a sub-set of the team, then debates the merits of recommendations, taking into account the prevailing market environment, the portfolio's current composition, and the relative value of alternative investments. Investment decisions are generally made by majority agreement of the portfolio management team. The Adviser has identified the following team members as those with the most significant responsibility for each Fund's assets. This list does not include all members of the investment team.

Mr. Hussein Adatia, Vice President, joined the Adviser in 2018 and previously served as a Research Analyst prior to becoming Portfolio Manager in 2019. Prior to joining the Adviser, Mr. Adatia worked at Oaklawn Investments as a Managing Director from 2016 to 2018 and was responsible for researching, identifying and investing in a variety of credit products including bank loans, bonds and asset-backed securities. Prior to that, he worked for Archview Investment Group from 2008 until 2015 as a Senior Investment Analyst on the distressed credit team. Mr. Adatia began his career as an Investment Banking Analyst at Citigroup in the Global Communications Group and subsequently joined Citi's Global Special Situations Group where he focused on public market debt and equity investments. Mr. Adatia has served on the portfolio team for the High Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Adatia participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Adatia has more than 15 years of investment experience.

Mr. Scott Barnard, CFA, has served as Vice President for the Adviser since joining the Adviser in 2020. Prior to joining the Adviser, Mr. Barnard was an Associate Portfolio Manager at Amundi Pioneer. Mr. Barnard helped design, launch and manage numerous customized investment solutions for both institutional and retail clients during his time at Amundi Pioneer. During his 14-year Amundi tenure, Mr. Barnard also co-created a risk management solution that was utilized across the entire firm for all fixed income portfolios. Mr. Barnard graduated with a BS in Finance from the University of Colorado at Boulder. He is a member of the CFA Institute. Mr. Barnard has served on the portfolio team for the Income Opportunity Fund and High Income Fund since their inception in 2021 and for their respective Predecessor Funds since 2020. Mr. Barnard participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Barnard has more than 14 years of investment experience.

Mr. William E. Costello, CFA, currently serves as Senior Vice President, Co-Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Senior Research Analyst for the Adviser from July 2010 to 2018. Prior to joining the Adviser, Mr. Costello was a Portfolio Manager and Director of Research at the Boston Company, where he worked from 1997 to 2009, and he worked at Delphi Management as a generalist equity analyst from 1992 until 1997. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Costello has more than 33 years of investment experience.

Mr. Christopher Hartman joined the Adviser in 2021 and currently serves as Vice President, Portfolio Manager on the Multi-Asset Portfolios. Prior to joining the Adviser, Mr. Hartman served as Senior Portfolio Manager – Convertible Arbitrage at Aegon Asset Management in Chicago, where he was responsible for portfolio management of Aegon Asset Management Market Neutral Fund and the Legacy Convertible Insurance product strategy. Mr. Hartman also focused on convertible arbitrage and managed long-only convertible bonds. Prior to that, Mr. Hartman spent 17 years at Calamos Investments, eight of which he served as Senior Vice President, Portfolio Manager of the Calamos Market Neutral Fund. Mr. Hartman earned his MBA in Finance from Benedictine University and his BA in Economics from Southern Illinois University. Mr. Hartman has served on the portfolio team for the Alternative Income Fund since 2021. Mr. Hartman participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Hartman has more than 24 years of investment experience.

Mr. Adrian Helfert has served as Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios for the Adviser since February 2020. Prior to this appointment, he served as Senior Vice President and Director of Multi-Asset Portfolios for the Adviser since joining the Adviser in January 2019. He is responsible for leading the firm's multi-asset strategies team, which includes Income Opportunity and Flexible Income strategies, as well as Global Convertibles and Fixed Income strategies. Prior to joining the Adviser, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios. Prior to joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and in JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic. Mr. Helfert has served on the portfolio team for the Income Opportunity Fund, Total Return Fund and High Income Fund since their inception in 2021 and for their respective Predecessor Fund since 2019 and the portfolio team for the Alternative Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Helfert participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Helfert has more than 20 years of investment experience.

Ms. Lauren Hill, CFA, has served as Senior Vice President, Research Analyst & Portfolio Manager since joining the Adviser in 2015. She is also a member of the Consumer/Health Care and Technology/Industrials research groups. Prior to joining the Adviser, Ms. Hill spent 11 years working in equity research in New York. She served as a Generalist with Northern Border Investments and Cantillon Capital and as a Financials and Utilities Analyst with J.P. Morgan Asset Management. Prior to that, she worked as an Associate at Sanford Bernstein. Ms. Hill earned her MBA with Honors from Columbia Business School where she participated in the Value Investing Program. She earned her BBA in Finance and Accounting with Honors from Southern Methodist University. Ms. Hill is a member of the CFA Institute and the CFA Society of Dallas-Ft. Worth. She has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Ms. Hill participates in the investment decision process. She has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Ms. Hill has more than 17 years of investment experience.

Mr. Matthew R. Lockridge currently serves as Senior Vice President, Head of US Value for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Research Analyst for the Adviser from March 2015 to 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser from May 2010 to March 2015. Prior to joining the Adviser, Mr. Lockridge was a Managing Director at Dearborn Partners, L.L.C. from 2004 to 2010, and he was with Deloitte Consulting, L.L.P. from 2001 to 2004, where he worked as a Senior Consultant. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010 and the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2012. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Lockridge has more than 19 years of investment experience.

Mr. Frederic G. Rowsey, CFA, has served as Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Associate Vice President, Research Analyst for the Adviser from March 2015 until February 2018. He joined the Adviser in July 2010 as a Research Associate. Prior to joining the Adviser, Mr. Rowsey was a student at Harvard University, graduating in May 2010 with a BA in Economics. Mr. Rowsey is a member of the CFA Institute. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Rowsey has more than 11 years of investment experience.

Mr. Michael Wall has served as Vice President, Research Analyst for the Adviser after McCarthy Group Advisors, LLC, in which he joined in 2004, was acquired by the Adviser. Mr. Wall is responsible for investment research in REITs, Life Insurance and Transportation. He is also a member of the Energy / Utilities and Financials research groups. Mr. Wall began his career at State Street Bank in Kansas City, Missouri, as a Portfolio Accountant and subsequently worked for The SilverStone Group in Omaha, Nebraska, as an Account Manager. Mr. Wall earned an MBA from the University of Nebraska at Omaha and a BS in Accounting from Concordia University. He has served on the portfolio team for the Quality Value Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

Ben Chittenden, CFA, has served as Vice President, Research Analyst for the Adviser within the Value Equity Team since joining Westwood in 2018. Mr. Chittenden began his professional career in 2004, as an Equity Analyst at Bear Stearns and subsequently at J.P. Morgan as a Senior Associate. He was most recently with Oppenheimer where he served as a Senior Analyst responsible for US Regional Banks and Specialty Finance. In 2004, Mr. Chittenden graduated from Bucknell University with a dual major in Mathematics (BA) and Economics (BA). Mr. Chittenden is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth. Mr. Chittenden joined Westwood in 2018, as a Research Analyst. He was responsible for investment research of the Regional Bank sector and was a member of the Financials research group. In April 2021 Mr. Chittenden joined the Multi-Asset Team as an Equity Analyst. Mr. Chittenden has served on the portfolio team for the Total Return Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**The Administrator and Transfer Agent**

Ultimus Fund Solutions, LLC ("Ultimus", the "Administrator", or the "Transfer Agent"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds' administrator, transfer agent and fund accounting agent. Management and administrative services provided to the Funds by Ultimus include (i) providing office space, equipment and officers and clerical personnel to the Funds, (ii) obtaining valuations, calculating net asset values ("NAVs") and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory reporting services, (v) processing shareholder account transactions and disbursing dividends and other distributions, and (vi) administering custodial and other third-party service provider contracts on behalf of the Funds.

**The Distributor**

Ultimus Fund Distributors, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the Funds' principal underwriter and serves as the exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or other approved entities.

The Funds' SAI has more detailed information about the Adviser and other service providers to the Funds.

**Purchasing, Selling and Exchanging Fund Shares**

This section tells you how to purchase, sell (sometimes called "redeem") and exchange C Class Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class**

The Funds offer the following classes of shares to investors:

● Westwood Quality Value Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood Quality SmallCap Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares;

● Westwood Total Return Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood Income Opportunity Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood High Income Fund: Institutional Shares, A Class Shares and C Class Shares;

● Westwood Alternative Income Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares.

Each share class has its own shareholder eligibility criteria, cost structure and other features. The following summarizes the primary features of Institutional Shares, C Class Shares, A Class Shares and Ultra Shares. Institutional Shares, A Class Shares and Ultra Shares are offered in separate prospectuses. Contact your financial intermediary or a Fund for more information about each Fund's share classes and how to choose between them.

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SmallCap Fund) |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares. |

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |

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|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more of the Income Opportunity Fund or its Predecessor Fund made on or after September 3, 2019 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Value Fund and High Income Fund or their respective Predecessor Fund made on or after March 1, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Total Return Fund and Alternative Income Fund or their respective Predecessor Fund may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $1,000,000 or more of the SmallCap Fund or their respective Predecessor Fund made on or after August 4, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. |

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An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which classes of shares are available through the intermediary.

A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares, and results in a smaller dollar amount being invested in the Fund than the purchase price you pay (unless you qualify for a waiver or reduction of the sales charge). Each Fund's other share classes do not have a front-end sales charge, so the full amount of your purchase price is invested in those classes. A Class Shares have lower ongoing distribution and shareholder services fees ("Rule 12b-1 Fees") than C Class Shares. Over time, C Class Shares can incur Rule 12b-1 Fees that are equal to or more than the front-end sales charge and Rule 12b-1 Fees you would pay for A Class Shares. Although the full amount of your purchase price of C Class Shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of C Class Shares.

**How to Purchase Fund Shares**

You will ordinarily submit your purchase orders through your securities broker or other financial intermediary through which you opened your shareholder account. To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-877-FUND-WHG (1-877-386-3944) or log on to the Funds' website at www.westwoodfunds.com.

All investments must be made by check, Automated Clearing House ("ACH"), or wire. The Fund does not accept cash, drafts, "starter" checks, travelers checks, credit card checks, post-dated checks, non-U.S. financial institution checks, cashier's checks under $10,000, or money orders. In addition, the Fund does not accept checks made payable to third parties. When shares are purchased by check, the proceeds from the redemption of those shares will not be paid until the purchase check has been converted to federal funds, which could take up to 15 calendar days from the date of purchase. If an order to purchase shares is canceled because your check does not clear, the Transfer Agent will charge a $25 fee against your account, in addition to any resulting losses or other fees incurred by the Fund or the Transfer Agent in the transaction.

By sending your check to the Transfer Agent, please be aware that you are authorizing the Transfer Agent to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Transfer Agent receives your payment in the amount of your check; no additional amount will be added to the total. The transaction will appear on your bank statement. Your original check will be destroyed once processed, and you will not receive your canceled check back. If the Transfer Agent cannot post the transaction electronically, you authorize the Transfer Agent to present an image copy of your check for payment.

The Funds reserve the right to reject any specific purchase order for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons (persons who are citizens of a country other than the U.S. or corporations, partnerships, funds or other entities that are established and organized under the laws of a country other than the U.S.). Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail**

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire**

To open an account by wire or to add to an existing account by wire, call 1-877-FUND-WHG (1-877-386-3944) for additional information and wiring instructions.

The Funds require advance notification of all wire purchases in order to ensure that the wire is received in proper form and that your account is subsequently credited in a timely fashion. Failure to notify the Transfer Agent prior to the transmittal of the bank wire may result in a delay in purchasing shares of a Fund. An order, following proper advance notification to the Transfer Agent, is considered received when a Fund's custodian, receives payment by wire. If your account application was faxed to the Transfer Agent, you must also mail the completed account application to the Transfer Agent on the same day the wire payment is made. See "Opening an Account – By Mail" above. Your financial institution may charge a fee for wiring funds. Shares will be issued at the NAV next computed after receipt of your wire in proper form.

**General Information**

You may purchase shares on any day that the New York Stock Exchange (the "NYSE") is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. Each Fund's price per share will be the next determined NAV per share after the Fund or an authorized institution (defined below) receives your purchase order in proper form. "Proper form" means that the Funds were provided a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive your purchase order in proper form before the close of normal trading on the NYSE. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

**Buying or Selling Shares through a Financial Intermediary**

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of the Funds through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Funds), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to the time each Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact the financial intermediary directly.

**How the Funds Calculate NAV**

The NAV of each Fund is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Currently, the NYSE is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. To calculate NAV, each Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. Each Fund generally values its portfolio securities at their current market values determined based on available market quotations. However, if market quotations are not available or are considered to be unreliable due to market or other events, portfolio securities will be valued at their fair values, as of the close of regular trading on the NYSE, as determined in good faith under procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by each Fund to calculate its NAV are based on the consideration by that Fund of a number of subjective factors and therefore may differ from quoted or published prices for the same securities. To the extent the assets of a Fund are invested in other registered investment companies that are not listed on an exchange that Fund's NAV is calculated based upon the NAVs reported by such registered investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

When valuing fixed income securities with remaining maturities of more than 60 days, the Funds use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Funds may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Your order to purchase or redeem shares is priced at the NAV next calculated after your order is received in proper form by that Fund. An order is considered to be in "proper form" if it includes all necessary information and documentation related to the purchase or redemption request, and, if applicable, payment in full of the purchase amount.

**Purchases In Kind**

Subject to the approval of a Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund's valuation policies. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Purchases**

You can open an account with a Fund, including an initial purchase through an IRA or other tax qualified account, with a minimum initial investment of $1,000. There is no minimum for subsequent investments. Each Fund may accept initial investments of smaller amounts in its sole discretion. The Transfer Agent may charge a $25 annual account maintenance fee for each retirement account.

**Retirement Plans**

If you own shares of a Fund through an IRA, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Certain transactions within a IRA account, including shares redeemed to return an excess contribution, retirement plan or IRA transfers or hardship withdrawals, IRS re-characterizations and conversions, and account closures, may be subject to a $25.

**Shareholder Statements and Householding**.

The Transfer Agent maintains an account for each shareholder and records all account transactions. You will be sent confirmation statements showing the details of your transactions as they occur. Account statements may be obtained by calling the Fund at 1-877-FUND-WHG (1-877-386-3944) on the days the Fund is open for business. Other account statement requests may be subject to a $25 retrieval fee.

**By Automatic Investment Plan (via ACH)**

You may not open an account via ACH. However, once you have established an account, you can set up an automatic investment plan by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually and annually in amounts of at least $100 per Fund. To cancel or change a plan, write to the Funds at: Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022. Please allow up to 15 days to create the plan and 3 days to cancel or change it.

**How to Sell Your Fund Shares**

If you own your shares directly, you may redeem your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your sales proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

If the shares to be redeemed have a value of greater than $100,000, or if the payment of the proceeds of a redemption of any amount is to be sent to a person other than the shareholder of record or to an address other than that on record with that Fund, you must have all signatures on written redemption requests guaranteed. If the name(s) or the address on your account has changed within the previous 15 days of your redemption request, the request must be made in writing with your signature guaranteed, regardless of the value of the shares being redeemed. The Transfer Agent will accept signatures guaranteed by a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which participates in the Securities Transfer Agents Medallion Program ("STAMP") sponsored by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in STAMP will not be accepted. A notary public cannot provide a signature guarantee. The Transfer Agent has adopted standards for accepting signature guarantees from the above institutions. The Funds and the Transfer Agent reserve the right to amend these standards at any time without notice.

Redemption requests by corporate and fiduciary shareholders must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the account. Forms of resolutions and other documentation to assist in compliance with the Transfer Agent's procedures may be obtained by calling the Transfer Agent.

The sale price will be the NAV per share next determined after the Funds receive your request in proper form.

**By Mail**

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

You may request express delivery of redemption proceeds. Checks requested to be sent via express delivery are subject to a $35 charge from your account.

**By Telephone**

You must first establish the telephone redemption privilege (and, if desired, the wire or ACH redemption privileges) by completing the appropriate sections of the account application. Call 1-877-FUND-WHG (1-877-386-3944) to redeem your shares. Based on your instructions, a Fund will mail your proceeds to you, or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (via ACH)**

If your account balance is at least $10,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Receiving Your Money**

The length of time each Fund typically expects to pay redemption proceeds is the same regardless of whether the payment is made by check, wire or ACH. Each Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, each Fund typically expects to mail the check within one (1) to three (3) business days; and

● For payment by wire or ACH, each Fund typically expects to process the payment within one (1) to three (3) business days.

Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to 7 calendar days as permitted under the 1940 Act. Under unusual circumstances as permitted by the SEC, the Funds may suspend the right of redemption or delay payment of redemption proceeds for more than 7 calendar days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to 15 calendar days. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account.

**Redemptions In Kind**

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of a Fund's remaining shareholders, a Fund might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Redemptions of Your Shares**

If your account balance drops below $500 because of redemptions, you may be required to sell your shares. The Funds will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If your Alternative Income Fund shares are redeemed for this reason within 30 days of their purchase, the redemption fee will not be applied.

**Suspension of Your Right to Sell Your Shares**

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Fund Shares**

At no charge, you may exchange between like share classes or different share classes of any of the Value Fund, SmallCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund, or Alternative Income Fund (each a "Westwood Fund") in the Trust (the "Westwood Funds complex"), where offered, by writing to or calling the Fund. Exchanges are subject to the eligibility requirements and the fees and expenses of the share class you exchange into, as set forth in the applicable prospectus. You may only exchange shares between accounts with identical registrations (i.e., the same names and addresses). An exchange between share classes of the same Westwood Fund is not a taxable event. Unless you are investing through a tax-deferred arrangement, an exchange between share classes of different Westwood Funds is a taxable event, and you may recognize a gain or loss for tax purposes.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Automatic Conversion of C Class Shares to A Class Shares**

C Class Shares automatically convert to A Class Shares in the same Fund after 10 years, provided that the Fund or the financial intermediary through which the shareholder purchased the C Class Shares has records verifying that the C Class Shares have been held for at least 10 years. Due to operational limitations at your financial intermediary, your ability to have your C Class Shares automatically converted to A Class Shares may be limited. (For example, automatic conversion of C Class Shares to A Class Shares will not apply to shares held through group retirement plan recordkeeping platforms of certain broker-dealer intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging. Such C Class Shares would not satisfy the conditions for the automatic conversion.) Please consult your financial representative for more information. The automatic conversion of C Class Shares to A Class Shares would occur on the basis of the relative NAVs of the two classes without the imposition of any sales charges or other charges. C Class Shares issued upon reinvestment of income and capital gain dividends and other distributions will be converted to A Class Shares on a pro rata basis with the C Class Shares. For purposes of calculating the time period remaining on the conversion of C Class Shares to A Class Shares, C Class Shares received on exchange retain their original purchase date. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the conversion of C Class Shares to A Class Shares in the same Fund. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares.

**Telephone Transactions**

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Sales Charges**

**Contingent Deferred Sales Charges**

You will not pay a front-end sales charge if you purchase C Class Shares. However, you may pay a CDSC of 1.00% on any C Class Shares you sell within 12 months after your purchase. The CDSC will be based on the lesser of (1) the NAV of the shares at the time of purchase or (2) the NAV of the shares next calculated after a Fund receives your redemption request. The sales charge does not apply to shares you purchase through reinvestment of dividends or distributions. So, you never pay a CDSC on any increase in your investment above the initial offering price. The sales charge does not apply to exchanges of C Class Shares of one fund for C Class Shares of another fund in the Westwood Funds complex.

In addition, the CDSC may be waived under the following circumstances:

● in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the C Class Shares being redeemed;

● in the event of the death of the shareholder (including a registered joint owner); and

● redemptions of C Class Shares where the Funds' distributor did not pay a sales commission when such shares were purchased.

**Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries**

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges). Such intermediary-specific sales charge variations are described in Appendix A to this Prospectus, entitled "Intermediary-Specific Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and, therefore, is legally a part of this Prospectus.

In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.

**General Information about Sales Charges**

Your securities dealer is paid a commission when you buy your shares and is paid a servicing fee as long as you hold your shares. Your securities dealer or servicing agent may receive different levels of compensation depending on which class of shares you buy. The Funds' distributor may pay dealers up to 1.00% on investments in C Class Shares.

The Funds' distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs for dealers, which will be paid for by the Funds' distributor from any sales charge it receives or from any other source available to it. Under any such program, the Funds' distributor may provide cash or non-cash compensation as recognition for past sales or encouragement for future sales that may include merchandise, travel expenses, prizes, meals, lodgings, and gifts that do not exceed $100 per year, per individual.

Information regarding the Funds' sales charges may be obtained free of charge by calling toll-free 1-877-FUND-WHG (1-877-386-3944).

Because this Prospectus is available on the Funds' website free of charge, the Funds do not separately make information regarding the Funds' sales charges available on the website.

**Payments to Financial Intermediaries**

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Distribution Plan**

The Funds have adopted a distribution plan under Rule 12b-1 of the 1940 Act for C Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual Rule 12b-1 Fee for C Class Shares of a Fund is 1.00%. A financial intermediary that receives a 1.00% upfront commission on a purchase of C Class Shares will generally become eligible to receive the Rule 12b-1 Fees with respect to such shares beginning in the 13th month following the date of the purchase.

**Other Payments by the Funds**

The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, distribution fees the Funds may pay to financial intermediaries pursuant to the Funds' distribution plan.

**Payments by the Adviser**

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies**

**Excessive Trading Policies and Procedures**

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Funds may present risks to the Funds' long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds' investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair values. Although each Fund has procedures designed to determine the fair value of foreign securities for purposes of calculating its NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, Funds that invest in micro-, small- and mid-cap securities, which often trade in lower volumes and may be less liquid, may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control.

When monitoring shareholder purchases and redemptions, the Funds do not apply a quantitative definition to frequent trading. Instead the Funds uses a subjective approach that permits it to reject any purchase orders that it believes may be indicative of market timing or disruptive trading. In addition, a redemption fee of 1.00% of the value of the shares sold will be imposed on shares of the Alternative Income Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions discussed below in "Redemption Fees"). The right to reject a purchase order applies to any purchase order, including a purchase order placed by financial intermediaries. The Funds may also modify any terms or conditions of purchases of Fund shares or withdraw all or any part of the offering made by this Prospectus.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds may enter into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), financial intermediaries with whom the Funds have an information sharing agreement are generally obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Redemption Fee (Westwood Alternative Income Fund)**

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of the Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from the Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Fund requests that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Fund. However, the Fund recognizes that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Fund's. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, the Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

The Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

**Customer Identification and Verification**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in proper form (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program**

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**Unclaimed Property**

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-877-FUND-WHG (1-877-386-3944).

**Dividends and Distributions**

The Value Fund and the SmallCap Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually.

The Total Return Fund, Income Opportunity Fund and the Alternative Income Fund distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually.

The High Income Fund distributes its net investment income monthly and makes distributions of its net realized capital gains, if any, at least annually.

If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution. You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes**

**Please consult your tax advisor regarding your specific questions about federal, state and local income taxes.** The following is a summary of the U.S. federal income tax consequences of investing in the Funds. This summary is based on current tax laws, which may change. This summary does not apply to shares held in a tax-deferred arrangement, such as an IRA or other tax-qualified plans. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. Such shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, and local tax consequences of investing in the Fund. This summary only applies with respect to U.S. investors in the Funds. Non-U.S. investors are encouraged to read a summary of certain rules applicable to them in the SAI and to consult their tax advisors prior to investing in the Funds.

Each Fund intends to qualify each year for treatment as a regulated investment company for U.S. federal income taxes under Subchapter M of the Code ("RIC"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Fund-level taxation and, consequently, a reduction in income available for distribution to shareholders. In addition, the Fund may be subject to a 4% excise tax if it fails to make sufficient distributions.

In order for a Fund to qualify for taxation as a RIC, the Fund must derive at least 90% of its gross income each taxable year from qualifying income and diversify its assets as described in more detail in the SAI.

Certain investments of a Fund may not generate qualifying income if made directly by such Fund. For example, certain Funds intend to invest in royalty trusts. Depending on the U.S. federal income tax classification of these royalty trusts in which a Fund invests, securities issued by certain royalty trusts (such as royalty trusts which are grantor trusts for U.S. federal income tax purposes) may not produce qualifying income for purposes of the requirements to be treated as a RIC under the Code. Additionally, a Fund may be deemed to directly own the assets of each royalty trust and would need to look to such assets when determining its compliance with the diversification requirements under the Code. Certain Canadian royalty trusts may be treated as corporations for U.S. federal income tax purposes and distributions from such may be qualifying income when received by a Fund. Each Fund will monitor its investments in royalty trusts with the objective of maintaining its continued qualification as a RIC under the Code.

The Funds intend to distribute substantially all of their net investment income and net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds, may be subject to federal, state, and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains, but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year. Certain investment strategies of the Funds may limit a particular Fund's ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

You should note that if you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and should be avoided by taxable investors should consult with their tax advisors regarding the tax consequences to them of "buying a dividend".

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. A sale may result in a capital gain or loss to you. The gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or 30 days after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($125,000 if married and filing separately, $250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Certain Funds may invest in MLPs taxed as partnerships. Due to a variety of factors, including significant non-cash deductions such as depreciation and depletion, MLPs have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to such limited partners or members. These excess cash distributions would not be treated as income to a Fund but rather would be treated as a return of capital to the extent of the Fund's basis in the MLP. As a consequence, a Fund may make distributions that exceed its earnings and profits, which would be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in Fund shares and result in a higher capital gain or lower capital loss when the Fund shares are sold. After a shareholder's basis in Fund shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Fund shares will be treated as gain from the sale of the Fund shares.

"Qualified publicly traded partnership income" within the meaning of section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Fund to pass through the special character of "qualified publicly traded partnership income" to shareholders.

MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions, and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your Form 1099 tax reporting statement and, accordingly, send you a corrected Form 1099.

Certain Funds may invest in REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV, Dividends and Distributions ("Form 1099-DIV") to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. If a Fund makes the election, the Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is in the SAI.**

**Additional Information**

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights**

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years or, if shorter, the period of the Funds' operations. The financial highlights information presented for the Funds is the financial history of the C Shares of the Funds and their Predecessor Funds, each of which was reorganized into a corresponding Fund after the close of business on November 1, 2021. The financial highlights show the Fund's or the Predecessor Fund's financial history for the past five fiscal years ended October 31, 2021 or, if shorter, the period of operations of the Fund or the Predecessor Fund or any of its share classes. The financial highlights table is intended to help you understand the Fund's and Predecessor Fund's financial performance. Certain information reflects financial results for a single Fund (or where appliable, Predecessor Fund) share. For the fiscal year ended October 31, 2022, the information presented in the tables below for the fiscal year ended October 31, 2022 for the Funds has been audited by BBD, LLP, the Funds' independent registered public accountant, whose report, along with each Fund's and Predecessor Fund's financial statements, are included in the Funds' October 31, 2022 annual report which is available upon request by calling the Funds at 1-877-386-3944. The information present in the table below for the fiscal year ended October 31, 2021 and earlier for the Funds has been audited by Ernst & Young, LLP, the independent registered public accountant to the Predecessor Funds.

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **<br>Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **<br> Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | | | | | | | | |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $15.33 | 0.06 | (0.74) | (0.68) | (0.09) | (2.28) | (2.37) | $12.28 | (5.36)% | $98 | 1.65% | 1.68% | 0.46% | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.80 | 0.01 | 4.27 | 4.28 | (0.17) | (0.58) | (0.75) | $15.33 | 37.62% | $- | 1.48% | 1.48% | 0.08% | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $10.17 | 0.16 | 1.47 | 1.63 | - | - | - | $11.80 | 16.03 %<sup>(e)</sup> | $- | 0.00 %<sup>(f)(h)</sup> | 0.00 %<sup>(f)(h)</sup> | 2.29 %<sup>(f)</sup> | 52 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(h)* *The ratio rounds to 0.00% due to the impact of the low level of average net assets. The share class is expected to run at the expense limit of 1.65% (1.73% excluding waivers) when assets are contributed.* 

*(1)* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS** 

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **<br>Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **<br> Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $21.75 | 0.01 | (2.25) | (2.24) | (0.08) | (0.81) | (0.89) | $18.62 | (10.84)% | $708 | 1.79% | 1.91% | 0.07% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $14.34 | (0.01) | 7.44 | 7.43 | (0.02) |  | (0.02) | $21.75 | 51.81% | $849 | 1.79% | 1.97% | (0.04)% | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $16.98 | (0.01) | (2.45) | (2.46) | (0.12) | (0.06) | (0.18) | $14.34 | (14.67)% | $186 | 1.84% | 2.02% | (0.08)% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2019 <sup>(g)</sup> | $15.78 | (0.04) | 1.24 | 1.2 |  |  |  | $16.98 | 7.6 %<sup>(e)</sup> | $51 | 1.79 %<sup>(f)</sup> | 2.05 %<sup>(f)</sup> | (1.67)%<sup>(f)</sup> | 64 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (September 3, 2019) through October 31, 2019.* 

*(1)* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS** 

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value, beginning of period** | **Net investment income (a)** | **Net realized and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income to average net assets <sup>(c)</sup>** | **Portfolio turnover rate <sup>(d)</sup>** |
| **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $7.63 | 0.11 | (1.11) | (1.00) | (0.10) | (0.47) | (0.57) | $6.06 | (14.10)% | $55 | 1.63% | 1.71% | 1.70% | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $6.43 | 0.02 | 1.44 | 1.46 | (0.07) | (0.19) | (0.26) | $7.63 | 23.13% | $73 | 1.37% | 1.56% | 0.24% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $5.20 | 0.03 | 1.23 | 1.26 | (0.03) | - | (0.03) | $6.43 | 24.30 %<sup>(e)</sup> | $- | 0.01 %<sup>(f)</sup> | 0.01 %<sup>(f)</sup> | 0.88 %<sup>(f)</sup> | 62 %<sup>(e)</sup> |
| **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** |  |  |  |  |  |  |  |  |  |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $13.84 | 0.18 | (2.16) | (1.98) | (0.17) | (1.16) | (1.33) | $10.53 | (15.75)% | $12743 | 1.81% | 1.81% | 1.52% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $12.79 | 0.10 | 1.88 | 1.98 | (0.38) | (0.55) | (0.93) | $13.84 | 16.03% | $13323 | 1.85% | 1.86% | 0.70% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $15.88 | 0.06 | 0.36 | 0.42 | (0.10) | (3.41) | (3.51) | $12.79 | 3.52% | $4453 | 1.90% | 1.90% | 0.48% | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2019 <sup>(h)</sup> | $15.77 | 0.03 | 0.16 | 0.19 | (0.08) | - | (0.08) | $15.88 | 1.23 %<sup>(e)</sup> | $273 | 1.90 %<sup>(f)</sup> | 1.90 %<sup>(f)</sup> | 1.11 %<sup>(f)</sup> | 66 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(h)* *Represents the period from the commencement of operations (September 3, 2019) through October 31, 2019.* 

*(1)* *Effective November 1, 2021, Westwood Low Volatility Equity Fund was renamed as Westwood Total Return Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS** 

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>**  | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Return of capital** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.75 | 0.33 | (1.74) | (1.41) | (0.33) |  |  | (0.33) | $9.01 | (13.32)% | $201 | 1.83% | 1.90% | 3.31% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $9.55 | 0.22 | 1.28 | 1.50 | (0.30) |  |  | (0.30) | $10.75 | 15.77% | $104 | 1.80% | 1.98% | 2.03% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $8.23 | 0.24 | 1.28 | 1.52 | (0.20) |  |  | (0.20) | $9.55 | 18.51 %<sup>(e)</sup> | $- | 0.02 %<sup>(f)</sup> | 0.03 %<sup>(f)</sup> | 4.46 %<sup>(f)</sup> | 130 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(1)* *Effective November 1, 2019, Westwood Short Duration High Yield Fund was renamed as Westwood High Income Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS** 

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<br>**  | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Distributions<br> from net realized<br> capital gains** | **Return of capital** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |
| **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** | **C Class Shares** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $11.01 | 0.13 | (0.52) | (0.39) | (0.07) |  | (0.15) |  | (0.22) | $10.40 | (3.59)% | $156 | 1.20% | 1.34% | 1.24% | 128% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $10.46 | 0.06 | 0.50 | 0.56 | (0.01) |  |  |  | (0.01) | $11.01 | 5.93% | $40 | 1.83% | 2.13% | 0.56% | 125% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(g)</sup> | $9.78 | 0.05 | 0.65 | 0.70 | (0.02) |  |  |  | (0.02) | $10.46 | 7.21 %<sup>(e)</sup> | $149 | 2.10 %<sup>(f)</sup> | 2.62 %<sup>(f)</sup> | 0.85 %<sup>(f)</sup> | 137% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(1)* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**CUSTOMER PRIVACY NOTICE**

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** |  | ■ | Social Security number |
|  |  | ■ | Assets |
|  |  | ■ | Retirement Assets |
|  |  | ■ | Transaction History |
|  |  | ■ | Checking Account Information |
|  |  | ■ | Purchase History |
|  |  | ■ | Account Balances |
|  |  | ■ | Account Transactions |
|  |  | ■ | Wire Transfer Instructions |
|  | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| **How?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Do the <br> Funds share?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | Call 1-877-FUND-WHG (1-877-386-3944) |

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| | | |
|:---|:---|:---|
| **Who we are** |  |  |
| **Who is providing this notice?** | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood SMidCap Fund<br> Westwood Total Return Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood SMidCap Fund<br> Westwood Total Return Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) |
| **What we do** |  |  |
| **How do the Funds protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How do the Funds collect my personal information?** |  |  |
| **How do the Funds collect my personal information?** | ■ | Open an account |
| **How do the Funds collect my personal information?** | ■ | Provide account information |
| **How do the Funds collect my personal information?** | ■ | Give us your contact information |
| **How do the Funds collect my personal information?** | ■ | Make deposits or withdrawals from your account |
| **How do the Funds collect my personal information?** | ■ | Make a wire transfer |
| **How do the Funds collect my personal information?** | ■ | Tell us where to send the money |
| **How do the Funds collect my personal information?** | ■ | Tell us who receives the money |
| **How do the Funds collect my personal information?** | ■ | Show your government-issued ID |
|  | ■ | Show your driver's license |
|  | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you |
| **Why can't I limit all sharing?** |  |  |
| **Why can't I limit all sharing?** | ■ | Sharing for affiliates' everyday business purposes – information about your creditworthiness |
| **Why can't I limit all sharing?** | ■ | Affiliates from using your information to market to you |
|  | ■ | Sharing for nonaffiliates to market to you |
|  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  |
| **Definitions** |  |  |
| **Affiliates** | &nbsp;&nbsp;&nbsp;*Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. | &nbsp;&nbsp;&nbsp;*Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Nonaffiliates** | &nbsp;&nbsp;&nbsp;*The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies | &nbsp;&nbsp;&nbsp;*The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies |
| **Joint marketing** | &nbsp;&nbsp;&nbsp;*The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | &nbsp;&nbsp;&nbsp;*The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |

---

This information is not part of the Prospectus.

**WESTWOOD FUNDS**

**Investment Adviser**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

**Distributor**

Ultimus Fund Distributors, LLC

225 Pictoria Drive

Suite 450

Cincinnati, Ohio 45246

**Legal Counsel**

Kilpatrick Townsend & Stockton LLP

4208 Six Forks Road, Suite 1400

Raleigh, North Carolina 27609

***More information about the Funds is available, without charge, through the following:***

**Appendix A to the Prospectus - Intermediary-Specific Sales Charge Discounts and Waivers**

Appendix A contains more information about specific sales charge discounts and waivers available for shareholders who purchase Fund shares through a specific financial intermediary. Appendix A is incorporated by reference into this Prospectus. This means that Appendix A, for legal purposes, is a part of this Prospectus.

**Statement of Additional Information ("SAI"):** The SAI, dated February 28, 2023, as it may be amended from time to time, includes detailed information about the Funds and the Ultimus Managers Trust. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** These reports, when available, will list the Funds' holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.

**To obtain more information about the Funds or to request a copy of the documents listed above:**

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| | |
|:---|:---|
| ***By Telephone:*** | 1-877-FUND-WHG (1-877-386-3944) |
| ***By Mail:*** | Westwood Funds |
|  | P.O. Box 541150 |
|  | Omaha, NE 68154 |
| ***By Internet:*** | www.westwoodfunds.com |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about the Ultimus Managers Trust, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**Investment Company Act registration No. 811-22680.**

**Appendix A**

**Intermediary-Specific Sales Charge Discounts and Waivers**

Specific intermediaries may have different policies and procedures regarding the availability of front-end sales charge or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.** Please see the "Sales Charges" section of the A Class Shares and C Class Shares Prospectuses for more information on sales charge discounts and waivers.

The following descriptions of financial intermediary sales charge waivers, discounts, policies or procedures, as the case may be, are reproduced based on information provided by the intermediary. The financial intermediary sales charge waivers, discounts, policies or procedures disclosed in this Appendix may vary from those disclosed in the A Class Shares and C Class Shares Prospectuses or SAI and are subject to change. This Appendix will be updated based on information provided by the financial intermediaries. Neither the Funds, nor the Adviser, nor the Distributor supervises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do they verify the intermediaries' administration of such waivers, discounts, policies or procedures.

The information in this Appendix is part of, and incorporated into, the A Class Shares and C Class Shares Prospectuses.

**Merrill Lynch**

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the A Class Shares and C Class Shares Prospectuses or SAI.

---

| |
|:---|
| **Front-End Sales Load Waivers on A Class Shares Available at Merrill Lynch** |
| Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
| Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
| Shares purchased through a Merrill Lynch affiliated investment advisory program |
| Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |
| Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform |
| Shares purchased through the Merrill Edge Self-Directed platform |
| Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the Westwood Fund family) |
| Shares exchanged from C Class Shares (*i.e.* level-load) shares of the same Fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |
| Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
| Trustees of the Trust, and employees of the Funds' investment adviser or any of its affiliates, as described in the A Class Shares and C Class Shares Prospectuses |
| Eligible shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement |

---

---

| |
|:---|
| **CDSC Waivers on A Class Shares and C Class Shares Available at Merrill Lynch** |
| Death or disability of the shareholder |
| Shares sold as part of a systematic withdrawal plan as described in the A Class Shares and C Class Shares Prospectuses |
| Return of excess contributions from an IRA Account |
| Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Code |
| Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
| Shares acquired through a right of reinstatement |
| Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms |
| Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers |

---

---

| |
|:---|
| **Front-End Sales Load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** |
| Breakpoints as described in the A Class Shares and C Class Shares Prospectuses |
| Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the A Class Shares and C Class Shares Prospectuses will be automatically calculated based on the aggregated holding of Westwood Fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible Westwood Fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
| Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within the Westwood Fund family, through Merrill Lynch, over a 13-month period of time |

---

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the A Class Shares and C Class Shares Prospectuses or SAI.

*Front-end sales load waivers on A Class Shares available at Raymond James*

● Shares purchased in an investment advisory program.

● Shares purchased within the Westwood Fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in a Fund's C Class Shares will have their shares converted at net asset value to A Class Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

*CDSC Waivers on A Class Shares and C Class Shares available at Raymond James*

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the A Class Shares and C Class Shares Prospectuses.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

*Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent*

● Breakpoints as described in the A Class Shares Prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Westwood Fund family assets held by accounts within the purchaser's household at Raymond James. Eligible Westwood Fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Westwood Fund family, over a 13-month time period. Eligible Westwood Fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Morgan Stanley Wealth Management ("Morgan Stanley")**

Shareholders purchasing Fund shares through a Morgan Stanley transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to A Class Shares, which may differ from and may be more limited than those disclosed elsewhere in A Class Shares and C Class Shares Prospectuses or SAI.

**<u>Front-end Sales Charge Waivers on A Class Shares available at Morgan Stanley</u>**

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

● Shares purchased through a Morgan Stanley self-directed brokerage account.

● C Class (i.e., level-load) Shares that are no longer subject to a contingent deferred sales charge and are converted to A Class Shares of the same Fund pursuant to Morgan Stanley's share class conversion program.

● Shares purchased from the proceeds of redemptions within the Westwood Fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**WESTWOOD FUNDS**

**PROSPECTUS**

**February 28, 2023**

**WESTWOOD QUALITY VALUE FUND**

**TICKER SYMBOL: WHGLX**

**WESTWOOD QUALITY MIDCAP FUND**

**TICKER SYMBOL: WWMCX**

**WESTWOOD QUALITY SMIDCAP FUND**

**TICKER SYMBOL: WHGMX**

**WESTWOOD QUALITY SMALLCAP FUND**

**TICKER SYMBOL: WHGSX**

**WESTWOOD QUALITY ALLCAP FUND**

**TICKER SYMBOL: WQAIX**

**WESTWOOD TOTAL RETURN FUND**

**TICKER SYMBOL: WLVIX**

**WESTWOOD INCOME OPPORTUNITY FUND**

**TICKER SYMBOL: WHGIX**

**WESTWOOD HIGH INCOME FUND**

**TICKER SYMBOL: WHGHX**

**WESTWOOD ALTERNATIVE INCOME FUND**

**TICKER SYMBOL: WMNIX**

**WESTWOOD SMALLCAP GROWTH FUND**

**TICKER SYMBOL: WSCIX**

**INSTITUTIONAL SHARES**

**INVESTMENT ADVISER:**

**WESTWOOD MANAGEMENT CORP.**

**The U.S. Securities and Exchange Commission has not approved or disapproved**

**these securities or passed upon the adequacy or accuracy of this Prospectus. <br> Any representation to the contrary is a criminal offense.**

**About This Prospectus**

*This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund (individually a "Fund" and collectively the "Funds"), please see:*

i

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | **Page** |
| **WESTWOOD QUALITY VALUE FUND** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 6 |
| **WESTWOOD QUALITY MIDCAP FUND** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 12 |
| **WESTWOOD QUALITY SMIDCAP FUND** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGER** | 18 |
| **WESTWOOD QUALITY SMALLCAP FUND** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 24 |
| **WESTWOOD QUALITY ALLCAP FUND** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 30 |

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ii

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| | |
|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 38 |
| **WESTWOOD INCOME OPPORTUNITY FUND** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVES** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 46 |
| **WESTWOOD HIGH INCOME FUND** | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 54 |
| **WESTWOOD ALTERNATIVE INCOME FUND** | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 61 |
| **WESTWOOD SMALLCAP GROWTH FUND** | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 67 |

---

iii

---

| | |
|:---|:---|
| **SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION** | 68 |
| **MORE INFORMATION ABOUT RISKS** | 69 |
| **MORE INFORMATION ABOUT FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** | 85 |
| **INFORMATION ABOUT PORTFOLIO HOLDINGS** | 88 |
| **INVESTMENT ADVISER** | 88 |
| **PORTFOLIO MANAGERS** | 91 |
| **RELATED PERFORMANCE DATA OF THE ADVISER** | 95 |
| **PURCHASING, SELLING AND EXCHANGING FUND SHARES** | 97 |
| **PAYMENTS TO FINANCIAL INTERMEDIARIES** | 106 |
| **OTHER POLICIES** | 107 |
| **DIVIDENDS AND DISTRIBUTIONS** | 110 |
| **TAXES** | 111 |
| **ADDITIONAL INFORMATION** | 113 |
| **FINANCIAL HIGHLIGHTS** | 114 |
| **HOW TO OBTAIN MORE INFORMATION ABOUT THE FUNDS** | Back Cover |

---

iv

**WESTWOOD QUALITY VALUE FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality Value Fund (the "Fund" or "Value Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees<sup>1</sup> |  | 0.50% |
| Other Expenses |  | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees<sup>1</sup> | 0.10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.09% |  |
| Total Annual Fund Operating Expenses |  | 0.69% |
| Less Fee Reductions and/or Expense<sup>1,2</sup> |  | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.65% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and expense cap and the implementation of Administrative Service Plan Fees, effective November 30, 2022.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.55% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $66 | $217 | $380 | $855 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 77% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Investment Style Risk –**If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 1000<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality Value Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_001.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (5.66)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.27%** | **(23.07)%** |
| **(12/31/2020)** | **(03/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **WESTWOOD QUALITY VALUE FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date<br> June 28, 2006** |
| **Fund Returns Before Taxes** | (5.66)% | 7.50% | 10.80% |  |
| **Fund Returns After Taxes on Distributions** | (6.00)% | 5.43% | 8.53% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (3.11)% | 5.59% | 8.28% |  |
| **Russell 1000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.54)% | 6.67% | 10.29% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since 2020.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2012.\*

Mr. Michael Wall, Vice President, Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY MIDCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality MidCap Fund (the "Fund" or the "MidCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees |  | 0.58% |
| Other Expenses |  | 19.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 19.48% |  |
| Total Annual Fund Operating Expenses |  | 20.26% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> |  | (19.68)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.58% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, acquired fund fees and expenses, cost to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.58% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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, that the Fund's operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $80 | $3683 | $6270 | $9981 |

---

**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 rate 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 total annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 96% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers mid-cap companies to be those companies within the market capitalization range of the Russell Midcap<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell Midcap<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $652.98 million and $52.82 billion. The Fund seeks to achieve its investment objective by investing primarily in equity securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. The equity securities in which the Fund invests are primarily common stocks, public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offers an attractive risk-adjusted return opportunity. The Adviser considers both valuation and quality metrics in absolute terms, as well as on a relative basis compared to the companies comprising the Russell Midcap<sup>®</sup> Value Index. The Adviser identifies undervalued securities by evaluating the current intrinsic value of a company's current and future potential earnings, free cash flow, revenue, and return on capital. The Adviser also emphasizes high quality companies as part of the principal investment strategy and considers investing in companies that maintain conservative balance sheets with lower levels of debt, attractive return of equity, strong management teams, and competitive advantages in their respective industry or sector. As it pertains to the Adviser's emphasis on risk-adjusted returns, the qualitative and quantitative assessment of absolute downside risk for each individual security is paramount when selecting securities for the Fund in an effort to outperform the Index in down markets.

As the Adviser constructs the Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The Fund will not invest more than 25% of its assets in MLPs. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Mid-Capitalization Company Risk –** The mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Management Style Risk –** The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.

**New Fund Risk –** The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable size.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell Midcap Value Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_002.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (7.87)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **10.18%** | **(11.75)%** |
| **(12/31/2022)** | **(6/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND – INSTITUTIONAL** | **1 Year** | **Since Inception**<br> **(November 30, 2021)** |
| **Fund Returns Before Taxes** | (7.87)% | (1.99)% |
| **Fund Returns After Taxes on Distributions** | (8.20)% | (2.31)% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (4.47)% | (1.54)% |
| **Russell Midcap Value Index (reflects no deduction for fees, expenses, or taxes)** | (12.03)% | (6.01)% |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Trip Rodgers, CFA, Senior Vice President, Senior Research Analyst, has managed the Fund since its inception in 2021.

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since its inception in 2021.

Mr. Matthew Na, CFA, Vice President, Research Analyst and Portfolio Manager, has managed the Fund since February 28, 2023.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY SMIDCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SMidCap Fund (the "Fund" or "SMidCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees |  | 0.75% |
| Other Expenses |  | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.08% |  |
| Total Annual Fund Operating Expenses |  | 1.03% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> |  | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.88% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.68% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $90 | $313 | $554 | $1246 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund, was 104% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small- and mid-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-and mid-cap companies to be those companies within the market capitalization range of the Russell 2500<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2500<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities or ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 15% of the Fund's assets.

The Fund invests in approximately 45-75 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small-and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 2500<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality SMidCap Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_003.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (10.36)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **22.59%** | **(30.79)%** |
| **(12/31/2020)** | **(3/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date** **<br> December 19, 2005** |
| **Fund Returns Before Taxes** | (10.36)% | 5.60% | 8.23% |  |
| **Fund Returns After Taxes on Distributions** | (10.68)% | 3.10% | 5.91% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (5.90)% | 3.96% | 6.22% |  |
| **Russell 2500** <sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (13.08)% | 4.75% | 8.93% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Prashant Inamdar, CFA, Senior Vice President, Research Analyst, has managed the Fund since 2013.\*

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2018.\*

Mr. Grant L. Taber, CFA, Senior Vice President, Research Analyst, has managed the Fund since 2008.\*

Mr. Kyle Martin, CFA, Vice President, Research Analyst, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY SMALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SmallCap Fund (the "Fund" or "SmallCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below. Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees |  | 0.85% |
| Other Expenses |  | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.06% |  |
| Total Annual Fund Operating Expenses |  | 1.11% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> |  | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.99% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.79% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $101 | $341 | $600 | $1341 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund, was 60% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –**If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 2000<sup>®</sup> Value Index. The performance shown in the bar chart and table for period priors to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality SmallCap Fund, a series of the Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_004.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.46)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **25.98%** | **(32.64)%** |
| **(12/31/2020)** | **(3/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **WESTWOOD QUALITY SMALLCAP FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date<br> April 2, 2007** |
| **Fund Returns Before Taxes** | (12.46)% | 4.54% | 10.37% |  |
| **Fund Returns After Taxes on Distributions** | (13.18)% | 3.60% | 9.17% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (6.83)% | 3.35% | 8.19% |  |
| **Russell 2000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (14.48)% | 4.13% | 8.48% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2010.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2010.\*

Mr. Frederic G. Rowsey, CFA, Vice President, Research Analyst, has managed the Fund since 2013.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY ALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality AllCap Fund (the "Fund" or the "AllCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees |  | 0.45% |
| Other Expenses |  | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees<sup>1</sup> | 0.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.48% |  |
| Total Annual Fund Operating Expenses |  | 1.13% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> |  | (0.48)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.65% |

---

<sup>1</sup> Reflects the maximum Administrative Services Plan Fee. The AllCap Fund did not pay any Administrative Services Plan Fees for the fiscal year ended October 31, 2022.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, acquired fund fees and expenses, cost to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.45% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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, that the Fund's operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $66 | $311 | $576 | $1332 |

---

**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 rate 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 total annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 101% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing primarily in equity securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. Generally, the universe of securities from which the Adviser selects investments will encompass companies of all market capitalizations greater than $100 million at the time of purchase. The equity securities in which the Fund invests are primarily common stocks, public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. As the Adviser constructs the Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

● **Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

● **Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Management Style Risk *–*** The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.

**New Fund Risk** – The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable size.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000<sup>®</sup> Value Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_005.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (3.75)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **14.68%** | **(10.88)%** |
| **(12/31/2022)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND – INSTITUTIONAL** | **1 Year** | **Since Inception** **(September 24, 2021)** |
| **Fund Returns Before Taxes** | (3.75)% | 2.74% |
| **Fund Returns After Taxes on Distributions** | (4.13)% | 2.31% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (1.95)% | 2.06% |
| **Russell 3000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.98)% | (0.83)% |

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*For information about related performance, please see the "Related Performance Data of the Adviser" section of the Prospectus.*

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Grant Taber, CFA, Senior Vice President, Research Analyst, has managed the Fund since its inception in 2021.

Michael Wall, Vice President, Research Analyst, has managed the Fund since its inception in 2021.

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since February 28, 2022.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD TOTAL RETURN FUND**

**Fund Investment Objective**

The investment objective of the Westwood Total Return Fund (the "Fund" or "Total Return Fund") seeks to provide total return, through a combination of current income and capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | |
|:---|:---|
| | **Institutional Shares** |
| Management Fees<sup>1</sup> | 0.59% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.72% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.08)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.64% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.50% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.20% based on the Fund's Institutional Shares' performance relative to the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.75% of the Fund's Institutional Shares' average daily net assets until terminated by the Fund's shareholders. Additionally, the Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.05% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $65 | $222 | $393 | $887 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 63% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has significant flexibility to achieve its investment objective and invests in a broad range of securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has wide latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 60% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 60% of its total assets in equity securities and 40% of its total assets in debt securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 50% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities, inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds").

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 70% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Small-and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years, and since inception of the Fund compare with those of the S&P 500<sup>®</sup> Index, Bloomberg U.S. Aggregate Bond Index, and the Blended 60/40 S&P 500® Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Total Return Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. In addition, the Predecessor Fund acquired the assets and assumed the historical performance of another fund (the "Initial Predecessor Fund") on February 5, 2011. The performance shown in the bar chart and table for periods prior to that date represents the performance of the Initial Predecessor Fund. How the Fund, the Predecessor Fund and Initial Predecessor have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to November 1, 2019, the Predecessor Fund employed different investment strategies. Therefore, the past performance shown for periods prior to November 1, 2019 may have differed had the Fund's current investment strategy been in effect. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_006.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.82)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **16.05%** | **(12.67)%** |
| **(06/30/2020)** | **(06/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **WESTWOOD TOTAL RETURN FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date<br> June 28, 2006** |
| **Fund Returns Before Taxes** | (12.82)% | 8.25% | 10.07% |  |
| **Fund Returns After Taxes on Distributions** | (13.59)% | 3.70% | 6.33% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (7.40)% | 5.30% | 7.11% |  |
| **S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | 7.66% | 9.42% | 12.56% |  |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (2.71)% | 0.02% | 1.06% |  |
| **Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (15.79)% | 5.96% | 8.08% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Manager**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

Mr. Ben Chittenden, Vice President and Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**Fund Investment Objectives**

The primary investment objective of the Westwood Income Opportunity Fund (the "Fund" or "Income Opportunity Fund") is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees<sup>1</sup> |  | 0.65% |
| Other Expenses |  | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees<sup>1</sup> | 0.10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.07% |  |
| Total Annual Fund Operating Expenses<sup>2</sup> |  | 0.82% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> |  | 0.00% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.82% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and the implementation of Administrative Service Plan Fees, effective November 30, 2022.

<sup>2</sup> "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements" will not correlate to the ratio of expenses to the average net assets in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and do not include "Acquired Fund Fees and Expenses".

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $84 | $262 | $455 | $1014 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 81% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships ("MLPs"), enhanced equipment trust certificates ("EETCs") and equipment trust certificates ("ETCs"), securities of real estate investment trusts ("REITs") and shares of exchange-traded funds ("ETFs"). EETCs and ETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund is permitted to invest in companies of any capitalization range. The Fund's fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds) and unrated securities.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser's investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Large-Capitalization Company Risk –** The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small-and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Convertible Securities Risk –** The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**High Yield Bond Risk –** High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Micro-Capitalization Company Risk –** Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small- capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small- capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Warrants Risk –** Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**ETC and EETC Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**LIBOR Replacement Risk** – The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Over the last several years global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which the U.S. Federal Reserve has announced will replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk**. The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index, and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Income Opportunity Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_007.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.80)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.16%** | **(12.99)%** |
| **(6/30/2020)** | **(3/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br> WESTWOOD INCOME OPPORTUNITY FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date<br> December 19, 2005** |
| **Fund Returns Before Taxes** | (12.80)% | 3.25% | 5.39% |  |
| **Fund Returns After Taxes on Distributions** | (13.67)% | 0.42% | 3.64% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (7.40)% | 2.13% | 4.04% |  |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (2.71)% | 0.02% | 1.06% |  |
| **S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | 7.66% | 9.42% | 12.56% |  |
| **Blended 60/40 Bloomberg U.S.Aggregate Bond Index/S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | (14.76)% | 4.07% | 5.78% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD HIGH INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood High Income Fund (the "Fund" or "High Income Fund") seeks to maximize total return through a high level of current income and capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below. Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees<sup>1</sup> |  | 0.70% |
| Other Expenses |  | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.17% |  |
| Total Annual Fund Operating Expenses |  | 1.06% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> |  | (0.07)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.99% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.38% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's Institutional Shares' performance relative to the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index plus 1.00%, resulting in a minimum total fee of 0.06% and a maximum total fee of 0.70%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.10% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $101 | $330 | $578 | $1288 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 62% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund has flexibility to achieve its investment objective and invests in a broad range of income-producing securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has latitude to allocate the Fund's assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser's view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company's assets are located in the U.S.; (ii) at least 50% of the company's revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company's securities are traded principally in the U.S.

The Fund seeks to achieve a neutral allocation of 80% of its total assets in debt securities and 20% of its total assets in equity securities. The Adviser's bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.

The Fund may invest up to 100% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities (including collateralized mortgage obligations), inflation-linked securities (including Treasury Inflation Protected Securities ("TIPS")), bank loan assignments and participations ("Loans"). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund currently expects to invest no more than 70% of its total assets in junk bonds.

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" ("TBA") market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

The Fund may invest up to 30% of its total assets in equity securities, including common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small-and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the "CPI")). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**TBA/Dollar Roll Risk** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

**Bank Loans Risk** – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index, and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood High Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. Prior to August 31, 2019, the Predecessor Fund had a sub-adviser and, prior to November 1, 2019, the Predecessor Fund employed a different investment strategy. Therefore, the past performance shown for periods prior to August 31, 2019 may have differed if the Predecessor Fund had not had a sub-adviser and the Fund's current investment strategy had been in effect. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_008.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (11.11)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **12.59%** | **(10.88)%** |
| **(6/30/2020)** | **(3/31/2020)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | | |
|:---|:---|:---|:---|:---|
| **<br> WESTWOOD HIGH INCOME FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date**<br> **December 28, 2011** |
| **Fund Returns Before Taxes** | (11.11)% | 3.77% | 3.31% |  |
| **Fund Returns After Taxes on Distributions** | (12.66)% | 2.04% | 1.46% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (6.47)% | 2.19% | 1.70% |  |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (2.71)% | 0.02% | 1.06% |  |
| **S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | 7.66% | 9.42% | 12.56% |  |
| **Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | (13.84)% | 2.09% | 3.44% |  |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Hussein Adatia, Vice President, has managed the Fund since 2020.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood Alternative Income Fund (the "Fund" or "Alternative Income Fund") seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investments)**

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| | |
|:---|:---|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 1.00% |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees<sup>1</sup> |  | 0.21% |
| Other Expenses |  | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.13% |  |
| Total Annual Fund Operating Expenses |  | 0.49% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> |  | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.35% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's Institutional Shares' performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund's average daily net assets until March 1, 2024 (the "Management Fee Waiver Agreement"). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.00% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreements to limit expenses remain in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $32 | $128 | $233 | $542 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 128% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.

In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund may invest in foreign companies in both developed and emerging markets.

The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds ("ETFs"). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security's income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.

When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund's investments in cash or money market instruments to protect the Fund's assets and maintain liquidity. When the Fund's investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Foreign Securities Risk** – Investing in foreign securities poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to

the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Short Sales Risk –** A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Warrants Risk** – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Small-and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Regional Focus Risk** – To the extent that it focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value ("NAV") and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk** - The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes and securities selection could be adversely affected if it relies on erroneous or outdated data. In addition, securities selected using the quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and since inception of the Fund compare with those of the FTSE 1-Month U.S. Treasury Bill Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Alternative Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_009.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (1.22)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **3.48%** | **(2.76)%** |
| **(6/30/2016)** | **(3/31/2020)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | |
|:---|:---|:---|:---|
| **<br> WESTWOOD ALTERNATIVE INCOME FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **Since Inception**<br> **(May 1, 2015)** |
| **Fund Returns Before Taxes** | (1.22)% | 3.55% | 3.07% |
| **Fund Returns After Taxes on Distributions** | (7.13)% | 1.51% | 1.39% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (0.73)% | 1.89% | 1.66% |
| **FTSE 1-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)** | 1.48% | 1.20% | 0.91% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2020.\*

Mr. Christopher Hartman, Vice President Portfolio Manager of the Multi-Asset Portfolios, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD SMALLCAP GROWTH FUND**

**Fund Investment Objective**

The investment objective of the Westwood SmallCap Growth Fund (the "Fund" or the "SmallCap Growth Fund") seeks to achieve long-term capital growth.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** |
| Management Fees |  | 0.55% |
| Other Expenses |  | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Services Plan Fees | 0.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.82% |  |
| Total Annual Fund Operating Expenses |  | 1.57% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> |  | (0.82)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |  | 0.75% |

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<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares ((excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, acquired fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.55% of the Fund's Institutional Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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, and the contractual agreement to limit expenses remains in effect only until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $77 | $415 | $778 | $1798 |

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**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 rate 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 total annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 860% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies, which the Fund defines as those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. The equity securities in which the Fund invests are primarily common stocks, shares of public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

The Fund will invest in small-cap companies that the Adviser believes present attractive opportunities for growth, based on the Adviser's application of sound economic theory and its assessment of companies' fundamental attributes. The Adviser utilizes an investment process that combines both quantitative and fundamental approaches to identify securities. The Fund will select companies to buy and sell, based on fundamental attributes such as earnings, book value, and cash flow relative to other securities in the index. As the Adviser constructs the Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, but does generally aim to be sector neutral versus the Russell 2000<sup>®</sup> Growth Index. As the Adviser evaluates each investment opportunity, it applies the same investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive factors described above regardless of security type. The portfolio will be constructed by determining the weight of each security using a combination of its quantitative and fundamental assessment of the attractiveness of the security, including liquidity as part of the Adviser's security selection process. The Fund generally intends to focus on active selection in the Russell 2000<sup>®</sup> Growth Index.

The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets when the Adviser identifies promising opportunities, or manage cash levels in the Fund's portfolio. The Fund will not necessarily sell a security that appreciated or depreciated outside the Fund's target capitalization range defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

● **Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Styles Risk *–*** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. The Fund also pursues, in part, a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

**Growth Investing Risk –** Growth stocks tend to be more expensive relative to the issuing company's earnings or assets compared with other types of stocks, reflecting investors' expectations of future earnings and assets. As a result, they tend to be more sensitive to changes in, or investors' expectations of, the issuing company's earnings and can therefore be more volatile.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Management Style Risk –** The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**New Fund Risk –** The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable size.

**Frequent Trading Risk –** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 2000<sup>®</sup> Growth Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whglx_010.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (24.38)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **3.53%** | **(13.22)%** |
| **(12/31/2022)** | **(6/30/2022)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND – INSTITUTIONAL** | **1 Year** | **Since Inception<br> (September 24, 2021)** |
| **Fund Returns Before Taxes** | (24.38)% | (18.53)% |
| **Fund Returns After Taxes on Distributions** | (24.53)% | (18.74)% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (14.41)% | (14.09)% |
| **Russell 2000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (26.36)% | (21.67)% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Manager**

The professional primarily responsible for the day-to-day management of the Fund is as follows:

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since its inception in 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation**

**Purchase and Sale of Fund Shares**

To purchase Institutional Shares of a Fund for the first time, you must invest at least $100,000. There is no minimum for subsequent investments.

Institutional Shares of the Funds are offered exclusively to:

**●** certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;

**●** defined benefit retirement plans, endowments or foundations;

**●** banks and trust companies or law firms acting as trustee or manager for trust accounts;

**●** investors who purchase shares through asset-based fee programs available through financial intermediaries;

**●** insurance companies; and

**●** Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

**Tax Information**

Each Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**More Information about Risks**

Investing in each Fund involves risk and there is no guarantee that each Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which they trade. Although each Fund is diversified, the effect on the Fund of a change in the value of a single security will depend on the size of the position within the Fund.

The following is a list of principal risks ("X") and some non-principal risks ("NP") that may apply to your investment in a Fund, followed by a description of each risk. Unless otherwise noted, in this section, references to a single Fund apply equally to all applicable Funds. Further information about each Fund's investment risks is available in the Funds' Statement of Additional Information ("SAI"):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **MidCap Fund** | **SMidCap Fund** | **SmallCap Fund** | **AllCap Fund** | **Total Return Fund** | **Income <br> Opportunity Fund** | **High Income Fund** | **Alternative <br> Income Fund** | **SmallCap Growth Fund** |
| Absolute Return Strategy Risk |  |  |  |  |  |  |  |  | X |  |
| Asset-Backed Securities Risk |  |  |  |  |  | X |  | X |  |  |
| Bank Loans Risk |  |  |  |  |  | X |  | X |  |  |
| Collateralized Mortgage Obligations Risk |  |  |  |  |  |  |  | X |  |  |
| Convertible Securities Risk |  | NP |  |  | NP | X | X | X | X | NP |
| Corporate Bond Risk |  |  |  |  |  | X |  | X |  |  |
| Derivatives Risk |  | NP |  |  | NP | X | X | X | X | NP |
| Emerging Markets Securities Risk |  | NP |  |  | NP | X |  | X | X | NP |
| Energy Sector Risk | X | X | X | X | X |  | X |  |  | X |
| Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk |  |  |  |  |  |  | X |  |  |  |
| Equity Risk | X | X | X | X | X | X | X | X | X | X |
| ETF Risk |  | NP | X | X | NP |  | X |  | X | NP |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **MidCap Fund** | **SMidCap Fund** | **SmallCap Fund** | **AllCap Fund** | **Total Return Fund** | **Income <br> Opportunity Fund** | **High Income Fund** | **Alternative <br> Income Fund** | **SmallCap Growth Fund** |
| Fixed Income Risk |  |  |  |  |  | X | X | X | X |  |
| Foreign Company Risk | X |  | X | X |  |  | X |  |  |  |
| Foreign Currency Risk | X | NP | X | X | NP | X | X | X | X | NP |
| Foreign Securities Risk |  | NP |  |  | NP | X |  | X | X | NP |
| Frequent Trading Risk |  |  |  |  |  |  | X |  | X | X |
| Geographic Focus Risk |  |  |  |  |  | X |  | X |  |  |
| Growth Investing Risk |  |  |  |  |  |  |  |  |  | X |
| High Yield ("Junk") Bond Risk |  |  |  |  |  | X | X | X | X |  |
| Inflation-Linked Securities Risk |  |  |  |  |  | X |  | X |  |  |
| Investment Style Risk | X | X | X | X | X |  |  |  |  |  |
| Investment Style Risk (SmallCap Growth Fund) |  |  |  |  |  |  |  |  |  | X |
| Initial Public Offerings (IPOs) |  | NP |  |  | NP |  |  |  |  | NP |
| Large-Capitalization Company Risk | X |  |  |  | X | X | X | X | X |  |
| LIBOR Replacement Risk |  |  |  |  |  |  | X |  |  |  |
| Liquidity Risk |  |  |  |  |  | X | X | X | X |  |
| Management Style Risk |  | X |  |  | X |  |  |  |  | X |
| Market Risk | X | X | X | X | X | X | X | X | X | X |
| Micro-Capitalization Company Risk |  |  |  |  |  |  | X |  |  |  |
| Mid-Capitalization Company Risk |  | X |  |  |  |  |  |  |  |  |
| MLP Risk | X | X | X | X | X |  | X |  |  | X |
| Additional Information Related to Taxation of MLPs | X | X | X | X | X |  |  |  |  | X |
| Money Market Instruments Risk |  | NP |  |  | NP |  |  |  | X | NP |
| Mortgage-Backed Securities Risk |  |  |  |  |  | X |  | X |  |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **MidCap Fund** | **SMidCap Fund** | **SmallCap Fund** | **AllCap Fund** | **Total Return Fund** | **Income <br> Opportunity Fund** | **High Income Fund** | **Alternative <br> Income Fund** | **SmallCap Growth Fund** |
| New Fund Risk |  | X |  |  | X |  |  |  |  | X |
| Portfolio Turnover Risk |  |  |  |  |  |  |  |  | X |  |
| Preferred Stock Risk |  | NP |  |  | NP | X |  | X | X | NP |
| Quantitative Model Risk |  |  |  |  |  |  |  |  |  | NP |
| Quantitative Security Selection Risk |  |  |  |  |  |  |  |  | X |  |
| Regional Focus Risk |  |  |  |  |  |  |  |  | X |  |
| REIT Risk | X | X | X | X | X | X | X | X |  | X |
| Royalty Trust Risk |  | NP |  |  | NP |  |  |  |  | NP |
| Short Sales Risk |  |  |  |  |  |  |  |  | X |  |
| Small-Capitalization Company Risk |  |  |  | X |  |  |  |  |  | X |
| Small- and Mid-Capitalization Company Risk |  |  | X |  | X | X | X | X | X |  |
| TBA/Dollar Roll Risk |  |  |  |  |  | X |  | X |  |  |
| U.S. Government Securities Risk |  |  |  |  |  | X |  | X |  |  |
| Value Investing Risk | X | X | X | X | X |  |  |  |  | X |
| Warrants Risk |  | NP |  |  | NP |  | X |  | X | NP |

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**Absolute Return Strategy Risk** – The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Asset-Backed Securities Risk** – Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Bank Loans Risk** – Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Investments in bank loans are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. This means bank loans are subject to greater credit risks than other investments, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

A Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). In connection with purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When a Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Convertible Securities Risk** – Convertible securities are fixed income securities, preferred stocks or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**Corporate Bond Risk** – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Investments in corporate bonds are also subject to the same risks as fixed income securities.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify a Fund's gains or losses. There are various factors that affect a Fund's ability to achieve its investment objective(s) with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly or at all with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its investment objective(s) or to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

*Forward Contracts.* A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

*Futures Contracts*. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge. Such lack of correlation may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded.

While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. For example, futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading. Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous.

*Options.* Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying instrument rather than only the premium payment received (which could result in a potentially unlimited loss). If a Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. If a Fund writes a "covered" put option (i.e., a put option on a security in which the Fund holds a short position), the Fund may not participate fully in a decline in market value of the underlying security. Over-the-counter options also involve counterparty risk.

*Swaps*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund may also invest in credit default swap indexes, which are designed to track representative segments of the credit default swap market and provide investors with exposure to specific baskets of issuers. Credit default swaps and credit default swap indexes are subject to the general risks of swaps described above.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation or use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, or terrorist threats or attacks, among others. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. Factors adversely affecting producers, refiners, distributors, or others in the energy sector may affect adversely companies that service or supply those entities, either because demand for those services or products is curtailed, or those services or products come under price pressure. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**Equity Risk –** Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, interests in master limited partnerships ("MLPs") and royalty trusts, shares of real estate investment trusts ("REITs") and American Depositary Receipts ("ADRs"), as well as shares of exchange-traded funds ("ETFs") that attempt to track the price movement of equity indices. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stock holders, and which takes precedence over

common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. Investments in equity securities, in general, are subject to market risks that may cause their prices to fluctuate over time. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, has resulted in significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment. The U.S. Federal Reserve and the U.S. government have taken numerous measures to address the economic impact of the COVID-19 pandemic and to stimulate the U.S. economy. The ultimate effects of these and other efforts that may be taken may not be known for some time. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Even investments in high quality or "blue chip" stocks can be negatively impacted by poor overall market and economic conditions. COVID-19 also lead to production cutbacks for many companies and coupled with changes in consumer spending fueled by government stimulus, created a supply/demand imbalance and resulted in higher inflation. Inflation negatively affected the prices of higher growth companies (longer duration assets) and benefited higher dividend-paying equities (lower duration assets). Any such impact could adversely affect the value and liquidity of a Fund's investments, limit severely a Fund's investment opportunity set, impact a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19 or similar infectious diseases, and measures taken to mitigate their effects, could result in disruptions to the services provided to a Fund by its service providers, leading to operational delays and failures and additional investment losses. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that a Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of a Fund. Accordingly, a Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Fixed Income Risk** – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. This risk may be heightened given the likelihood of increases in interest rates in the future as the U.S. Federal Reserve continues to increase the federal funds rate after a period of historically low rate. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities, such as individual country risk, currency exchange risk, volatility risk, inflation risk, and liquidity risk

**Frequent Trading Risk** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund's portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.

**Geographic Focus Risk** – To the extent that it focuses its investments in a particular country or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Growth Investing Risk –** Growth stocks tend to be more expensive relative to the issuing company's earnings or assets compared with other types of stocks, reflecting investors' expectations of future earnings and assets. As a result, they tend to be more sensitive to changes in, or investors' expectations of, the issuing company's earnings and can therefore be more volatile.

**High Yield ("Junk") Bond Risk –** High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Inflation-Linked Securities Risk** – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-linked securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an inflation-linked debt security will be considered taxable ordinary income, even though a Fund will not receive the principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. A Fund's investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the CPI or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

**Investment Style Risk –** The Fund pursues, at least in part, a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Investment Style Risk (SmallCap Growth Fund)** – The Fund pursues, at least in part, a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. The Fund pursues, in part, a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

**Initial Public Offerings (IPOs)** – The Fund may invest in securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in companies with smaller market capitalizations and often to a heightened degree. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, a fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to a fund. There is no assurance that any particular IPO will be successful, or that any gains will be sustainable. Investors should not rely on past gains attributable to IPOs as an indication of future performance.

**Large-Capitalization Company Risk** – Large-capitalization companies are those above $5 billion capitalization value at the time of purchase. The large-capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**LIBOR Replacement Risk –** The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Over the last several years global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which the U.S. Federal Reserve has announced will replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which will replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Liquidity Risk –** Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. In addition, at times all or a large portion of segments of the market may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market where frequent and large purchase and sale transactions of a security occur without significantly affecting the price of that security, it may be difficult to value and impossible to sell these investments, and a Fund may have to sell such an investment at a price or time that is not advantageous in order to meet redemptions or other cash needs. The price of illiquid securities may be more volatile than more liquid investments.

**Management Style Risk** – The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser's investment process and there is no guarantee that the Adviser's judgments about the attractiveness, value and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.

**Market Risk** – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global

economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The duration and lastion impact of the COVID-19 outbreak is unclear and may not be fully known for some time. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets, the lasting impact of which may not be fully know for some time. .

**Micro-Capitalization Company Risk *–*** Micro-capitalization companies are those with a capitalization range of the Russell Microcap Index, and while the market capitalization range of the Russell Microcap Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $3.96 million and $5.10 billion. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**Mid-Capitalization Company Risk** – Mid-capitalization companies are those with a capitalization range of the Russell Midcap<sup>®</sup> Index, and while the market capitalization range of the Russell Midcap<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $652.98 million and $52.82 billion. The mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**MLP Risk** – MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses. MLP operating expenses are not reflected in the fee tables and examples in this Prospectus. MLPs may be negatively affected by the COVID-19 pandemic or miliary actions. As with other serious economic disruptions, government authorities and regulators have responded to this crisis with significant government regulation and intervention, including quarantines, travel restrictions, temporary business closures and other similar protective actions. As a result, the COVID-19 pandemic has impacted the volume of products sold, the level of services provided by midstream companies and the supply and demand for hydrocarbon products. In addition, the disruption of a company's operations due to labor constraints or a supply disruption of required maintenance items can negatively affect MLPs, which could adversely affect the value of the Fund's investment in MLPs and negatively impact the Fund's performance. Likewise, the Russion invasion of Ukraine in early 2022 caused increased volatility in various financial markets. In response to the invasion, government authorities and regulators imposed sanctions on Russia that ultimately affected the global economy. The continuation of this conflict and corresponding sanctions could adversely affect the Fund.

**Additional Information Related to Taxation of MLPs** – MLPs generally do not pay U.S. federal income tax at the partnership level. Rather, each partner in an MLP is allocated a share of the MLP's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the Fund and lower income.

If an MLP is treated as a partnership, then for each tax year, the MLP will allocate its net profits and net losses (and corresponding tax items) to its partners in accordance with its partnership agreement. The allocation occurs whether or not the MLP makes a distribution to its partners. Each partner in the MLP reports its share of the tax items on its income tax return. If an MLP makes a cash distribution to a partner, then the partner recognizes no income from the distribution if the amount of the distribution is equal to or less than the partner's adjusted tax basis in its ownership interest. Any cash distributed in excess of the partner's adjusted tax basis is taxed as capital gain. A partner's adjusted tax basis in its MLP interest is the value of its initial contribution to the MLP, plus annual allocations of income and any additional capital contributions made by a partner to the MLP, minus annual allocations of losses and deductions and any distributions to the partners. In general, any gain or loss from the sale of an ownership interest in an MLP is capital gain or loss. However, some of the gain may be ordinary income if the MLP holds certain ordinary income producing assets, such as depreciable tangible personal property and certain contracts.

Unlike direct investments in MLPs, income and losses from the Fund's investments in MLPs will not directly flow through to the personal tax returns of shareholders. Rather, the Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. If additional information becomes available regarding the characterization of a distribution after 1099s have been printed and mailed, it may be necessary to provide shareholders with a corrected 1099.

**Money Market Instruments Risk** - The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for a Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent a Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit a Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

**New Fund Risk** – The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Preferred Stock Risk** – The Fund may invest in preferred stocks. Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Quantitative Model Risk** – Some aspects of the Fund's strategy rely on quantitative models and the analysis of specific metrics in constructing the Fund's portfolio. The impact of these metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that the Adviser may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund's portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.

**Quantitative Security Selection Risk** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends. The factors used in such analyses may not be predictive of a security's value, and its effectiveness can change over time. These changes may not be reflected in the quantitative model. In addition, data for some issuers may be less available and/or less current than data for issuers in other markets.

**Regional Focus Risk** – To the extent that the Fund focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, a Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee tables and examples in this Prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). REITs have been and may continue to be negatively affected by the COVID pandemic. As with other serious economic disruptions, government authorities and regulators are responding to this crisis with significant political, fiscal and monetary policy changes, including moratoriums on rents and evictions. Further, the COVID pandemic has weakened the financial condition of many tenants that could result in tenants seeking the protection of bankruptcy or insolvency laws, which could result in the rejection and termination of leases and thereby causing a reduction in rent payments. Lower rental income as a result of any of these situations can negatively affect a REIT, which could adversely affect the value of the Fund's investment in the REIT and negatively impact the Fund's performance.

**Royalty Trust Risk –** The Fund may invest in royalty trusts. A royalty trust generally acquires an interest in natural resource companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields. The Fund's investment in royalty trusts may result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the royalty trusts' operating expenses, in addition to paying Fund expenses. Royalty trust operating expenses are not reflected in the fee table and example in the Prospectus.

**Short Sales Risk** – Short sales are transactions in which a Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to an unlimited loss. The risk of such price increases is the principal risk of engaging in short sales.

In addition, a Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, a Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when a Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. Furthermore, a Fund may be required to pay a premium or interest to the lender of the security. The forgoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. A Fund is also required to segregate other assets on its books to cover its obligation to return the security to the lender which means that those other assets may not be available to meet the Fund's needs for immediate cash or other liquidity.

**Small-Capitalization Company Risk** – The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Small-and Mid-Capitalization Company Risk** – Small-capitalization companies are those with a capitalization range of the Russell 2000® Index, and while the market capitalization range of the Russell 2000® Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. Small-and mid-capitalization companies are those with a capitalization range of the Russell 2500® Index, and while the market capitalization range of the Russell 2500® Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**TBA/Dollar Roll Risk** – TBA and dollar roll transactions present special risks to a Fund. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, a Fund will still bear the risk of any decline in the value of the security to be delivered. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to a Fund may be less favorable than the security delivered to the dealer.

**U.S. Government Securities Risk** – U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value, either because the market fails to recognize what the Adviser considers to be the company's true business value or because the Adviser's assessment of the company's prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance.

**Warrants Risk –** The Fund may invest in warrants. Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**More Information about Fund Investment Objectives and Principal Investment Strategies**

**Investment Objectives**

The investment objective of the Value Fund, MidCap Fund, SMidCap Fund, SmallCap Fund and AllCap Fund is to seek long-term capital appreciation.

The investment objective of the Total Return Fund seeks to provide total return, through a combination of current income and capital appreciation.

The primary investment objective of the Income Opportunity Fund is to provide current income. A secondary investment objective of the Income Opportunity Fund is to provide the opportunity for long-term capital appreciation.

The investment objective of the High Income Fund seeks to maximize total return through a high level of current income and capital appreciation.

The investment objective of the Alternative Income Fund seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

The investment objective of the SmallCap Growth Fund seeks to achieve long-term capital growth.

The investment objectives of the Value Fund, SMidCap Fund and SmallCap Fund are fundamental and cannot be changed without shareholder approval. The investment objectives of the MidCap Fund, AllCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund, Alternative Income Fund and SmallCap Growth Fund may be changed without shareholder approval, upon 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

In addition to each Fund's principal investment strategies as described above in the Fund's "Principal Investment Strategies", additional discussion regarding the MidCap Fund's, AllCap Fund's, Alternative Income Fund's and SmallCap Growth Fund's principal investment strategies are set forth below.

Under normal circumstances, the MidCap Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. This investment policy may be changed by the MidCap Fund upon 60 days' prior written notice to shareholders. The MidCap Fund considers mid-cap companies to be those companies within the market capitalization range of the Russell Midcap<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell Midcap<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $652.98 million and $52.82 billion. The MidCap Fund seeks to achieve its investment objective by investing primarily in equity securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. The equity securities in which the MidCap Fund invests are primarily common stocks, public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The MidCap Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The MidCap Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the MidCap Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the MidCap Fund that it believes are undervalued, generally maintain high-quality characteristics, and offers an attractive risk-adjusted return opportunity. The Adviser considers both valuation and quality metrics in absolute terms, as well as on a relative basis compared to the companies comprising the Russell Midcap<sup>®</sup> Value Index. The Adviser identifies

undervalued securities by evaluating the current intrinsic value of a company's current and future potential earnings, free cash flow, revenue, and return on capital. The Adviser also emphasizes high quality companies as part of the principal investment strategy and considers investing in companies that maintain conservative balance sheets with lower levels of debt, attractive return of equity, strong management teams, and competitive advantages in their respective industry or sector. As it pertains to the Adviser's emphasis on risk-adjusted returns, the qualitative and quantitative assessment of absolute downside risk for each individual security is paramount when selecting securities for the MidCap Fund in an effort to outperform the Index in down markets.

As the Adviser constructs the MidCap Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The MidCap Fund will not invest more than 25% of its assets in MLPs. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

The AllCap Fund seeks to achieve its investment objective by investing in securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. Generally, the universe of securities from which the Adviser selects investments will encompass companies of all market capitalizations greater than $100 million at the time of purchase. The equity securities in which the Fund invests are primarily common stocks, real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The AllCap Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the AllCap Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the AllCap Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. As the Adviser constructs the AllCap Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The AllCap Fund will not invest more than 25% of its assets in MLPs. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

Under normal circumstances, the SmallCap Growth Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies, which the SmallCap Growth Fund defines as those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. The equity securities in which the SmallCap Growth Fund invests are primarily common stocks, but may also include shares of public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The SmallCap Growth Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The SmallCap Growth Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

The SmallCap Growth Fund will invest in small-cap companies that the Adviser believes present attractive opportunities for growth, based on the Adviser's application of sound economic theory and its assessment of companies' fundamental attributes. The Adviser utilizes an investment process that combines both quantitative and fundamental approaches to identify securities. The SmallCap Growth Fund will select companies to buy and sell, based on fundamental attributes such as earnings, book value, and cash flow relative to other securities in the index. As the Adviser constructs the SmallCap Growth Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, but does generally aim to be sector neutral versus the Russell 2000<sup>®</sup> Growth Index. As the Adviser evaluates each investment opportunity, it applies the same investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive factors described above regardless of security type. The SmallCap Growth Fund will not invest more than 25% of its assets in MLPs. The portfolio will be constructed by determining the weight of each security using a combination of its quantitative and fundamental assessment of the attractiveness of the security, including liquidity as part of the Adviser's security selection process. The SmallCap Growth Fund generally intends to focus on active selection in the Russell 2000<sup>®</sup> Growth Index.

The SmallCap Growth Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets when the Adviser identifies promising opportunities, or manage cash levels in the SmallCap Growth Fund's portfolio. The SmallCap Growth Fund will not necessarily sell a security that appreciated or depreciated outside the Fund's target capitalization range defined above.

The AllCap Fund, SmallCap Growth Fund and MidCap Fund may invest in exchange-traded Funds ("ETFs") as a non-principal investment strategy. The AllCap Fund, SmallCap Growth Fund and MidCap Fund may invest in ETFs to replicate the returns that would have been earned by investing cash in an index with the risk and return characteristics similar to those of the AllCap Fund, SmallCap Growth Fund and MidCap Fund. If the SmallCap Growth Fund invests in a small-cap ETF, it will count the entire investment for purposes of compliance with the Fund's 80% small-cap investments test. If the MidCap Fund invests in a mid-cap ETF, it will count the entire investment for purposes of compliance with the Fund's 80% mid-cap investment test.

The AllCap Fund, SmallCap Growth Fund and MidCap Fund may also invest in IPOs and money market instruments as a non-principal investment strategy.

The AllCap Fund and SmallCap Growth Fund may invest in securities of foreign companies and American Depositary Receipts ("ADRs") as a non-principal investment strategy.

The AllCap Fund, SmallCap Growth Fund and MidCap Fund may also invest in warrants, preferred stocks and convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the AllCap Fund, SmallCap Growth Fund and MidCap Fund would be an equity owner of the particular company as a common stockholder.

The Alternative Income strategy seeks to provide absolute returns through a combination of current income and capital appreciation with a low correlation to equity and fixed income markets. The Adviser's market-neutral approach is built on an alternative methodology that combines shorter-dated, yield-oriented securities with convertible arbitrage and macro hedging. The Adviser's portfolio management team employs a quantitative and fundamental approach to identify convertible bonds with shorter maturities that can generate attractive yields and the potential for capital appreciation as a result of mispriced volatility in the market. The portfolio management team then incorporates a convertible arbitrage strategy that the Adviser believes can take advantage of market dislocations and arbitrage opportunities, including earnings catalysts, credit ratings, and mergers. As a fixed income alternative, the Adviser's philosophy is grounded in managing downside risks and embracing market volatility as a source of return akin to what traditional fixed income investors require to balance total portfolio risk. Additionally, the Adviser's methodology consistently implements an active macro hedging strategy that is intended to mitigate residual systematic risks in the portfolio, including interest rates, credit, equity, and currency. The investment discipline and portfolio construction process are designed to generate absolute returns regardless of the direction of the market to serve as a complement to traditional income allocations.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective(s). If a Fund invests in this manner, it may not achieve its investment objective(s). The Funds will only do so if the Adviser believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

This Prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this Prospectus, are described in detail in the SAI (for information on how to obtain a copy of the SAI see the back cover of this Prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

**Information about Portfolio Holdings**

A description of the Funds' policy and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI. Within 10 days of the end of each calendar quarter, each Fund will post its complete portfolio holdings on the internet at www.westwoodfunds.com. This information will generally remain available until it is replaced by new portfolio holdings information as described above. The Adviser may exclude any portion of a Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. Nevertheless, as described in the SAI, each Fund will disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter.

**Investment Adviser**

Westwood Management Corp., a New York corporation formed in 1983, serves as the investment adviser to the Funds and other registered investment companies. The Adviser's principal place of business is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201. The Adviser is a wholly-owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2022, the Adviser had approximately $11.91 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board supervises the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the Value Fund, MidCap Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Opportunity Fund and SmallCap Growth Fund the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the applicable Fund, as set forth in the table below.

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| | |
|:---|:---|
| *Westwood Quality Value Fund<sup>1</sup>* | 0.50% |
| *Westwood Quality MidCap Fund* | 0.58% |
| *Westwood Quality SMidCap Fund* | 0.75% |
| *Westwood Quality SmallCap Fund* | 0.85% |
| *Westwood Quality AllCap Fund* | 0.45% |
| *Westwood Income Opportunity Fund<sup>2</sup>* | 0.65% |
| *Westwood SmallCap Growth Fund* | 0.55% |

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<sup>1</sup> Prior to November 30, 2022, the management fee for the Value Fund was 0.60%.

<sup>2</sup> Prior to November 30, 2022, the management fee for the Income Opportunity Fund was 0.75%.

In connection with the Adviser's Sensible Fees™ framework, for its services to the Institutional Shares of the Total Return Fund, High Income Fund and Alternative Income Fund, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of the Institutional Shares of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). The Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the Institutional Shares of each Fund during the Performance Period.

*Westwood Total Return Fund*

The Base Fee is an annual rate of 0.50%. The Index Hurdle is the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0020% of the Institutional Shares' average daily net assets for each 0.01% by which the performance of the Institutional Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.20% of the Institutional Shares' average daily net assets during the Performance Period, which would occur when the performance of the Institutional Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.30% to a maximum annual rate of 0.70%.

*Westwood High Income Fund*

The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the Institutional Shares' average daily net assets for each 0.01% by which the performance of the Institutional Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the Institutional Shares' average daily net assets during the Performance Period, which would occur when the performance of the Institutional Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

*Westwood Alternative Income Fund*

The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the Institutional Shares' average daily net assets for each 0.01% by which the performance of the Institutional Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the Institutional Shares' average daily net assets during the Performance Period, which would occur when the performance of the Institutional Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

A Performance Adjustment will not be based on whether the absolute performance of the Institutional Shares is positive or negative, but rather will be based on whether such performance exceeds, or is exceeded by, the performance of the Index Hurdle. The Institutional Shares could pay a Performance Adjustment for positive relative performance even if the Institutional Shares decrease in value, so long as the performance of the Institutional Shares exceeds that of the Index Hurdle. It is possible that, if you buy Institutional Shares of a Fund after the beginning of a Performance Period, you will bear a share of a Performance Adjustment payable by the Institutional Shares based on performance that preceded your purchase and from which you therefore did not benefit.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Institutional Shares of the Value Fund, MidCap Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Income Opportunity Fund, and SmallCap Growth Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the Institutional Shares of the applicable Fund.

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| | |
|:---|:---|
| *Westwood Quality Value Fund<sup>1</sup>* | 0.55% |
| *Westwood Quality MidCap Fund* | 0.58% |
| *Westwood Quality SMidCap Fund* | 0.68% |
| *Westwood Quality SmallCap Fund* | 0.79% |
| *Westwood Quality AllCap Fund* | 0.45% |
| *Westwood Income Opportunity Fund* | 0.74% |
| *Westwood SmallCap Growth Fund* | 0.55% |

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<sup>1</sup> Prior to November 30, 2022, the expense cap for the Value Fund was 0.65%.

Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Institutional Shares of the Total Return Fund, High Income Fund and Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the Institutional Shares of each Fund.

---

| | |
|:---|:---|
| *Westwood Total Return Fund* | 0.05% |
| *Westwood High Income Fund* | 0.10% |
| *Westwood Alternative Income Fund* | 0.00% |

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Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

In addition, a contractual agreement in which management fees are not excluded expenses, and the contractual expense limit for the Total Return Fund is 0.75% of the Fund's Institutional Shares' average daily net assets shall continue in effect until March 1, 2024 and shall thereafter continue in effect until its termination by shareholders of the Fund.

In addition to the contractual agreement above, for the Alternative Income Fund, the Advisor has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets. This contractual agreement shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser may receive from a share class of a Fund the difference between the share class's total annual Fund operating expenses (not including excluded expenses) and the share class's expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than management fee waivers pursuant to the Management Fee Waiver Agreement for the Alternative Income Fund) made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2022, the Adviser received advisory fees (after fee reductions) as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.56% |
| *Westwood Total Return Fund* | 0.51% |
| *Westwood Quality MidCap Fund* | 0.00% |
| *Westwood Quality SMidCap Fund* | 0.60% |
| *Westwood Quality SmallCap Fund* | 0.73% |
| *Westwood Quality AllCap Fund* | 0.00% |
| *Westwood Income Opportunity Fund* | 0.75% |
| *Westwood High Income Fund* | 0.63% |
| *Westwood Alternative Income Fund* | 0.07% |
| *Westwood SmallCap Growth Fund* | 0.00% |

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A discussion of the factors considered by the Board in its approval of the investment advisory agreement with the Adviser for the AllCap Fund and SmallCap Growth Fund, including the Board's conclusions with respect thereto, is available in the Annual Report for the AllCap Fund and SmallCap Growth Fund for the period ended October 31, 2021. A discussion of the factors considered by the Board in its approval of the investment advisory agreement with the Adviser for the other Funds, including the Board's conclusions with respect thereto, is available in the Funds' Semi-Annual Report to Shareholders for the period ended April 30, 2022.

**Portfolio Managers**

Each Fund is managed by a portfolio management team of one or more portfolio managers, and the members of a Fund's portfolio management team are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. The investment process for the Funds is driven by proprietary team-oriented, in-depth, fundamental research. Weekly research meetings provide a forum where the Adviser's investment professionals discuss current investment ideas within their assigned industries. Generally, the entire portfolio management team, or a sub-set of the team, then debates the merits of recommendations, taking into account the prevailing market environment, the portfolio's current composition, and the relative value of alternative investments. Investment decisions are generally made by majority agreement of the portfolio management team. The Adviser has identified the following team members as those with the most significant responsibility for each Fund's assets. This list does not include all members of the investment team.

Mr. Hussein Adatia, Vice President, joined the Adviser in 2018 and previously served as a Research Analyst prior to becoming Portfolio Manager in 2019. Prior to joining the Adviser, Mr. Adatia worked at Oaklawn Investments as a Managing Director from 2016 to 2018 and was responsible for researching, identifying and investing in a variety of credit products including bank loans, bonds and asset-backed securities. Prior to that, he worked for Archview Investment Group from 2008 until 2015 as a Senior Investment Analyst on the distressed credit team. Mr. Adatia began his career as an Investment Banking Analyst at Citigroup in the Global Communications Group and subsequently joined Citi's Global Special Situations Group where he focused on public market debt and equity investments. Mr. Adatia has served on the portfolio team for the High Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Adatia participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Adatia has more than 15 years of investment experience.

Mr. Scott Barnard, CFA, has served as Vice President for the Adviser since joining the Adviser in 2020. Prior to joining the Adviser, Mr. Barnard was an Associate Portfolio Manager at Amundi Pioneer. Mr. Barnard helped design, launch and manage numerous customized investment solutions for both institutional and retail clients during his time at Amundi Pioneer. During his 14-year Amundi tenure, Mr. Barnard also co-created a risk management solution that was utilized across the entire firm for all fixed income portfolios. Mr. Barnard graduated with a BS in Finance from the University of Colorado at Boulder. He is a member of the CFA Institute. Mr. Barnard has served on the portfolio team for the Income Opportunity Fund and High Income Fund since their inception in 2021 and for their respective Predecessor Funds since 2020. Mr. Barnard participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Barnard has more than 14 years of investment experience.

Mr. William E. Costello, CFA, currently serves as Senior Vice President, Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Senior Research Analyst for the Adviser from July 2010 to 2018. Prior to joining the Adviser, Mr. Costello was a Portfolio Manager and Director of Research at the Boston Company, where he worked from 1997 to 2009, and he worked at Delphi Management as a generalist equity analyst from 1992 until 1997. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010 and has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2018. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Costello has more than 33 years of investment experience.

Mr. Christopher Hartman joined the Adviser in 2021 and currently serves as Vice President, Portfolio Manager on the Multi-Asset Portfolios. Prior to joining the Adviser, Mr. Hartman served as Senior Portfolio Manager – Convertible Arbitrage at Aegon Asset Management in Chicago, where he was responsible for portfolio management of Aegon Asset Management Market Neutral Fund and the Legacy Convertible Insurance product strategy. Mr. Hartman also focused on convertible arbitrage and managed long-only convertible bonds. Prior to that, Mr. Hartman spent 17 years at Calamos Investments, eight of which he served as Senior Vice President, Portfolio Manager of the Calamos Market Neutral Fund. Mr. Hartman earned his MBA in Finance from Benedictine University and his BA in Economics from Southern Illinois University. Mr. Hartman has served on the portfolio team for the Alternative Income Fund since 2021. Mr. Hartman participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Hartman has more than 24 years of investment experience.

Mr. Adrian Helfert has served as Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios for the Adviser since February 2020. Prior to this appointment, he served as Senior Vice President and Director of Multi-Asset Portfolios for the Adviser since joining the Adviser in January 2019. He is responsible for leading the firm's multi-asset strategies team, which includes Income Opportunity and Flexible Income strategies, as well as Global Convertibles and Fixed Income strategies. Prior to joining the Adviser, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios. Prior to joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and in JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic. Mr. Helfert has served on the portfolio team for the Income Opportunity Fund, Total Return Fund and High Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2019 and the portfolio team for the Alternative Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020 and the portfolio team for the SmallCap Growth Fund since its inception in 2021. Mr. Helfert participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Helfert has more than 20 years of investment experience.

Ms. Lauren Hill, CFA, has served as Senior Vice President, Research Analyst & Portfolio Manager since joining the Adviser in 2015. She is also a member of the Consumer/Health Care and Technology/Industrials research groups. Prior to joining the Adviser, Ms. Hill spent 11 years working in equity research in New York. She served as a Generalist with Northern Border Investments and Cantillon Capital and as a Financials and Utilities Analyst with J.P. Morgan Asset Management. Prior to that, she worked as an Associate at Sanford Bernstein. Ms. Hill earned her MBA with Honors from Columbia Business School where she participated in the Value Investing Program. She earned her BBA in Finance and Accounting with Honors from Southern Methodist University. Ms. Hill is a member of the CFA Institute and the CFA Society of Dallas-Ft. Worth. She has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2020, the portfolio team for the MidCap Fund since its inception in 2021 and the portfolio team for the AllCap Fund since February 2022. Ms. Hill participates in the investment decision process. She has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Ms. Hill has more than 17 years of investment experience.

Mr. Prashant Inamdar, CFA, has served as Senior Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser since joining the Adviser in June 2013 until February 2018. Prior to joining the Adviser, Mr. Inamdar served as Senior Analyst at 3 Twelve Capital from 2012 to 2013. From 2010 to 2012, Mr. Inamdar served as a Vice President of Research at Chilton Investment Company, and from 2000 to 2009, he served as a Securities Analyst at Stark Investments. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Inamdar has more than 21 years of investment experience.

Mr. Matthew R. Lockridge currently serves as Senior Vice President, Head of US Value for the Advisor since February, 2022. Prior to this, he served as Co-Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Research Analyst for the Adviser from March 2015 to 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser from May 2010 to March 2015. Prior to joining the Adviser, Mr. Lockridge was a Managing Director at Dearborn Partners, L.L.C. from 2004 to 2010, and he was with Deloitte Consulting, L.L.P. from 2001 to 2004, where he worked as a Senior Consultant. He has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2012 and the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Lockridge has more than 19 years of investment experience.

Mr. Kyle Martin, CFA, joined the Adviser in 2016 and currently serves as Vice President and Research Analyst responsible for coverage of Banks, Brokers, Exchanges and Autos. He is also a member of the Financials research group and Technology/Industrials research group. He previously served as a Research Associate supporting the Financials and Energy/Materials research groups. Prior to joining the Adviser, Mr. Martin served as a financial analyst at Fidelity Investments. Mr. Martin earned his MBA in Finance from Southern Methodist University Cox School of Business. He earned his BBA in Finance from Texas Tech University. Mr. Martin is a member of the CFA Institute. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2021. Mr. Martin participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Martin has more than 8 years of investment experience.

Mr. Matthew Na, CFA, joined the advisor in 2008 as a Research Associate and currently serves as Vice President and Research Analyst responsible for Financial Technology, Refiners, Integrated Oil, and Health Care companies. He also leads the Energy & Utilities research group. Mr. Na graduated from The University of Texas at Austin with a BBA in Finance and a minor in Accounting. While pursuing his degree, he worked with two independent financial advisers and was also a Peer Career Advisor at the McCombs School of Business. Mr. Na is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth. He has served on the portfolio team for the MidCap Fund since February 28, 2023. Mr. Na has more than 15 years of investment experience.

Mr. Frederic G. Rowsey, CFA, has served as Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Associate Vice President, Research Analyst for the Adviser from March 2015 until February 2018. He joined the Adviser in July 2010 as a Research Associate. Prior to joining the Adviser, Mr. Rowsey was a student at Harvard University, graduating in May 2010 with a BA in Economics. Mr. Rowsey is a member of the CFA Institute. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Rowsey has more than 11 years of investment experience.

Mr. Grant L. Taber, CFA, has served as Senior Vice President, Research Analyst for the Adviser since May 2015. Prior to this appointment, he served as Vice President, Research Analyst from March 2008 to May 2015. Prior to joining the Adviser, Mr. Taber worked at Bessemer Trust Company from 2004 until 2008, where he served as Vice President, Large Cap Research Analyst. He worked at Bear Stearns from 2001 until 2004, where he served as Senior Associate. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2008, and the portfolio team for the AllCap Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Taber has more than 21 years of investment experience.

Mr. Michael Wall has served as Vice President, Research Analyst for the Adviser after McCarthy Group Advisors, LLC, in which he joined in 2004, was acquired by the Adviser. Mr. Wall is responsible for investment research in REITs, Life Insurance and Transportation. He is also a member of the Energy / Utilities and Financials research groups. Mr. Wall began his career at State Street Bank in Kansas City, Missouri, as a Portfolio Accountant and subsequently worked for The SilverStone Group in Omaha, Nebraska, as an Account Manager. Mr. Wall earned an MBA from the University of Nebraska at Omaha and a BS in Accounting from Concordia University. He has served on the portfolio team for the Value Fund since February 2022 and the portfolio team for the AllCap Fund since their inception in 2021. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors.

Trip Rodgers, CFA, has served as Senior Vice President, Senior Research Analyst for the Adviser since 2019. Prior to joining Westwood, Mr. Rodgers was a Portfolio Manager at BP Capital Fund Advisors. Prior to that, Mr. Rodgers was at Carlson Capital for ten years, as an industrials/materials Portfolio Manager within the Relative Value team. Prior to Carlson, Mr. Rodgers spent nine years in sell-side equity research, with five of those years at UBS as an Institutional Investor ranked analyst. At UBS, he followed industrial, building materials, and housing-related equities. Mr. Rodgers holds the CFA charter and graduated from Cornell University in 1995 with a Bachelor of Science degree in Economics. He has served on the portfolio team for the MidCap Fund since its inception in 2021. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Funds to investors.

Ben Chittenden, CFA, has served as Vice President, Research Analyst for the Adviser within the Value Equity Team since joining Westwood in 2018. Mr. Chittenden began his professional career in 2004, as an Equity Analyst at Bear Stearns and subsequently at J.P. Morgan as a Senior Associate. He was most recently with Oppenheimer where he served as a Senior Analyst responsible for US Regional Banks and Specialty Finance. In 2004, Mr. Chittenden graduated from Bucknell University with a dual major in Mathematics (BA) and Economics (BA). Mr. Chittenden is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth. Mr. Chittenden joined Westwood in 2018, as a Research Analyst. He was responsible for investment research of the Regional Bank sector and was a member of the Financials research group. In April 2021 Mr. Chittenden joined the Multi-Asset Team as an Equity Analyst. Mr. Chittenden has served on the portfolio team for the Total Return Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**The Administrator and Transfer Agent**

Ultimus Fund Solutions, LLC ("Ultimus", the "Administrator", or the "Transfer Agent"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds' administrator, transfer agent and fund accounting agent. Management and administrative services provided to the Funds by Ultimus include (i) providing office space, equipment and officers and clerical personnel to the Funds, (ii) obtaining valuations, calculating net asset values ("NAVs") and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory reporting services, (v) processing shareholder account transactions and disbursing dividends and other distributions, and (vi) administering custodial and other third-party service provider contracts on behalf of the Funds.

**The Distributor**

Ultimus Fund Distributors, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the Funds' principal underwriter and serves as the exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or other approved entities.

The Funds' SAI has more detailed information about the Adviser and other service providers to the Funds.

**Related Performance Data of the Adviser**

**Performance information for the Adviser's Westwood Quality AllCap Strategy Composite**

The following tables give the related performance of all separate accounts, referred to as the "Composite," managed by the Adviser that have investment objectives, policies, strategies and risks substantially similar to those of the AllCap Fund. The Composite does not reflect all of the firm's assets under management. The data illustrates the past performance of the Adviser in managing substantially similar accounts. **The data does not represent the performance of the Westwood Quality AllCap Fund.** Moreover, the performance shown does not represent the future performance of the Westwood Quality AllCap Fund or of the Adviser. There are no material differences between the strategies the Adviser employed to manage the accounts in the Composite and those that will apply to the AllCap Fund and any immaterial difference in the strategies would not have had a material impact on performance, and would not alter the conclusion that the Composite accounts and the AllCap Fund are substantially similar. Moreover, the performance shown does not represent the future performance of the AllCap Fund or of the Adviser.

The manner in which the performance was calculated for the Composite differs from that of registered mutual funds such as the AllCap Fund. If the performance was calculated in accordance with SEC standardized performance methodology, the performance results may have been different. All returns presented were calculated on a total return basis and include all dividends and interest, accrued income, and realized and unrealized gains and losses. "Net of fees" returns reflect the deduction of investment management fees as well as the deduction of any brokerage commissions, execution costs, withholding taxes, sales loads and account fees paid by the accounts included in the Composite, without taking into account federal or state income taxes, while "gross of fees" returns do not reflect the deduction of investment management fees. All fees and expenses, except custodial fees, if any, were included in the calculations. Securities are valued as of trade-date. Accounts in the Composite were under management of the Adviser for the entire reporting period. There was no minimum asset size for inclusion in the Composite and no substantially similar accounts were excluded.

The currency used to express performance in the Composite is U.S. dollars. Performance results are presented both net of fees and gross of fees. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular account. Therefore, the performance information shown below is not necessarily representative of the performance information that typically would be shown for a registered mutual fund.

The performance data below for the Composite was calculated by the Adviser. The performance of the Composite (net of fees) reflects the Adviser's actual account fees and expenses; however, Westwood Quality AllCap Fund's fees and expenses are generally expected to be higher than those of the accounts included in the Composite. If AllCap Fund's fees and expenses had been imposed on the accounts included in the Composite, the performance shown below would have been lower. The accounts that are included in the Composite are not subject to the same type of expenses to which the AllCap Fund is subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed by the federal securities and tax laws. Consequently, the performance results for the Composite could have been adversely affected if the accounts in the Composite were subject to the same federal securities and tax laws as the AllCap Fund.

The investment results for the Composite presented below do not represent the performance of the AllCap Fund and is not intended to predict or suggest the future returns of the AllCap Fund. The performance data shown below should not be considered a substitute for the AllCap Fund's own performance information. Investors should be aware that the use of a methodology different than that used below to calculate performance could result in different performance data.

***The following data illustrates the past performance of the Adviser in managing substantially similar accounts and does not represent the performance of the Westwood Quality AllCap Fund.***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total Return <br> Net of Fees)** | **Total Return<br> (Gross of Fees)** | **Russell 3000<br> Value® Index<sup>2,3</sup>** | **Number of<br> Portfolios** | **Dispersion<sup>4</sup>** | **Total Assets at<br> End of Period**<br> **($ millions)** | **Percentage of<br> Firm Assets** |
| 2015 | (3.20)% | (2.37)% | (4.13)% | 9 | 0.2 | $413.6 | 2.3% |
| 2016 | 12.03% | 12.98% | 18.40% | 6 | 0.3 | $259.3 | 1.4% |
| 2017 | 18.15% | 19.14% | 13.19% | 6 | 0.3 | $286.3 | 1.4% |
| 2018 | (10.49)% | (9.72)% | (8.58)% | 6 | 0.1 | $151.7 | 1.1% |
| 2019 | 27.96% | 29.03% | 26.26% | 5 | N/M\* | $170.9 | 1.4% |
| 2020 | 8.16% | 8.81% | 2.87% | 5 | N/M\* | $194.4 | 2.0% |
| 2021 | 22.26% | 22.98% | 25.37% | 5 | N/M\* | $225.0 | 2.0% |
| 2022 | (4.04)% | (3.45)% | (7.98)% | 7 | N/M\* | $199.0 | 1.8% |

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\* Not meaningful

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** |
| **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** |
| **Time Period** | **Net of Fees** | **Gross of Fees** | **Russell 3000 Value® Index<sup>2,3</sup>** |
| 1 Year | (4.04)% | (3.45)% | (7.98)% |
| 5 Years | 7.77% | 8.52% | 6.50% |
| 10 Years | 10.59% | 11.42% | 10.16% |
| Since Inception<sup>5</sup> | 8.99% | 9.62% | 7.96% |

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<sup>1</sup> The calculation of returns is computed on a monthly basis starting June 30, 2002 for the Composite; including accrued dividends and interest income. Actual results may vary depending on level of assets and fee schedule. Westwood claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards.

<sup>2</sup> The Russell 3000 Value<sup>®</sup> Index is an unmanaged index which measures the performance of the large-capitalization sector of the U.S. equity markets. It contains those Russell 3000 Value companies with lower-price-to-book ratios and lower forecasted growth values.

<sup>3</sup> The comparative benchmark returns include interest and dividend income but do not include taxes, potential transaction costs or management fees.

<sup>4</sup> Dispersion is measured using the asset-weighted standard deviation of accounts managed for the entire year. Standard deviation is a statistical measure of the degree to which an individual portfolio's return varies from the median return for the composite. Greater deviation means greater risk to the investor. Dispersion is the range of potential returns and investment yields based on their risk.

<sup>5</sup> Inception date of the Quality AllCap Strategy Composite is June 30, 2002.

**Purchasing, Selling and Exchanging Fund Shares**

This section tells you how to purchase, sell (sometimes called "redeem") and exchange Institutional Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class**

The Funds offer the following classes of shares to investors:

**●** Westwood Quality Value Fund: Institutional Shares, A Class Shares and C Class Shares;

**●** Westwood Quality MidCap Fund: Institutional Shares;

**●** Westwood Quality SMidCap Fund: Institutional Shares and Ultra Shares;

**●** Westwood Quality SmallCap Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares;

**●** Westwood Quality AllCap Fund: Institutional Shares and Ultra Shares

**●** Westwood Total Return Fund: Institutional Shares, A Class Shares and C Class Shares;

**●** Westwood Income Opportunity Fund: Institutional Shares, A Class Shares and C Class Shares;

**●** Westwood High Income Fund: Institutional Shares, A Class Shares and C Class Shares; and

**●** Westwood Alternative Income Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares.

**●** Westwood SmallCap Growth Fund: Institutional Shares

Each share class has its own shareholder eligibility criteria, cost structure and other features. The following summarizes the primary features of Institutional Shares, A Class Shares, C Class Shares and Ultra Shares. A Class Shares, C Class Shares and Ultra Shares are offered in separate prospectuses. Contact your financial intermediary or a Fund for more information about each Fund's share classes and how to choose between them.

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee:<br>●&nbsp;&nbsp;&nbsp;&nbsp; None (Total Return Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.10% (Value Fund and Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.15% (Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.19% (High Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund, SmallCap Growth Fund and MidCap Fund) |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |

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| | |
|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more of the Income Opportunity Fund or its Predecessor Fund made on or after September 3, 2019 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Value Fund and High Income Fund or their respective Predecessor Fund made on or after March 1, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Total Return Fund and Alternative Income Fund or their respective Predecessor Fund may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $1,000,000 or more of the SmallCap Fund or their respective Predecessor Fund made on or after August 4, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. |

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An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which classes of shares are available through the intermediary.

A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares, and results in a smaller dollar amount being invested in the Fund than the purchase price you pay (unless you qualify for a waiver or reduction of the sales charge). Each Fund's other share classes do not have a front-end sales charge, so the full amount of your purchase price is invested in those classes. A Class Shares have lower ongoing distribution and shareholder services fees ("Rule 12b-1 Fees") than C Class Shares. Over time, C Class Shares can incur Rule 12b-1 Fees that are equal to or more than the front-end sales charge and Rule 12b-1 Fees you would pay for A Class Shares. Although the full amount of your purchase price of C Class Shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of C Class Shares.

**How to Purchase Fund Shares**

You will ordinarily submit your purchase orders through your securities broker or other financial intermediary through which you opened your shareholder account. To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-877-FUND-WHG (1-877-386-3944) or log on to the Funds' website at www.westwoodfunds.com.

All investments must be made by check, Automated Clearing House ("ACH"), or wire. The Fund does not accept cash, drafts, "starter" checks, travelers checks, credit card checks, post-dated checks, non-U.S. financial institution checks, cashier's checks under $10,000, or money orders. In addition, the Fund does not accept checks made payable to third parties. When shares are purchased by check, the proceeds from the redemption of those shares will not be paid until the purchase check has been converted to federal funds, which could take up to 15 calendar days from the date of purchase. If an order to purchase shares is canceled because your check does not clear, the Transfer Agent will charge a $25 fee against your account, in addition to any resulting losses or other fees incurred by the Fund or the Transfer Agent in the transaction.

By sending your check to the Transfer Agent, please be aware that you are authorizing the Transfer Agent to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Transfer Agent receives your payment in the amount of your check; no additional amount will be added to the total. The transaction will appear on your bank statement. Your original check will be destroyed once processed, and you will not receive your canceled check back. If the Transfer Agent cannot post the transaction electronically, you authorize the Transfer Agent to present an image copy of your check for payment.

The Funds reserve the right to reject any specific purchase order for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons (persons who are citizens of a country other than the U.S. or corporations, partnerships, funds or other entities that are established and organized under the laws of a country other than the U.S.). Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail**

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire**

To open an account by wire or to add to an existing account by wire, call 1-877-FUND-WHG (1-877-386-3944) for additional information and wiring instructions.

The Funds require advance notification of all wire purchases in order to ensure that the wire is received in proper form and that your account is subsequently credited in a timely fashion. Failure to notify the Transfer Agent prior to the transmittal of the bank wire may result in a delay in purchasing shares of a Fund. An order, following proper advance notification to the Transfer Agent, is considered received when a Fund's custodian, receives payment by wire. If your account application was faxed to the Transfer Agent, you must also mail the completed account application to the Transfer Agent on the same day the wire payment is made. See "Opening an Account – By Mail" above. Your financial institution may charge a fee for wiring funds. Shares will be issued at the NAV next computed after receipt of your wire in proper form.

**General Information**

You may purchase shares on any day that the New York Stock Exchange (the "NYSE") is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. Each Fund's price per share will be the next determined NAV per share after the Fund or an authorized institution (defined below) receives your purchase order in proper form. "Proper form" means that the Funds were provided a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive your purchase order in proper form before the close of normal trading on the NYSE. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

**Buying or Selling Shares through a Financial Intermediary**

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of the Funds through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Funds), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to

the time each Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact the financial intermediary directly.

**How the Funds Calculate NAV**

The NAV of each Fund is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Currently, the NYSE is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. To calculate NAV, each Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. Each Fund generally values its portfolio securities at their current market values determined based on available market quotations. However, if market quotations are not available or are considered to be unreliable due to market or other events, portfolio securities will be valued at their fair values, as of the close of regular trading on the NYSE, as determined in good faith under procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by each Fund to calculate its NAV are based on the consideration by that Fund of a number of subjective factors and therefore may differ from quoted or published prices for the same securities. To the extent the assets of a Fund are invested in other registered investment companies that are not listed on an exchange that Fund's NAV is calculated based upon the NAVs reported by such registered investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

When valuing fixed income securities with remaining maturities of more than 60 days, the Funds use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Funds may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Your order to purchase or redeem shares is priced at the NAV next calculated after your order is received in proper form by that Fund. An order is considered to be in "proper form" if it includes all necessary information and documentation related to the purchase or redemption request, and, if applicable, payment in full of the purchase amount.

**Purchases In Kind**

Subject to the approval of a Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund's valuation policies. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Purchases**

You can open an account with a Fund with a minimum initial investment of $100,000. There is no minimum for subsequent investments. Each Fund may accept initial investments of smaller amounts in its sole discretion. The Transfer Agent may charge a $25 annual account maintenance fee for each retirement account.

**Retirement Plans**

If you own shares of a Fund through an IRA, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Certain transactions within an IRA account, including shares redeemed to return an excess contribution, retirement plan or IRA transfers or hardship withdrawals, IRS re-characterizations and conversions, and account closures, may be subject to a $25.

**Shareholder Statements and Householding**.

The Transfer Agent maintains an account for each shareholder and records all account transactions. You will be sent confirmation statements showing the details of your transactions as they occur. Account statements may be obtained by calling the Fund at 1-877-FUND-WHG (1-877-386-3944) on the days the Fund is open for business. Other account statement requests may be subject to a $25 retrieval fee.

**By Automatic Investment Plan (via ACH)**

You may not open an account via ACH. However, once you have established an account, you can set up an automatic investment plan by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually and annually in amounts of at least $100 per Fund. To cancel or change a plan, write to the Funds at: Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022. Please allow up to 15 days to create the plan and 3 days to cancel or change it.

**How to Sell Your Fund Shares**

If you own your shares directly, you may redeem your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your sales proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

If the shares to be redeemed have a value of greater than $100,000, or if the payment of the proceeds of a redemption of any amount is to be sent to a person other than the shareholder of record or to an address other than that on record with that Fund, you must have all signatures on written redemption requests guaranteed. If the name(s) or the address on your account has changed within the previous 15 days of your redemption request, the request must be made in writing with your signature guaranteed, regardless of the value of the shares being redeemed. The Transfer Agent will accept signatures guaranteed by a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which participates in the Securities Transfer Agents Medallion Program ("STAMP") sponsored by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in STAMP will not be accepted. A notary public cannot provide a signature guarantee. The Transfer Agent has adopted standards for accepting signature guarantees from the above institutions. The Funds and the Transfer Agent reserve the right to amend these standards at any time without notice.

Redemption requests by corporate and fiduciary shareholders must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the account. Forms of resolutions and other documentation to assist in compliance with the Transfer Agent's procedures may be obtained by calling the Transfer Agent.

The sale price will be the NAV per share next determined after the Funds receive your request in proper form.

**By Mail**

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

**●** The Fund name;

**●** The share class;

**●** The account number;

**●** The dollar amount or number of shares you wish to redeem;

**●** The account name(s); and

**●** The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

You may request express delivery of redemption proceeds. Checks requested to be sent via express delivery are subject to a $35 charge from your account.

**By Telephone**

You must first establish the telephone redemption privilege (and, if desired, the wire or ACH redemption privileges) by completing the appropriate sections of the account application. Call 1-877-FUND-WHG (1-877-386-3944) to redeem your shares. Based on your instructions, a Fund will mail your proceeds to you, or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (via ACH)**

If your account balance is at least $10,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Receiving Your Money**

The length of time each Fund typically expects to pay redemption proceeds is the same regardless of whether the payment is made by check, wire or ACH. Each Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, each Fund typically expects to mail the check within one (1) to three (3) business days; and

● For payment by wire or ACH, each Fund typically expects to process the payment within one (1) to three (3) business days.

Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to 7 calendar days as permitted under the 1940 Act. Under unusual circumstances as permitted by the SEC, the Funds may suspend the right of redemption or delay payment of redemption proceeds for more than 7 calendar days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to 15 calendar days. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account.

**Redemptions In Kind**

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of a Fund's remaining shareholders, a Fund might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Redemptions of Your Shares**

If your account balance drops below $500 because of redemptions, you may be required to sell your shares. The Funds will provide you with at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If your Alternative Income Fund shares are redeemed for this reason within 30 days of their purchase, the redemption fee will not be applied.

The Funds reserve the right to determine which potential investors qualify as eligible investors for Institutional Shares of the Funds. Institutional Shares of a Fund held by a non-eligible investor are subject to involuntary redemption by the Fund.

**Suspension of Your Right to Sell Your Shares**

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Fund Shares**

At no charge, you may exchange between like share classes or different share classes of any of the Value Fund, MidCap Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund, Alternative Income Fund or SmallCap Growth Fund (each a "Westwood Fund") in the Trust (the "Westwood Funds complex"), where offered, by writing to or calling the Fund. Exchanges are subject to the eligibility requirements and the fees and expenses of the share class you exchange into, as set forth in the applicable prospectus. You may only exchange shares between accounts with identical registrations (i.e., the same names and addresses). An exchange between share classes of the same Westwood Fund is not a taxable event. Unless you are investing through a tax-deferred arrangement, an exchange between share classes of different Westwood Funds is a taxable event, and you may recognize a gain or loss for tax purposes.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Telephone Transactions**

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries**

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Administrative Services Plan**

The MidCap Fund, the SMidCap Fund, the SmallCap Fund, the AllCap Fund, and the SmallCap Growth Fund have adopted an administrative services plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds' Institutional Shares.

The High Income Fund has adopted a administrative services plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.19% based on the average daily net assets of the Fund's Institutional Shares.

The Alternative Income Fund has adopted a administrative services plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Fund's Institutional Shares.

The Value Fund and Income Opportunity Fund have adopted an administrative services plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Funds' Institutional Shares.

The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

**Other Payments by the Funds**

The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, administrative services fees the Funds may pay to financial intermediaries pursuant to the Funds' administrative services plan.

**Payments by the Adviser**

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies**

**Excessive Trading Policies and Procedures**

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Funds may present risks to the Funds' long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds' investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close

of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair values. Although each Fund has procedures designed to determine the fair value of foreign securities for purposes of calculating its NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, Funds that invest in micro-, small- and mid-cap securities, which often trade in lower volumes and may be less liquid, may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For the purpose of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control.

When monitoring shareholder purchases and redemptions, the Funds do not apply a quantitative definition to frequent trading. Instead the Funds uses a subjective approach that permits it to reject any purchase orders that it believes may be indicative of market timing or disruptive trading. In addition, a redemption fee of 1.00% of the value of the shares sold will be imposed on shares of the Alternative Income Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions discussed below in "Redemption Fees"). The right to reject a purchase order applies to any purchase order, including a purchase order placed by financial intermediaries. The Funds may also modify any terms or conditions of purchases of Fund shares or withdraw all or any part of the offering made by this Prospectus.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds may enter into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), financial intermediaries with whom the Funds have an information sharing agreement are generally obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Redemption Fee (Westwood Alternative Income Fund)**

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of the Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from the Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Fund requests that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Fund. However, the Fund recognizes that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Fund's. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, the Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

The Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

**Customer Identification and Verification**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in proper form (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program**

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**Unclaimed Property**

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-877-FUND-WHG (1-877-386-3944).

**Dividends and Distributions**

The Value Fund, MidCap Fund, SMidCap Fund SmallCap Fund, AllCap Fund and SmallCap Growth Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually.

The Total Return Fund, Income Opportunity Fund and Alternative Income Fund distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually.

The High Income Fund distributes its net investment income monthly and makes distributions of its net realized capital gains, if any, at least annually.

If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution. You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes**

**Please consult your tax advisor regarding your specific questions about federal, state and local income taxes.** The following is a summary of the U.S. federal income tax consequences of investing in the Funds. This summary is based on current tax laws, which may change. This summary does not apply to shares held in a tax-deferred arrangement, sch as an IRA or other tax-qualified plans. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. Such shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, and local tax consequences of investing in the Fund. This summary only applies with respect to U.S. investors in the Funds. Non-U.S. investors are encouraged to read a summary of certain rules applicable to them in the SAI and to consult their tax advisors prior to investing in the Funds.

Each Fund intends to qualify each year for treatment as a regulated investment company for U.S. federal income taxes under Subchapter M of the Code ("RIC"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Fund-level taxation and, consequently, a reduction in income available for distribution to shareholders. In addition, the Fund may be subject to a 4% excise tax if it fails to make sufficient distributions.

In order for a Fund to qualify for taxation as a RIC, the Fund must derive at least 90% of its gross income each taxable year from qualifying income and diversify its assets as described in more detail in the SAI.

Certain investments of a Fund may not generate qualifying income if made directly by such Fund. For example, certain Funds intend to invest in royalty trusts. Depending on the U.S. federal income tax classification of these royalty trusts in which a Fund invests, securities issued by certain royalty trusts (such as royalty trusts which are grantor trusts for U.S. federal income tax purposes) may not produce qualifying income for purposes of the requirements to be treated as a RIC under the Code. Additionally, a Fund may be deemed to directly own the assets of each royalty trust and would need to look to such assets when determining its compliance with the diversification requirements under the Code. Certain Canadian royalty trusts may be treated as corporations for U.S. federal income tax purposes and distributions from such may be qualifying income when received by a Fund. Each Fund will monitor its investments in royalty trusts with the objective of maintaining its continued qualification as a RIC under the Code.

The Funds intend to distribute substantially all of their net investment income and net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds, may be subject to federal, state, and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year. Certain investment strategies of the Funds may limit a particular Fund's ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

You should note that if you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and taxable investors should consult with their tax advisors regarding the tax consequences to them of (buying a dividend").

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. A sale may result in a capital gain or loss to you. The gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or 30 days after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($125,000 if married and filing separately, $250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Certain Funds may invest in MLPs taxed as partnerships. Due to a variety of factors, including significant non-cash deductions such as depreciation and depletion, MLPs have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to such limited partners or members. These excess cash distributions would not be treated as income to a Fund but rather would be treated as a return of capital to the extent of the Fund's basis in the MLP. As a consequence, a Fund may make distributions that exceed its earnings and profits, which would be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in Fund shares and result in a higher capital gain or lower capital loss when the Fund shares are sold. After a shareholder's basis in Fund shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Fund shares will be treated as gain from the sale of the Fund shares.

"Qualified publicly traded partnership income" within the meaning of section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Fund to pass through the special character of "qualified publicly traded partnership income" to shareholders.

MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions, and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your Form 1099 tax reporting statement and, accordingly, send you a corrected Form 1099.

Certain Funds may invest in REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV, Dividends and Distributions ("Form 1099-DIV") to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. If a Fund makes the election, the Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is in the SAI.**

**Additional Information**

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights**

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years or, if shorter, the period of the Funds' operations. The financial highlights information presented for the Funds is the financial history of the Institutional Shares of the Funds and for the Value Fund, SMidCap Fund, SmallCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund, their Predecessor Funds, each of which was reorganized into the corresponding Fund after the close of business on November 1, 2021. Certain information reflects financial results for a single Fund (or where applicable, Predecessor Fund) share. The total returns in the tables represent the rate an investor would have earned or lost on an investment in the Fund (or where applicable, the Predecessor Fund) (assuming reinvestment of all dividends and distributions). The information presented in the tables below for the fiscal year ended October 31, 2021 for the MidCap Fund, AllCap Fund and SmallCap Growth Fund and for the fiscal year ended October 31, 2022 for the Value Fund, MidCap Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund, Alternative Income Fund and SmallCap Growth Fund has been audited by BBD, LLP, the independent registered public accountant, whose report, along with each Fund's and its respectively Predecessor Fund's, if any, financial statements, are included in the Funds' October 31, 2022 annual report, which is available upon request by calling the Funds at 1-877-386-3944. The information presented in the tables below for the fiscal year ended October 31, 2021, and earlier for the Value Fund, SMidCap Fund, SmallCap Fund, Total Return Fund, Income Opportunity Fund, High Income Fund and Alternative Income Fund has been audited by Ernst & Young LLP, the independent registered public accountant to their Predecessor Funds.

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value, beginning of period** | **Net investment income <sup>(a)</sup>** | **Net realized<br> and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income to average net assets <sup>(c)</sup>** | **Portfolio turnoverrate <sup>(d)</sup>** |
| **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $15.46 | 0.18 | (0.74) | (0.56) | (0.10) | (2.28) | (2.38) | $12.52 | (4.37)% | $249760 | 0.65% | 0.69% | 1.38% | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.80 | 0.13 | 4.28 | 4.41 | (0.17) | (0.58) | (0.75) | $15.46 | 38.80% | $206730 | 0.65% | 0.76% | 0.91% | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $13.16 | 0.20 | (0.95) | (0.75) | (0.21) | (0.40) | (0.61) | $11.80 | (6.11)% | $172349 | 0.65% | 0.77% | 1.66% | 52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $13.07 | 0.22 | 1.21 | 1.43 | (0.19) | (1.15) | (1.34) | $13.16 | 13.23% | $224664 | 0.65% | 0.73% | 1.80% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $13.10 | 0.20 | 0.62 | 0.82 | (0.15) | (0.70) | (0.85) | $13.07 | 6.30% | $213175 | 0.65% | 0.72% | 1.50% | 49% |
| **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2022 <sup>(i)</sup> | $10.00 | 0.11 | (0.47) | (0.36) | - | - | - | $9.64 | (3.60)%<sup>(e)</sup> | $530 | 0.58 %<sup>(f)(j)</sup> | 20.06 %<sup>(f)</sup> | 1.21 %<sup>(f)</sup> | 96 %<sup>(e)</sup> |
| **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $16.62 | 0.08 | (1.45) | (1.37) | (0.11) | (2.25) | (2.36) | $12.89 | (9.64)% | $201586 | 0.87% | 1.02% | 0.62% | 104% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.97 | 0.15 | 4.89 | 5.04 | (0.13) | (0.26) | (0.39) | $16.62 | 42.85% | $237479 | 0.88% | 1.10% | 0.99% | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $14.21 | 0.11 | (0.75) | (0.64) | (0.11) | (1.49) | (1.60) | $11.97 | (5.39)% | $164350 | 0.88% | 1.05% | 0.90% | 69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $15.50 | 0.10 | 0.84 | 0.94 | (0.11) | (2.12) | (2.23) | $14.21 | 9.46% | $187341 | 0.88% | 1.02% | 0.75% | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $17.44 | 0.08 | (0.11) | (0.03) | (0.04) | (1.87) | (1.91) | $15.50 | (0.33)% | $315140 | 0.88% | 1.03% | 0.50% | 58% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(i)* *Represents the period from the commencement of operations (November 30, 2021) through October 31, 2022.* 

*(j)* *Includes federal excise taxes of 0.01% of average net assets with respect to the period ending October 31, 2022.* 

*(1)* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.* 

*(2)* *Effective March 1, 2021, Westwood SMIDCap Fund was renamed as Westwood Quality SMIDCap Fund.* 

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value, beginning of period** | **Net investment income (loss) <sup>(a)</sup>** | **Net realized<br>and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income (loss) to average net assets <sup>(c)</sup>** | **Portfolio turnover rate <sup>(d)</sup>** |
| **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $21.99 | 0.18 | (2.28) | (2.10) | (0.20) | (0.81) | (1.01) | $18.88 | (10.08)% | $476094 | 0.92% | 1.04% | 0.94% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $14.46 | 0.18 | 7.47 | 7.65 | (0.12) |  | (0.12) | $21.99 | 53.07% | $586435 | 0.92% | 1.09% | 0.90% | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $16.97 | 0.12 | (2.45) | (2.33) | (0.12) | (0.06) | (0.18) | $14.46 | (13.90)% | $357901 | 0.99% | 1.16% | 0.81% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $16.76 | 0.11 | 1.10 | 1.21 | (0.12) | (0.88) | (1.00) | $16.97 | 8.65% | $418949 | 0.99% | 1.11% | 0.66% | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $18.39 | 0.10 | (0.47) | (0.37) | (0.07) | (1.19) | (1.26) | $16.76 | (2.28)% | $341713 | 0.99% | 1.08% | 0.58% | 50% |
| **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.59 | 0.16 | (0.67) | (0.51) | (0.03) | (0.02) | (0.05) | $10.03 | (4.86)% | $553 | 0.45% | 0.93% | 1.55% | 101% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2021 <sup>(i)</sup> | $10.00 |  | 0.59 | 0.59 |  |  |  | $10.59 | 5.90 %<sup>(e)</sup> | $529 | 0.65 %<sup>(f)</sup> | 2.25 %<sup>(f)</sup> | 0.22 %<sup>(f)</sup> | 4 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(i)* *Represents the period from the commencement of operations (September 30, 2021) through October 31, 2021.* 

*(1)* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.* 

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value, beginning of period** | **Net investment income (loss) <sup>(a)</sup>** | **Net realized<br>and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income to average net assets <sup>(c)</sup>** | **Portfolio turnover rate <sup>(d)</sup>** |
| **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** | **Westwood Total Return Fund <sup>(1)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $7.65 | 0.17 | (1.10) | (0.93) | (0.16) | (0.47) | (0.63) | $6.09 | (13.05)% | $123965 | 0.64% | 0.72% | 2.60% | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $6.43 | 0.13 | 1.41 | 1.54 | (0.13) | (0.19) | (0.32) | $7.65 | 24.46% | $143710 | 0.35% | 0.51% | 1.79% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $6.64 | 0.07 | 0.92 | 0.99 | (0.06) | (1.14) | (1.20) | $6.43 | 17.59% | $86040 | 0.75% | 1.10% | 1.11% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $10.46 | 0.12 | 0.53 | 0.65 | (0.36) | (4.11) | (4.47) | $6.64 | 16.55% | $4722 | 0.75% | 2.13% | 1.76% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $11.94 | 0.14 | 0.15 | 0.29 | (0.12) | (1.65) | (1.77) | $10.46 | 2.35% | $7803 | 0.75% | 1.05% | 1.30% | 26% |
| **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $13.92 | 0.30 | (2.19) | (1.89) | (0.28) | (1.16) | (1.44) | $10.59 | (14.97)% | $579772 | 0.81% | 0.81% | 2.52% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $12.84 | 0.23 | 1.90 | 2.13 | (0.50) | (0.55) | (1.05) | $13.92 | 17.21% | $814633 | 0.85% | 0.86% | 1.68% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $15.89 | 0.22 | 0.34 | 0.56 | (0.20) | (3.41) | (3.61) | $12.84 | 4.59% | $662612 | 0.89% | 0.89% | 1.69% | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $15.31 | 0.32 | 1.25 | 1.57 | (0.36) | (0.63) | (0.99) | $15.89 | 10.99% | $1056504 | 0.85% | 0.85% | 2.08% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $15.72 | 0.28 | (0.11) | 0.17 | (0.28) | (0.30) | (0.58) | $15.31 | 1.04% | $2408695 | 0.83% | 0.83% | 1.80% | 42% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(1)* *Effective November 1, 2021, Westwood Low Volatility Equity Fund was renamed as Westwood Total Return Fund.* 

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value, beginning of period** | **Net investment income <sup>(a)</sup>** | **Net realized and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Return of capital** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income to average net assets <sup>(c)</sup>** | **Portfolio turnover rate <sup>(d)</sup>** |
| **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** | **Westwood High Income Fund <sup>(1)</sup>** |  |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.67 | 0.42 | (1.71) | (1.29) | (0.43) |  |  | (0.43) | $8.95 | (12.38)% | $96636 | 0.80% | 0.87% | 4.31% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $9.55 | 0.35 | 1.14 | 1.49 | (0.37) |  |  | (0.37) | $10.67 | 15.69% | $94360 | 0.80% | 0.96% | 3.37% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $9.25 | 0.35 | 0.29 | 0.64 | (0.34) |  |  | (0.34) | $9.55 | 7.14% | $72914 | 0.27% | 0.59% | 3.78% | 130% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $9.12 | 0.41 | 0.15 | 0.56 | (0.43) |  |  | (0.43) | $9.25 | 6.25% | $65168 | 0.80% | 1.05% | 4.48% | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $9.37 | 0.42 | (0.24) | 0.18 | (0.43) |  |  | (0.43) | $9.12 | 1.92% | $64926 | 0.80% | 1.02% | 4.57% | 37% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(1)* *Effective November 1, 2019, Westwood Short Duration High Yield Fund was renamed as Westwood High Income Fund.* 

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value, beginning of period** | **Net investment income <sup>(a)</sup>** | **Net realized and unrealized gains (losses) on investments** | **Total from investment operations** | **Dividends from net investment income** | **Distributions from net realized capital gains** | **Return of capital** | **Total distributions** | **Net asset value, end of period** | **Total return <sup>(b)</sup>** | **Net assets, end of period (000's)** | **Ratio of total net expenses to average net assets <sup>(c)</sup>** | **Ratio of total gross expenses to average net assets** | **Ratio of net investment income (loss) to average net assets <sup>(c)</sup>** | **Portfolio turnover rate <sup>(d)</sup>** |
| **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $11.02 | 0.20 | (0.51) | (0.31) | (0.17) | (0.15) |  | (0.32) | $10.39 | (2.88)% | $67312 | 0.30% | 0.44% | 1.91% | 128% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $10.47 | 0.16 | 0.49 | 0.65 | (0.10) |  |  | (0.10) | $11.02 | 6.19% | $53734 | 0.96% | 1.21% | 1.45% | 125% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $10.25 | 0.18 | 0.46 | 0.64 | (0.10) | (0.32) |  | (0.42) | $10.47 | 6.44% | $22772 | 0.90% | 1.40% | 1.79% | 137% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $9.82 | 0.23 | 0.41 | 0.64 | (0.21) |  |  | (0.21) | $10.25 | 6.57% | $7121 | 1.15 %<sup>(h)</sup> | 1.47% | 2.33% | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $10.12 | 0.18 | (0.29) | (0.11) | (0.16) | - | (0.03) | (0.19) | $9.82 | (1.09)% | $6193 | 1.22 %<sup>(i)</sup> | 1.62% | 1.85% | 88% |
| **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.26 | 0.03 | (2.14) | (2.11) | (0.01) | (0.02) |  | (0.03) | $8.12 | (20.61)% | $22208 | 0.56% | 1.37% | 0.39% | 860% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2021 <sup>(j)</sup> | $10.00 |  | 0.26 | 0.26 |  |  |  |  | $10.26 | 2.60 %<sup>(e)</sup> | $1026 | 0.75 %<sup>(f)</sup> | 27.56 %<sup>(f)</sup> | 0.02 %<sup>(f)</sup> | 3 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(h)* *Excluding stock loan fees, and dividends on securities sold short, the ratio of expenses to average net assets would have been 1.12% and 1.05% for Institutional Class and Ultra Class, respectively.* 

*(i)* *Excluding stock loan fees, and dividends on securities sold short, the ratio of expenses to average net assets would have been 1.15% and 1.05% for Institutional Class and Ultra Class, respectively* 

*(j)* *Represents the period from the commencement of operations (September 30, 2021) through October 31, 2021.* 

*(1)* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.* 

**CUSTOMER PRIVACY NOTICE**

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** |  | ■ | Social Security number |
|  |  | ■ | Assets |
|  |  | ■ | Retirement Assets |
|  |  | ■ | Transaction History |
|  |  | ■ | Checking Account Information |
|  |  | ■ | Purchase History |
|  |  | ■ | Account Balances |
|  |  | ■ | Account Transactions |
|  |  | ■ | Wire Transfer Instructions |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br> When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| **How?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Do the <br> Funds share?** | **Can you limit <br> this sharing?** |
| **For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | Call 1-877-FUND-WHG (1-877-386-3944) |

---

---

| | | |
|:---|:---|:---|
| **Who we are** | | |
| **Who is providing this notice?** | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood SMidCap Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Total Return Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood SMidCap Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Total Return Fund<br> Westwood Income Opportunity Fund<br> Westwood High Income Fund<br> Westwood Alternative Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) |
| **What we do** |  |  |
| **How do the Funds protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How do the Funds collect my personal information?** |  |  |
| **How do the Funds collect my personal information?** | ■ | Open an account |
| **How do the Funds collect my personal information?** | ■ | Provide account information |
| **How do the Funds collect my personal information?** | ■ | Give us your contact information |
| **How do the Funds collect my personal information?** | ■ | Make deposits or withdrawals from your account |
| **How do the Funds collect my personal information?** | ■ | Make a wire transfer |
| **How do the Funds collect my personal information?** | ■ | Tell us where to send the money |
| **How do the Funds collect my personal information?** | ■ | Tell us who receives the money |
| **How do the Funds collect my personal information?** | ■ | Show your government-issued ID |
|  | ■ | Show your driver's license |
|  | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you |
| **Why can't I limit all sharing?** |  |  |
| **Why can't I limit all sharing?** | ■ | Sharing for affiliates' everyday business purposes – information about your creditworthiness |
| **Why can't I limit all sharing?** | ■ | Affiliates from using your information to market to you |
|  | ■ | Sharing for nonaffiliates to market to you |
|  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  |
| **Definitions** |  |  |
| **Affiliates** | &nbsp;&nbsp;&nbsp; *Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. | &nbsp;&nbsp;&nbsp; *Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Nonaffiliates** | &nbsp;&nbsp;&nbsp; *The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies | &nbsp;&nbsp;&nbsp; *The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies |
| **Joint marketing** | &nbsp;&nbsp;&nbsp; *The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | &nbsp;&nbsp;&nbsp; *The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |

---

This information is not part of the Prospectus.

**WESTWOOD FUNDS**

**Investment Adviser**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

**Distributor**

Ultimus Fund Distributors, LLC

225 Pictoria Drive

Suite 450

Cincinnati, Ohio 45246

**Legal Counsel**

Kilpatrick Townsend & Stockton LLP

4208 Six Forks Road, Suite 1400

Raleigh, North Carolina 27609

***More information about the Funds is available, without charge, through the following:***

**Statement of Additional Information ("SAI"):** The SAI, dated February 28, 2023, as it may be amended from time to time, includes detailed information about the Funds and the Ultimus Managers Trust. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** These reports, when available, will list the Funds' holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.

**To Obtain an SAI, Annual or Semi-Annual Report, or More Information:**

---

| | |
|:---|:---|
| ***By Telephone:*** | 1-877-FUND-WHG (1-877-386-3944) |
| ***By Mail:*** | Westwood Funds |
|  | P.O. Box 541150 |
|  | Omaha, NE 68154 |
| ***By Internet:*** | <u>www.westwoodfunds.com</u> |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about the Ultimus Managers Trust, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**Investment Company Act registration No. 811-22680.**

**WESTWOOD FUNDS**

**PROSPECTUS**

**February 28, 2023**

**WESTWOOD QUALITY VALUE FUND**

**TICKER SYMBOL: WHGQX**

**WESTWOOD QUALITY SMIDCAP FUND**

**TICKER SYMBOL: WWSMX**

**WESTWOOD QUALITY SMALLCAP FUND**

**TICKER SYMBOL: WWSYX**

**WESTWOOD QUALITY ALLCAP FUND**

**TICKER SYMBOL: WQAUX**

**WESTWOOD INCOME OPPORTUNITY FUND**

**TICKER SYMBOL: WHGOX**

**WESTWOOD ALTERNATIVE INCOME FUND**

**TICKER SYMBOL: WMNUX**

**ULTRA SHARES**

**INVESTMENT ADVISER:**

**WESTWOOD MANAGEMENT CORP.**

**The U.S. Securities and Exchange Commission has not approved or disapproved these**

**securities or passed upon the adequacy or accuracy of this Prospectus.<br> Any representation to the contrary is a criminal offense.**

**About This Prospectus**

*This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund* (individually a "Fund" and collectively the "Funds")*, please see:*

i

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
|  | **Page** |
| **WESTWOOD QUALITY VALUE FUND** | 1 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 1 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 1 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 2 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 3 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 5 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 6 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 6 |
| **WESTWOOD QUALITY SMIDCAP FUND** | 7 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 7 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 7 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 8 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 9 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 11 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 12 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 12 |
| **WESTWOOD QUALITY SMALLCAP FUND** | 13 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 13 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 13 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 14 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 15 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 17 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 18 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 18 |
| **WESTWOOD QUALITY ALLCAP FUND** | 19 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 19 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 19 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 20 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 21 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 23 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 24 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 24 |
| **WESTWOOD INCOME OPPORTUNITY FUND** | 25 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVES** | 25 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 25 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 26 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 27 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 31 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 32 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 32 |

---

ii

---

| | |
|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | 33 |
| &nbsp;&nbsp;&nbsp;**FUND INVESTMENT OBJECTIVE** | 33 |
| &nbsp;&nbsp;&nbsp;**FUND FEES AND EXPENSES** | 33 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL INVESTMENT STRATEGIES** | 34 |
| &nbsp;&nbsp;&nbsp;**PRINCIPAL RISKS** | 35 |
| &nbsp;&nbsp;&nbsp;**PERFORMANCE INFORMATION** | 39 |
| &nbsp;&nbsp;&nbsp;**INVESTMENT ADVISER** | 40 |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO MANAGERS** | 40 |
| **SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION** | 41 |
| **MORE INFORMATION ABOUT RISKS** | 42 |
| **MORE INFORMATION ABOUT FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** | 54 |
| **INFORMATION ABOUT PORTFOLIO HOLDINGS** | 56 |
| **INVESTMENT ADVISER** | 56 |
| **PORTFOLIO MANAGERS** | 58 |
| **RELATED PERFORMANCE DATA OF THE ADVISER** | 62 |
| **PURCHASING, SELLING AND EXCHANGING FUND SHARES** | 64 |
| **PAYMENTS TO FINANCIAL INTERMEDIARIES** | 74 |
| **OTHER POLICIES** | 75 |
| **DIVIDENDS AND DISTRIBUTIONS** | 78 |
| **TAXES** | 79 |
| **ADDITIONAL INFORMATION** | 81 |
| **FINANCIAL HIGHLIGHTS** | 82 |
| **HOW TO OBTAIN MORE INFORMATION ABOUT THE FUNDS** | Back Cover |

---

iii

**WESTWOOD QUALITY VALUE FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality Value Fund (the "Fund" or "Value Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees<sup>1</sup> | 0.50% |
| Other Expenses | 0.09% |
| Total Annual Fund Operating Expenses | 0.59% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1,2</sup> | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.55% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fees and expense limitation, effective November 30, 2022.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.55% of the Fund's Ultra Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $56 | $185 | $325 | $734 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 77% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Investment Style Risk –**If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Performance Information**

The Ultra Shares of the Fund are new and do not have a performance history for a full calendar year to report. The performance shown in the bar chart and table represents the performance of the Institutional Shares of the Fund, which would have substantially similar annual returns to the Ultra Shares because the Institutional Shares and Ultra Shares are invested in the same portfolio of securities and the returns would differ only to the extent the classes do not have the same expenses. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 1000® Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality Value Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_001.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (5.66)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.27%** | **(23.07)%** |
| **(12/31/2020)** | **(03/31/2020)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Since Inception**<br> **(June 28, 2006)** |
| **Fund Returns Before Taxes** | (5.66)% | 7.50% | 10.80% |  |
| **Fund Returns After Taxes on Distributions** | (6.00)% | 5.43% | 8.53% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (3.11)% | 5.59% | 8.28% |  |
| **Russell 1000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.54)% | (6.67)% | 10.29% |  |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since 2020.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2012.\*

Mr. Michael Wall, Vice President, Research Analyst, has managed the Fund since February 28, 2022.

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.* 

**WESTWOOD QUALITY SMIDCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SMidCap Fund (the "Fund" or "SMidCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees | 0.75% |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.83% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.68% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.68% of the Fund's Ultra Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $69 | $250 | $446 | $1011 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 104% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small- and mid-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-and mid-cap companies to be those companies within the market capitalization range of the Russell 2500<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2500<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities or ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 15% of the Fund's assets.

The Fund invests in approximately 45-75 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –**If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 2500<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Quality SMidCap Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_002.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (10.13)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **11.54%** | **(14.26)%** |
| **(12/31/2022)** | **(6/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Ultra Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND – ULTRA** | **1 Year** | **Since Inception**<br> **(July 31, 2020)** |
| **Fund Returns Before Taxes** | (10.13)% | 13.44% |
| **Fund Returns After Taxes on Distributions** | (10.49)% | 10.93% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (5.74)% | 10.17% |
| **Russell 2500**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (13.08)% | 16.09% |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Prashant Inamdar, CFA, Senior Vice President, Research Analyst, has managed the Fund since 2013.\*

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2018.\*

Mr. Grant L. Taber, CFA, Senior Vice President, Research Analyst, has managed the Fund since 2008.\*

Mr. Kyle Martin, CFA, Vice President, Research Analyst, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY SMALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality SmallCap Fund (the "Fund" or "SmallCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees | 0.85% |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 0.91% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.79% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.79% of the Fund's Ultra Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreement to limit expenses remains in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $81 | $278 | $492 | $1109 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 60% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000<sup>®</sup> Index at the time of initial purchase. While the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investment in such securities would normally represent less than 25% of the Fund's assets.

The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund's target capitalization range.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Small-Capitalization Company Risk –** The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –**If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk** – Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 2000<sup>®</sup> Value Index. The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Quality SmallCap Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_003.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.33)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **16.99%** | **(11.47)%** |
| **(3/31/2021)** | **(6/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Ultra Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND – ULTRA** | **1 Year** | **Since Inception**<br> **(March 31, 2020)** |
| **Fund Returns Before Taxes** | (12.33)% | 21.41% |
| **Fund Returns After Taxes on Distributions** | (13.08)% | 20.32% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (6.74)% | 16.83% |
| **Russell 2000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (14.48)% | 23.39% |

---

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. William Costello, CFA, Senior Vice President, Director of Equity Portfolios, has managed the Fund since 2010.\*

Mr. Matthew Lockridge, Senior Vice President, Head of US Value, has managed the Fund since 2010.\*

Mr. Frederic G. Rowsey, CFA, Vice President, Research Analyst, has managed the Fund since 2013.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD QUALITY ALLCAP FUND**

**Fund Investment Objective**

The investment objective of the Westwood Quality AllCap Fund (the "Fund" or the "AllCap Fund") is to seek long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees | 0.45% |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 0.93% |
| Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.48)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.45% |

---

<sup>1</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.45% of the Fund's Ultra Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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, that the Fund's operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $46 | $248 | $468 | $1099 |

---

**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 rate 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 total annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 101% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing primarily in equity securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. Generally, the universe of securities from which the Adviser selects investments will encompass companies of all market capitalizations greater than $100 million at the time of purchase. The equity securities in which the Fund invests are primarily common stocks, public real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The Fund's investments in REITs include commercial property REITs and residential mortgage REITs. The Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. As the Adviser constructs the Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

● **Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

● **Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Investment Style Risk –** If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Market Risk *–*** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Value Investing Risk** – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund's value investment style may go out of favor with investors.

**Management Style Risk *–*** The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.

**New Fund Risk** – The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable size.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000<sup>®</sup> Value Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_004.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (3.79)%.

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **14.52%** | **(10.87)%** |
| **(12/31/2022)** | **(6/30/2022)** |

---

***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Ultra Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND – ULTRA** | **1 Year** | **Since Inception**<br> **(September 24, 2021)** |
| **Fund Returns Before Taxes** | (3.79)% | 2.76% |
| **Fund Returns After Taxes on Distributions** | (4.15)% | 2.31% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (1.98)% | 2.07% |
| **Russell 3000**<sup>®</sup> **Value Index (reflects no deduction for fees, expenses, or taxes)** | (7.98)% | (0.83)% |

---

*For information about related performance, please see the "Related Performance Data of the Adviser" section of the Prospectus.*

**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Grant Taber, CFA, Senior Vice President, Research Analyst, has managed the Fund since its inception in 2021.

Michael Wall, Vice President, Research Analyst, has managed the Fund since its inception in 2021.

Ms. Lauren Hill, CFA, Senior Vice President, Research Analyst & Portfolio Manager, has managed the Fund since February 28, 2022.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**Fund Investment Objectives**

The primary investment objective of the Westwood Income Opportunity Fund (the "Fund" or "Income Opportunity Fund") is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees<sup>1</sup> | 0.65% |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.72% |
| Less Fee Reductions and/or Expense Reimbursements | (0.00%) |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.72% |

---

<sup>1</sup> The expense information in this table has been restated to reflect the reduction in the management fee, effective November 30, 2022.

<sup>2</sup> "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements" will not correlate to the ratio of expenses to the average net assets in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and do not include "Acquired Fund Fees and Expenses".

***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 on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $74 | $230 | $401 | $894 |

---

**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 81% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships ("MLPs"), enhanced equipment trust certificates ("EETCs") and equipment trust certificates ("ETCs"), securities of real estate investment trusts ("REITs") and shares of exchange-traded funds ("ETFs"). EETCs and ETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts ("ADRs"). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund's investments in such securities would normally represent less than 25% of the Fund's assets.

The Fund is permitted to invest in companies of any capitalization range. The Fund's fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds) and unrated securities.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.

The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser's investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company's fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk –** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Large-Capitalization Company Risk –** The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Small- and Mid-Capitalization Company Risk –** The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**REIT Risk –** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

**MLP Risk –** MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Convertible Securities Risk –** The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**High Yield Bond Risk –** High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Micro-Capitalization Company Risk –** Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small- capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small- capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**ETF Risk –** ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Foreign Currency Risk –** As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Warrants Risk –** Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Derivatives Risk –** The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**ETC and EETC Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**LIBOR Replacement Risk** – The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease prublication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which the U.S. Federal Reserve has announced willwhere applicable replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk**. The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Performance Information**

The Ultra Shares of the Fund are new and do not have a performance history for a full calendar year to report. The performance shown in the bar chart and table represents the performance of the Institutional Shares of the Fund, which would have substantially similar annual returns to the Ultra Shares because the Institutional Shares and Ultra Shares are invested in the same portfolio of securities and the returns would differ only to the extent the classes do not have the same expenses. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index, and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Income Opportunity Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_005.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (12.80)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **13.16%** | **(12.99)%** |
| **(6/30/2020)** | **(3/31/2020)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Institutional Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index and additional indexes, including a blended benchmark that represents the investment strategy of the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND – INSTITUTIONAL** | **1 Year** | **5 Years** | **10 Years** | **Inception Date<br> December 19, 2005** |
| **Fund Returns Before Taxes** | (12.80)% | 3.25% | 5.39% |  |
| **Fund Returns After Taxes on Distributions** | (13.67)% | 0.42)% | 3.64% |  |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (7.40)% | 2.13% | 4.04% |  |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | (2.71)% | 0.02% | 1.06% |  |
| **S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | 7.66% | 9.42% | 12.56% |  |
| **Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index (reflects no deduction for fees, expenses, or taxes)** | (14.76)% | 4.07% | 5.78% |  |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:

Mr. Scott Barnard, CFA, Vice President, has managed the Fund since 2020.\*

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2019.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.* 

**WESTWOOD ALTERNATIVE INCOME FUND**

**Fund Investment Objective**

The investment objective of the Westwood Alternative Income Fund (the "Fund" or "Alternative Income Fund") seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**Fund Fees and Expenses**

These tables describe the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below.** Shares of the Fund are available in other share classes that have different fees and expenses.

**Shareholder Fees (fees paid directly from your investments)**

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| | |
|:---|:---|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 1.00% |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Ultra Shares** |
| Management Fees<sup>1</sup> | 0.21% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.34% |
| Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.20% |

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<sup>1</sup> Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund's average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund's Ultra Shares' performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.

<sup>2</sup> Westwood Management Corp. (the "Adviser") has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund's average daily net assets until March 1, 2024 (the "Management Fee Waiver Agreement"). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.00% of the Fund's Ultra Shares' average daily net assets until March 1, 2024. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of Ultimus Managers Trust (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2024. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated.

***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 and the contractual agreements to limit expenses remain in effect until March 1, 2024. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $20 | $95 | $177 | $417 |

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**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 rate 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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended October 31, 2022, the portfolio turnover rate of the Fund was 128% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.

In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality ("junk bonds"). The Fund may invest in foreign companies in both developed and emerging markets.

The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds ("ETFs"). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security's income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.

When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund's investments in cash or money market instruments to protect the Fund's assets and maintain liquidity. When the Fund's investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.

The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.

As a result of the Fund's investment style, the Fund, from time to time, will engage in frequent trading.

**Principal Risks**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Convertible Securities Risk** – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**High Yield Bond Risk** – High yield bonds (often called "junk bonds") are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Fixed Income Risk** – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. 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. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or "junk bonds." Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Foreign Securities Risk** – Investing in foreign securities poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Liquidity risk is described elsewhere in this section. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Short Sales Risk –** A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Warrants Risk** – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Large-Capitalization Company Risk** – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Preferred Stock Risk** – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Regional Focus Risk** – To the extent that it focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value ("NAV") and the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Frequent Trading Risk –** The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.

**Quantitative Security Selection Risk –** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes and securities selection could be adversely affected if it relies on erroneous or outdated data. In addition, securities selected using the quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends.

**Performance Information**

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and since inception of the Fund compare with those of the FTSE 1-Month U.S. Treasury Bill Index. The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Alternative Income Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).

![](pro-whgqx_006.jpg)

\* The Fund's year-to-date return through December 31, 2022 was (1.12)%.

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **3.55%** | **(2.73)%** |
| **(12/31/2020)** | **(3/31/2020)** |

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***Average Annual Total Returns for Periods Ended December 31, 2022***

This table compares the Fund's Ultra Shares' average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad-based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | |
|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND – ULTRA** | **1 Year** | **5 Years** | **Since Inception**<br> **(May 1, 2015)** |
| **Fund Returns Before Taxes** | (1.12)% | 3.64% | 3.16% |
| **Fund Returns After Taxes on Distributions** | (7.08)% | 1.56% | 1.45% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** | (0.67)% | 1.94% | 1.71% |
| **FTSE 1-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)** | 1.48% | 1.20% | 0.91% |

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**Investment Adviser**

Westwood Management Corp. is the Fund's investment adviser.

**Portfolio Managers**

Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios, has managed the Fund since 2020.\*

Mr. Christopher Hartman, Vice President Portfolio Manager of the Multi-Asset Portfolios, has managed the Fund since 2021.\*

\* Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" section of the Prospectus.*

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation**

**Purchase and Sale of Fund Shares**

To purchase Ultra Shares of a Fund for the first time, you must invest at least $1,000,000. There is no minimum for subsequent investments.

Ultra Shares of the Funds are offered exclusively to:

● employer retirement plans;

● health savings accounts under section 223 of the Internal Revenue Code of 1986, as amended (the "Code"), if such accounts are maintained by the Funds at an omnibus level;

● endowments and foundations and local, city and state agencies (or entities acting on their behalf);

● unaffiliated registered investment companies;

● collective investment trusts;

● banks and trust companies or law firms acting as trustee or manager for trust accounts;

● insurance companies; and

● Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 or telephone at 1-877-FUND-WHG (1-877-386-3944) or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

**Tax Information**

Each Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**More Information about Risks**

Investing in each Fund involves risk and there is no guarantee that each Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which they trade. Although each Fund is diversified, the effect on the Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

The following is a list of principal risks ("X") and some non-principal risks ("NP") that may apply to your investment in a Fund, followed by a description of each risk. Unless otherwise noted, in this section, references to a single Fund apply equally to all applicable Funds. Further information about each Fund's investment risks is available in the Funds' Statement of Additional Information (the "SAI"):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **SMidCap Fund** | **SmallCap Fund** | **AllCap Fund** | **Income Opportunity Fund** | **Alternative Income Fund** |
| Absolute Return Strategy Risk | | | | | | X |
| Convertible Securities Risk | | | | NP | X | X |
| Derivatives Risk | | | | NP | X | X |
| Emerging Markets Securities Risk | | | | NP | | X |
| Energy Sector Risk | X | X | X | X | X | |
| Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk | | | | | X | |
| Equity Risk | X | X | X | X | X | X |
| ETF Risk | | X | X | NP | X | X |
| Fixed Income Risk | | | | | X | X |
| Foreign Company Risk | X | X | X | | X | |
| Foreign Currency Risk | X | X | X | NP | X | X |
| Foreign Securities Risk | | | | NP | | X |
| Frequent Trading Risk | | | | | X | X |
| High Yield ("Junk") Bond Risk | | | | | X | X |
| Investment Style Risk | X | X | X | X | | |
| Initial Public Offerings (IPOs) | | | | NP | | |
| Large-Capitalization Company Risk | X | | | X | X | X |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Value Fund** | **SMidCap Fund** | **SmallCap Fund** | **AllCap Fund** | **Income Opportunity Fund** | **Alternative Income Fund** |
| LIBOR Replacement Risk | | | | | X | |
| Liquidity Risk | | | | | X | X |
| Management Style Risk | | | | X | | |
| Market Risk | X | X | X | X | X | X |
| Micro-Capitalization Company Risk | | | | | X | |
| MLP Risk | X | X | X | X | X | |
| Additional Information Related to Taxation of MLPs | X | X | X | X | | |
| Money Market Instruments Risk | | | | NP | | X |
| New Fund Risk | | | | X | | |
| Portfolio Turnover Risk | | | | | | X |
| Preferred Stock Risk | | | | NP | | X |
| Quantitative Security Selection Risk | | | | | | X |
| Regional Focus Risk | | | | | | X |
| REIT Risk | X | X | X | X | X | |
| Royalty Trust Risk | | | | NP | | |
| Short Sales Risk | | | | | | X |
| Small-Capitalization Company Risk | | | X | | | |
| Small- and Mid-Capitalization Company Risk | | X | | X | X | X |
| Value Investing Risk | X | X | X | X | | |
| Warrants Risk | | | | NP | X | X |

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**Absolute Return Strategy Risk –** The Fund's absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund's short positions may significantly impact the Fund's overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund's overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund's exposure to market movements, and as a result, the Fund's performance may reflect general market movements.

**Convertible Securities Risk** – Convertible securities are fixed income securities, preferred stocks or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

**Derivatives Risk** – The Fund's use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify a Fund's gains or losses. There are various factors that affect a Fund's ability to achieve its investment objective(s) with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly or at all with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its investment objective(s) or to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

*Forward Contracts*. A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

*Futures Contracts*. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge. Such lack of correlation may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded.

While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. For example, futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading. Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous.

*Options*. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying instrument rather than only the premium payment received (which could result in a potentially unlimited loss). If a Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. If a Fund writes a "covered" put option (i.e., a put option on a security in which the Fund holds a short position), the Fund may not participate fully in a decline in market value of the underlying security. Over-the-counter options also involve counterparty risk.

*Swaps*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund may also invest in credit default swap indexes, which are designed to track representative segments of the credit default swap market and provide investors with exposure to specific baskets of issuers. Credit default swaps and credit default swap indexes are subject to the general risks of swaps described above.

**Emerging Markets Securities Risk**– The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Energy Sector Risk –** Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation or use of alternative fuel sources, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, or terrorist threats or attacks, among others. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. Factors adversely affecting producers, refiners, distributors, or others in the energy sector may affect adversely companies that service or supply those entities, either because demand for those services or products is curtailed, or those services or products come under price pressure. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector's potential exposure to sustainability and environmental concerns.

**Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs") Risk –** ETCs are typically issued by railroads, airlines or other transportation firms, and the proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of ETCs. EETCs are similar to ETCs, except that the security has been divided into two or more classes, each with different payment priorities and asset claims. Holders of ETCs and EETCs must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically.

**Equity Risk** – Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, interests in master limited partnerships ("MLPs") and royalty trusts, shares of real estate investment trusts (REITs") and American Depositary Receipts ("ADRs"), as well as shares of exchange-traded funds ("ETFs") that attempt to track the price movement of equity indices. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. Investments in equity securities, in general, are subject to market risks that may cause their prices to fluctuate over time. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, has resulted in significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment. The U.S. Federal Reserve and the U.S. government have taken numerous measures to address the economic impact of the COVID-19 pandemic and to stimulate the U.S. economy. The ultimate effects of these and other efforts that may be taken may not be known for some time. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Even investments in high quality or "blue chip" stocks can be negatively impacted by poor overall market and economic conditions. COVID-19 also lead to production cutbacks for many companies and coupled with changes in consumer spending fueled by government stimulus, created a supply/demand imbalance and resulted in higher inflation. Inflation negatively affected the prices of higher growth companies (longer duration assets) and benefited higher dividend-paying equities (lower duration assets). Any such impact could adversely affect the value and liquidity of a Fund's investments, limit severely a Fund's investment opportunity set, impact a Fund's ability to satisfy redemption requests, and negatively impact a Fund's performance. In addition, the outbreak of COVID-19 or similar infectious diseases, and measures taken to mitigate their effects, could result in disruptions to the services provided to a Fund by its service providers, leading to operational delays and failures and additional investment losses. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ETF Risk** – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that a Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of a Fund. Accordingly, a Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

**Fixed Income Risk** – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. This risk may be heightened given the likelihood of increases in interest rates in the future as the Federal Reserve continues to increase the federal funds rate after a period of historically low rates. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Foreign Company Risk –** Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk** – Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

**Foreign Securities Risk** – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities, such as individual country risk, currency exchange risk, volatility risk, inflation risk, and liquidity risk.

**Frequent Trading Risk** – The Fund's frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund's portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.

**High Yield ("Junk") Bond Risk** – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Investment Style Risk *–*** The Fund pursues, at least in part, a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Initial Public Offerings (IPOs) -** The Fund may invest in securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in companies with smaller market capitalizations and often to a heightened degree. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to a Fund. There is no assurance that any particular IPO will be successful, or that any gains will be sustainable. Investors should not rely on past gains attributable to IPOs as an indication of future performance.

**Large-Capitalization Company Risk** –Large-capitalization companies are those above $5 billion capitalization value at the time of purchase. The large-capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**LIBOR Replacement Risk –** The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Over the last several years, global regulators have indicated an intent to phase out the use of LIBOR. The administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and will cease publication of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which will replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Liquidity Risk –** Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. In addition, at times all or a large portion of segments of the market may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market where frequent and large purchase and sale transactions of a security occur without significantly affecting the price of that security, it may be difficult to value and impossible to sell these investments, and a Fund may have to sell such an investment at a price or time that is not advantageous in order to meet redemptions or other cash needs. The price of illiquid securities may be more volatile than more liquid investments.

**Management Style Risk –** The portfolio manager's method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser's investment process and there is no guarantee that the Adviser's judgments about the attractiveness, value and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.

**Market Risk** – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any military action, epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The duration and lasting impact of the COVID-19 outbreak is unclear and may not be fully known for some time. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets, the lasting impact of which may not be fully know for some time.

**Micro-Capitalization Company Risk *–*** Micro-capitalization companies are those with a capitalization range of the Russell Microcap Index, and while the market capitalization range of the Russell Microcap Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $3.96 million and $5.10 billion. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

**MLP Risk** – MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses. MLP operating expenses are not reflected in the fee tables and examples in this Prospectus. MLPs may be negatively affected by the COVID-19 pandemic or military actions. As with other serious economic disruptions, government authorities and regulators have responded to this crisis with significant government regulation and intervention, including quarantines, travel restrictions, temporary business closures and other similar protective actions. As a result, the COVID-19 pandemic has impacted the volume of products sold, the level of services provided by midstream companies and the supply and demand for hydrocarbon products. In addition, the disruption of a company's operations due to labor constraints or a supply disruption of required maintenance items can negatively affect MLPs, which could adversely affect the value of the Fund's investment in MLPs and negatively impact the Fund's performance. Likewise, the Russian invasion of Ukraine in early 2022 caused increased volatility in various financial markets. In response to the invasion, government authorities and regulators imposed sanctions on Russia that ultimately affected the global economy. The continuation of this conflict and corresponding sanctions could adversely affect the Fund.

**Additional Information Related to Taxation of MLPs** – MLPs generally do not pay U.S. federal income tax at the partnership level. Rather, each partner in an MLP is allocated a share of the MLP's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the Fund and lower income.

If an MLP is treated as a partnership, then for each tax year, the MLP will allocate its net profits and net losses (and corresponding tax items) to its partners in accordance with its partnership agreement. The allocation occurs whether or not the MLP makes a distribution to its partners. Each partner in the MLP reports its share of the tax items on its income tax return. If an MLP makes a cash distribution to a partner, then the partner recognizes no income from the distribution if the amount of the distribution is equal to or less than the partner's adjusted tax basis in its ownership interest. Any cash distributed in excess of the partner's adjusted tax basis is taxed as capital gain. A partner's adjusted tax basis in its MLP interest is the value of its initial contribution to the MLP, plus annual allocations of income and any additional capital contributions made by a partner to the MLP, minus annual allocations of losses and deductions and any distributions to the partners. In general, any gain or loss from the sale of an ownership interest in an MLP is capital gain or loss. However, some of the gain may be ordinary income if the MLP holds certain ordinary income producing assets, such as depreciable tangible personal property and certain contracts.

Unlike direct investments in MLPs, income and losses from the Fund's investments in MLPs will not directly flow through to the personal tax returns of shareholders. Rather, the Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. If additional information becomes available regarding the characterization of a distribution after 1099s have been printed and mailed, it may be necessary to provide shareholders with a corrected 1099.

**Money Market Instruments Risk** – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for a Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent a Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit a Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**New Fund Risk *–*** The Fund was formed in 2021 and has a limited operating history. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy or growing to an economically viable size.

**Portfolio Turnover Risk –** Due to its investment strategy, the Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Preferred Stock Risk** – The Fund may invest in preferred stocks. Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Quantitative Security Selection Risk -** The Adviser uses a quantitative model as a part of the Fund's investment strategy, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic, and changes in the characteristic's historical trends. The factors used in such analyses may not be predictive of a security's value, and its effectiveness can change over time. These changes may not be reflected in the quantitative model. In addition, data for some issuers may be less available and/or less current than data for issuers in other markets.

**Regional Focus Risk –** To the extent that the Fund focuses its investments in a particular geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, a Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee tables and examples in this Prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). REITs have been and may continue to be negatively affected by the COVID pandemic. As with other serious economic disruptions, government authorities and regulators are responding to this crisis with significant political, fiscal and monetary policy changes, including moratoriums on rents and evictions. Further, the COVID pandemic has weakened the financial condition of many tenants that could result in tenants seeking the protection of bankruptcy or insolvency laws, which could result in the rejection and termination of leases and thereby causing a reduction in rent payments. Lower rental income as a result of any of these situations can negatively affect a REIT, which could adversely affect the value of the Fund's investment in the REIT and negatively impact the Fund's performance.

**Royalty Trust Risk –** The Fund may invest in royalty trusts. A royalty trust generally acquires an interest in natural resource companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields. The Fund's investment in royalty trusts may result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the royalty trusts' operating expenses, in addition to paying Fund expenses. Royalty trust operating expenses are not reflected in the fee table and example in the Prospectus.

**Short Sales Risk** – Short sales are transactions in which a Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to an unlimited loss. The risk of such price increases is the principal risk of engaging in short sales.

In addition, a Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, a Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when a Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. Furthermore, a Fund may be required to pay a premium or interest to the lender of the security. The forgoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. A Fund is also required to segregate other assets on its books to cover its obligation to return the security to the lender which means that those other assets may not be available to meet the Fund's needs for immediate cash or other liquidity.

**Small-Capitalization Company Risk** – The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Small- and Mid-Capitalization Company Risk** – Small-capitalization companies are those with a capitalization range of the Russell 2000<sup>®</sup> Index, and while the market capitalization range of the Russell 2000<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $7.93 billion. Small-and mid-capitalization companies are those with a capitalization range of the Russell 2500<sup>®</sup> Index, and while the market capitalization range of the Russell 2500<sup>®</sup> Index changes throughout the year, as of the most recent annual reconstitution of the index on December 31, 2022, the market capitalization range of the companies in the index was between $6.07 million and $20.36 billion. The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Value Investing Risk –** Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value, either because the market fails to recognize what the Adviser considers to be the company's true business value or because the Adviser's assessment of the company's prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance.

**Warrants Risk –** The Fund may invest in warrants. Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.

**More Information about Fund Investment Objectives and Principal Investment Strategies**

**Investment Objectives**

The investment objective of the Value Fund, SMidCap Fund, the SmallCap Fund, and the AllCap Fund is to seek long-term capital appreciation.

The primary investment objective of the Income Opportunity Fund is to provide current income. A secondary investment objective of the Income Opportunity Fund is to provide the opportunity for long-term capital appreciation.

The investment objective of the Alternative Income Fund seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

The investment objectives of the Value Fund, SMidCap Fund and the SmallCap Fund are fundamental and cannot be changed without shareholder approval. The investment objectives of the AllCap Fund, Income Opportunity Fund and the Alternative Income Fund may be changed without shareholder approval, upon 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

In addition to each Fund's principal investment strategies as described above in the Fund's "Principal Investment Strategies", additional discussion regarding the AllCap Fund's and Alternative Income Fund's principal investment strategies are set forth below.

The Alternative Income strategy seeks to provide absolute returns through a combination of current income and capital appreciation with a low correlation to equity and fixed income markets. The Adviser's market-neutral approach is built on an alternative methodology that combines shorter-dated, yield-oriented securities with convertible arbitrage and macro hedging. The Adviser's portfolio management team employs a quantitative and fundamental approach to identify convertible bonds with shorter maturities that can generate attractive yields and the potential for capital appreciation as a result of mispriced volatility in the market. The portfolio management team then incorporates a convertible arbitrage strategy that the Adviser believes can take advantage of market dislocations and arbitrage opportunities, including earnings catalysts, credit ratings, and mergers. As a fixed income alternative, the Adviser's philosophy is grounded in managing downside risks and embracing market volatility as a source of return akin to what traditional fixed income investors require to balance total portfolio risk. Additionally, the Adviser's methodology consistently implements an active macro hedging strategy that is intended to mitigate residual systematic risks in the portfolio, including interest rates, credit, equity, and currency. The investment discipline and portfolio construction process are designed to generate absolute returns regardless of the direction of the market to serve as a complement to traditional income allocations.

The AllCap Fund seeks to achieve its investment objective by investing in securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. Generally, the universe of securities from which the Adviser selects investments will encompass companies of all market capitalizations greater than $100 million at the time of purchase. The equity securities in which the Fund invests are primarily common stocks, real estate investment trusts ("REITs"), and master limited partnerships ("MLPs"). The AllCap Fund's investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.

Under normal conditions, the AllCap Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. As the Adviser constructs the Fund's portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The AllCap Fund will not invest more than 25% of its assets in MLPs. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company's fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.

The AllCap Fund may invest in exchange-traded Funds ("ETFs") as a non-principal investment strategy. The AllCap Fund may invest in ETFs to replicate the returns that would have been earned by investing cash in an index with the risk and return characteristics similar to those of the AllCap Fund.

The AllCap Fund may also invest in IPOs and money market instruments as a non-principal investment strategy.

The AllCap Fund may invest in securities of foreign companies and American Depositary Receipts ("ADRs") as a non-principal investment strategy.

The AllCap Fund may also invest in warrants, preferred stocks and convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the AllCap Fund would be an equity owner of the particular company as a common stockholder.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective(s). If a Fund invests in this manner, it may not achieve its investment objective(s). The Funds will only do so if the Adviser believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

This Prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this Prospectus, are described in detail in the Funds' SAI (for information on how to obtain a copy of the SAI see the back cover of this Prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

**Information about Portfolio Holdings**

A description of the Funds' policy and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI. Within 10 days of the end of each calendar quarter, each Fund will post its complete portfolio holdings on the internet at www.westwoodfunds.com. This information will generally remain available until it is replaced by new portfolio holdings information as described above. The Adviser may exclude any portion of a Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. Nevertheless, as described in the SAI, each Fund will disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter.

**Investment Adviser**

Westwood Management Corp., a New York corporation formed in 1983, serves as the investment adviser to the Funds and other registered investment companies. The Adviser's principal place of business is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201. The Adviser is a wholly-owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2022, the Adviser had approximately $11.91 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board supervises the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the Value Fund, SMidCap Fund, SmallCap Fund, AllCap Fund and Income Opportunity Fund, the Adviser is entitled to a management fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the applicable Fund, as set forth in the table below.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.50%<sup>1</sup> |
| *Westwood Quality SMidCap Fund* | 0.75% |
| *Westwood Quality SmallCap Fund* | 0.85% |
| *Westwood Quality AllCap Fund* | 0.45% |
| *Westwood Income Opportunity Fund* | 0.65%<sup>2</sup> |

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<sup>1</sup> Prior to November 30, 2022, the management fee for the Value Fund was 0.60%.

<sup>2</sup> Prior to November 30, 2022, the management fee for the Income Opportunity Fund was 0.75%.

In connection with the Adviser's Sensible Fees™ framework, for its services to the Ultra Shares of the Alternative Income Fund, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of the Ultra Shares of the Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). The Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the Ultra Shares of the Fund during the Performance Period.

The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the Ultra Shares' average daily net assets for each 0.01% by which the performance of the Ultra Shares exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the Ultra Shares' average daily net assets during the Performance Period, which would occur when the performance of the Ultra Shares exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

A Performance Adjustment will not be based on whether the absolute performance of the Ultra Shares is positive or negative, but rather will be based on whether such performance exceeds, or is exceeded by, the performance of the Index Hurdle. The Ultra Shares could pay a Performance Adjustment for positive relative performance even if the Ultra Shares decrease in value, so long as the performance of the Ultra Shares exceeds that of the Index Hurdle. It is possible that, if you buy Ultra Shares of a Fund after the beginning of a Performance Period, you will bear a share of a Performance Adjustment payable by the Ultra Shares based on performance that preceded your purchase and from which you therefore did not benefit.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Ultra Shares of the Value Fund, SMidCap Fund, SmallCap Fund, and Income Opportunity Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of the Ultra Shares of each Fund.

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.55%<sup>1</sup> |
| *Westwood Quality SMidCap Fund* | 0.68% |
| *Westwood Quality SmallCap Fund* | 0.79% |
| *Westwood Quality AllCap Fund* | 0.45% |
| *Westwood Income Opportunity Fund* | 0.74%<sup>2</sup> |

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<sup>1</sup> Prior to November 30, 2022, the Expense Cap for the Value Fund was 0.65%.

<sup>2</sup> Prior to November 2, 2020, the Expense Cap for Income Opportunity Fund was 0.84%.

Unless terminated earlier by the Board, the above contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's Ultra Shares' average daily net assets (the "Management Fee Waiver Agreement"). In addition, pursuant to a separate expense limitation agreement, the Adviser has contractually agreed to reduce its fees and reimburse expenses of the Ultra Shares of the Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.00% of the average daily net assets of the Ultra Shares of the Fund. These contractual agreements shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser may receive from a share class of a Fund the difference between the share class's total annual Fund operating expenses (not including excluded expenses) and the share class's expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than management fee waivers pursuant to the Management Fee Waiver Agreement for the Alternative Income Fund) made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2022, the Adviser received advisory fees (after fee reductions) as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| *Westwood Quality Value Fund* | 0.56% |
| *Westwood Quality SMidCap Fund* | 0.60% |
| *Westwood Quality SmallCap Fund* | 0.73% |
| *Westwood Quality AllCap Fund* | 0.56% |
| *Westwood Income Opportunity Fund* | 0.75% |
| *Westwood Alternative Income Fund* | 0.75% |

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A discussion of the factors considered by the Board in its approval of the investment advisory agreement with the Adviser for the AllCap Fund, including the Board's conclusions with respect thereto, is available in the Annual Report for the AllCap Fund for the period ended October 31, 2021. A discussion of the factors considered by the Board in its approval of the investment advisory agreement with the Adviser for the other Funds, including the Board's conclusions with respect thereto, is available in the Funds' Semi-Annual Report to Shareholders, for the period ended April 30, 2022.

**Portfolio Managers**

Each Fund is managed by a portfolio management team of one or more portfolio managers, and the members of a Fund's portfolio management team are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. The investment process for the Funds is driven by proprietary team-oriented, in-depth, fundamental research. Weekly research meetings provide a forum where the Adviser's investment professionals discuss current investment ideas within their assigned industries. Generally, the entire portfolio management team, or a sub-set of the team, then debates the merits of recommendations, taking into account the prevailing market environment, the portfolio's current composition, and the relative value of alternative investments. Investment decisions are generally made by majority agreement of the portfolio management team. The Adviser has identified the following team members as those with the most significant responsibility for each Fund's assets. This list does not include all members of the investment team.

Mr. Scott Barnard, CFA, has served as Vice President for the Adviser since joining the Adviser in 2020. Prior to joining the Adviser, Mr. Barnard was an Associate Portfolio Manager at Amundi Pioneer. Mr. Barnard helped design, launch and manage numerous customized investment solutions for both institutional and retail clients during his time at Amundi Pioneer. During his 14-year Amundi tenure, Mr. Barnard also co-created a risk management solution that was utilized across the entire firm for all fixed income portfolios. Mr. Barnard graduated with a BS in Finance from the University of Colorado at Boulder. He is a member of the CFA Institute. Mr. Barnard has served on the portfolio team for the Income Opportunity Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Barnard participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Barnard has more than 14 years of investment experience.

Mr. William E. Costello, CFA, currently serves as Senior Vice President, Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Senior Research Analyst for the Adviser from July 2010 to 2018. Prior to joining the Adviser, Mr. Costello was a Portfolio Manager and Director of Research at the Boston Company, where he worked from 1997 to 2009, and he worked at Delphi Management as a generalist equity analyst from 1992 until 1997. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010 and has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2018. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Costello has more than 33 years of investment experience.

Mr. Christopher Hartman joined the Adviser in 2021 and currently serves as Vice President, Portfolio Manager on the Multi-Asset Portfolios. Prior to joining the Adviser, Mr. Hartman served as Senior Portfolio Manager – Convertible Arbitrage at Aegon Asset Management in Chicago, where he was responsible for portfolio management of Aegon Asset Management Market Neutral Fund and the Legacy Convertible Insurance product strategy. Mr. Hartman also focused on convertible arbitrage and managed long-only convertible bonds. Prior to that, Mr. Hartman spent 17 years at Calamos Investments, eight of which he served as Senior Vice President, Portfolio Manager of the Calamos Market Neutral Fund. Mr. Hartman earned his MBA in Finance from Benedictine University and his BA in Economics from Southern Illinois University. Mr. Hartman has served on the portfolio team for the Alternative Income Fund since 2021. Mr. Hartman participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Hartman has more than 24 years of investment experience.

Mr. Adrian Helfert has served as Senior Vice President and Chief Investment Officer of Multi-Asset Portfolios for the Adviser since February 2020. Prior to this appointment, he served as Senior Vice President and Director of Multi-Asset Portfolios for the Adviser since joining the Adviser in January 2019. He is responsible for leading the firm's multi-asset strategies team, which includes Income Opportunity and Flexible Income strategies, as well as Global Convertibles and Fixed Income strategies. Prior to joining the Adviser, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios. Prior to joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and in JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic. Mr. Helfert has served on the portfolio team for the Income Opportunity Fund since its inception in 2021 and for its respective Predecessor Fund since 2019 and the portfolio team for the Alternative Income Fund since its inception in 2021 and for its respective Predecessor Fund since 2020. Mr. Helfert participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Helfert has more than 20 years of investment experience.

Mr. Prashant Inamdar, CFA, has served as Senior Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser since joining the Adviser in June 2013 until February 2018. Prior to joining the Adviser, Mr. Inamdar served as Senior Analyst at 3 Twelve Capital from 2012 to 2013. From 2010 to 2012, Mr. Inamdar served as a Vice President of Research at Chilton Investment Company, and from 2000 to 2009, he served as a Securities Analyst at Stark Investments. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Inamdar has more than 21 years of investment experience.

Ms. Lauren Hill, CFA, has served as Senior Vice President, Research Analyst & Portfolio Manager since joining the Adviser in 2015. She is also a member of the Consumer/Health Care and Technology/Industrials research groups. Prior to joining the Adviser, Ms. Hill spent 11 years working in equity research in New York. She served as a Generalist with Northern Border Investments and Cantillon Capital and as a Financials and Utilities Analyst with J.P. Morgan Asset Management. Prior to that, she worked as an Associate at Sanford Bernstein. Ms. Hill earned her MBA with Honors from Columbia Business School where she participated in the Value Investing Program. She earned her BBA in Finance and Accounting with Honors from Southern Methodist University. Ms. Hill is a member of the CFA Institute and the CFA Society of Dallas-Ft. Worth. She has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2020 and the portfolio team for the AllCap Fund since February 2022. Ms. Hill participates in the investment decision process. She has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Ms. Hill has more than 17 years of investment experience.

Mr. Kyle Martin, CFA, joined the Adviser in 2016 and currently serves as Vice President and Research Analyst responsible for coverage of Banks, Brokers, Exchanges and Autos. He is also a member of the Financials research group and Technology/Industrials research group. He previously served as a Research Associate supporting the Financials and Energy/Materials research groups. Prior to joining the Adviser, Mr. Martin served as a financial analyst at Fidelity Investments. Mr. Martin earned his MBA in Finance from Southern Methodist University Cox School of Business. He earned his BBA in Finance from Texas Tech University. Mr. Martin is a member of the CFA Institute. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2021. Mr. Martin participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Martin has more than 8 years of investment experience.

Mr. Matthew R. Lockridge currently serves as Senior Vice President, Head of US Value for the Advisor since February, 2022. Prior to this, he served as Co-Director of Equity Portfolios for the Adviser since January 2018. Prior to this appointment, he served as Senior Vice President, Research Analyst for the Adviser from March 2015 to 2018. Prior to this appointment, he served as Vice President, Research Analyst for the Adviser from May 2010 to March 2015. Prior to joining the Adviser, Mr. Lockridge was a Managing Director at Dearborn Partners, L.L.C. from 2004 to 2010, and he was with Deloitte Consulting, L.L.P. from 2001 to 2004, where he worked as a Senior Consultant. He has served on the portfolio team for the Value Fund since its inception in 2021 and for its respective Predecessor Fund since 2012 and the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2010. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Lockridge has more than 19 years of investment experience.

Mr. Frederic G. Rowsey, CFA, has served as Vice President, Research Analyst for the Adviser since February 2018. Prior to this appointment, he served as Associate Vice President, Research Analyst for the Adviser from March 2015 until February 2018. He joined the Adviser in July 2010 as a Research Associate. Prior to joining the Adviser, Mr. Rowsey was a student at Harvard University, graduating in May 2010 with a BA in Economics. Mr. Rowsey is a member of the CFA Institute. He has served on the portfolio team for the SmallCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2013. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors. Mr. Rowsey has more than 11 years of investment experience.

Mr. Grant L. Taber, CFA, has served as Senior Vice President, Research Analyst for the Adviser since May 2015. Prior to this appointment, he served as Vice President, Research Analyst from March 2008 to May 2015. Prior to joining the Adviser, Mr. Taber worked at Bessemer Trust Company from 2004 until 2008, where he served as Vice President, Large Cap Research Analyst. He worked at Bear Stearns from 2001 until 2004, where he served as Senior Associate. He has served on the portfolio team for the SMidCap Fund since its inception in 2021 and for its respective Predecessor Fund since 2008 and the portfolio team for the AllCap Fund since February 2022. He participates in the investment decision process. He has authority to direct trading activity for the Funds and is also responsible for representing the Funds to investors. Mr. Taber has more than 21 years of investment experience.

Mr. Michael Wall has served as Vice President, Research Analyst for the Adviser after McCarthy Group Advisors, LLC, in which he joined in 2004, was acquired by the Adviser. Mr. Wall is responsible for investment research in REITs, Life Insurance and Transportation. He is also a member of the Energy / Utilities and Financials research groups. Mr. Wall began his career at State Street Bank in Kansas City, Missouri, as a Portfolio Accountant and subsequently worked for The SilverStone Group in Omaha, Nebraska, as an Account Manager. Mr. Wall earned an MBA from the University of Nebraska at Omaha and a BS in Accounting from Concordia University. He has served on the portfolio team for the Value Fund since February 2022 and the portfolio team for the AllCap Fund since its inception in 2021. He participates in the investment decision process. He has authority to direct trading activity for the Fund and is also responsible for representing the Fund to investors.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**The Administrator and Transfer Agent**

Ultimus Fund Solutions, LLC ("Ultimus", the "Administrator", or the "Transfer Agent"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Funds' administrator, transfer agent and fund accounting agent. Management and administrative services provided to the Funds by Ultimus include (i) providing office space, equipment and officers and clerical personnel to the Funds, (ii) obtaining valuations, calculating net asset values ("NAVs") and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory reporting services, (v) processing shareholder account transactions and disbursing dividends and other distributions, and (vi) administering custodial and other third-party service provider contracts on behalf of the Funds.

**The Distributor**

Ultimus Fund Distributors, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the Funds' principal underwriter and serves as the exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or other approved entities.

The Funds' SAI has more detailed information about the Adviser and other service providers to the Funds.

**Related Performance Data of the Adviser**

**Performance information for the Adviser's Westwood Quality AllCap Strategy Composite**

The following tables give the related performance of all separate accounts, referred to as the "Composite," managed by the Adviser that have investment objectives, policies, strategies and risks substantially similar to those of the AllCap Fund. The Composite does not reflect all of the firm's assets under management. The data illustrates the past performance of the Adviser in managing substantially similar accounts. **The data does not represent the performance of the Westwood Quality AllCap Fund.** Moreover, the performance shown does not represent the future performance of the AllCap Fund or of the Adviser. There are no material differences between the strategies the Adviser employed to manage the accounts in the Composite and those that will apply to the AllCap Fund and any immaterial difference in the strategies would not have had a material impact on performance, and would not alter the conclusion that the Composite accounts and the AllCap Fund are substantially similar. Moreover, the performance shown does not represent the future performance of the AllCap Fund or of the Adviser.

The manner in which the performance was calculated for the Composite differs from that of registered mutual funds such as the AllCap Fund. If the performance was calculated in accordance with SEC standardized performance methodology, the performance results may have been different. All returns presented were calculated on a total return basis and include all dividends and interest, accrued income, and realized and unrealized gains and losses. "Net of fees" returns reflect the deduction of investment management fees as well as the deduction of any brokerage commissions, execution costs, withholding taxes, sales loads and account fees paid by the accounts included in the Composite, without taking into account federal or state income taxes, while "gross of fees" returns do not reflect the deduction of investment management fees. All fees and expenses, except custodial fees, if any, were included in the calculations. Securities are valued as of trade-date. Accounts in the Composite were under management of the Adviser for the entire reporting period. There was no minimum asset size for inclusion in the Composite and no substantially similar accounts were excluded.

The currency used to express performance in the Composite is U.S. dollars. Performance results are presented both net of fees and gross of fees. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular account. Therefore, the performance information shown below is not necessarily representative of the performance information that typically would be shown for a registered mutual fund.

The performance data below for the Composite was calculated by the Adviser. The performance of the Composite (net of fees) reflects the Adviser's actual account fees and expenses; however, AllCap Fund's fees and expenses are generally expected to be higher than those of the accounts included in the Composite. If AllCap Fund's fees and expenses had been imposed on the accounts included in the Composite, the performance shown below would have been lower. The accounts that are included in the Composite are not subject to the same type of expenses to which the AllCap Fund is subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed by the federal securities and tax laws. Consequently, the performance results for the Composite could have been adversely affected if the accounts in the Composite were subject to the same federal securities and tax laws as the AllCap Fund.

The investment results for the Composite presented below do not represent the performance of the AllCap Fund and is not intended to predict or suggest the future returns of the AllCap Fund. The performance data shown below should not be considered a substitute for the AllCap Fund's own performance information. Investors should be aware that the use of a methodology different than that used below to calculate performance could result in different performance data.

***The following data illustrates the past performance of the Adviser in managing substantially similar accounts and does not represent the performance of the Westwood Quality AllCap Fund.***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total Return (Net of Fees)** | **Total Return (Gross of Fees)** | **Russell 3000 Value® Index<sup>2,3</sup>** | **Number of Portfolios** | **Dispersion<sup>4</sup>** | **Total Assets at End of Period<br> ($ millions)** | **Percentage of Firm Assets** |
| 2015 | (3.20)% | (2.37)% | (4.13)% | 9 | 0.2 | $413.6 | 2.3% |
| 2016 | 12.03% | 12.98% | 18.40% | 6 | 0.3 | $259.3 | 1.4% |
| 2017 | 18.15% | 19.14% | 13.19% | 6 | 0.3 | $286.3 | 1.4% |
| 2018 | (10.49)% | (9.72)% | (8.58)% | 6 | 0.1 | $151.7 | 1.1% |
| 2019 | 27.96% | 29.03% | 26.26% | 5 | N/M\* | $170.9 | 1.4% |
| 2020 | 8.16% | 8.81% | 2.87% | 5 | N/M\* | $194.4 | 2.0% |
| 2021 | 22.26% | 22.98% | 25.37% | 5 | N/M\* | $225.0 | 2.0% |
| 2022 | (4.04)% | (3.45)% | (7.98)% | 7 | N/M\* | $199.0 | 1.8% |

---

\* Not meaningful

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** | **Average Annual Total Returns (since inception through 12/31/2022)** |
| **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** | **Adviser's Composite Returns<sup>1</sup>** |
| **Time Period** | **Net of Fees** | **Gross of Fees** | **Russell 3000 Value® Index<sup>2,3</sup>** |
| 1 Year | (4.04)% | (3.454)% | (7.998)% |
| 5 Years | 7.77% | 8.52% | 6.50% |
| 10 Years | 10.59% | 11.42% | 10.16% |
| Since Inception<sup>5</sup> | 8.99% | 9.62% | 7.96% |

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<sup>1</sup> The calculation of returns is computed on a monthly basis starting June 30, 2002 for the Composite; including accrued dividends and interest income. Actual results may vary depending on level of assets and fee schedule. Westwood claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards.

<sup>2</sup> The Russell 3000 Value<sup>®</sup> Index is an unmanaged index which measures the performance of the large-capitalization sector of the U.S. equity markets. It contains those Russell 3000 Value companies with lower-price-to-book ratios and lower forecasted growth values.

<sup>3</sup> The comparative benchmark returns include interest and dividend income but do not include taxes, potential transaction costs or management fees.

<sup>4</sup> Dispersion is measured using the asset-weighted standard deviation of accounts managed for the entire year. Standard deviation is a statistical measure of the degree to which an individual portfolio's return varies from the median return for the composite. Greater deviation means greater risk to the investor. Dispersion is the range of potential returns an investment yields based on their risk.

<sup>5</sup> Inception date of the Quality AllCap Strategy Composite is June 30, 2002.

**Purchasing, Selling and Exchanging Fund Shares**

This section tells you how to purchase, sell (sometimes called "redeem") and exchange Ultra Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class**

The Funds offer the following classes of shares to investors:

**●** Westwood Quality Value Fund: Institutional Shares, A Class Shares,C Class Shares and Ultra Shares;

● Westwood Quality SMidCap Fund: Institutional Shares and Ultra Shares;

● Westwood Quality SmallCap Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares;

● Westwood Quality AllCap Fund: Institutional Shares and Ultra Shares;

**●** Westwood Income Opportunity Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares; and

● Westwood Alternative Income Fund: Institutional Shares, A Class Shares, C Class Shares and Ultra Shares.

Each share class has its own shareholder eligibility criteria, cost structure and other features. The following summarizes the primary features of Institutional Shares, A Class Shares, C Class Shares and Ultra Shares. Institutional Shares, A Class Shares and C Class Shares are offered in separate prospectuses. Contact your financial intermediary or a Fund for more information about each Fund's share classes and how to choose between them.

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| Institutional Shares | Institutional Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; certain retirement plans established for the benefit of employees and former employees of the Adviser or its affiliates;<br>●&nbsp;&nbsp;&nbsp;&nbsp; defined benefit retirement plans, endowments or foundations;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; investors who purchase shares through asset-based fee programs available through financial intermediaries;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares shareholders purchasing Institutional Shares through the reinvestment of dividends or other distributions. | Initial: $100,000<br>Subsequent: None | Front-End Sales Charge - None<br>Contingent Deferred Sales Charge ("CDSC") - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee<br>– Up to 10% (Value Fund and Income Opportunity Fund)<br>-- up to 0.15% (Alternative Income Fund)<br>- up to 0.20% (SMidCap Fund, SmallCap Fund, AllCap Fund) |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |
| C Class Shares | C Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - 1.00% if redeemed within 12 months of purchase<br>Rule 12b-1 Fee - 1.00%<br>Administrative Services Plan Fee - None<br>C Class Shares automatically convert to A Class Shares after 10 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 10 years. The original purchase date of C Class Shares of a Predecessor Funds will be used to calculate the conversion of C Class Shares to A Class Shares. |

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| | | | |
|:---|:---|:---|:---|
| **Class Name** | **Eligible Investors** | **Investment Minimum** | **Features** |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| A Class Shares | A Class Shares do not have any share class eligibility requirements. | Initial: $1,000<br>Subsequent: None | Front-End Sales Charge:<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 3.00% (Value Fund, Alternative Income Fund, Income Opportunity Fund)<br>●&nbsp;&nbsp;&nbsp;&nbsp; Maximum of 4.00% (SmallCap Fund)<br>CDSC - None<sup>1</sup><br>Rule 12b-1 Fee - 0.25%<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |
| Ultra Shares | Ultra Shares of a Fund are offered exclusively to:<br>●&nbsp;&nbsp;&nbsp;&nbsp; employer retirement plans;<br>●&nbsp;&nbsp;&nbsp;&nbsp; health savings accounts under section 223 of the Code, if such accounts are maintained by the Fund at an omnibus level;<br>●&nbsp;&nbsp;&nbsp;&nbsp; endowments and foundations and local, city and state agencies (or entities acting on their behalf);<br>●&nbsp;&nbsp;&nbsp;&nbsp; unaffiliated registered investment companies;<br>●&nbsp;&nbsp;&nbsp;&nbsp; collective investment trusts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; banks and trust companies or law firms acting as trustee or manager for trust accounts;<br>●&nbsp;&nbsp;&nbsp;&nbsp; insurance companies; and<br>●&nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares shareholders purchasing Ultra Shares through the reinvestment of dividends or other distributions. | Initial: $1,000,000<br>Subsequent: None | Front-End Sales Charge - None<br>CDSC - None<br>Rule 12b-1 Fee - None<br>Administrative Services Plan Fee - None |

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|:---|:---|
| 1 | A Class Shares purchases of $250,000 or more of the Income Opportunity Fund or its Predecessor Fund made on or after September 3, 2019 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Value Fund or its respective Predecessor Fund made on or after March 1, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $250,000 or more of the Alternative Income Fund or its Predecessor Fund may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. A Class Shares purchases of $1,000,000 or more of the SmallCap Fund or its Predecessor Fund made on or after August 4, 2020 may be subject to a 1.00% CDSC if redeemed within 18 months of purchase. |

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An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which classes of shares are available through the intermediary.

A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares, and results in a smaller dollar amount being invested in the Fund than the purchase price you pay (unless you qualify for a waiver or reduction of the sales charge). Each Fund's other share classes do not have a front-end sales charge, so the full amount of your purchase price is invested in those classes. A Class Shares have lower ongoing distribution and shareholder services fees ("Rule 12b-1 Fees") than C Class Shares. Over time, C Class Shares can incur Rule 12b-1 Fees that are equal to or more than the front-end sales charge and Rule 12b-1 Fees you would pay for A Class Shares. Although the full amount of your purchase price of C Class Shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of C Class Shares.

**How to Purchase Fund Shares**

You will ordinarily submit your purchase orders through your securities broker or other financial intermediary through which you opened your shareholder account. To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-877-FUND-WHG (1-877-386-3944) or log on to the Funds' website at www.westwoodfunds.com.

All investments must be made by check, Automated Clearing House ("ACH"), or wire. The Fund does not accept cash, drafts, "starter" checks, travelers checks, credit card checks, post-dated checks, non-U.S. financial institution checks, cashier's checks under $10,000, or money orders. In addition, the Fund does not accept checks made payable to third parties. When shares are purchased by check, the proceeds from the redemption of those shares will not be paid until the purchase check has been converted to federal funds, which could take up to 15 calendar days from the date of purchase. If an order to purchase shares is canceled because your check does not clear, the Transfer Agent will charge a $25 fee against your account, in addition to any resulting losses or other fees incurred by the Fund or the Transfer Agent in the transaction.

By sending your check to the Transfer Agent, please be aware that you are authorizing the Transfer Agent to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Transfer Agent receives your payment in the amount of your check; no additional amount will be added to the total. The transaction will appear on your bank statement. Your original check will be destroyed once processed, and you will not receive your canceled check back. If the Transfer Agent cannot post the transaction electronically, you authorize the Transfer Agent to present an image copy of your check for payment.

The Funds reserve the right to reject any specific purchase order for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons (persons who are citizens of a country other than the U.S. or corporations, partnerships, funds or other entities that are established and organized under the laws of a country other than the U.S.). Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail**

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire**

To open an account by wire or to add to an existing account by wire, call 1-877-FUND-WHG (1-877-386-3944) for additional information and wiring instructions.

The Funds require advance notification of all wire purchases in order to ensure that the wire is received in proper form and that your account is subsequently credited in a timely fashion. Failure to notify the Transfer Agent prior to the transmittal of the bank wire may result in a delay in purchasing shares of a Fund. An order, following proper advance notification to the Transfer Agent, is considered received when a Fund's custodian, receives payment by wire. If your account application was faxed to the Transfer Agent, you must also mail the completed account application to the Transfer Agent on the same day the wire payment is made. See "Opening an Account – By Mail" above. Your financial institution may charge a fee for wiring funds. Shares will be issued at the NAV next computed after receipt of your wire in proper form.

**General Information**

You may purchase shares on any day that the New York Stock Exchange (the "NYSE") is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. Each Fund's price per share will be the next determined NAV per share after the Fund or an authorized institution (defined below) receives your purchase order in proper form. "Proper form" means that the Funds were provided a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive your purchase order in proper form before the close of normal trading on the NYSE. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

**Buying or Selling Shares through a Financial Intermediary**

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of the Funds through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Funds), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to the time each Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact the financial intermediary directly.

**How the Funds Calculate NAV**

The NAV of each Fund is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Currently, the NYSE is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Juneteenth National Independence Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. To calculate NAV, each Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. Each Fund generally values its portfolio securities at their current market values determined based on available market quotations. However, if market quotations are not available or are considered to be unreliable due to market or other events, portfolio securities will be valued at their fair values, as of the close of regular trading on the NYSE, as determined in good faith under procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by each Fund to calculate its NAV are based on the consideration by that Fund of a number of subjective factors and therefore may differ from quoted or published prices for the same securities. To the extent the assets of a Fund are invested in other registered investment companies that are not listed on an exchange that Fund's NAV is calculated based upon the NAVs reported by such registered investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

When valuing fixed income securities with remaining maturities of more than 60 days, the Funds use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Funds may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Your order to purchase or redeem shares is priced at the NAV next calculated after your order is received in proper form by that Fund. An order is considered to be in "proper form" if it includes all necessary information and documentation related to the purchase or redemption request, and, if applicable, payment in full of the purchase amount.

**Purchases In Kind**

Subject to the approval of a Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund's valuation policies. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Purchases**

You can open an account with a Fund with a minimum initial investment of $1,000,000. There is no minimum for subsequent investments. Each Fund may accept initial investments of smaller amounts in its sole discretion. The Transfer Agent may charge a $25 annual account maintenance fee for each retirement account.

**Retirement Plans**

If you own shares of a Fund through an IRA, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Certain transactions within a IRA account, including shares redeemed to return an excess contribution, retirement plan or IRA transfers or hardship withdrawals, IRS re-characterizations and conversions, and account closures, may be subject to a $25.

**Shareholder Statements and Householding**.

The Transfer Agent maintains an account for each shareholder and records all account transactions. You will be sent confirmation statements showing the details of your transactions as they occur. Account statements may be obtained by calling the Fund at 1-877-FUND-WHG (1-877-386-3944) on the days the Fund is open for business. Other account statement requests may be subject to a $25 retrieval fee.

**By Automatic Investment Plan (via ACH)**

You may not open an account via ACH. However, once you have established an account, you can set up an automatic investment plan by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually and annually in amounts of at least $100 per Fund. To cancel or change a plan, write to the Funds at: Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022. Please allow up to 15 days to create the plan and 3 days to cancel or change it.

**How to Sell Your Fund Shares**

If you own your shares directly, you may redeem your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-877-FUND-WHG (1-877-386-3944).

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your sales proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

If the shares to be redeemed have a value of greater than $100,000, or if the payment of the proceeds of a redemption of any amount is to be sent to a person other than the shareholder of record or to an address other than that on record with that Fund, you must have all signatures on written redemption requests guaranteed. If the name(s) or the address on your account has changed within the previous 15 days of your redemption request, the request must be made in writing with your signature guaranteed, regardless of the value of the shares being redeemed. The Transfer Agent will accept signatures guaranteed by a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which participates in the Securities Transfer Agents Medallion Program ("STAMP") sponsored by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in STAMP will not be accepted. A notary public cannot provide a signature guarantee. The Transfer Agent has adopted standards for accepting signature guarantees from the above institutions. The Funds and the Transfer Agent reserve the right to amend these standards at any time without notice.

Redemption requests by corporate and fiduciary shareholders must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the account. Forms of resolutions and other documentation to assist in compliance with the Transfer Agent's procedures may be obtained by calling the Transfer Agent.

The sale price will be the NAV per share next determined after the Funds receive your request in proper form.

**By Mail**

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> P.O. Box 541150<br> Omaha, NE 68154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Funds<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives the order in proper form at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

You may request express delivery of redemption proceeds. Checks requested to be sent via express delivery are subject to a $35 charge from your account.

**By Telephone**

You must first establish the telephone redemption privilege (and, if desired, the wire or ACH redemption privileges) by completing the appropriate sections of the account application. Call 1-877-FUND-WHG (1-877-386-3944) to redeem your shares. Based on your instructions, a Fund will mail your proceeds to you, or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (via ACH)**

If your account balance is at least $500,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Receiving Your Money**

The length of time each Fund typically expects to pay redemption proceeds is the same regardless of whether the payment is made by check, wire or ACH. Each Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, each Fund typically expects to mail the check within one (1) to three (3) business days; and

● For payment by wire or ACH, each Fund typically expects to process the payment within one (1) to three (3) business days.

Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to 7 calendar days as permitted under the 1940 Act. Under unusual circumstances as permitted by the SEC, the Funds may suspend the right of redemption or delay payment of redemption proceeds for more than 7 calendar days. When shares are purchased by check or through ACH, the proceeds from the redemption of those shares will not be paid until the purchase check or ACH transfer has been converted to federal funds, which could take up to 15 calendar days. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account.

**Redemptions In Kind**

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of a Fund's remaining shareholders, a Fund might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Redemptions of Your Shares**

If your account balance drops below $500 because of redemptions, you may be required to sell your shares. The Funds will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If your Alternative Income Fund shares are redeemed for this reason within 30 days of their purchase, the redemption fee will not be applied.

The Funds reserve the right to determine which potential investors qualify as eligible investors for Ultra Shares of the Funds. Ultra Shares of a Fund held by a non-eligible investor are subject to involuntary redemption by the Fund.

**Suspension of Your Right to Sell Your Shares**

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Fund Shares**

At no charge, you may exchange between like share classes or different share classes of any of the Value Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Income Opportunity Fund, or Alternative Income Fund (each a "Westwood Fund") in the Trust (the "Westwood Funds complex"), where offered, by writing to or calling the Fund. Exchanges are subject to the eligibility requirements and the fees and expenses of the share class you exchange into, as set forth in the applicable prospectus. You may only exchange shares between accounts with identical registrations (i.e., the same names and addresses). An exchange between share classes of the same Westwood Fund is not a taxable event. Unless you are investing through a tax-deferred arrangement, an exchange between share classes of different Westwood Funds is a taxable event, and you may recognize a gain or loss for tax purposes.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Telephone Transactions**

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries**

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Payments by the Funds**

The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary.

**Payments by the Adviser**

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies**

**Excessive Trading Policies and Procedures**

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Funds may present risks to the Funds' long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds' investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair values. Although each Fund has procedures designed to determine the fair value of foreign securities for purposes of calculating its NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, Funds that invest in small- and mid-cap securities, which often trade in lower volumes and may be less liquid, may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control.

When monitoring shareholder purchases and redemptions, the Funds do not apply a quantitative definition to frequent trading. Instead the Funds uses a subjective approach that permits it to reject any purchase orders that it believes may be indicative of market timing or disruptive trading. In addition, a redemption fee of 1.00% of the value of the shares sold will be imposed on shares of the Alternative Income Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions discussed below in "Redemption Fees"). The right to reject a purchase order applies to any purchase order, including a purchase order placed by financial intermediaries. The Funds may also modify any terms or conditions of purchases of Fund shares or withdraw all or any part of the offering made by this Prospectus.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds may enter into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), financial intermediaries with whom the Funds have an information sharing agreement are generally obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Redemption Fee (Westwood Alternative Income Fund)**

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of the Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from the Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Fund requests that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Fund. However, the Fund recognizes that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Fund's. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, the Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

The Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

**Customer Identification and Verification**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in proper form (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program**

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**Unclaimed Property**

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-877-FUND-WHG (1-877-386-3944).

**Dividends and Distributions**

The Value Fund, SMidCap Fund, SmallCap Fund and AllCap Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually.

The Income Opportunity and Alternative Income Fund distributes their net investment income quarterly and makes distributions of its net realized capital gains, if any, at least annually.

If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution. You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes**

**Please consult your tax advisor regarding your specific questions about federal, state and local income taxes.** The following is a summary of the U.S. federal income tax consequences of investing in the Funds. This summary is based on current tax laws, which may change. This summary does not apply to shares held in a tax-deferred arrangement, such as an IRA or other tax-qualified plans. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. Such shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, and local tax consequences of investing in the Fund. This summary only applies with respect to U.S. investors in the Funds. Non-U.S. investors are encouraged to read a summary of certain rules applicable to them in the SAI and to consult their tax advisors prior to investing in the Funds.

Each Fund intends to qualify each year for treatment as a regulated investment company for U.S. federal income taxes under Subchapter M of the Code ("RIC"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Fund-level taxation and, consequently, a reduction in income available for distribution to shareholders. In addition, the Fund may be subject to a 4% excise tax if it fails to make sufficient distributions.

In order for a Fund to qualify for taxation as a RIC, the Fund must derive at least 90% of its gross income each taxable year from qualifying income and diversify its assets as described in more detail in the SAI.

Certain investments of a Fund may not generate qualifying income if made directly by such Fund. For example, certain Funds intend to invest in royalty trusts. Depending on the U.S. federal income tax classification of these royalty trusts in which a Fund invests, securities issued by certain royalty trusts (such as royalty trusts which are grantor trusts for U.S. federal income tax purposes) may not produce qualifying income for purposes of the requirements to be treated as a RIC under the Code. Additionally, a Fund may be deemed to directly own the assets of each royalty trust and would need to look to such assets when determining its compliance with the diversification requirements under the Code. Certain Canadian royalty trusts may be treated as corporations for U.S. federal income tax purposes and distributions from such may be qualifying income when received by a Fund. Each Fund will monitor its investments in royalty trusts with the objective of maintaining its continued qualification as a RIC under the Code.

The Funds intend to distribute substantially all of their net investment income and net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds, may be subject to federal, state, and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year. Certain investment strategies of the Funds may limit a particular Fund's ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

You should note that if you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and taxable investors should consult with their tax advisors regarding the tax consequences to them of "buying a dividend".

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. A sale may result in a capital gain or loss to you. The gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or 30 days after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($125,000 if married and filing separately, $250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Certain Funds may invest in MLPs taxed as partnerships. Due to a variety of factors, including significant non-cash deductions such as depreciation and depletion, MLPs have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to such limited partners or members. These excess cash distributions would not be treated as income to a Fund but rather would be treated as a return of capital to the extent of the Fund's basis in the MLP. As a consequence, a Fund may make distributions that exceed its earnings and profits, which would be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in Fund shares and result in a higher capital gain or lower capital loss when the Fund shares are sold. After a shareholder's basis in Fund shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Fund shares will be treated as gain from the sale of the Fund shares.

"Qualified publicly traded partnership income" within the meaning of section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Fund to pass through the special character of "qualified publicly traded partnership income" to shareholders.

MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions, and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your Form 1099 tax reporting statement and, accordingly, send you a corrected Form 1099.

Certain Funds may invest in REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV, Dividends and Distributions ("Form 1099-DIV") to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. If a Fund makes the election, the Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is in the SAI.**

**Additional Information**

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights**

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years or, if shorter, the period of the Funds' operations. The Ultra Shares of the Value Fund and Income Opportunity Fund had not yet commenced operations as of the fiscal year ended October 31, 2022, and therefore there is no comparable information to report. As a result, the financial highlights information presented for the Value Fund and Income Opportunity Fund is of the Fund's Institutional Shares. The financial highlights information presented for the Funds is the financial history of the Ultra Shares of the Funds and for the Value Fund, SMidCap Fund, SmallCap Fund, Income Opportunity Fund, and Alternative Income Fund, their Predecessor Funds, each of which was reorganized into the corresponding Fund after the close of business on November 1, 2021. Certain information reflects financial results for a single Fund (or where applicable, Predecessor Fund) share. The total returns in the tables represent the rate an investor would have earned or lost on an investment in the Fund (or where applicable, the Predecessor Fund) (assuming reinvestment of all dividends and distributions). The information presented in the tables below for the fiscal year ended October 3, 2021 for the AllCap Fund and for the fiscal year ended October 31, 2022 for the Value Fund, SMidCap Fund, SmallCap Fund, AllCap Fund, Income Opportunity Fund and Alternative Income Fund has been audited by BBD, LLP, the independent registered public accountant for the Funds, whose report, along with each Fund's and its respective Predecessor Fund's financial statements, are included in the Funds' October 31, 2022 annual report, which is available upon request by calling the Funds at 1-877-386-3944. The information presented in the tables below for the fiscal year ended October 31, 2021 and earlier for the Value Fund, SMidCap Fund, SmallCap Fund, Income Opportunity Fund and Alternative Income Fund has been audited by Ernst & Young LLP, the independent registered public accountant to their Predecessor Funds.

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **<br>Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **<br> Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets <sup>(c)</sup>** | **Portfolio<br> turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** | **Westwood Quality Value Fund <sup>(1)</sup>** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $15.46 | 0.18 | (0.74) | (0.56) | (0.10) | (2.28) | (2.38) | $12.52 | (4.37)% | $249760 | 0.65% | 0.69% | 1.38% | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.80 | 0.13 | 4.28 | 4.41 | (0.17) | (0.58) | (0.75) | $15.46 | 38.80% | $206730 | 0.65% | 0.76% | 0.91% | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $13.16 | 0.20 | (0.95) | (0.75) | (0.21) | (0.40) | (0.61) | $11.80 | (6.11)% | $172349 | 0.65% | 0.77% | 1.66% | 52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $13.07 | 0.22 | 1.21 | 1.43 | (0.19) | (1.15) | (1.34) | $13.16 | 13.23% | $224664 | 0.65% | 0.73% | 1.8% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $13.10 | 0.20 | 0.62 | 0.82 | (0.15) | (0.70) | (0.85) | $13.07 | 6.30% | $213175 | 0.65% | 0.72% | 1.5% | 49% |
| **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** | **Westwood Quality SMidCap Fund <sup>(2)</sup>** |
| **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $16.62 | 0.11 | (1.44) | (1.33) | (0.14) | (2.25) | (2.39) | $12.90 | (9.41)% | $88909 | 0.68% | 0.83% | 0.80% | 104% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $11.96 | 0.16 | 4.91 | 5.07 | (0.15) | (0.26) | (0.41) | $16.62 | 43.19% | $100933 | 0.68% | 0.9% | 1.00% | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(k)</sup> | $11.44 | - | 0.52 | 0.52 | - | - | - | $11.96 | 4.55 %<sup>(e)</sup> | $2072 | 0.70 %<sup>(f)</sup> | 1.02 %<sup>(f)</sup> | 0.08 %<sup>(f)</sup> | 69 %<sup>(e)</sup> |

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*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(k)* *Represents the period from the commencement of operations (July 31, 2020) through October 31, 2020.* 

*(1)* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.* 

*(2)* *Effective March 1, 2021, Westwood SMIDCap Fund was renamed as Westwood Quality SMIDCap Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income (loss) <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return <sup>(b)</sup>** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets <sup>(c)</sup>** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets <sup>(c)</sup>** | **Portfolio turnover<br> rate <sup>(d)</sup>** |
| **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** | **Westwood Quality SmallCap Fund <sup>(1)</sup>** |
| **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $22.01 | 0.21 | (2.28) | (2.07) | (0.22) | (0.81) | (1.03) | $18.91 | (9.91)% | $511179 | 0.79% | 0.91% | 1.07% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $14.47 | 0.20 | 7.48 | 7.68 | (0.14) |  | (0.14) | $22.01 | 53.29% | $506444 | 0.79% | 0.97% | 0.95% | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2020 <sup>(h)</sup> | $11.72 | 0.05 | 2.70 | 2.75 | - | - | - | $14.47 | 23.46 %<sup>(e)</sup> | $151903 | 0.81 %<sup>(f)</sup> | 1.10 %<sup>(f)</sup> | 0.63 %<sup>(f)</sup> | 67 %<sup>(e)</sup> |
| **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** |
| **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $10.59 | 0.16 | (0.67) | (0.51) | (0.03) | (0.02) | (0.05) | $10.03 | (4.81)% | $21750 | 0.45% | 0.93% | 1.55% | 101% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period Ended October 31, 2021 <sup>(i)</sup> | $10.00 | - | 0.59 | 0.59 | - | - | - | $10.59 | 5.90 %<sup>(e)</sup> | $21715 | 0.45 %<sup>(f)</sup> | 2.07 %<sup>(f)</sup> | 0.44 %<sup>(f)</sup> | 4 %<sup>(e)</sup> |

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*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(h)* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.* 

*(i)* *Represents the period from the commencement of operations (September 30, 2021) through October 31, 2021.* 

*(1)* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA & RATIOS**

**FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>**  | **Net asset value,<br> beginning of<br> period** | **Net investment<br> income <sup>(a)</sup>** | **Net realized<br> and unrealized<br> gains (losses) on<br> investments** | **Total from<br> investment<br> operations** | **Dividends from<br> net investment<br> income** | **Distributions<br> from net realized<br> capital gains** | **Return of capital** | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total<br> return (b)** | **Net assets,<br> end of period (000's)** | **Ratio of total net<br> expenses to average<br> net assets (c)** | **Ratio of total gross<br> expenses to average<br> net assets** | **Ratio of net<br> investment income to<br> average net assets (c)** | **Portfolio<br> turnover<br> rate (d)** |
| **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 |  | $13.92 | 0.30 | (2.19) | (1.89) | (0.28) | (1.16) | (1.44) | $10.59 | (14.97)% | $579772 | 0.81% | 0.81% | 2.52% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 |  | $12.84 | 0.23 | 1.90 | 2.13 | (0.50) | (0.55) | (1.05) | $13.92 | 17.21% | $814633 | 0.85% | 0.86% | 1.68% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 |  | $15.89 | 0.22 | 0.34 | 0.56 | (0.20) | (3.41) | (3.61) | $12.84 | 4.59% | $662612 | 0.89% | 0.89% | 1.69% | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 |  | $15.31 | 0.32 | 1.25 | 1.57 | (0.36) | (0.63) | (0.99) | $15.89 | 10.99% | $1056504 | 0.85% | 0.85% | 2.08% | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 |  | $15.72 | 0.28 | (0.11) | 0.17 | (0.28) | (0.30) | (0.58) | $15.31 | 1.04% | $2408695 | 0.83% | 0.83% | 1.80% | 42% |
| **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** | **Westwood Alternative Income Fund <sup>(1)</sup>** |
| **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** | **Ultra Shares** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | $11.02 | 0.20 | (0.49) | (0.29) | (0.18) | (0.15) |  | (0.33) | $10.40 | (2.69)% | $88734 | 0.20% | 0.34% | 1.95% | 128% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | $10.47 | 0.17 | 0.48 | 0.65 | (0.10) |  |  | (0.10) | $11.02 | 6.26% | $128329 | 0.85% | 1.12% | 1.53% | 125% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2020 | $10.25 | 0.19 | 0.46 | 0.65 | (0.11) | (0.32) |  | (0.43) | $10.47 | 6.54% | $86386 | 0.87% | 1.40% | 1.86% | 137% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2019 | $9.82 | 0.24 | 0.41 | 0.65 | (0.22) |  |  | (0.22) | $10.25 | 6.64% | $31553 | 1.08 %<sup>(h)</sup> | 1.39% | 2.39% | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2018 | $10.13 | 0.19 | (0.29) | (0.10) | (0.18) | - | (0.03) | (0.21) | $9.82 | (1.02)% | $27312 | 1.12 %<sup>(i)</sup> | 1.52% | 1.96% | 88% |

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*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*(a)* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*(b)* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses.* 

*(c)* *Ratio was determined after investment management fee reductions and/or reimbursed expenses.* 

*(d)* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*(h)* *Excluding stock loan fees, and dividends on securities sold short, the ratio of expenses to average net assets would have been 1.12% and 1.05% for Institutional Class and Ultra Class, respectively.* 

*(i)* *Excluding stock loan fees, and dividends on securities sold short, the ratio of expenses to average net assets would have been 1.15% and 1.05% for Institutional Class and Ultra Class, respectively* 

*(1)* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.* 

*The accompanying notes are an integral part of the financial statements.*

**CUSTOMER PRIVACY NOTICE**

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| | | | |
|:---|:---|:---|:---|
| **FACTS** | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? | WHAT DO THE WESTWOOD FUNDS (THE "FUNDS") DO WITH YOUR PERSONAL INFORMATION? |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** |  | ■ | Social Security number |
|  |  | ■ | Assets |
|  |  | ■ | Retirement Assets |
|  |  | ■ | Transaction History |
|  |  | ■ | Checking Account Information |
|  |  | ■ | Purchase History |
|  |  | ■ | Account Balances |
|  |  | ■ | Account Transactions |
|  |  | ■ | Wire Transfer Instructions |
|  | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: | <br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| **How?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Do the <br> Funds share?** | **Can you limit this<br> sharing?** |
| **For our everyday business purposes –**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

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| | |
|:---|:---|
| **Questions?** | Call 1-877-FUND-WHG (1-877-386-3944) |

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| | | |
|:---|:---|:---|
| **Who we are** | | |
| **Who is providing this notice?** | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood Quality SMidCap Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood Alternative Income Fund<br> Westwood Total Return Fund<br> Westwood High Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) | Westwood Quality Value Fund<br> Westwood Quality MidCap Fund<br> Westwood Quality SMidCap Fund<br> Westwood Quality SmallCap Fund<br> Westwood Quality AllCap Fund<br> Westwood Income Opportunity Fund<br> Westwood Alternative Income Fund<br> Westwood Total Return Fund<br> Westwood High Income Fund<br> Westwood SmallCap Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator and Transfer Agent) |
| **What we do** |  |  |
| **How do the Funds protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How do the Funds collect my personal information?** |  |  |
| **How do the Funds collect my personal information?** | ■ | Open an account |
| **How do the Funds collect my personal information?** | ■ | Provide account information |
| **How do the Funds collect my personal information?** | ■ | Give us your contact information |
| **How do the Funds collect my personal information?** | ■ | Make deposits or withdrawals from your account |
| **How do the Funds collect my personal information?** | ■ | Make a wire transfer |
| **How do the Funds collect my personal information?** | ■ | Tell us where to send the money |
| **How do the Funds collect my personal information?** | ■ | Tell us who receives the money |
| **How do the Funds collect my personal information?** | ■ | Show your government-issued ID |
|  | ■ | Show your driver's license |
|  | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you | <br> We also collect your personal information from other companies.<br>We collect your personal information, for example, when you |
| **Why can't I limit all sharing?** |  |  |
| **Why can't I limit all sharing?** | ■ | Sharing for affiliates' everyday business purposes – information about your creditworthiness |
| **Why can't I limit all sharing?** | ■ | Affiliates from using your information to market to you |
|  | ■ | Sharing for nonaffiliates to market to you |
|  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  | <br> State laws and individual companies may give you additional rights to limit sharing.<br>Federal law gives you the right to limit only  |
| **Definitions** |  |  |
| **Affiliates** | &nbsp;&nbsp;&nbsp; *Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. | &nbsp;&nbsp;&nbsp; *Westwood Management Corp., the investment adviser to the Funds, could be deemed to be an affiliate.*<br>Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Nonaffiliates** | &nbsp;&nbsp;&nbsp; *The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies | &nbsp;&nbsp;&nbsp; *The Funds do not share with nonaffiliates so they can market to you.*<br>Companies not related by common ownership or control. They can be financial and nonfinancial companies |
| **Joint marketing** | &nbsp;&nbsp;&nbsp; *The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | &nbsp;&nbsp;&nbsp; *The Funds do not jointly market.*<br>A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |

---

This information is not part of the Prospectus.

**WESTWOOD FUNDS**

**Investment Adviser**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

**Distributor**

Ultimus Fund Distributors, LLC

225 Pictoria Drive

Suite 450

Cincinnati, Ohio 45246

**Legal Counsel**

Kilpatrick Townsend & Stockton LLP

4208 Six Forks Road, Suite 1400

Raleigh, North Carolina 27609

***More information about the Funds is available, without charge, through the following:***

**Statement of Additional Information ("SAI"):** The SAI, dated November 30, 2022, as it may be amended from time to time, includes detailed information about the Funds and the Ultimus Managers Trust. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** These reports, when available, will list the Funds' holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.

**To Obtain an SAI, Annual or Semi-Annual Report, or More Information:**

---

| | |
|:---|:---|
| ***By Telephone:*** | 1-877-FUND-WHG (1-877-386-3944) |
| ***By Mail:*** | Westwood Funds |
|  | P.O. Box 541150 |
|  | Omaha, NE 68154 |
| ***By Internet:*** | www.westwoodfunds.com |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about the Ultimus Managers Trust, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**Investment Company Act registration No. 811-22680**

**WESTWOOD FUNDS**

**STATEMENT OF ADDITIONAL INFORMATION**

**WESTWOOD QUALITY VALUE FUND**

**(A Class Shares Ticker Symbol: WWLAX)**

**(C Class Shares Ticker Symbol: WWLCX)**

**(Institutional Shares Ticker Symbol: WHGLX)**

**(Ultra Shares Ticker Symbol: WHGQX)**

**WESTWOOD QUALITY MIDCAP FUND**

**(Institutional Shares Ticker Symbol: WWMCX)**

**WESTWOOD QUALITY SMIDCAP FUND**

**(Institutional Shares Ticker Symbol: WHGMX)**

**(Ultra Shares Ticker Symbol: WWSMX)**

**WESTWOOD QUALITY SMALLCAP FUND**

**(A Class Shares Ticker Symbol: WHGAX)**

**(C Class Shares Ticker Symbol: WHGCX)**

**(Institutional Shares Ticker Symbol: WHGSX)**

**(Ultra Shares Ticker Symbol: WWSYX)**

**WESTWOOD QUALITY ALLCAP FUND**

**(Institutional Shares Ticker Symbol: WHGLX)**

**(Ultra Shares Ticker Symbol: WQAUX)**

**WESTWOOD TOTAL RETURN FUND**

**(A Class Shares Ticker Symbol: WWTAX)**

**(C Class Shares Ticker Symbol: WTOCX)**

**(Institutional Shares Ticker Symbol: WLVIX)**

**WESTWOOD INCOME OPPORTUNITY FUND**

**(A Class Shares Ticker Symbol: WWIAX)**

**(C Class Shares Ticker Symbol: WWICX)**

**(Institutional Shares Ticker Symbol: WHGIX)**

**(Ultra Shares Ticker Symbol: WHGOX)**

**WESTWOOD HIGH INCOME FUND**

**(A Class Shares Ticker Symbol: WSDAX)**

**(C Class Shares Ticker Symbol: WWHCX)**

**(Institutional Shares Ticker Symbol: WHGHX)**

**WESTWOOD ALTERNATIVE INCOME FUND**

**(A Class Shares Ticker Symbol: WMNAX)**

**(C Class Shares Ticker Symbol: WWACX)**

**(Institutional Shares Ticker Symbol: WMNIX)**

**(Ultra Shares Ticker Symbol: WMNUX)**

**WESTWOOD SMALLCAP GROWTH FUND**

**(Institutional Shares Ticker Symbol: WSCIX)**

**each, a series of the ULTIMUS MANAGERS TRUST**

**February 28, 2023**

**Investment Adviser:**

**WESTWOOD MANAGEMENT CORP.**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of the Ultimus Managers Trust (the "Trust") and the Westwood Quality Value Fund, the Westwood Quality MidCap Fund, the Westwood Quality SMidCap Fund, the Westwood Quality SmallCap Fund, the Westwood Quality AllCap Fund, the Westwood Total Return Fund, the Westwood Income Opportunity Fund, the Westwood High Income Fund, the Westwood Alternative Income Fund and the Westwood SmallCap Growth Fund (each, a "Fund" and together, the "Funds"). The audited financial statements of the Funds are incorporated into this SAI by reference to the Fund's most recent Annual Report to shareholders. This SAI is incorporated by reference into and should be read in conjunction with the Funds' Institution Shares, A Class Shares, C Class Shares and Ultra Shares prospectuses dated February 28, 2023, as they may be amended from time to time (the "Prospectuses"). Capitalized terms not defined herein are defined in the Prospectuses. Shareholders may obtain copies of the Prospectuses or Semi or Annual Report, once available, free of charge by writing to the Funds at Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022, by calling the Funds at 1-877-FUND-WHG (1-877-386-3944) or by visiting the Funds' website at <u>www.westwoodgroup.com</u>.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| THE TRUST | 1 |
| ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES | 2 |
| DESCRIPTION OF PERMITTED INVESTMENTS | 3 |
| INVESTMENT LIMITATIONS | 36 |
| THE ADVISER | 38 |
| THE PORTFOLIO MANAGERS | 45 |
| THE ADMINISTRATOR | 47 |
| THE DISTRIBUTOR | 49 |
| PAYMENTS TO FINANCIAL INTERMEDIARIES | 50 |
| THE TRANSFER AGENT | 54 |
| THE CUSTODIAN | 54 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 55 |
| LEGAL COUNSEL | 55 |
| SECURITIES LENDING | 56 |
| TRUSTEES AND OFFICERS OF THE TRUST | 57 |
| PURCHASING AND REDEEMING SHARES | 62 |
| DETERMINATION OF NET ASSET VALUE | 63 |
| TAXES | 63 |
| FUND TRANSACTIONS | 75 |
| PORTFOLIO HOLDINGS | 79 |
| DESCRIPTION OF SHARES | 81 |
| LIMITATION OF TRUST AND TRUSTEES' LIABILITY | 81 |
| PROXY VOTING | 82 |
| CODES OF ETHICS | 82 |
| PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS | 83 |
| APPENDIX A – TRUSTEES AND OFFICERS | A-1 |
| APPENDIX B – DESCRIPTION OF RATINGS | B-1 |
| APPENDIX C – TRUST PROXY VOTING POLICIES AND PROCEDURES | C-1 |
| APPENDIX D – ADVISER PROXY VOTING POLICIES AND PROCEDURES | D-1 |

---

i

**THE TRUST**

**General.** Each Fund is a separate series of the Trust, an open-end management investment company. The Trust is an unincorporated business trust organized under Ohio law on February 28, 2012. The Declaration of Trust authorizes the Board of Trustees of the Trust (the "Board" and the individual members, the "Trustees") to divide shares into series, each series relating to a separate portfolio of investments, and to further divide shares of a series into separate classes. The shares of each Fund are currently divided into the classes described in the next section and which are described in the Prospectuses. Additional classes of shares may be created at any time. In the event of a liquidation or dissolution of the Trust or an individual series or class, shareholders of a particular series or class would be entitled to receive the assets available for distribution belonging to such series or class. Shareholders of a series or class are entitled to participate equally in the net distributable assets of the particular series or class involved on liquidation, based on the number of shares of the series or class that are held by each shareholder. If any assets, income, earnings, proceeds, funds, or payments are not readily identifiable as belonging to any particular series or class, the Board shall allocate them among any one or more series or classes as the Board, in its sole discretion, deems fair and equitable. Subject to the Declaration of Trust, determinations by the Board as to the allocation of liabilities, and the allocable portion of any general assets, with respect to the Funds and each Fund's classes, are conclusive.

On November 1, 2021 the Westwood Quality Value Fund, the Westwood Quality SMidCap Fund, the Westwood Quality SmallCap Fund, the Westwood Total Return Fund, the Westwood Income Opportunity Fund, the Westwood High Income Fund and the Westwood Alternative Income Fund assumed the assets and liabilities of its predecessor fund, a series of The Advisors' Inner Circle Fund (each a "Predecessor Fund" and, collectively, the "Predecessor Funds") as shown in the following table pursuant to reorganization with its Predecessor Fund. All historical financial information and other information contained in this SAI relating to the Predecessor Funds (or any classes thereof) for periods ending on or prior to November 1, 2021 is that of its Predecessor Fund (or the corresponding classes thereof).

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| | |
|:---|:---|
| **Fund** | **Predecessor Fund** |
| Westwood Quality Value Fund | Westwood Quality Value Fund |
| Westwood Total Return Fund | Westwood Total Return Fund |
| Westwood Quality SMidCap Fund | Westwood Quality SMidCap Fund |
| Westwood Quality SmallCap Fund | Westwood Quality SmallCap Fund |
| Westwood Income Opportunity Fund | Westwood Income Opportunity Fund |
| Westwood High Income Fund | Westwood High Income Fund |
| Westwood Alternative Income Fund | Westwood Alternative Income Fund |

---

**Description of Multiple Classes of Shares.** The Trust is authorized to offer shares of the Funds in some or all of the following classes: Institutional Shares, A Class Shares, C Class Shares, and Ultra Shares. Other series of the Trust may offer other share classes. The different classes provide for variations in sales charges, certain distribution, and administrative servicing expenses and in the minimum initial investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectuses. The original purchase date of a share class of a Predecessor Fund will be used to calculate any share class conversion or sales loads calculations. The Trust reserves the right to create and issue additional classes of shares. For more information on distribution and administrative servicing expenses, see "Payments to Financial Intermediaries" in this SAI. The Funds are currently offered in the following classes of shares:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Institutional**<br> **Shares** | **A Class Shares** | **C Class Shares** | **Ultra Shares** |
| Westwood Quality Value Fund | X | X | X | X |
| Westwood Quality MidCap Fund | X |  |  |  |
| Westwood Quality SMidCap Fund | X |  |  | X |
| Westwood Quality SmallCap Fund | X | X | X | X |
| Westwood Quality AllCap Fund | X |  |  | X |
| Westwood Total Return Fund | X | X | X |  |
| Westwood Income Opportunity Fund | X | X | X | X |
| Westwood High Income Fund | X | X | X |  |
| Westwood Alternative Income Fund | X | X | X | X |
| Westwood SmallCap Growth Fund | X |  |  |  |

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**History of the Westwood Total Return Fund.** Before the reorganization of the Predecessor Fund to the Westwood Total Return Fund from The Advisors' Inner Circle Fund to the Ultimus Managers Trust, the Predecessor Fund to the Westwood Total Return Fund was the successor to the McCarthy Multi-Cap Stock Fund (the "Initial Predecessor Fund"), a separate registered investment company. The Initial Predecessor Fund was managed by McCarthy Group Advisors, L.L.C. The Initial Predecessor Fund's date of inception was August 6, 2001. The Initial Predecessor Fund reorganized into the Predecessor Fund on February 7, 2011. Substantially all of the assets of the Initial Predecessor Fund were acquired by the Predecessor Fund in connection with its commencement of operations on February 7, 2011.

**Voting Rights.** Shares of the Funds, when issued, are fully paid and non-assessable. Shares have no subscription, preemptive or conversion rights. Shares do not have cumulative voting rights. Shareholders are entitled to one vote for each full share held and a fractional vote for each fractional share held. Shareholders of all series and classes of the Trust, including the Funds, will vote together and not separately, except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interests of the shareholders of a particular series or class. Rule 18f-2 under the Investment Company Act of 1940, as amended (the "1940 Act") provides, in substance, that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each series or class affected by the matter. A series or class is affected by a matter unless it is clear that the interests of each series or class in the matter are substantially identical or that the matter does not affect any interest of the series or class. Under Rule 18f-2, the approval of an investment advisory agreement, a distribution plan, or any change in a fundamental investment policy would be effectively acted upon with respect to a series or class only if approved by a majority of the outstanding shares of such series or class. However, Rule 18f-2 also provides that the ratification of the appointment of independent accountants and the election of Trustees may be effectively acted upon by shareholders of the Trust voting together, without regard to a particular series or class.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES**

Each Fund's investment objective(s) and principal investment strategies are described in the Prospectuses. Each Fund is classified as a "diversified" investment company under the 1940 Act. The following information supplements, and should be read in conjunction with, the Prospectuses.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices of the Funds and the associated risk factors. Each Fund may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by that Fund's stated investment policies, including those stated below.

**Energy Industries Risk** – The profitability of companies in the energy industries is related to worldwide energy prices and costs related to energy production. The energy industries are cyclical and highly dependent on commodity prices. Energy-related companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas). Companies in the energy industries may be adversely affected by natural disasters or other catastrophes. These companies may be at risk for environmental damage claims and other types of litigation. Companies in the energy industries also may be adversely affected by changes in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative perception, efforts at energy conservation and world events in the regions in which the companies operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest). Companies in the energy industries may have significant capital investments in, or engage in transactions involving, emerging market countries, which may heighten these risks.

Investments in energy-related utilities companies involve special considerations, including the risk of changing commodity prices, government regulation and oversight, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing utility services. Utilities companies also are subject to potential terrorist attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. In certain countries, regulatory authorities may also restrict a company's access to new markets, thereby diminishing the company's long-term prospects. The deregulation of certain utility companies may eliminate restrictions on profits but may also subject these companies to greater risks of loss.

**Equity Securities.** Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities, in general, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the net asset value ("NAV") of the Fund to fluctuate. The Funds purchase equity securities traded in the United States on registered exchanges or the over-the-counter market. Equity securities are described in more detail below:

● **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

● **Preferred Stock.** Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

● **Royalty Trusts.** Royalty trusts are structured similarly to real estate investment trusts ("REITs"). A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields. Further, because natural resources are depleting assets, the income producing ability of a royalty trust may eventually be exhausted.

● **Exchange-Traded Funds.** An exchange-traded fund ("ETF") is a fund whose shares are bought and sold on a securities exchange as if it were a single security. An ETF holds a portfolio of securities designed to track a particular market segment or index. Altneratively, an ETF may be actively managed pursuant to a particular investment strategy, similar to other non-index based investment companies. A Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the securities in which the ETF invests, although lack of liquidity in an ETF could result in it being more volatile than the ETF's holdings, and ETFs have management fees that increase their costs versus the costs of owning the underlying holdings directly. See also "Securities of Other Investment Companies" below.

**●** **Warrants.** Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

● **Micro, Small and Medium Capitalization Issuers.** Investing in equity securities of micro, small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of micro and smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of micro and smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

● **Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

● **Contingent Convertible Securities.** A contingent convertible security, or "CoCo", is a type of convertible security typically issued by a non-U.S. bank that, upon the occurrence of a specified trigger event, may be (i) convertible into equity securities of the issuer at a predetermined share price; or (ii) written down in liquidation value. Trigger events are identified in the documents that govern the CoCo and may include a decline in the issuer's capital below a specified threshold level, an increase in the issuer's risk weighted assets, the share price of the issuer falling to a particular level for a certain period of time and certain regulatory events, such as a change in regulatory capital requirements. CoCos are designed to behave like bonds in times of economic health yet absorb losses when the trigger event occurs. CoCos are generally considered speculative and the prices of CoCos may be volatile.

With respect to CoCos that provide for conversion of the CoCo into common shares of the issuer in the event of a trigger event, the conversion would deepen the subordination of the investor, creating a greater risk of loss in the event of bankruptcy. In addition, because the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all). With respect to CoCos that provide for the write down in liquidation value of the CoCo in the event of a trigger event, it is possible that the liquidation value of the CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital levels below a specified threshold, the liquidation value of the CoCo may be reduced in whole or in part. The write-down of the CoCo's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the CoCo is based on par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

**Initial Public Offerings ("IPOs").** A Fund may invest a portion of its assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a Fund with a small asset base. A Fund may hold IPO shares for a very short period of time, which may increase the turnover of a Fund's portfolio and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling IPO shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

The Funds' investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which presents risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines.

**Master Limited Partnerships.** MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for U.S. federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP's interests are concentrated in a particular industry or sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector. MLPs that are formed as limited partnerships generally have two classes of owners, the general partner and limited partners, while MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

The general partner is typically owned by an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**MLP I-Shares.** Issuers of MLP I-Shares use the proceeds from the sale of MLP I-Shares to purchase limited partnership interests in the MLP in the form of MLP i-units. Thus, MLP I-Shares represent an indirect interest in an MLP limited partnership interest. MLP i-units have similar features as MLP common units in terms of voting rights, liquidation preference and distribution. MLP I-Shares themselves have limited voting rights and are similar in that respect to MLP common units. MLP I-Shares differ from MLP common units in a number of respects, including that instead of receiving cash distributions, holders of MLP I-Shares will typically receive distributions of additional MLP I-Shares with a value equal to the cash distributions received by common unit holders. MLP I-Shares are traded on securities exchanges. As discussed further below in the "Taxes" section, a Fund's investment in one or more MLPs that are treated as qualified publicly traded partnerships is limited under the "Asset Test" to no more than 25% of the value of the Fund's assets. However, because certain issuers of MLP I-Shares are treated as corporations and not partnerships for U.S. federal income tax purposes, a Fund's investment in such MLP I-Shares is generally not counted for purposes of this 25% limitation. Unlike an interest in an MLP taxed as a partnership, returns from investments in MLP I-Shares issued by entities taxed as corporations for U.S. federal income tax purposes would be affected by a corporate level tax imposed at the entity level.

**Fixed Income Securities.** Fixed income securities include bonds, notes, debentures and other interest-bearing securities that represent indebtedness. The market value of the fixed income investments in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of these securities will not necessarily affect cash income derived from these securities but will affect a Fund's NAV.

**Zero Coupon Bonds.** These securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. When held to maturity, their entire income, which consists of accretion of discount, comes from the difference between the issue price and their value at maturity. The amount of the discount rate varies depending on factors including the time remaining until maturity, prevailing interest rates, the security's liquidity and the issuer's credit quality. The market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities. A Fund's investments in pay-in-kind, delayed and zero coupon bonds may require it to sell certain of its securities to generate sufficient cash to satisfy certain income distribution requirements.

These securities may include treasury securities, such as Separate Trading of Registered Interest and Principal of Securities ("STRIPS"), that have had their interest payments ("coupons") separated from the underlying principal ("corpus") by their holder, typically a custodian bank or investment brokerage firm. Once the holder of the security has stripped or separated corpus and coupons, it may sell each component separately. The principal or corpus is then sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. Typically, the coupons are sold separately or grouped with other coupons with like maturity dates and sold bundled in such form. The underlying treasury security is held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities which are owned ostensibly by the bearer or holder thereof), in trust on behalf of the owners thereof. Purchasers of stripped obligations acquire, in effect, discount obligations that are economically identical to the zero coupon securities that the U.S. Treasury sells itself.

**Mortgage-Backed Securities.** Mortgage-backed securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by private entities or various governmental and government-related entities. Yield characteristics of mortgage-backed securities differ from those of traditional debt securities in a variety of ways. The most significant differences of mortgage-backed securities are: 1) payments of interest and principal are more frequent (usually monthly) and 2) falling interest rates generally cause individual borrowers to pay off their mortgage earlier than expected, which results in prepayments of principal on the securities, thus forcing a Fund to reinvest the money at a lower interest rate. In addition to risks associated with changes in interest rates described in "Factors Affecting the Value of Debt Securities," a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. When prepayment occurs, a Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Asset-Backed Securities.** These securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

The Funds may also invest in residual interests in asset-backed securities, which consist of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

● **Equipment Trust Certificates ("ETCs") and Enhanced Equipment Trust Certificates ("EETCs").** ETCs and EETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. EETCs are similar to ETCs, except that the securities have been divided into two or more classes, each with different payment priorities and asset claims. ETCs and EETCs are typically issued by specially-created trusts established by airlines, railroads, or other transportation firms. The proceeds of ETCs and EETCs are used to purchase equipment, such as airplanes, railroad cars, or other equipment, which may in turn serve as collateral for the related issue of the ETCs or EETCs, and the title to such equipment is held in trust for the holders of the issue. The equipment generally is leased from the specially-created trust by the airline, railroad or other firm, which makes rental or lease payments to the specially-created trust to provide cash flow for payments to ETC and EETC holders. Holders of ETCs and EETCs must look to the collateral securing the certificates, typically together with a guarantee provided by the lessee firm or its parent company for the payment of lease obligations, in the case of default in the payment of principal and interest on the ETCs or EETCs. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. During periods of deteriorating economic conditions, such as recessions, defaults on payments generally increase, sometimes dramatically. ETCs and EETCs are generally regarded as obligations of the company that is leasing the equipment and may be shown as liabilities in its balance sheet as a capitalized lease in accordance with generally accepted accounting principles. The lessee company, however, does not own the equipment until all the certificates are redeemed and paid. In the event the company defaults under its lease, the trustee may terminate the lease. If another lessee is not available, then payments on the certificates would cease until another lessee is available.

**Trust Preferred Securities.** The Funds may invest in trust preferred securities, which are hybrid instruments issued by a special purpose trust ("Special Trust"), the entire equity interest of which is owned by a single issuer. The proceeds of the issuance to a Fund of trust preferred securities are typically used to purchase a junior subordinated debenture, and distributions from the Special Trust are funded by the payments of principal and interest on the subordinated debenture.

If payments on the underlying junior subordinated debentures held by the Special Trust are deferred by the debenture issuer, the debentures would be treated as original issue discount ("OID") obligations for the remainder of their term. As a result, holders of trust preferred securities, such as a Fund, would be required to accrue daily for U.S. federal income tax purposes their share of the stated interest and the de minimis OID on the debentures (regardless of whether the Fund receives any cash distributions from the Special Trust), and the value of trust preferred securities would likely be negatively affected. Interest payments on the underlying junior subordinated debentures typically may only be deferred if dividends are suspended on both common and preferred stock of the issuer. The underlying junior subordinated debentures generally rank slightly higher in terms of payment priority than both common and preferred securities of the issuer, but rank below other subordinated debentures and debt securities. Trust preferred securities may be subject to mandatory prepayment under certain circumstances. The market values of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act, and, unless and until registered, are restricted securities. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders of trust preferred securities, such as the Funds, to sell their holdings.

**Terms to Understand:**

**Maturity.** Every debt security has a stated maturity date when the issuer must repay the amount it borrowed (principal) from investors. Some debt securities, however, are callable, meaning the issuer can repay the principal earlier, on or after specified dates (call dates). Debt securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate, similar to a homeowner refinancing a mortgage. The effective maturity of a debt security is usually its nearest call date.

A fund that invests in debt securities has no real maturity. Instead, it calculates its weighted average maturity. This number is an average of the effective or anticipated maturity of each debt security held by a fund, with the maturity of each security weighted by the percentage of the assets of the mutual fund it represents.

**Duration.** Duration is a calculation that seeks to measure the price sensitivity of a debt security, or a Fund that invests in debt securities, to changes in interest rates. Duration measures sensitivity more accurately than maturity because it takes into account the time value of cash flows generated over the life of a debt security. Future interest payments and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years–the duration. Effective duration takes into account call features and sinking Fund prepayments that may shorten the life of a debt security.

An effective duration of four years, for example, would suggest that for each 1% reduction in interest rates at all maturity levels, the price of a security is estimated to increase by 4%. An increase in rates by the same magnitude is estimated to reduce the price of the security by 4%. By knowing the yield and the effective duration of a debt security, one can estimate total return based on an expectation of how much interest rates, in general, will change. While serving as a good estimator of prospective returns, effective duration is an imperfect measure.

**Factors Affecting The Value of Debt Securities.** The total return of a debt instrument is composed of two elements: the percentage change in the security's price and interest income earned. The yield to maturity of a debt security estimates its total return only if the price of the debt security remains unchanged during the holding period and coupon interest is reinvested at the same yield to maturity. The total return of a debt instrument, therefore, will be determined not only by how much interest is earned, but also by how much the price of the security and interest rates change.

● **Interest Rates** 

The price of a debt security generally moves in the opposite direction from interest rates (*i.e.,* if interest rates go up, the value of the bond will go down, and vice versa).

● **Prepayment Risk** 

This risk affects mainly mortgage-backed securities. Unlike other debt securities, falling interest rates can adversely affect the value of mortgage-backed securities, which may cause your share price to fall. Lower rates motivate borrowers to pay off the instruments underlying mortgage-backed and asset-backed securities earlier than expected, resulting in prepayments on the securities. A Fund may then have to reinvest the proceeds from such prepayments at lower interest rates, which can reduce its yield. The unexpected timing of mortgage and asset-backed prepayments caused by the variations in interest rates may also shorten or lengthen the average maturity of a Fund. If left unattended, drifts in the average maturity of a Fund can have the unintended effect of increasing or reducing the effective duration of the Fund, which may adversely affect the expected performance of the Fund.

● **Extension Risk** 

The other side of prepayment risk occurs when interest rates are rising. Rising interest rates can cause a Fund's average maturity to lengthen unexpectedly due to a drop in mortgage prepayments. This relationship would increase the sensitivity of a Fund to rising rates as well as the potential for price declines. Extending the average life of a mortgage-backed security increases the risk of depreciation due to future increases in market interest rates. For these reasons, mortgage-backed securities may be less effective than other types of U.S. government securities as a means of "locking in" interest rates.

● **Credit Rating** 

Coupon interest is offered to investors of debt securities as compensation for assuming risk, although short-term treasury securities, such as three-month treasury bills, are considered "risk free." Corporate securities offer higher yields than treasury securities because their payment of interest and complete repayment of principal is less certain. The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risks that the issuer will fail to pay interest and return principal. To compensate investors for taking on increased risk, issuers with lower credit ratings usually offer their investors a higher "risk premium" in the form of higher interest rates than those available from comparable treasury securities.

Changes in investor confidence regarding the certainty of interest and principal payments of a corporate debt security will result in an adjustment to this "risk premium." Since an issuer's outstanding debt carries a fixed coupon, adjustments to the risk premium must occur in the price, which affects the yield to maturity of the bond. If an issuer defaults or becomes unable to honor its financial obligations, the bond may lose some or all of its value.

A security rated within the four highest rating categories by a rating agency is called investment-grade because its issuer is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal. If a security is not rated or is rated under a different system, Westwood Management Corp. (the "Adviser") may determine the credit quality of the security.

Debt securities rated below investment-grade (junk bonds) are highly speculative securities that are usually issued by smaller, less credit-worthy and/or highly leveraged (indebted) companies. A corporation may issue a junk bond because of a corporate restructuring or other similar event. Compared with investment-grade bonds, junk bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business condition of the corporation issuing these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause a Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

Rating agencies are organizations that assign ratings to securities based primarily on the rating agency's assessment of the issuer's financial strength. The Funds currently use ratings compiled by Moody's Investor Services, Inc. ("Moody's"), S&P<sup>®</sup> Global Ratings ("S&P<sup>®</sup>"), Fitch Ratings and other nationally recognized statistical ratings organizations ("NRSROs"). Credit ratings are only an agency's opinion, not an absolute standard of quality, and they do not reflect an evaluation of market risk.

The section "Appendix B – Description of Ratings" contains further information concerning the ratings of certain rating agencies and their significance.

The Adviser may use ratings produced by ratings agencies as guidelines to determine the rating of a security at the time a Fund buys it. A rating agency may change its credit ratings at any time. The Adviser monitors the rating of the security and will take such action, if any, it believes appropriate when it learns that a rating agency has reduced the security's rating.

**Bank Loans.** Bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. A Fund can invest in a bank loan either as a direct lender or through an assignment or participation.

When a Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, a Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the Adviser based on criteria approved by the Board.

A Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations. To the extent that extended settlement creates short-term liquidity needs, a Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to a Fund).

Bank loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

The Adviser may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Fund (and other clients of the Adviser) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, the Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

Unfunded commitments are contractual obligations pursuant to which a Fund agrees in writing to make one or more loans up to a specified amount at one or more future dates. The underlying loan documentation sets out the terms and conditions of the lender's obligation to make the loans as well as the economic terms of such loans. Loan commitments are made pursuant to a term loan, a revolving credit line or a combination thereof. A term loan is generally a loan in a fixed amount that borrowers repay in a scheduled series of repayments or a lump-sum payment at maturity. A revolving credit line permits borrowers to draw down, repay, and reborrow specified amounts on demand. The portion of the amount committed by a lender that the borrower has not drawn down is referred to as "unfunded." Loan commitments may be traded in the secondary market through dealer desks at large commercial and investment banks although these markets are generally not considered liquid. They also are difficult to value. Borrowers pay various fees in connection with loans and related commitments, and typically a Fund receives a commitment fee for amounts that remain unfunded under its commitment.

Unfunded loan commitments expose lenders to credit risk. A lender typically is obligated to advance the unfunded amount of a loan commitment at the borrower's request, subject to satisfaction of certain contractual conditions, such as the absence of a material adverse change. Borrowers with deteriorating creditworthiness may continue to satisfy their contractual conditions and therefore be eligible to borrow at times when the lender might prefer not to lend. In addition, a lender may have assumptions as to when a borrower may draw on an unfunded loan commitment when the lender enters into the commitment. If the borrower does not draw as expected, the commitment may not prove as attractive an investment as originally anticipated.

**Foreign Securities.** Foreign securities include equity securities of foreign entities, obligations of foreign branches of U.S. banks and of foreign banks, including, without limitation, European Certificates of Deposit, European Time Deposits, European Bankers' Acceptances, Canadian Time Deposits, Europaper and Yankee Certificates of Deposit, and investments in Canadian Commercial Paper and foreign securities. These instruments have investment risks that differ in some respects from those related to investments in obligations of U.S. domestic issuers. Such risks include future adverse political and economic developments, the possible imposition of withholding taxes on interest or other income, possible seizure, nationalization, or expropriation of foreign deposits, the possible establishment of exchange controls or taxation at the source, greater fluctuations in value due to changes in exchange rates, or the adoption of other foreign governmental restrictions which might adversely affect the payment of principal and interest on such obligations. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks. Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

**Investments in Emerging Markets.** "Emerging markets" include countries in the MSCI Emerging Markets Index, and other countries that the Funds consider to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. The Funds consider a company to be an emerging market company if (i) at least 50% of the company's assets are located in emerging markets; (ii) at least 50% of the company's revenues are generated in emerging markets; or (iii) the company is domiciled in an emerging market.

Investing in emerging markets involves additional risks and special considerations not typically associated with investing in other more established economies or markets. Such risks may include (i) increased risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty, including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity and smaller capitalization of markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on realization of investments, repatriation of invested capital and on the ability to exchange local currencies for U.S. dollars; (viii) increased likelihood of governmental involvement in and control over the economy; (ix) governmental decisions to cease support of economic reform programs or to impose centrally planned economies; (x) differences in auditing and financial reporting standards which may result in the unavailability of material information about issuers; (xi) less extensive regulation of the markets; (xii) longer settlement periods for transactions and less reliable clearance and custody arrangements; (xiii) less developed corporate laws regarding fiduciary duties of officers and directors and the protection of investors; (xiv) certain considerations regarding the maintenance of a Fund's securities with local brokers and securities depositories and (xv) the imposition of withholding or other taxes on dividends, interest, capital gains, other income or gross sale or disposition proceeds.

Repatriation of investment income, assets and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging market countries. The Funds could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for such repatriation or by withholding taxes imposed by emerging market countries on interest or dividends paid on securities held by the Funds or gains from the disposition of such securities.

In emerging markets, there is often less government supervision and regulation of business and industry practices, stock exchanges, over-the-counter markets, brokers, dealers, counterparties and issuers than in other more established markets. Any regulatory supervision that is in place may be subject to manipulation or control. Some emerging market countries do not have mature legal systems comparable to those of more developed countries. Moreover, the process of legal and regulatory reform may not be proceeding at the same pace as market developments, which could result in investment risk. Legislation to safeguard the rights of private ownership may not yet be in place in certain areas, and there may be the risk of conflict among local, regional and national requirements. In certain cases, the laws and regulations governing investments in securities may not exist or may be subject to inconsistent or arbitrary appreciation or interpretation. Both the independence of judicial systems and their immunity from economic, political or nationalistic influences remain largely untested in many countries. The Funds may also encounter difficulties in pursuing legal remedies or in obtaining and enforcing judgments in local courts.

**American Depositary Receipts.** American Depositary Receipts ("ADRs"), as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depository" and may be sponsored or unsponsored. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a foreign issuer. For other depositary receipts, the depository may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as GDRs and EDRs, may be issued in bearer form and denominated in other currencies, and are generally designed for use in securities markets outside the U.S. While the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts agree to distribute notices of shareholders meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

For purposes of a Fund's investment policies, investments in depositary receipts will be deemed to be investments in the underlying securities. Thus, a depositary receipt representing ownership of common stock will be treated as common stock. Depositary receipts do not eliminate all of the risks associated with directly investing in the securities of foreign issuers.

Investments in the securities of foreign issuers may subject the Funds to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Sovereign Debt Obligations.** Sovereign debt obligations are issued or guaranteed by foreign governments or their agencies. Sovereign debt may be in the form of conventional securities or other types of debt instruments such as loans or loan participations. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and pay interest when due, and may require renegotiation or reschedule of debt payments. In addition, prospects for repayment of principal and payment of interest may depend on political as well as economic factors. Although some sovereign debt, such as Brady Bonds, is collateralized by U.S. government securities, repayment of principal and payment of interest is not guaranteed by the U.S. government.

**Municipal Securities.** Municipal securities, including municipal bonds and municipal notes, consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, for refunding outstanding obligations, for general operating expenses and for lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities.

Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue or special obligation bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Private activity or industrial development bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or -operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking or sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the issuing municipality, but are generally backed by the agreement of the issuing authority to request appropriations from the municipality's legislative body. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement.

Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

**Money Market Securities.** Money market securities include short-term U.S. government securities; custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; commercial paper rated in the highest short-term rating category by an NRSRO, such as S&P or Moody's, or determined by the Adviser to be of comparable quality at the time of purchase; short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and repurchase agreements involving such securities. Each of these money market securities are described below. For a description of ratings, see "Appendix B – Description of Ratings" to this SAI.

**Real Estate Investment Trusts.** A REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level U.S. federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and distribute annually 90% or more of its otherwise taxable income to shareholders.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings; a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Funds invest may concentrate investments in particular geographic regions or property types. Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent. The above factors may adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through a Fund, a shareholder will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders. In addition, REITs could possibly fail to qualify for tax free pass-through of income under the Code or to maintain their exemptions from registration under the 1940 Act.

● **Real Estate Companies' Securities.** The Funds may be subject to the risks associated with the direct ownership of real estate. For example, real estate values may fluctuate as a result of general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, demographic trends and variations in rental income, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhood values, related party risks, changes in how appealing properties are to tenants, changes in interest rates and other real estate capital market influences.

**U.S. Government Securities.** Each Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency. Additionally, some obligations are issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, which are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. Guarantees of principal by U.S. government agencies or instrumentalities may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Funds' shares.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012. The unlimited support the U.S. Treasury extended to the two companies expired at the beginning of 2013 – Fannie Mae's support is now capped at $125 billion and Freddie Mac has a limit of $149 billion.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that the new amendment puts Fannie Mae and Freddie Mac in a better position to service their debt because the companies no longer have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount.

Fannie Mae and Freddie Mac are the subject of several continuing class action lawsuits and investigations by federal regulators over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities is in serious question as the U.S. government reportedly is considering multiple options, ranging from nationalization, privatization, consolidation, or abolishment of the entities.

**U.S. Treasury Obligations.** U.S. Treasury obligations consist of direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, and separately traded interest and principal component parts of such obligations, including those transferable through the Federal book-entry system known as STRIPS. The STRIPS program lets investors hold and trade the individual interest and principal components of eligible Treasury notes and bonds as separate securities. Under the STRIPS program, the principal and interest components are separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.** The Funds may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

● **Bankers' Acceptances *.*** Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

● **Certificates of Deposit *.*** Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid.

**●** **Time Deposits.** Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid investments.

**Repurchase Agreements.** The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which a fund acquires a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Funds will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians.

The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**Reverse Repurchase Agreements.** Reverse repurchase agreements are transactions in which a Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by a Fund. At the time a Fund enters into a reverse repurchase agreement, it will earmark on the books of the Fund or place in a segregated account cash or liquid securities having a value equal to the repurchase price (including accrued interest) and will subsequently monitor the account to ensure that such equivalent value is maintained.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

**Securities of Other Investment Companies.** The Funds may invest in shares of other investment companies, to the extent permitted by applicable law and any applicable exemptive relief, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Funds. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses. Unless an exception is available, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in investment companies, including ETFs.

For hedging or other purposes, the Funds may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. (See "Exchange-Traded Funds" above). The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

The Funds may rely upon any applicable statutory or regulatory exemption in investing in other investment companies. For example, on October 7, 2020, the SEC adopted Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") which allows funds to invest in other investment companies in excess of some of the limitations discussed above, subject to certain limitations and conditions. An acquiring fund relying on Rule 12d1-4 must enter into a fund of funds investment agreement with the acquired fund. Rule 12d1-4 outlines the requirements for fund of funds agreements and specifies certain reporting responsibilities of the acquiring fund's adviser. Rule 12d1-4 became effective January 19, 2021 and rescinded certain types of relief for funds of funds that invest in other investment companies in excess of the limitations under Section 12(d)(1) of the 1940 Act. The Funds expects to rely on Rule 12d1-4 to the extent the Adviser deems such reliance necessary or appropriate.

**Business Development Companies ("BDCs").** BDCs are a type of closed-end investment company regulated under the 1940 Act. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. A Fund will indirectly bear its proportionate share of any management and other operating expenses and of any performance-based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Fund. The 1940 Act imposes certain constraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. With respect to investments in debt instruments, there is a risk that the issuers of such instruments may default on their payments or declare bankruptcy. Additionally, a BDC may only incur indebtedness in amounts such that the BDC's coverage ratio of total assets to total senior securities equals at least 200% after such incurrence. These limitations on asset mix and leverage may affect the way that the BDC raises capital. BDCs compete with other entities for the types of investments they make, and such entities are not necessarily subject to the same investment constraints as BDCs.

Investments made by BDCs are generally subject to legal and other restrictions on resale and are otherwise less liquid than publicly-traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Fund invests to liquidate its

portfolio quickly, it may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment. Since BDCs rely on access to short-term money markets, longer-term capital markets and the bank markets as significant sources of liquidity, if BDCs are not able to access capital at competitive rates, their ability to implement certain financial strategies will be negatively impacted. Market disruptions, including a downturn in capital markets in general or a downgrade of the credit rating of a BDC held by a Fund, may increase the cost of borrowing to that company, thereby increasing its cost of borrowing and adversely impacting the Fund's returns. Credit downgrades may also result in requirements for a BDC to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

Since many of the assets of BDCs do not have readily ascertainable market values, such assets are most often recorded at fair value, in good faith, in accordance with valuation procedures adopted by such companies. A fair value determination requires that judgment be applied to the specific facts and circumstances. Due to the absence of a readily ascertainable market value, and because of the inherent uncertainty of fair valuation, the fair value assigned to a BDC's investments may differ significantly from the values that would be reflected if the assets were traded in an established market, potentially resulting in material differences between a BDC's NAV per share and its market value.

Many BDCs invest in mezzanine and other debt securities of privately held companies, including senior secured loans. Mezzanine investments typically are structured as subordinated loans (with or without warrants) that carry a fixed rate of interest. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. These investments are commonly referred to as "junk bonds" and have predominantly speculative characteristics with respect to an issuer's capacity to make payments of interest and principal. Although lower grade securities are higher yielding, they are also characterized by high risk. In addition, the secondary market for lower grade securities may be less liquid than that of higher rated securities. Issuers of lower rated securities have a currently identifiable vulnerability to default or may currently be in default. Lower-rated securities may react more strongly to real or perceived adverse economic and competitive industry conditions than higher grade securities. If the issuer of lower-rated securities defaults, a BDC may incur additional expenses to seek recovery.

**Exchange-Traded Notes ("ETNs").** ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. ETNs are not registered or regulated as investment companies under the 1940 Act.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a Fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. A Fund could lose some or all of the amount invested in an ETN.

**Derivatives.** Derivatives are financial instruments whose value is based on an underlying asset (such as a stock or a bond), an underlying economic factor (such as an interest rate) or a market benchmark. Unless otherwise stated in the Prospectuses, the Funds may use derivatives for a number of purposes including managing risk, gaining exposure to various markets in a cost-efficient manner, reducing transaction costs, remaining fully invested and speculating. The Funds may also invest in derivatives with the goal of protecting themselves from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as "hedging"). When hedging is successful, a Fund will have offset any depreciation in the value of its portfolio securities by the appreciation in the value of the derivative position. Although techniques other than the sale and purchase of derivatives could be used to control the exposure of the Funds to market fluctuations, the use of derivatives may be a more effective means of hedging this exposure. In the future, to the extent such use is consistent with the Funds' investment objectives and is legally permissible, the Funds may use instruments and techniques that are not presently contemplated, but that may be subsequently developed.

There can be no assurance that a derivative strategy, if employed, will be successful. Because many derivatives have a leverage or borrowing component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Accordingly, certain derivative transactions may be considered to constitute borrowing transactions for purposes of the 1940 Act. Such a derivative transaction will not be considered to constitute the issuance of a "senior security" by a Fund, and therefore such transaction will not be subject to the 300% asset coverage requirement otherwise applicable to borrowings by the Fund, if the Fund complies with new Rule 18f-4 under the 1940 Act (the "Derivatives Rule"). Under the Derivatives Rule, funds using a significant amount of derivatives are required to adopt and/or implement: (i) value at risk limitations in lieu of previous asset segregation requirements; (ii) a written derivatives risk management program; (iii) Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. The Derivatives Rule provides an exception for funds with derivative exposure not exceeding 10% of its net assets, excluding certain currency and interest rate hedging transactions. In addition, the Derivatives Rule provides special treatment for reverse repurchase agreements and similar financing transactions and unfunded commitment agreements. The requirements of the Derivatives Rule may limit a Fund's ability to engage in derivates transactions as part of its investment strategy. In addition, the requirements of the Derivatives Rule may increase the costs of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the Fund's performance.

**CFTC Regulations.** Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the Commodity Futures Trading Commission ("CFTC"), a Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Funds, intends to file a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Funds' operations. Therefore, the Funds will not be subject to regulation as commodity pools under the CEA and the Adviser will not be subject to registration or regulation as a CPO under the CEA with respect to the Funds. As a result, the Funds will be limited in their ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the Adviser's ability to implement the Funds' investment strategies and may adversely affect the Funds' performance. Prior to November 1, 2021, the Adviser, on behalf of the Predecessor Funds, had filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Predecessor Funds' operations.

**Types of Derivatives:**

**Futures.** A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of a financial instrument at an agreed upon price and time. The financial instrument underlying the contract may be a stock, stock index, bond, bond index, interest rate, foreign exchange rate or other similar instrument. Agreeing to buy the underlying financial instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying financial instrument is called selling a futures contract or taking a short position in the contract.

Futures contracts are traded in the United States on commodity exchanges or boards of trade (known as "contract markets") approved for such trading and regulated by the CFTC. These contract markets standardize the terms, including the maturity date and underlying financial instrument, of all futures contracts.

Unlike other securities, the parties to a futures contract do not have to pay for or deliver the underlying financial instrument until some future date (the "delivery date"). Contract markets require both the purchaser and seller to deposit "initial margin" with a futures broker, known as a futures commission merchant or custodian bank, when they enter into the contract. Initial margin deposits are typically equal to a percentage of the contract's value. Initial margin is similar to a performance bond or good faith deposit on a contract and is returned to the depositing party upon termination of the futures contract if all contractual obligations have been satisfied. After they open a futures contract, the parties to the transaction must compare the purchase price of the contract to its daily market value. If the value of the futures contract changes in such a way that a party's position declines, that party must make additional "variation margin" payments so that the margin payment is adequate. On the other hand, the value of the contract may change in such a way that there is excess margin on deposit, possibly entitling the party that has a gain to receive all or a portion of this amount.

This process is known as "marking to the market." Variation margin does not represent a borrowing or loan by a party but is instead a settlement between the party and the futures broker of the amount one party would owe the other if the futures contract terminated. In computing daily NAV, each party marks to market its open futures positions.

Although the terms of a futures contract call for the actual delivery of and payment for the underlying security, in many cases the parties may close the contract early by taking an opposite position in an identical contract. If the sale price upon closing out the contract is less than the original purchase price, the party closing out the contract will realize a loss. If the sale price upon closing out the contract is more than the original purchase price, the party closing out the contract will realize a gain. Conversely, if the purchase price upon closing out the contract is more than the original sale price, the party closing out the contract will realize a loss. If the purchase price upon closing out the contract is less than the original sale price, the party closing out the contract will realize a gain.

A Fund may incur commission expenses when it opens or closes a futures position.

**Options.** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price (known as the "strike price" or "exercise price") at any time during the option period. Unlike a futures contract, an option grants a right (not an obligation) to buy or sell a financial instrument. Generally, a seller of an option can grant a buyer two kinds of rights: a "call" (the right to buy the security) or a "put" (the right to sell the security). Options have various types of underlying instruments, including specific securities, indices of securities prices, foreign currencies, interest rates and futures contracts. Options may be traded on an exchange (exchange-traded options) or may be customized agreements between the parties (over-the-counter or "OTC" options). Like futures, a financial intermediary, known as a clearing corporation, financially backs exchange-traded options. However, OTC options have no such intermediary and are subject to the risk that the counterparty will not fulfill its obligations under the contract. The principal factors affecting the market value of an option include supply and demand, interest rates, the current market value of the underlying instrument relative to the exercise price of the option, the volatility of the underlying instrument, and the time remaining until the option expires.

**■** **Purchasing Put and Call Options** 

When a Fund purchases a put option, it buys the right to sell the instrument underlying the option at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the "option premium"). A Fund may purchase put options to offset or hedge against a decline in the market value of its securities ("protective puts") or to benefit from a decline in the price of securities that it does not own. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs. However, if the price of the underlying instrument does not fall enough to offset the cost of purchasing the option, a put buyer would lose the premium and related transaction costs.

Call options are similar to put options, except that a Fund obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A Fund would normally purchase call options in anticipation of an increase in the market value of securities it owns or wants to buy. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying instrument exceeded the exercise price plus the premium paid and related transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchaser of an option may terminate its position by:

&nbsp;&nbsp;&nbsp;&nbsp;■ Allowing
 it to expire and losing its entire premium;

&nbsp;&nbsp;&nbsp;&nbsp;■ Exercising
 the option and either selling (in the case of a put option) or buying (in the case of
 a call option) the underlying instrument at the strike price; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Closing
 it out in the secondary market at its current price.

**■** **Selling (Writing) Put and Call Options** 

When a Fund writes a call option it assumes an obligation to sell specified securities to the holder of the option at a fixed strike price if the option is exercised at any time before the expiration date. Similarly, when a Fund writes a put option it assumes an obligation to purchase specified securities from the option holder at a fixed strike price if the option is exercised at any time before the expiration date. The Fund may terminate its position in an exchange-traded put option before exercise by buying an option identical to the one it has written. Similarly, the Fund may cancel an OTC option by entering into an offsetting transaction with the counterparty to the option.

A Fund could try to hedge against an increase in the value of securities it would like to acquire by writing a put option on those securities. If security prices rise, the Fund would expect the put option to expire and the premium it received to offset the increase in the security's value. If security prices remain the same over time, the Fund would hope to profit by closing out the put option at a lower price. If security prices fall, the Fund may lose an amount of money equal to the difference between the value of the security and the premium it received. Writing covered put options may deprive a Fund of the opportunity to profit from a decrease in the market price of the securities it would like to acquire.

The characteristics of writing call options are similar to those of writing put options, except that call writers expect to profit if prices remain the same or fall. A Fund could try to hedge against a decline in the value of securities it already owns by writing a call option. If the price of that security falls as expected, the Fund would expect the option to expire and the premium it received to offset the decline of the security's value. However, the Fund must be prepared to deliver the underlying instrument in return for the strike price, which may deprive it of the opportunity to profit from an increase in the market price of the securities it holds.

The Funds are permitted to write only "covered" options. At the time of selling a call option, a Fund may cover the option by owning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 underlying security (or securities convertible into the underlying security without additional
 consideration), index, interest rate, foreign currency or futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;■ A
 call option on the same security or index with the same or lesser exercise price;

&nbsp;&nbsp;&nbsp;&nbsp;■ A
 call option on the same security or index with a greater exercise price, provided that
 the Fund also segregates cash or liquid securities in an amount equal to the difference
 between the exercise prices;

&nbsp;&nbsp;&nbsp;&nbsp;■ Cash
 or liquid securities equal to at least the market value of the optioned securities, interest
 rate, foreign currency or futures contract; or

&nbsp;&nbsp;&nbsp;&nbsp;■ In
 the case of an index, the portfolio of securities that corresponds to the index.

At the time of selling a put option, a Fund may cover the option by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;■ Entering
 into a short position in the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 a put option on the same security, index, interest rate, foreign currency or futures
 contract with the same or greater exercise price;

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 a put option on the same security, index, interest rate, foreign currency or futures
 contract with a lesser exercise price and segregating cash or liquid securities in an
 amount equal to the difference between the exercise prices; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Maintaining
 the entire exercise price in liquid securities.

**■** **Options on Securities Indices** 

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

**■** **Options on Credit Default Swaps** 

An option on a credit default swap gives the holder the right to enter into a credit default swap at a specified future date and under specified terms in exchange for a purchase price or premium. The writer of the option bears the risk of any unfavorable move in the value of the credit default swap relative to the market value on the exercise date, while the purchaser may allow the option to expire unexercised.

**■** **Options on Futures** 

An option on a futures contract provides the holder with the right to buy a futures contract (in the case of a call option) or sell a futures contract (in the case of a put option) at a fixed time and price. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option (in the case of a call option) or a corresponding long position (in the case of a put option). If the option is exercised, the parties will be subject to the futures contracts. In addition, the writer of an option on a futures contract is subject to initial and variation margin requirements on the option position. Options on futures contracts are traded on the same contract market as the underlying futures contract.

The buyer or seller of an option on a futures contract may terminate the option early by purchasing or selling an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

A Fund may purchase put and call options on futures contracts instead of selling or buying futures contracts. The Fund may buy a put option on a futures contract for the same reasons it would sell a futures contract. It also may purchase such a put option in order to hedge a long position in the underlying futures contract. A Fund may buy a call option on a futures contract for the same purpose as the actual purchase of a futures contract, such as in anticipation of favorable market conditions.

A Fund may write a call option on a futures contract to hedge against a decline in the prices of the instrument underlying the futures contracts. If the price of the futures contract at expiration were below the exercise price, the Fund would retain the option premium, which would offset, in part, any decline in the value of its portfolio securities.

The writing of a put option on a futures contract is similar to the purchase of the futures contracts, except that, if the market price declines, a Fund would pay more than the market price for the underlying instrument. The premium received on the sale of the put option, less any transaction costs, would reduce the net cost to the Fund.

**■** **Options on Foreign Currencies** 

A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. The Funds may purchase or write put and call options on foreign currencies for the purpose of hedging against changes in future currency exchange rates.

The Funds may use foreign currency options given the same circumstances under which they could use forward foreign currency exchange contracts. For example, a decline in the U.S. dollar value of a foreign currency in which a Fund's securities are denominated would reduce the U.S. dollar value of the securities, even if their value in the foreign currency remained constant. In order to hedge against such a risk, the Fund may purchase a put option on the foreign currency. If the value of the currency then declined, the Fund could sell the currency for a fixed amount in U.S. dollars and thereby offset, at least partially, the negative effect on its securities that otherwise would have resulted. Conversely, if a Fund anticipates a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated, the Fund may purchase call options on the currency in order to offset, at least partially, the effects of negative movements in exchange rates. If currency exchange rates do not move in the direction or to the extent anticipated, the Funds could sustain losses on transactions in foreign currency options.

**■** **Combined Positions** 

The Funds may purchase and write options in combination with each other, or in combination with futures or forward contracts or swap agreements, to adjust the risk and return characteristics of the overall position. For example, a Fund could construct a combined position whose risk and return characteristics are similar to selling a futures contract by purchasing a put option and writing a call option on the same underlying instrument. Alternatively, a Fund could write a call option at one strike price and buy a call option at a lower price to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Forward Foreign Currency Exchange Contracts.** A forward foreign currency contract involves an obligation to purchase or sell a specific amount of currency at a future date or date range at a specific price. In the case of a cancelable forward contract, the holder has the unilateral right to cancel the contract at maturity by paying a specified fee. Forward foreign currency exchange contracts differ from foreign currency futures contracts in certain respects. Unlike futures contracts, forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;■ Do
 not have standard maturity dates or amounts (i.e., the parties to the contract may fix
 the maturity date and the amount);

&nbsp;&nbsp;&nbsp;&nbsp;■ Are
 typically traded directly between currency traders (usually large commercial banks) and
 their customers in the inter-bank markets, as opposed to on exchanges regulated by the
 CFTC (note, however, that under new definitions adopted by the CFTC and SEC, many non-deliverable
 foreign currency forwards will be considered swaps for certain purposes, including determination
 of whether such instruments must be traded on exchanges and centrally cleared);

&nbsp;&nbsp;&nbsp;&nbsp;■ Do
 not require an initial margin deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;■ May
 be closed by entering into a closing transaction with the currency trader who is a party
 to the original forward contract, as opposed to with a commodities exchange.

■ **Foreign Currency Hedging Strategies** 

A "settlement hedge" or "transaction hedge" is designed to protect a Fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. A Fund may also use forward contracts to purchase or sell a foreign currency when it anticipates purchasing or selling securities denominated in foreign currency, even if it has not yet selected the specific investments.

A Fund may use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the currency in which the Fund's investment is denominated. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Transaction and position hedging do not eliminate fluctuations in the underlying prices of the securities that a Fund owns or intends to purchase or sell. They simply establish a rate of exchange that one can achieve at some future point in time. Additionally, these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency and to limit any potential gain that might result from the increase in value of such currency.

A Fund may enter into forward contracts to shift its investment exposure from one currency into another. Such transactions may call for the delivery of one foreign currency in exchange for another foreign currency, including currencies in which its securities are not then denominated. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased. Cross-hedges may protect against losses resulting from a decline in the hedged currency but will cause the Fund to assume the risk of fluctuations in the value of the currency it purchases. Cross-hedging transactions also involve the risk of imperfect correlation between changes in the values of the currencies involved.

It is difficult to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, a Fund may have to purchase additional foreign currency on the spot (cash) market if the market value of a security it is hedging is less than the amount of foreign currency it is obligated to deliver. Conversely, the Fund may have to sell on the spot market some of the foreign currency it received upon the sale of a security if the market value of such security exceeds the amount of foreign currency it is obligated to deliver.

**Equity-Linked Securities.** The Funds may invest in privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of securities, or sometimes a single stock (referred to as "equity-linked securities"). These securities are used for many of the same purposes as derivative instruments and share many of the same risks. Equity-linked securities may be considered illiquid and thus subject to the Funds' restrictions on investments in illiquid investments.

**Swap Agreements.** A swap agreement is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swap agreements are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. The Funds will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify the Funds' gains or losses. In order to reduce the risk associated with leveraging, the Funds may cover their current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of the Fund's accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of the Fund's accrued obligations under the swap agreement.

**■** **Equity Swaps** 

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that a Fund will be committed to pay.

**■** **Total Return Swaps** 

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to a Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

**■** **Interest Rate Swaps** 

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for-floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for-floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for-floating rate swaps where the notional amount changes if certain conditions are met.

As with a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

**■** **Currency Swaps** 

A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. A Fund may enter into a currency swap when it has one currency and desires a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the agreement and returned at the end of the agreement. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

**■** **Inflation Swaps** 

Inflation swaps are fixed-maturity, over-the-counter derivatives where one party pays a fixed rate in exchange for payments tied to an inflation index, such as the Consumer Price Index. The fixed rate, which is set by the parties at the initiation of the swap, is often referred to as the "breakeven inflation" rate and generally represents the current difference between treasury yields and Treasury Inflation Protected Securities yields of similar maturities at the initiation of the swap agreement. Inflation swaps are typically designated as "zero coupon," where all cash flows are exchanged at maturity. The value of an inflation swap is expected to fluctuate in response to changes in the relationship between nominal interest rates and the rate of inflation. An inflation swap can lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (the breakeven inflation rate) the investor agreed to pay at the initiation of the swap.

**■** **Credit Default Swaps** 

A credit default swap is an agreement between a "buyer" and a "seller" for credit protection. The credit default swap agreement may have as reference obligations one or more securities that are not then held by a Fund. The protection buyer is generally obligated to pay the protection seller an upfront payment and/or a periodic stream of payments over the term of the agreement until a credit event on a reference obligation has occurred. If no default occurs, the seller would keep the stream of payments and would have no payment obligations. If a credit event occurs, the seller generally must pay the buyer the full notional amount (the "par value") of the swap. Investing in credit default swap indexes allows a Fund to manage credit risk or take a position on a basket of debt obligations more efficiently than transacting in single name credit default swaps.

A credit default swap index product (sometimes referred to as a "CDX index") is an equally-weighted credit default swap index. The individual credits underlying these credit default swap indices may be rated investment grade or non-investment grade. These instruments are designed to track representative segments of the credit default swap market such as North American investment grade, high volatility investment grade, below investment grade, as well as emerging markets, and provide investors with exposure to specific "baskets" of issuers of bonds or loans. A CDX index tranche provides access to customized risk, exposing each investor to losses at different levels of subordination. The lowest part of the capital structure is called the "equity tranche" as it has exposure to the first losses experienced in the basket. The mezzanine and senior tranches are higher in the capital structure but can also be exposed to loss in value. Investments are subject to liquidity risks as well as other risks associated with investments in credit default swaps.

■ **Caps, Collars and Floors** 

Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

**Risks of Derivatives:**

While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance of the Funds than if they had not entered into any derivatives transactions. Derivatives may magnify the Funds' gains or losses, causing them to make or lose substantially more than they invested.

When used for hedging purposes, increases in the value of the securities a Fund holds or intends to acquire should offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose the Fund to greater risks.

Use of derivatives involves transaction costs, which may be significant, and may also increase the amount of taxable income to shareholders.

**Correlation of Prices.** The Funds' ability to hedge their securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities a Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. The Adviser will try to minimize this risk by investing in only those contracts whose behavior it expects to correlate with the behavior of the portfolio securities it is trying to hedge. However, if the Adviser's prediction of interest and currency rates, market value, volatility or other economic factors is incorrect, a Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

■ Current
 and anticipated short-term interest rates, changes in volatility of the underlying instrument,
 and the time remaining until expiration of the contract;

■ A
 difference between the derivatives and securities markets, including different levels
 of demand, how the instruments are traded, the imposition of daily price fluctuation
 limits or discontinued trading of an instrument; and

■ Differences
 between the derivatives, such as different margin requirements, different liquidity of
 such markets and the participation of speculators in such markets.

Derivatives based upon a narrower index of securities, such as those of a particular industry group, may present greater risk than derivatives based on a broad market index. Since narrower indices are made up of a smaller number of securities, they are more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of the Funds. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Funds against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Funds' foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Funds' investments precisely over time.

**Lack of Liquidity.** Before a futures contract or option is exercised or expires, a Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, a Fund may close out a futures contract only on the exchange the contract was initially traded. Although the Funds intend to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, a Fund may not be able to close out its position. In an illiquid market, a Fund may:

■ Have
 to sell securities to meet its daily margin requirements at a time when it is disadvantageous
 to do so;

■ Have
 to purchase or sell the instrument underlying the contract;

■ Not
 be able to hedge its investments; and/or

■ Not
 be able to realize profits or limit its losses.

Derivatives may become illiquid (i.e., difficult to sell at a desired time and price) under a variety of market conditions. For example:

■ An
 exchange may suspend or limit trading in a particular derivative instrument, an entire
 category of derivatives or all derivatives, which sometimes occurs because of increased
 market volatility;

■ Unusual
 or unforeseen circumstances may interrupt normal operations of an exchange;

■ The
 facilities of the exchange may not be adequate to handle current trading volume;

■ Equipment
 failures, government intervention, insolvency of a brokerage firm or clearing house or
 other occurrences may disrupt normal trading activity; or

■ Investors
 may lose interest in a particular derivative or category of derivatives.

**Management Risk.** Successful use of derivatives by the Funds is subject to the ability of the Adviser to forecast stock market and interest rate trends. If the Adviser incorrectly predicts stock market and interest rate trends, the Funds may lose money by investing in derivatives. For example, if a Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

**Counterparty Risk.** The risk exists that a derivatives transaction counterparty will be unable or unwilling to make payments or otherwise honor its obligations to a Fund.

**Pricing Risk.** At times, market conditions might make it hard to value some investments. For example, if a Fund has valued its securities too high, shareholders may end up paying too much for Fund shares when they buy into the Fund. If the Fund underestimates its price, shareholders may not receive the full market value for their Fund shares when they sell.

**Margin.** Because of the low margin deposits required upon the opening of a derivative position, such transactions involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to a Fund and it may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, a Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. A Fund may lose its margin deposits if a broker-dealer with whom it has an open futures contract or related option becomes insolvent or declares bankruptcy.

**Volatility and Leverage.** The Funds' use of derivatives may have a leveraging effect. Leverage generally magnifies the effect of any increase or decrease in value of an underlying asset and results in increased volatility, which means the Funds will have the potential for greater gains, as well as the potential for greater losses, than if the Funds do not use derivative instruments that have a leveraging effect. The prices of derivatives are volatile (i.e., they may change rapidly, substantially and unpredictably) and are influenced by a variety of factors, including:

■ Actual
 and anticipated changes in interest rates;

■ Fiscal
 and monetary policies; and

■ National
 and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches this value, the Funds may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

**Government Regulation.** The regulation of derivatives markets in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, grants significant new authority to the SEC and the CFTC to impose comprehensive regulations on the over-the-counter and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. The new law and regulations may negatively impact the Funds by increasing transaction and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of the derivatives the Funds trade.

On October 28, 2020, the SEC adopted the Derivatives Rule under the 1940 Act which became effective August 19, 2022. The Derivatives Rule replaced previous asset segregation requires with an updated, comprehensive framework for registered funds' use of derivatives. Among other changes, the Derivatives Rule requires the Funds to trade derivatives and certain other instruments that create future payment or delivery obligations subject to a value-at-risk ("VaR") leverage limit, develop and implement a derivatives risk management program and new testing requirements, and comply with new requirements related to board and SEC reporting. These new requirements will apply unless a Fund qualifies as a "limited derivatives user," as defined in the Derivatives Rule. Other potentially adverse regulatory obligations and requirements can develop suddenly and without notice. Such obligations and requirements may limit the availability of derivatives in which a Fund may wish to investment or adversely affect the value of performance of the derivatives the Fund may invest in.

**Restricted and Illiquid Investments.** Each Fund may purchase illiquid investments, including investments that are not readily marketable and securities that are not registered ("restricted securities") under the Securities Act of 1933, as amended (the "1933 Act"), but which can be offered and sold to "qualified institutional buyers" under Rule 144A under the 1933 Act. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days

or less without the sale or disposition significantly changing the market value of the investment. Because of their illiquid nature, illiquid investments must be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts to determine fair value prices, a Fund's illiquid investments are subject to the risk that the security's fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. A Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

Illiquid investments may include a wide variety of investments, such as repurchase agreements maturing in more than seven days, OTC options contracts and certain other derivatives (including certain swap agreements), fixed time deposits that are not subject to prepayment or do not provide for withdrawal penalties upon prepayment (other than overnight deposits), participation interests in loans, commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act, and restricted, privately placed securities that, under the federal securities laws, generally may be resold only to qualified institutional buyers. If a substantial market develops for a restricted security (or other illiquid investment) held by a Fund, it may be treated as a liquid security in accordance with procedures and guidelines approved by the Board. Under the supervision of the Board, the Adviser determines the liquidity of the Funds' investments.

**Short Sales.** If consistent with a Fund's investment objective, the Fund may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

Until a Fund closes its short position or replaces the borrowed security, the Fund may: (a) segregate cash or liquid securities at such a level that the amount segregated plus the amount deposited with the broker as collateral will equal the current value of the security sold short or (b) otherwise cover the Fund's short position.

**Special Risks of Cyber Attacks.** As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber attacks affecting the Funds or the Adviser, the Funds' distributor, custodian, or any other of the Funds' intermediaries or service providers may adversely impact the Funds and their shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber attacks may interfere with the

processing of shareholder transactions, impact the Funds' ability to calculate their NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Funds to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber attacks. Such costs may be ongoing because threats of cyber attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber attacks or other information security breaches in the future.

**LIBOR Replacement Risk.** The London Inter-Bank Offered Rate ("LIBOR"), which is used extensively in the U.S. and globally as a benchmark or reference rate for various commercial and financial contracts, is in the process of being discontinued. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. Ice Benchmark Administrator ("IBA") has since clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings after December 31, 2021 and for the remaining U.S. dollar LIBOR setting after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which will replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, other investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**General Market Risk.** An outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession. Health crises caused by viral or bacterial outbreaks, such as the COVID-19 outbreak, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively

affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Further, the Russian invasion of Ukraine in early 2022 has caused increased volatility in various financial markets. The conflict has resulted in economic sanctions against Russia from both government entities and corporations and banking entities. The extent of the effects this will have throughout the world is impossible to predict, but this military action has already resulted in supply chain disruptions and increased trading costs.

Market events such as these and other types of market events may cause significant declines in the values and liquidity of many securities and other instruments, and significant disruptions to global business activity and financial markets. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers both domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Funds. During periods of market volatility, security prices (including securities held by the Funds) could change drastically and rapidly and therefore adversely affect the Funds and the Funds' performance and causes losses on your investment in the Funds.

**Changing Debt Security-Income Market Conditions.** Following the financial crisis that began in 2007, the U.S. government and the Board of Governors of the Federal Reserve System (the "Federal Reserve"), as well as certain foreign governments and central banks, took steps to support financial markets, including seeking to maintain interest rates at or near historically low levels and by purchasing large quantities of debt securities on the open market, such as securities issued or guaranteed by U.S. government, its agencies or instrumentalities, ("Quantitative Easing"). Similar steps appear to be taking place again in an effort to support the economy during the COVID-19 pandemic. As the Federal Reserve determines to "tapers" or reduces the amount of securities it purchases pursuant to Quantitative Easing and the Federal Reserve raises the federal funds rate, there is a risk that interest rates across the U.S. financial system will rise. Such policy changes may expose debt and related markets to heightened volatility and may reduce liquidity for certain debt investments, including debt investments held by the Funds, which could cause the value of the Funds' investments and share price to decline. To the extent that a Fund invests in derivatives tied to debt markets, that Fund will be more substantially exposed to these risks than a fund that does not invest in such derivatives.

**Operational Risk.** An investment in the Funds involve operational risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. Any of these failures or errors could result in a loss or compromise of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While the Funds seek to minimize such events through controls and oversight, there is no guarantee that the Funds will not suffer losses due to operational risk.

**Temporary Defensive Positions.** Each Fund may from time to time take temporary defensive positions that are inconsistent with its principal investment strategies. If the Adviser believes a temporary defensive position is warranted in view of market conditions, a Fund may hold cash or invest up to 100% of its assets in high-quality short-term government or corporate obligations, money market instruments or shares of money market mutual funds. Taking a temporary defensive position may prevent a Fund from achieving its investment objective.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The following investment limitations are fundamental, which means that a Fund cannot change them without approval by the vote of a majority of the outstanding shares of the Fund. In addition, the investment objectives of the Westwood Quality Value Fund, the Westwood Quality SMidCap Fund and the Westwood Quality SmallCap Fund are fundamental policies that cannot be changed by a Fund without approval by the vote of a majority of the outstanding shares of the Fund. The phrase "majority of the outstanding shares" means the vote of (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

Each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;1. May
 not purchase securities of an issuer that would cause the Fund to fail to satisfy the
 diversification requirement for a diversified management company under the 1940 Act,
 the rules or regulations thereunder or any exemption therefrom, as such statute, rules
 or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. May
 not concentrate investments in a particular industry or group of industries, as concentration
 is defined under the 1940 Act, the rules and regulations thereunder or any exemption
 therefrom, as such statute, rules or regulations may be amended or interpreted from time
 to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. May
 not borrow money or issue senior securities (as defined under the 1940 Act), except to
 the extent permitted under the 1940 Act, the rules and regulations thereunder or any
 exemption therefrom, as such statute, rules or regulations may be amended or interpreted
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. May
 not make loans, except to the extent permitted under the 1940 Act, the rules and regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended
 or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. May
 not purchase or sell commodities or real estate, except to the extent permitted under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such
 statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. May
 not underwrite securities issued by other persons, except to the extent permitted under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such
 statute, rules or regulations may be amended or interpreted from time to time.

**Non-Fundamental Policies**

The following investment limitations are non-fundamental and may be changed by the Board without shareholder approval. In addition, the investment objectives of the Westwood Quality MidCap Fund, the Westwood Quality AllCap Fund, the Westwood Total Return Fund, the Westwood Income Opportunity Fund, the Westwood High Income Fund, the Westwood Alternative Income Fund and the Westwood SmallCap Growth Fund are non-fundamental policies that may be changed by the Board without shareholder approval.

The Funds:

&nbsp;&nbsp;&nbsp;&nbsp;1. May
 not borrow money from a bank in an amount exceeding 33 1/3% of the value of its total
 assets, provided that investment strategies that either obligate a Fund to purchase securities
 or require a Fund to cover a position by segregating assets or entering into an offsetting
 position shall not be subject to this limitation. Asset coverage of at least 300% is
 required for all borrowing, except where a Fund has borrowed money, from any source,
 for temporary purposes in an amount not exceeding 5% of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;2. May
 not make loans if, as a result, more than 33 1/3% of its total assets would be lent to
 other parties, except that a Fund may: (i) purchase or hold debt instruments in accordance
 with its investment objective and policies; (ii) enter into repurchase agreements; and
 (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;3. May
 not purchase or sell real estate, real estate limited partnership interests, physical
 commodities or commodities contracts except that a Fund may purchase (i) marketable securities
 issued by companies which own or invest in real estate (including REITs), commodities
 or commodities contracts; and (ii) commodities contracts relating to financial instruments,
 such as financial futures contracts and options on such contracts.

In addition,

&nbsp;&nbsp;&nbsp;&nbsp;4. Under
 normal circumstances, the Westwood Quality Value Fund will invest at least 80% of its
 net assets, plus the amount of any borrowings for investment purposes, in equity securities
 of large-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;5. Under
 normal circumstances, the Westwood Quality SMidCap Fund will invest at least 80% of its
 net assets, plus the amount of any borrowings for investment purposes, in equity securities
 of small- and mid-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;6. Under
 normal circumstances, the Westwood Quality SmallCap Fund will invest at least 80% of
 its net assets, plus the amount of any borrowings for investment purposes, in equity
 securities of small-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;7. Under
 normal circumstances, the Westwood SmallCap Growth Fund will invest at least 80% of its
 net assets, plus the amount of any borrowings for investment purposes, in equity securities
 of small-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;8. Under
 normal circumstances, the Westwood Quality MidCap Fund will invest at least 80% of its
 net assets, plus the amount of any borrowings for investment purposes, in equity securities
 of mid-cap companies.

Except with respect to Fund policies concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances causes a Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitation within three days thereafter (not including Sundays and holidays).

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Diversification</u>. Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the fund.

<u>Concentration</u>. The 1940 Act requires that every investment company have a fundamental investment policy regarding concentration. The SEC has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions. For purposes of a Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

<u>Borrowing</u>. The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33 1/3% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets.

<u>Lending</u>. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements, standby commitments and trading practices which could be deemed to involve the issuance of a senior security, including options, futures and forward contracts, provided that a fund does so in compliance with applicable SEC regulations and interpretations (including Rule 18f-4 under the 1940 Act).

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities, but does require that every investment company have a fundamental investment policy governing such investments.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

**THE ADVISER**

**General.** Westwood Management Corp. (the "Adviser"), a New York corporation formed in 1983, located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201, is a professional investment management firm registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a wholly-owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2022, the Adviser had approximately $11.91 billion in assets under management.

**Advisory Agreement with the Trust.** The Trust and the Adviser have entered into an investment advisory agreement (the "Advisory Agreement") with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for the Funds and continuously reviews, supervises and administers the investment programs of the Funds, subject to the supervision of, and policies established by, the Trustees. Prior to November 1, 2021, the Adviser also served as the investment adviser for each of the Predecessor Funds pursuant to an investment advisory agreement with The Advisors' Inner Circle Fund.

After the initial two-year term, the continuance of the Advisory Agreement with respect to each Fund must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement with respect to each Fund is terminable without penalty on 60 days' notice by the Board or by vote of a majority of the outstanding voting securities of the Fund. The Adviser may also terminate the Advisory Agreement on not less than 30 days' nor more than 60 days' written notice to the Trust. The Advisory Agreement provides that it will terminate automatically in the event of its "assignment," as such term is defined in the 1940 Act.

**Advisory Fees Paid to the Adviser.** For its services to the Westwood Quality Value Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, and Westwood Income Opportunity Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the Funds, as set forth in the table below.

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Westwood Quality Value Fund | 0.50%<sup>1</sup> |
| Westwood Quality SMidCap Fund | 0.75% |
| Westwood Quality SmallCap Fund | 0.85% |
| Westwood Income Opportunity Fund | 0.65%<sup>2</sup> |
| Westwood Quality AllCap Fund | 0.45% |
| Westwood SmallCap Growth Fund | 0.55% |
| Westwood Quality MidCap Fund | 0.58% |

---

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| | |
|:---|:---|
| 1 | Prior to November 15, 2017, the Management Fee for the Predecessor Westwood Quality Value Fund was 0.70% and prior to November 30, 2022, the Management Fee for the Westwood Quality Value Fund was 0.60% |
| 2 | Prior to November 30, 2022, the Management Fee for the Westwood Income Opportunity Fund was 0.75% |

---

In connection with the Adviser's Sensible Fees™ framework, for its services to each share class of the Westwood Total Return Fund, Westwood High Income Fund, and Westwood Alternative Income Fund, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of each share class of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). For each share class of each Fund, the Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the share class during the Performance Period.

*Westwood Total Return Fund*

The Base Fee is an annual rate of 0.50%. The Index Hurdle is the Blended 60/40 S&P 500® Index/Bloomberg U.S. Aggregate Bond Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0020% of the share class' average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.20% of the share class' average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.30% to a maximum annual rate of 0.70%.

*Westwood High Income Fund*

The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the share class' average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class' average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

*Westwood Alternative Income Fund*

The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the share class' average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class' average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

A Performance Adjustment will not be based on whether the absolute performance of a share class is positive or negative, but rather will be based on whether such performance exceeds, or is exceeded by, the performance of the Index Hurdle. A share class of a Fund could pay a Performance Adjustment for positive relative performance even if the share class decreases in value, so long as the performance of the share class exceeds that of the Index Hurdle. It is possible that, if you buy a share class of a Fund after the beginning of a Performance Period, you will bear a share of a Performance Adjustment payable by the share class based on performance that preceded your purchase and from which you therefore did not benefit.

Prior to November 1, 2019, the Adviser was entitled to a fee for its services to the Predecessor Westwood Total Return Fund, Predecessor Westwood High Income Fund and Predecessor Westwood Alternative Income Fund, which was calculated daily and paid monthly, at an annual rate based on the average daily net assets of the Funds, as set forth in the table below.

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Westwood Total Return Fund | 0.70% |
| Westwood High Income Fund | 0.70% |
| Westwood Alternative Income Fund | 0.85% |

---

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Westwood Quality Value Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, Westwood Income Opportunity Fund, Westwood Quality AllCap Fund, Westwood SmallCap Growth Fund and Westwood Quality MidCap Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the Funds' average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | **Expense Cap** |
| Westwood Quality Value Fund | Institutional Shares | 0.55%<sup>1</sup> |
| Westwood Quality Value Fund | A Class Shares | 0.55%<sup>1</sup> |
| Westwood Quality Value Fund | C Class Shares | 0.55%<sup>1</sup> |
|  | Ultra Shares | 0.55% |
| Westwood Quality SMidCap Fund | Institutional Shares | 0.68%<sup>2</sup> |
| Westwood Quality SMidCap Fund | Ultra Shares | 0.68% |
| Westwood Quality SmallCap Fund | Institutional Shares | 0.79%<sup>3</sup> |
| Westwood Quality SmallCap Fund | A Class Shares | 0.79% |
| Westwood Quality SmallCap Fund | C Class Shares | 0.79% |
| Westwood Quality SmallCap Fund | Ultra Shares | 0.79%<sup>4</sup> |
| Westwood Income Opportunity Fund | Institutional Shares | 0.74%<sup>5</sup> |
| Westwood Income Opportunity Fund | A Class Shares | 0.74%<sup>5</sup> |
| Westwood Income Opportunity Fund | C Class Shares | 0.74%<sup>5</sup> |
| Westwood Income Opportunity Fund | Ultra Shares | 0.74% |
| Westwood Total Return Fund | Institutional | 0.75%<sup>6</sup> |
| Westwood Quality AllCap Fund | Institutional Shares | 0.45% |
| Westwood Quality AllCap Fund | Ultra Shares | 0.45% |
| Westwood SmallCap Growth Fund | Institutional Shares | 0.55% |
| Westwood Quality MidCap Fund | Institutional Shares | 0.78% |

---

<sup>1</sup> Prior to November 15, 2017, the Expense Cap for the Predecessor Westwood Quality Value Fund was 0.75% for Institutional Shares and 1.00% for A Class Shares and prior to November 30, 2022, the Expense Cap for the Westwood Quality Value Fund was 0.65%.

<sup>2</sup> Prior to November 15, 2017, the Expense Cap for Institutional Shares of the Predecessor Westwood Quality SMidCap Fund was 1.25%.

<sup>3</sup> Prior to November 15, 2017, the Expense Cap for Institutional Shares of the Predecessor Westwood Quality SmallCap Fund was 1.10%.

<sup>4</sup> Prior to November 2, 2020, the Expense Cap for Ultra Shares of the Predecessor Westwood Quality SmallCap Fund was 0.84%.

<sup>5</sup> Prior to November 30, 2022, the Expense Cap for the Westwood Quality Opportunity Fund was 0.84%.

<sup>6</sup> The 0.75% Expense Cap for the Westwood Total Return Fund can only be terminated by the Fund's shareholders.

Except as otherwise noted, unless earlier terminated by the Board, the above contractual fee waivers shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.01% of the Westwood Alternative Income Fund's average daily net assets (the "Management Fee Waiver Agreement"). In addition, pursuant to a separate contractual agreement, the Adviser has contractually agreed to reduce its fees and reimburse expenses of the Westwood Total Return Fund, Westwood High Income Fund, and Westwood Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses") from exceeding the Funds' average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | **Expense Cap** |
| Westwood Total Return Fund | Institutional Shares | 0.05% |
| Westwood Total Return Fund | A Class Shares | 0.05% |
| Westwood Total Return Fund | C Class Shares | 0.05% |
| Westwood High Income Fund | Institutional Shares | 0.10% |
| Westwood High Income Fund | A Class Shares | 0.10% |
| Westwood High Income Fund | C Class Shares | 0.10% |
| Westwood Alternative Income Fund | Institutional Shares | 0.00% |
| Westwood Alternative Income Fund | A Class Shares | 0.00% |
| Westwood Alternative Income Fund | C Class Shares | 0.00% |
| Westwood Alternative Income Fund | Ultra Shares | 0.00% |

---

Unless earlier terminated by the Board, these above contractual fee waivers shall continue in effect until, but may be terminated by the Adviser effective, March 1, 2024.

Prior to November 1, 2019, management fees were not excluded expenses for the Predecessor Westwood High Income Fund and Predecessor Westwood Alternative Income Fund, dividend and interest expenses on securities sold short were excluded expenses for the Predecessor Westwood Alternative Income Fund, and the contractual expense limits for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | **Expense Cap** |
| Westwood High Income Fund | Institutional Shares | 0.80% |
| Westwood High Income Fund | A Class Shares | 1.05% |
| Westwood Alternative Income Fund | Institutional Shares | 1.20% |
| Westwood Alternative Income Fund | Ultra Shares | 1.05% |

---

The Adviser may receive from a share class of a Fund the difference between the share class' total annual Fund operating expenses (not including excluded expenses) and the share class' expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements (other than management fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

In addition to the contractual agreement above, for the Westwood Alternative Income Fund, the Advisor has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets until March 1, 2024.

For the fiscal years ended October 31, 2020 and 2021, the Predecessor Funds paid management fees to the Adviser as follows. For the fiscal period ended October 31, 2021 and the fiscal year ended October 31, 2022, the Westwood Quality AllCap Fund and the Westwood Quality SmallCap Fund paid management fees to the Advisor as follows. For the fiscal period ended October 31, 2022, Westwood Quality MidCap Fund paid management fees to the Advisor as follows. For the fiscal year ended October 31, 2022, Westwood SmallCap Growth Fund, Westwood Quality Value Fund, Westwood Total Return Fund, Westwood Quality SMidCap Fund, Westwood Income Opportunity Fund, Westwood High Income Fund and Westwood Alternative Income Fund paid management fees to the Advisor as follows.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** |
| **Predecessor Fund** | ***2020*** | ***2021*** | ***2022*** | ***2020*** | ***2021*** | ***2022*** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality Value Fund | $1179336 | $1130418 | N/A | $240915 | $210479 | N/A | $938421 | $919939 | N/A |
| Westwood Total Return Fund | $412900 | $364491 | N/A | $207589 | $190536 | N/A | $205311 | $173955 | N/A |
| Westwood Quality SMidCap Fund | $1273105 | $2126382 | N/A | $294660 | $626791 | N/A | $978445 | $1499591 | N/A |
| Westwood Quality SmallCap Fund | $3641302 | $7722132 | N/A | $768808 | $1536584 | N/A | $2872494 | $6185548 | N/A |
| Westwood Income Opportunity Fund | $5750249 | $6268450 | N/A | $0 | $105982 | N/A | $5750249 | $6162468 | N/A |
| Westwood High Income Fund | $70256 | $603691 | N/A | $70256 | $137884 | N/A | $0 | $465807 | N/A |
| Westwood Alternative Income Fund | $554736 | $1211549 | N/A | $342351 | $378777 | N/A | $212385 | $832772 | N/A |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** | **Total Fees Paid (After Waivers) to Adviser <sup>1</sup>** |
| **Fund** | **2020** | **2021** | **2022** | **2020** | **2021** | **2022** | **2020** | **2021** | **2022** |
| Westwood Quality AllCap Fund | N/A | $8053 | $98606 | N/A | $28954 | $105671 | N/A | $0 | $0 |
| Westwood SmallCap Growth Fund | N/A | $472 | $73534 | N/A | $23034 | $111666 | N/A | $0 | $0 |
| Westwood Quality MidCap Fund<sup>2</sup> | N/A | N/A | $2743 | N/A | N/A | $92127 | N/A | $0 | $0 |
| Westwood Quality Value Fund | N/A | N/A | $1550960 | N/A | N/A | $97530 | N/A | N/A | $1458833 |
| Westwood Total Return Fund | N/A | N/A | $757112 | N/A | N/A | $105981 | N/A | N/A | $651131 |
| Westwood Quality SMidCap Fund | N/A | N/A | $2327583 | N/A | N/A | $476566 | N/A | N/A | $1851017 |
| Westwood Quality SmallCap Fund | N/A | N/A | $8810939 | N/A | N/A | $1251166 | N/A | N/A | $7559773 |
| Westwood Income Opportunity Fund | N/A | N/A | $5796763 | N/A | N/A | $0 | N/A | N/A | $5796763 |
| Westwood High Income Fund | N/A | N/A | $707811 | N/A | N/A | $69686 | N/A | N/A | $638125 |
| Westwood Alternative Income Fund | N/A | N/A | $334612 | N/A | N/A | $216283 | N/A | N/A | $118329 |

---

<sup>1</sup> For the fiscal year ended October 31, 2020, the Adviser additionally reimbursed fees of $0, respectively, for the Predecessor Westwood Total Return Fund, and $139,958, respectively, for the Predecessor Westwood High Income Fund, to maintain the stated expense caps under its contractual expense limitation agreement with the Funds.

<sup>2</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

**THE PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.** The Adviser compensates the Funds' portfolio managers for their management of the Funds. Each of the Funds' portfolio managers' compensation consists of a base salary, participation in an incentive compensation plan, and a full benefits package. Base salary levels are maintained at levels that the Adviser's compensation committee deems to be commensurate with similar companies in the asset management industry based on industry compensation surveys. Incentive compensation is based on a percentage of revenue earned by the Adviser or investment strategies managed by the respective portfolio managers. Incentive awards under the plan may be paid in a combination of cash, deferred cash and/or restricted stock of the Adviser's parent company, Westwood Holdings Group, Inc. In determining incentive compensation and annual merit-based salary increases, employees on the investment team are evaluated according to a combination of quantitative and qualitative factors. Other benefits such as profit sharing, health insurance, life insurance, short and long-term disability insurance, and a 401(k) plan with employer matching, are also provided.

**Fund Shares Owned by the Portfolio Managers.** The following table shows the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Funds as of December 31, 2022. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

---

| | |
|:---|:---|
| **Name** | **Dollar Range of Fund Shares** |
| Hussein Adatia |  |
| Scott Barnard, CFA | $10,001 - $50,000 (Westwood Income Opportunity Fund)<br> $1 - $10,000 (Westwood High Income Fund) |
| Ben Chittenden, CFA |  |
| William E. Costello, CFA | $500,001 - $1,000,000 (Westwood Quality SmallCap Fund)<br> $100,001 - $500,000 (Westwood Quality SMidCap Fund) |
| Christopher Hartman | $10,001 - $50,000 (Westwood Alternative Income Fund) |
| Adrian Helfert | $500,001 - $1,000,000 (Westwood Income Opportunity Fund)<br> $100,001 - $500,000 (Westwood Total Return Fund) |
| Lauren Hill, CFA | $10,001 - $50,000 (Westwood Quality Value Fund)<br> $10,001 - $50,000 (Westwood Quality MidCap Fund)<br> $10,001 - $50,000 (Westwood Quality AllCap Fund) |
| Prashant Inamdar, CFA | $100,001 - $500,000 (Westwood Quality SMidCap Fund) |
| Matthew R. Lockridge | $100,001 - $500,000 (Westwood Quality Value Fund)<br> $100,001 - $500,000 (Westwood Quality SmallCap Fund) |
| Kyle Martin, CFA | $50,001 - $100,000 (Westwood Quality SMidCap Fund) |
| Matthew Na, CFA |  |
| Trip Rodgers, CFA, |  |
| Frederic G. Rowsey, CFA | $100,001 - $500,000 (Westwood Quality SmallCap Fund) |
| Grant L. Taber, CFA | $100,001 - $500,000 (Westwood Quality SMidCap Fund)<br> $100,001 - $500,000 (Westwood Quality AllCap Fund) |
| Michael Wall | $100,001 - $500,000 (Westwood Quality Value Fund)<br> $100,001 - $500,000 (Westwood Quality AllCap Fund) |

---

**Other Accounts.** In addition to the Funds, the portfolio managers may also be responsible for the day-to-day management of certain other accounts, as indicated by the following table. The information below is provided as of October 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered**<br> **Investment Companies** | **Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | **Number of Accounts** | **Total Assets<sup>1</sup>**<br> **(in Millions)** | **Number of Accounts** | **Total Assets<sup>1</sup>**<br> **(in Millions)** | **Number of Accounts** | **Total Assets<sup>1</sup>**<br> **(in Millions)** |
| Hussein Adatia | 0 | $0 | 1 | $30.0 | 4 | $5.5 |
| Scott Barnard, CFA | 0 | $0 | 2 | $105.9 | 10 | $742.0<sup>2</sup> |
| Ben Chittenden, CFA | 0 | $0 | 0 | $0 | 1 | $0.1 |
| William E. Costello, CFA | 2 | $216.4 | 7 | $133.3 | 31 | $1828.7 |
| Christopher Hartman | 0 | $0 | 0 | $0 | 6 | $2.2 |
| Adrian Helfert | 1 | $42.3 | 5 | $221.8 | 15 | $797.2<sup>2</sup> |
| Lauren Hill, CFA | 4 | $1416.7 | 6 | $585.1 | 43 | $1481.0<sup>3</sup> |
| Prashant Inamdar, CFA | 0 | $0 | 3 | $63.7 | 13 | $222.6 |
| Matthew R. Lockridge | 6 | $1633.2 | 9 | $585.1 | 43 | $2957.5<sup>3</sup> |
| Kyle Martin, CFA | 0 | $0 | 3 | 63.7 | 10 | $221.7 |
| Matt Na, CFA | 0 | $0 | 0 | $0 | 9 | $6.9 |
| Trip Rodgers, CFA | 0 | $0 | 0 | $0 | 2 | $7.7 |
| Frederic G. Rowsey, CFA | 2 | $216.4 | 4 | $63.7 | 20 | $1732.9 |
| Grant L. Taber, CFA | 0 | $0 | 4 | $111.5 | 18 | $347.6 |
| Michael Wall | 4 | $1416.7 | 6 | $585.1 | 37 | $1474.4<sup>3</sup> |

---

---

| | |
|:---|:---|
| 1 | Represents the portion of assets for which the portfolio manager has responsibility in the accounts indicated. The accounts indicated may contain additional assets under the responsibility of other portfolio managers and therefore may be duplicated. |
| 2 | Includes 1 account with assets under management of $250 million that is subject to performance-based advisory fees. |
| 3 | Includes 1 account with assets under management of $103 thousand that is subject to performance-based advisory fees. |

---

The Adviser also manages institutional separate accounts and is an advisor and sub-adviser to other mutual funds. The investment process is the same for similar accounts, including the Funds, and is driven by proprietary team-oriented, in-depth, fundamental research. The investment research team is organized by industry coverage and supports all of the accounts managed in each of the Adviser's investment strategies. Each of the Adviser's investment strategies is managed by a portfolio team. Weekly research meetings provide a forum where the Adviser's investment professionals discuss current investment ideas within their assigned industries. Generally, the entire portfolio team, or a sub-set of the team, then debates the merits of recommendations, taking into account the prevailing market environment, the portfolio's current composition, and the relative value of alternative investments. Investment decisions are made by majority agreement of the portfolio team.

**Conflicts of Interest.** The portfolio managers' management of other registered investment companies, other pooled investment vehicles, and other accounts (collectively referred to as "other accounts") may give rise to potential conflicts of interest in connection with their management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Funds. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a portfolio manager could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated. The Adviser's trade allocation policy is to aggregate client transactions, including the Funds', where possible when it is believed that such aggregation may facilitate the Adviser's duty of best execution. Client accounts for which orders are aggregated receive the average price of such transaction. Any transaction costs incurred in the transaction are shared pro-rata based on each client's participation in the transaction. The Adviser generally allocates securities among client accounts according to each account's pre-determined participation in the transaction. The Adviser's policy prohibits any allocation of trades that would favor any proprietary accounts, affiliated accounts, or any particular client(s) or group of clients more over any other account(s). The Adviser prohibits late trading, frequent trading and/or market timing in the Funds and monitors trades daily to ensure this policy is not violated.

**THE ADMINISTRATOR**

**General.** Ultimus Fund Solutions, LLC ("Ultimus"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the administrator (the "Administrator"), the fund accountant (the "Fund Accountant") and the Transfer Agent to the Funds pursuant to a Master Services Agreement.

As Administrator, Ultimus assists in supervising all operations of each Fund (other than those performed by the Adviser under the Advisory Agreements). Ultimus has agreed to perform or arrange for the performance of the following services (under the Master Services Agreement, Ultimus may delegate all or any part of its responsibilities thereunder):

● prepares and assembles reports required to be sent to each Fund's shareholders and arranges for the printing and dissemination of such reports;

● assembles reports required to be filed with the SEC and files such completed reports with the SEC;

● files each Fund's federal income and excise tax returns and each Fund's state and local tax returns;

● assists and advises each Fund regarding compliance with the 1940 Act and with its investment policies and limitations; and

● makes such reports and recommendations to the Board as the Board reasonably requests or deems appropriate.

As Fund Accountant, Ultimus maintains the accounting books and records for each Fund, including journals containing an itemized daily record of all purchases and sales of portfolio securities, all receipts and disbursements of cash and all other debits and credits, general and auxiliary ledgers reflecting all asset, liability, reserve, capital, income and expense accounts, including interest accrued and interest received, and other required separate ledger accounts. Ultimus also maintains a monthly trial balance of all ledger accounts; performs certain accounting services for each Fund, including calculation of the NAV per share, calculation of the dividend and capital gain distributions, reconciles cash movements with the custodian, verifies and reconciles with the custodian all daily trade activities; provides certain reports; obtains dealer quotations or prices from pricing services used in determining NAV; and prepares an interim balance sheet, statement of income and expense, and statement of changes in net assets for each Fund.

Ultimus receives fees from each Fund for its services as Administrator, Fund Accountant, and Transfer Agent, and is reimbursed for certain expenses assumed pursuant to the Master Service Agreement.

The Master Services Agreement between the Trust, on behalf of the Funds, and Ultimus, unless otherwise terminated as provided in the Master Services Agreement, are renewed automatically for successive one-year periods.

The Master Services Agreement provides that Ultimus shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters to which the Master Services Agreement relates, except a loss from willful misfeasance, bad faith or gross negligence in the performance of its duties, or from the reckless disregard by Ultimus of its obligations and duties thereunder.

**Administration Fees Paid to the Administrator.** Prior to November 1, 2021, the Advisors' Inner Circle Fund, on behalf of the Predecessor Funds, entered into servicing agreements with SEI Investments Global Funds Services ("SEI") (the "SEI Administration Agreement"), a Delaware statutory trust, which has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456, whereby SEI provided administration, fund accounting and transfer agent services to the Predecessor Funds. For its services under the SEI Administration Agreement, SEI was paid a fee, which varied based on the average daily net assets of the Funds, subject to certain minimums. Prior to November 1, 2021, the Predecessor Funds paid SEI fees pursuant to an Administration Agreement with SEI the following amounts for these services for the fiscal years ended October 31, 2020 and 2021:

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| | | |
|:---|:---|:---|
| **Predecessor Fund** | **Administration Fees Paid to SEI** | **Administration Fees Paid to SEI** |
| **Predecessor Fund** | ***2020*** | ***2021*** |
| Westwood Quality Value Fund | $100224 | $84563 |
| Westwood Quality SMidCap Fund | $86603 | $126203 |
| Westwood Quality SmallCap Fund | $218725 | $404256 |
| Westwood Total Return Fund | $30403 | $54100 |
| Westwood Income Opportunity Fund | $390995 | $374546 |
| Westwood High Income Fund | $33176 | $38689 |
| Westwood Alternative Income Fund | $67532 | $132359 |

---

The Westwood Quality AllCap Fund and Westwood SmallCap Growth Fund paid Ultimus fees pursuant to the Master Services Agreement for its services as Administrator, Fund Accountant and Transfer Agent the following amounts for the fiscal period ended October 31, 2021 and fiscal year ended October 31, 2022. The Westwood Quality MidCap Fund paid Ultimus fees the following amounts for the fiscal year ended October 31, 2022 The Westwood Quality SmallCap Fund, Westwood Quality Value Fund, Westwood Total Return Fund, Westwood Quality SMidCap Fund, Westwood Income Opportunity Fund, Westwood High Income Fund and Westwood Alternative Income Fund paid Ultimus fees the following amounts for the fiscal year ended October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration Fees Paid to Ultimus** | **Administration Fees Paid to Ultimus** | **Administration Fees Paid to Ultimus** |
| **Fund** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality MidCap Fund<sup>1</sup> | N/A | N/A | $27500 |
| Westwood Quality AllCap Fund<sup>2</sup> | N/A | $2500 | $28548 |
| Westwood SmallCap Growth Fund<sup>2</sup> | N/A | $2500 | $28548 |
| Westwood Quality Value Fund | N/A | N/A | $59317 |
| Westwood Quality SMidCap Fund | N/A | N/A | $73772 |
| Westwood Quality SmallCap Fund | N/A | N/A | $244129 |
| Westwood Total Return Fund | N/A | N/A | $32018 |
| Westwood Income Opportunity Fund | N/A | N/A | $184400 |
| Westwood High Income Fund | N/A | N/A | $24099 |
| Westwood Alternative Income Fund | N/A | N/A | $40099 |

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<sup>1</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

<sup>2</sup> The Westwood Quality AllCap Fund and Westwood SmallCap Growth Fund commenced operations on September 30, 2021.

**THE DISTRIBUTOR**

Ultimus Funds Distributor, LLC (the "Distributor"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, is the exclusive agent for distribution of shares of the Funds pursuant to a Distribution Agreement (the "Distribution Agreement"). The Distributor is obligated to sell shares of the Funds on a best efforts basis only against purchase orders for the shares. Shares of the Funds are offered to the public on a continuous basis. The Distributor is compensated for its services to the Trust under a written agreement for such services. The Distributor is an affiliate of Ultimus.

By its terms, the Distribution Agreement has an initial term of two years and thereafter remains effective for periods of one year so long as such renewal and continuance is approved at least annually by (1) the Board or (2) a vote of the majority of the Funds' outstanding voting shares; provided that in either event continuance is also approved by a majority of the Independent Trustees, by a vote cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement may be terminated at any time, on sixty days written notice, without payment of any penalty, by the Trust or by the Distributor. The Distribution Agreement automatically terminates in the event of its assignment, as defined by the 1940 Act and the rules thereunder. Under the Distribution Agreement, the Distributor is paid a base fee per annum by each Fund and/or the Adviser to the Funds. For the fiscal year ended October 31, 2022, the Distributor was paid by the adviser.

Prior to November 1, 2021, SEI Investments Distribution Co. (the "SEI Distributor"), a wholly-owned subsidiary of SEI Investments served as the Distributor to each Predecessor Fund.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Distribution Plan.** The Trust has adopted a Distribution Plan with respect to the A Class Shares and C Class Shares (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. Continuance of the Plan must be approved annually by a majority of the Trustees and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of the affected Fund(s). All material amendments of the Plan will require approval by a majority of the Trustees and of the Qualified Trustees.

The Plan provides a method of paying for distribution and shareholder services, which may help the Funds grow or maintain asset levels to provide operational efficiencies and economies of scale, provided by the Distributor or other financial intermediaries that enter into agreements with the Distributor. The Funds may make payments to financial intermediaries, such as banks, savings and loan associations, insurance companies, investment counselors, broker-dealers, mutual fund "supermarkets" and the Distributor's affiliates and subsidiaries, as compensation for services, reimbursement of expenses incurred in connection with distribution assistance or provision of shareholder services. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services and distribution-related expenses such as the costs of preparation, printing, mailing, or otherwise disseminating sales literature, advertising, and prospectuses (other than those furnished to current shareholders of a Fund), promotional and incentive programs, and such other marketing expenses that the Distributor may incur.

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the A Class Shares and up to 1.00% of the average daily net assets of the C Class Shares as compensation for distribution and shareholder services. The shareholder services component of the foregoing fee for C Class Shares is limited to 0.25% of the average daily net assets of the class. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution or shareholder service expenses incurred by the Distributor or the amount of payments made to financial intermediaries. For the Westwood Quality Value Fund, Westwood Total Return Fund, Westwood Income Opportunity Fund, Westwood High Income Fund and Westwood Alternative Income Fund, a financial intermediary that receives a 1.00% upfront commission on a purchase of A Class Shares of $250,000 or more or C Class Shares will generally become eligible to receive the Rule 12b-1 Fees with respect to such shares beginning in the 13th month following the date of the purchase. For the Westwood Quality SmallCap Fund, a financial intermediary that receives a 1.00% upfront commission on a purchase of A Class Shares of $1,000,000 or more or C Class Shares will generally become eligible to receive the 12b-1 fees with respect to such shares beginning in the 13th month following the date of the purchase. The Trust intends to operate the Plan in accordance with its terms and with Financial Industry Regulatory Authority ("FINRA") rules concerning sales charges.

**Payments under the Distribution Plan.** For the fiscal year ended October 31, 2022, the Funds paid the following fees to the Distributor pursuant to the Plan.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Share Class** | **12b-1 Fees Paid** | **12b-1 Fees Retained by the Distributor** |
| **Fund** | **Share Class** | ***2022*** | ***2022*** |
| Westwood Quality Value Fund | A Class Shares | $2753 | N/A |
| Westwood Quality Value Fund | C Class Shares | $562 | N/A |
| Westwood Quality SmallCap Fund | A Class Shares | $3722 | N/A |
| Westwood Quality SmallCap Fund | C Class Shares | $7600 | N/A |
| Westwood Total Return Fund | A Class Shares | $31 | N/A |
| Westwood Total Return Fund | C Class Shares | $901 | N/A |
| Westwood Income Opportunity Fund | A Class Shares | $149476 | N/A |
| Westwood Income Opportunity Fund | C Class Shares | $132285 | N/A |
| Westwood High Income Fund | A Class Shares | $5606 | N/A |
| Westwood High Income Fund | C Class Shares | $2013 | N/A |
| Westwood Alternative Income Fund | A Class Shares | $91 | N/A |
| Westwood Alternative Income Fund | C Class Shares | $486 | N/A |

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For the fiscal years ended October 31, 2020 and 2021, the Predecessor Funds paid the SEI Distributor the following fees pursuant to the Plan.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **Share Class** | **12b-1 Fees Paid** | **12b-1 Fees Paid** | **12b-1 Fees Retained by the Distributor** | **12b-1 Fees Retained by the Distributor** |
| **Predecessor Fund** | **Share Class** | ***2020*** | ***2021*** | ***2020*** | ***2021*** |
| Westwood Quality Value Fund | A Class Shares | $13200 | $2988 | $4170 | $1072 |
| Westwood Quality Value Fund | C Class Shares | $0<sup>1</sup> | $3 | $0<sup>1</sup> | $1 |
| Westwood Quality SmallCap Fund | A Class Shares | $1367 | $3442 | $0 | $0 |
| Westwood Quality SmallCap Fund | C Class Shares | $1524 | $5019 | $0 | $0 |
| Westwood Total Return Fund | A Class Shares | $0<sup>1</sup> | $9 | $0<sup>1</sup> | $0 |
| Westwood Total Return Fund | C Class Shares | $0<sup>1</sup> | $70 | $0<sup>1</sup> | $1 |
| Westwood Income Opportunity Fund | A Class Shares | $130272 | $141010 | $987 | $557 |
| Westwood Income Opportunity Fund | C Class Shares | $24985 | $88789 | $12 | $0 |
| Westwood High Income Fund | A Class Shares | $204 | $2209 | $0 | $1 |
| Westwood High Income Fund | C Class Shares | $0<sup>1</sup> | $204 | $0<sup>1</sup> | $0 |
| Westwood Alternative Income Fund | A Class Shares | $21<sup>1</sup> | $240 | $0 | $0 |
| Westwood Alternative Income Fund | C Class Shares | $445<sup>1</sup> | $912 | $0<sup>1</sup> | $1 |

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<sup>1</sup> Reflects the period from March 31, 2020 (commencement of share class operations) to October 31, 2020.

**Administrative Services Plan.** The Westwood Quality MidCap Fund, the Westwood Quality SMidCap Fund, the Westwood Quality SmallCap Fund, the Westwood Quality AllCap Fund, the Westwood High Income Fund, the Westwood Alternative Income Fund and the Westwood SmallCap Growth Fund have adopted an Administrative Services Plan under which a shareholder servicing fee of up to 0.20% of the average daily net assets of the Institutional Shares of the Westwood Quality MidCap Fund, the Westwood Quality SMidCap Fund, the Westwood Quality SmallCap Fund and the Westwood SmallCap Growth Fund, 0.19% of the average daily net assets of the Institutional Shares of the Westwood High Income Fund, 0.15% of the average daily net assets of the Institutional Shares of the Westwood Alternative Income Fund, and 0.10% of the average daily net assets of the Institutional Shares of the Westwood Income Opportunity Fund and Westwood Quality Value Fund will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Funds; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Funds; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or their service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Funds on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Funds may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations. For the fiscal year ended October 31, 2022, the Funds paid the following under the Administrative Services Plan:

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| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Fee** |
| Westwood Alternative Income Fund | Institutional | $56439 |
| Westwood High Income Fund | Institutional | $318 |
| Westwood Quality MidCap Fund | Institutional | $12 |
| Westwood Quality SmallCap Fund | Institutional | $689538 |
| Westwood SmallCap Growth Fund | Institutional | $906 |
| Westwood QualitySMidCap Fund | Institutional | $400840 |

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**Other Payments by the Funds.** The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, distribution or shareholder services fees the Funds may pay to financial intermediaries pursuant to the Funds' distribution plan or Administrative Services Plan.

**Payments by the Adviser.** The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Funds, the Distributor, or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Funds in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Funds; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Funds by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

Ultimus, located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Transfer Agent to the Funds pursuant to a Master Services Agreement. As Transfer Agent, Ultimus performs the following services in connection with each Fund's shareholders: maintains records for each Fund's shareholders of record; processes shareholder purchase and redemption orders; processes transfers and exchanges of shares of each Fund on the shareholder files and records; processes dividend payments and reinvestments; and assists in the mailing of shareholder reports and proxy solicitation materials.

**THE CUSTODIAN**

U.S. Bank National Association, 800 Nicollett Mall, Minneapolis, Minnesota 55402-4302 (the "Custodian"), serves as the custodian of the Funds. The Custodian holds cash, securities, and other assets of the Funds as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

BBD, LLP, located at 1835 Market Street, 3rd Floor, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Funds and audits the financial statements of the Funds and assists in the preparation of the Funds' federal, state and excise tax returns since the Funds' fiscal year/period ended October 31, 2022.

Prior to and for the fiscal period ended October 31, 2021, Ernst & Young, LLP, One Commerce Square, 2005 Market Street, Suite 700, Philadelphia, Pennsylvania 19103, served as independent registered public accounting firm for the Predecessor Funds. The financial statements and notes thereto incorporated by reference for the Predecessor Westwood Quality Value Fund, the Predecessor Westwood Total Return Fund, the Predecessor Westwood Quality SMidCap Fund, the Predecessor Westwood Quality SmallCap Fund, the Predecessor Westwood Income Opportunity Fund, the Predecessor Westwood High Income Fund and the Predecessor Westwood Alternative Income Fund have been audited by Ernst & Young, LLP, as indicated in their report with respect thereto in reliance on the authority of their report as experts in accounting and auditing.

**LEGAL COUNSEL**

Kilpatrick Townsend & Stockton LLP, located at 4208 Six Forks Road, Suite 1400, Raleigh, North Carolina 27609, serves as legal counsel to the Trust and the Trust's Independent Trustees.

**Compliance Consulting Agreement**

Under the terms of a Compliance Consulting Agreement with the Trust, Ultimus provides an individual with the requisite background and familiarity with the federal securities laws to serve as the Trust's CCO and to administer the Trust's compliance policies and procedures. For these services, each Fund pays Ultimus a base fee of $12,000 per annum, plus an asset-based fee computed at the annual rate of 0.01% of the average net assets of the Fund in excess of $100 million. In addition, the Funds reimburse Ultimus for its reasonable out-of-pocket expenses relating to these compliance services. For the fiscal year ended October 31, 2022, the Funds paid the following for Compliance Consulting:

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| | |
|:---|:---|
| **Fund** | **Compliance Consulting Paid** |
| Westwood Quality Value Fund | $5106 |
| Westwood Quality MidCap Fund | $9 |
| Westwood SMid Cap Fund | $6102 |
| Westwood Quality SmallCap Fund | $20399 |
| Westwood Quality AllCap Fund | $432 |
| Westwood Total Return Fund | $2534 |
| Westwood Income Opportunity Fund | $15163 |
| Wesstwood High Income Fund | $2013 |
| Westwood Alternative Income Fund | $486 |
| Westwood SmallCap Growth Fund | $0 |

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**SECURITIES LENDING**

**Lending of Portfolio Securities.** In order to generate additional income, the Funds may lend portfolio securities in an amount up to 33 1/3% of its total assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities that the Adviser has determined are creditworthy under guidelines established by the Board. In determining whether the Funds will lend securities, the Adviser will consider all relevant facts and circumstances. The Funds may not lend securities to any company affiliated with the Adviser. Each loan of securities will be collateralized by cash, securities, or letters of credit. The Funds might experience a loss if the borrower defaults on the loan.

The borrower at all times during the loan must maintain with the Funds collateral in the form of cash or cash equivalents, or provide to the Funds an irrevocable letter of credit equal in value to at least 100% of the value of the securities loaned. While the loan is outstanding, the borrower will pay the Funds any dividends or interest paid on the loaned securities, and the Funds may invest the cash collateral to earn additional income. Alternatively, the Funds may receive an agreed-upon amount of interest income from the borrower who has delivered equivalent collateral or a letter of credit. It is anticipated that the Funds may share with the borrower some of the income received on the collateral for the loan or the Funds will be paid a premium for the loan. Loans are subject to termination at the option of the Funds or the borrower at any time. The Funds may pay reasonable administrative and custodial fees in connection with a loan, and may pay a negotiated portion of the income earned on the cash to the borrower or placing broker. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially. If the Funds invest the cash collateral from the borrower, there is the risk that such investment may result in a financial loss. In such an event, the Funds would be required to repay the borrower out of the Funds' assets.

Where voting rights with respect to the loaned securities pass with the lending of the securities, the Adviser normally intends to call the loaned securities to vote proxies, or to use other practicable and legally enforceable means to obtain voting rights, when the Adviser believes a material event affecting the loaned securities will occur or the Adviser otherwise believes it necessary to vote.

The Funds' Custodian serves as Securities Lending Agent for the Funds, and provides services which include screening, selection and review of borrowers, monitoring availability of securities, negotiating rebates, daily marking to market of loans, monitoring and maintaining cash collateral levels, processing securities movements, and reinvesting cash collateral as directed.

The Funds did not engaged in securities lending activities during the fiscal year ended October 31, 2022.

**OTHER EXPENSES**

In addition to the Management Fee, the Funds pay all expenses not expressly assumed by the Adviser, including, without limitation, the fees and expenses of its independent registered public accounting firm and of its legal counsel; the fees of the Administrator, Distributor, and Transfer Agent; the costs of printing and mailing to shareholders Annual and Semi-Annual Reports, proxy statements, prospectuses, SAIs, and supplements thereto; bank transaction charges and custody fees; any costs associated with shareholder meetings, including proxy solicitors' fees and expenses; registration and filing fees; federal, state or local income or other taxes; interest; membership fees of the Investment Company Institute and similar organizations; fidelity bond and liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made.

**TRUSTEES AND OFFICERS OF THE TRUST**

Overall responsibility for management and supervision of each Fund and the Trust rests with the Board. The members of the Board (the "Trustees") are elected by the Trust's shareholders or the existing members of the Board as permitted under the 1940 Act and the Trust's Agreement and Declaration of Trust (the "Declaration of Trust"). Each Trustee serves for a term of indefinite duration until death, resignation, retirement, or removal from office. The Trustees, in turn, elect the officers of the Trust to actively supervise the Trust's day-to-day operations. The officers are elected annually. Certain officers of the Trust also may serve as Trustees.

The Trust will be managed by the Board in accordance with the laws of the State of Ohio governing business trusts. There are currently six Trustees, five of whom are not "interested persons," as defined by the 1940 Act, of the Trust (the "Independent Trustees"). The Independent Trustees receive compensation for their services as Trustees and attendance at meetings of the Board. Officers of the Trust receive no compensation from the Trust for performing the duties of their offices.

Attached in Appendix A is a list of the Trustees and executive officers of the Trust, their year of birth and address, their present position with the Trust, length of time served in their position, and their principal occupation(s) during the past five years, and any other directorships held by the Trustee. Those Trustees who are "interested persons" as defined in the 1940 Act and those Trustees who are Independent Trustees are identified in the table.

**Leadership Structure and Qualifications of Trustees**

As noted above, the Board consists of six Trustees, five of whom are Independent Trustees. The Board is responsible for the oversight of the series, or funds, of the Trust.

In addition to the Funds, the Trust has other series managed by other investment advisers. The Board has engaged various investment advisers to oversee the day-to-day management of the Trust's series. The Board is responsible for overseeing these investment advisers and the Trust's other service providers in the operations of the Trust in accordance with the 1940 Act, other applicable federal and state laws, and the Declaration of Trust.

The Board meets at least four times throughout the year. The Board generally meets in-person, but may meet by telephone or videoconference as permitted by the 1940 Act. In addition, the Trustees may meet in person, by telephone, or videoconference at special meetings or on an informal basis at other times. The Independent Trustees also meet at least quarterly without the presence of any representatives of management.

**Board Leadership**

The Board is led by its Chairperson, Ms. Janine L. Cohen, who is also an Independent Trustee. The Chairperson generally presides at all Board Meetings, facilitates communication and coordination between the Trustees and management, and reviews meeting agendas for the Board and the information provided by management to the Trustees. The Chairperson works closely with Trust counsel and counsel to the Independent Trustees, and is also assisted by the Trust's President, who, with the assistance of the Trust's other officers, oversees the daily operations of the Funds, including monitoring the activities of all of the Funds' service providers.

The Board believes that its leadership structure, including having an Independent Trustee serve as Chairperson and five out of six Trustees as Independent Trustees, is appropriate and in the best interests of the Trust. The Board also believes its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Trust management.

*Board Committees*. The Board has established the following standing committees:

*Audit Committee*: The principal functions of the Audit Committee are: (i) to appoint, retain and oversee the Trust's independent registered public accounting firm; (ii) to meet separately with the independent registered public accounting firm and receive and consider a report concerning its conduct of the audit, including any comments or recommendations it deems appropriate; (iii) to act as the Trust's qualified legal compliance committee ("QLCC"), as defined in the regulations under the Sarbanes-Oxley Act; and (iv) to act as a proxy voting committee if called upon under the Trust's Proxy Voting Policies and Procedures when a matter with respect to which a series of the Trust is entitled to vote presents a conflict between the interest of the series' shareholders, on the one hand, and those of the series' investment manager on the other hand. Messrs. David M. Deptula, Robert E. Morrison, and Clifford N. Schireson, and Mses. Janine L. Cohen, and Jacqueline A. Williams are the members of the Audit Committee. Mr. Deptula is the Chairperson of the Audit Committee and presides at its meetings. The Audit Committee met five times during the Funds' prior fiscal year.

*Nominations and Governance Committee (the "Governance Committee")*: The Governance Committee nominates and selects persons to serve as members of the Board, including Independent Trustees and "interested" Trustees and assists in reviewing the Trust's governance practices and standards. In selecting and nominating persons to serve as Independent Trustees, the Governance Committee will not consider nominees recommended by shareholders of the Trust unless required by law. Messrs. Deptula, Morrison, and Schireson, and Mses. Cohen and Williams are the members of the Governance Committee. Mr. Morrison is the Chairperson of the Governance Committee and presides at its meetings. The Governance Committee met four times during the Funds' prior fiscal year.

*Qualifications of the Trustees*. The Governance Committee reviews the experience, qualifications, attributes, and skills of potential candidates for nomination or election by the Board. In evaluating a candidate for nomination or election as a Trustee, the Governance Committee takes into account the contribution that the candidate would be expected to make to the diverse mix of experience, qualifications, attributes, and skills that the Governance Committee believes contribute to the oversight of the Trust's affairs. The Board has concluded, based on the recommendation of the Governance Committee, that each Trustee's experience, qualifications, attributes, or skills on both an individual basis and in combination with the other Trustees, that each Trustee is qualified to serve on the Board. The Board believes that the Trustees' ability to review critically, evaluate, question, and discuss the information provided to them, to interact effectively with the Adviser, other service providers, legal counsel, and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Trustees support this conclusion. In determining that a particular Trustee is and will continue to be qualified to serve as a Trustee, the Board considers a variety of criteria, none of which, in isolation, is controlling.

In addition to the Trustee qualifications listed above, each of the Trustees has additional Trustee qualifications including, among other things, the experience identified in the "Trustees and Executive Officers" table included in Appendix A and as follows:

Interested Trustee

David R. Carson is Senior Vice President, Client Strategies for Ultimus Fund Solutions, LLC ("Ultimus"). Mr. Carson is also a Trustee of Unified Series Trust. Mr. Carson served as President of the Trust from 2013 until January 2021, and now serve as Vice President of the Trust. He also serves as President of the Centaur Mutual Funds Trust from 2018 to present. Prior to joining Ultimus in 2013, Mr. Carson served as the Chief Operations and Compliance Officer for The Huntington Funds from 2005 until 2013, for The Flex-Funds from 2006 until 2011, for Meeder Financial from 2007 until 2011, for Huntington Strategy Shares from 2012 until 2013, and for Huntington Asset Advisors during 2013. Mr. Carson also served as Vice President of Huntington National Bank from 2001 until 2013. Mr. Carson holds a B.A. in English from Kenyon College in Gambier, Ohio. Dave was Co-Founder and Director of Advancing Fund Governance, organized for those charged with fund governance to help members best serve shareholders and stakeholders. He is an active member of the Investment Company Institute (ICI) and served as board chair of the Cincinnati Shakespeare Festival. Mr. Carson has been a Trustee since January 2021.

Independent Trustees

David M. Deptula has served as Vice President of Legal and Special Projects for Dayton Freight Lines, Inc. since February 1, 2016. Prior to that position, Mr. Deptula was Vice President of Tax Treasury for Standard Register, Inc. (a company that provides solutions for companies to manage their critical communications, previously The Standard Register Company) since November 2011. (Standard Register, Inc. a newly formed subsidiary of Taylor Corporation, purchased assets of The Standard Register Company on July 31, 2015.) Prior to joining Standard Register, Mr. Deptula was a Tax Partner at Deloitte Tax LLP ("Deloitte"). Mr. Deptula joined Deloitte in 1984 and remained with Deloitte until October of 2011. During his tenure at Deloitte, he was actively involved in providing tax accounting services to open-end mutual funds and other financial services companies. Mr. Deptula holds a B.S. in Accounting from Wright State University and a Juris Doctor from University of Toledo. He is also a Certified Public Accountant. Mr. Deptula has been a Trustee since June 2012.

Janine L. Cohen, retired, was an executive at AER Advisors, Inc. ("AER") from 2004 through her retirement in 2013. Ms. Cohen served as the Chief Financial Officer ("CFO") from 2004 to 2013 and Chief Compliance Officer ("CCO") from 2008 to 2013 at AER. During her tenure at AER, she was actively involved in developing financial forecasts, business plans, and SEC registrations. Prior to those roles, Ms. Cohen was a Senior Vice President at State Street Bank. Ms. Cohen has over 30 years of experience in the financial services industry. She holds a B.S. in Accounting and Math from the University of Minnesota and is a Certified Public Accountant. Ms. Cohen has been the Chairperson since October 2019 and a Trustee since January, 2016.

Jacqueline A. Williams has served as the Managing Member of Custom Strategies Consulting, LLC since 2017, where she provides consulting services to investment managers. Prior to that, she served as a Managing Director of Global Investment Research for Cambridge Associates, LLC since 2005. Earlier in her career, Ms. Williams served as a Principal at Equinox Capital Management, LLC where she was chairperson of the stock selection committee and the firm's financial services analyst. Ms. Williams also served as an Investment Analyst at IBJ Schroder Bank & Trust Company where she monitored U.S. financial services stocks. Ms. Williams has over 25 years of experience in the investment management industry. Ms. Williams earned an A.B. in Religion from Duke University and a Ph.D. in Religious Studies from Yale University. She has been a Chartered Financial Analyst charter holder since 1990. Ms. Williams has been a Trustee since June 2019.

Clifford N. Schireson, retired, was the founder of Schireson Consulting, LLC, which he launched in 2017, until his retirement in 2021. Prior to that, Mr. Schireson was Director of Institutional Services from 2004 to 2017 at Brandes Investment Partners, LP, an investment advisory firm, where he also was co-head of fixed income and was a member of the fixed-income investment committee. From 1998 to 2004, he was a Managing Director at Weiss, Peck & Greer LLC specializing in fixed-income products for both taxable and municipal strategies for institutional clients. Mr. Schireson has over 20 years of experience in the investment management industry, as well as 20 years of experience in the investment banking industry. Mr. Schireson holds an A.B. in Economics from Stanford University and an M.B.A. from Harvard Business School. Mr. Schireson has been a Trustee since June 2019.

Robert E. Morrison serves as a Managing Director at Midwest Trust and FCI Advisors, where he has worked since February of 2022. Previously, he was a Senior Vice President at Huntington Private Bank, where he worked from 2014 to 2022. From 2006 to 2014, he served as the CEO, President and Chief Investment Officer of 5 Star Investment Management. Mr. Morrison has a B.S. in Forestry Management from Auburn University and is a graduate of the Personal Financial Planning program of Old Dominion University. Mr. Morrison previously served on the Ultimus Managers Trust Board of Trustees as the Founding Chairman of the Trust in 2012. Mr. Morrison retired from the Board in 2014 as a result of a business conflict that no longer exists. Mr. Morrison has over 32 years of financial services experience, focusing on asset management and wealth management. Mr. Morrison has been a Trustee since June 2019.

References above to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility on any such person or on the Board by reason thereof.

*Risk Oversight*. The operation of a mutual fund, including its investment activities, generally involves a variety of risks. As part of its oversight of the Funds, the Board oversees risk through various regular board and committee activities. The Board, directly or through its committees, reviews reports from, among others, the Adviser, the Trust's CCO, the Trust's independent registered public accounting firm, and outside legal counsel, regarding risks faced by the Funds and the risk management programs of the Adviser, with respect to the Funds' investments and trading activities, and certain service providers. The actual day-to-day risk management with respect to the Funds resides with the Adviser, with respect to the Funds' investment and trading activities, and other service providers to the Funds. Although the risk management policies of the Adviser and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Funds can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the Board or the Adviser or other service providers. The Independent Trustees meet separately with the Trust's CCO at least annually, outside the presence of management, to discuss issues related to compliance. Furthermore, the Board receives an annual written report from the Trust's CCO regarding the operation of the compliance policies and procedures of the Trust and its primary service providers. As part of its oversight function, the Board also may hold special meetings or communicate directly with Trust management or the Trust's CCO to address matters arising between regular meetings.

The Board also receives quarterly reports from the Adviser on the investments and securities trading of each Fund, including each Fund's investment performance, as well as reports regarding the valuation of each Fund's securities (when applicable). The Board also receives quarterly reports from the Funds' Administrator, Transfer Agent and the Distributor on regular quarterly items and, where appropriate and as needed, on specific issues. In addition, in its annual review of each Fund's Advisory Agreement), the Board reviews information provided by the Adviser relating to its operational capabilities, financial condition and resources. The Board also conducts an annual self-evaluation that includes a review of its effectiveness in overseeing, among other things, the number of funds in the Trust and the effectiveness of the Board's committee structure.

**Trustees' Ownership of the Funds' Shares**. The following table shows each Trustee's beneficial ownership of shares of the Funds and, on an aggregate basis, of shares of all funds within the Trust overseen by the Trustee. Information is provided as of December 31, 2022.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Dollar Range of Shares owned by Trustee in** | **Dollar Range of Shares owned by Trustee in** | **Dollar Range of Shares owned by Trustee in** |
| **Name of Trustee** | **Quality Value Fund**  | **Quality**<br> **MidCap Fund** | **Total Return Fund** | **Quality SMidCap Fund** | **Quality SmallCap Fund** | **Quality**<br> **MidCap Fund** | **Income Opportunity Fund** | **SmallCap Growth Fund** | **High Income Fund**  | **Alternative Income Fund** | **All Funds in Trust Overseen by Trustee** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David R. Carson |  |  |  |  |  |  |  |  |  |  | $10001 - $50000 |
| &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;&nbsp;***Independent Trustees*** |
| David M. Deptula |  |  |  |  |  |  |  |  |  |  |  |
| Janine L. Cohen |  |  |  |  |  |  |  |  |  |  | $50001 - $100000 |
| Jacqueline A. Williams |  |  |  |  |  |  |  |  |  |  |  |
| Clifford N. Schireson |  |  |  |  |  |  |  |  |  |  |  |
| Robert E. Morrison |  |  |  |  |  |  |  |  |  |  |  |

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**Ownership in Fund Affiliates.** As of December 31, 2022, none of the Independent Trustees, nor members of their immediate families, owned, beneficially or of record, securities of the Adviser, the Distributor or any affiliate of the Adviser or the Distributor.

**Trustee Compensation.** No director, officer or employee of the Adviser or the Funds' Distributor receives any compensation from the Trust for serving as an officer or Trustee of the Trust. Prior to October 20, 2021, each Independent Trustee received a $500 meeting fee and a $1,300 annual retain for each series of the Trust, except the Chairperson of the Board who received a $1,500 retainer for serving as Chairperson. From October 20, 2021 to October 16, 2022, each Independent Trustee received a $550 per meeting fee and a $1,300 annual retainer for each series of the Trust, except the Chairperson of the Board who receives a $1,700 annual retainer. As of October 17, 2022, each Trustee still receives a $550 per meeting fee and a $1,300 annual retainer for each series of the Trust, except the Chairperson of the Board who still receives a $1,700 annual retainer, but the Chairperson of the Audit Committee receives a $1,500 annual retainer for serving as such. The Trust reimburses each Trustee and officer for their travel and other expenses incurred by attending meetings. The following table provides the amount of compensation paid to each Trustee during the Funds' fiscal year ended October 31, 2022:

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Aggregate Compensation**<br> **From the** | **Pension or Retirement Benefits Accrued As Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From All Funds Within the Trust** |
| **Name of Trustee** | **Quality Value Fund** | **Total Return Fund** | **Quality SMidCap Fund** | **Quality SmallCap Fund** | **Income Opportunity Fund** | **High Income Fund** | **Alternative Income Fund** | **Quality AllCap Fund** | **Quality MidCap Fund<sup>1</sup>** | **SmallCap Growth Fund** | **Pension or Retirement Benefits Accrued As Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From All Funds Within the Trust** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David R. Carson |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Janine L. Cohen | $3900 | $3900 | $3900 | $3900 | $3900 | $3900 | $3900 | $3900 | $3900 | $3900 |  |  | $104150 |
| David M. Deptula | $3550 | $3550 | $3550 | $3550 | $3550 | $3550 | $3550 | $3550 | $3550 | $3550 |  |  | $95050 |
| Robert E. Morrison | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 |  |  | $93750 |
| Clifford N. Schireson | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 |  |  | $93750 |
| Jacqueline A. Williams | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 | $3500 |  |  | $93750 |

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<sup>1</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

**PURCHASING AND REDEEMING SHARES**

Shares of the Funds are offered for sale on a continuous basis. Shares are sold and redeemed at their NAV, as next determined after receipt of the purchase or redemption order in proper form. The Funds reserve the right to reject any purchase request and/or suspend the offering of their shares at any time.

The Funds may suspend the right of redemption or postpone the date of payment for shares during a period when: (a) trading on the NYSE is restricted by applicable rules and regulations of the SEC; (b) the NYSE is closed for other than customary weekend and holiday closings; (c) the SEC has by order permitted these suspensions; or (d) an emergency exists as a result of which: (i) disposal by a Fund of securities owned by it is not reasonably practicable, or (ii) it is not reasonably practicable for a Fund to determine the value of its assets.

Each Fund reserves the right to make payment for a redemption in securities rather than cash, which is known as a "redemption in kind". Redemptions in kind will be made only under extraordinary circumstances and if a Fund deems it advisable for the benefit of its shareholders, such as a very large redemption that could affect Fund operations (for example, more than 1% of a Fund's net assets). A redemption in kind will consist of liquid securities equal in market value to a Fund's shares being redeemed, using the same valuation procedures that a Fund uses to compute its NAV. Redemption in kind proceeds will typically be made by delivering a pro-rata amount of a Fund's holdings that are readily marketable securities to the redeeming shareholder within 7 days after a Fund's receipt of the redemption order in proper form. If a Fund redeems your shares in kind, you will bear the market risks associated with maintaining or selling the securities paid as redemption proceeds. In addition, when you sell these securities, you bear the risk that the securities have become less liquid and are difficult to sell. You also will be responsible for any taxes and brokerage charges associated with selling the securities.

**SPECIAL SHAREHOLDER SERVICES**

As noted in the Prospectus, the Funds offer the following shareholder services:

**Regular Account.** The regular account allows for voluntary investments to be made at any time. Available to individuals, custodians, corporations, trusts, estates, corporate retirement plans and others, investors are free to make additions to and withdrawals from their account as often as they wish. When an investor makes an initial investment in the Fund, a shareholder account is opened in accordance with the investor's registration instructions. Each time there is a transaction in a shareholder account, such as an additional investment or a redemption, the shareholder will receive a confirmation statement showing the current transaction.

**Automatic Investment Plan.** The automatic investment plan enables investors to make regular periodic investments in shares through automatic charges to their checking account. With shareholder authorization and bank approval, the Fund's transfer agent will automatically charge the checking account for the amount specified ($100 minimum) which will be automatically invested in shares at the NAV on or about the fifteenth and/or the last business day of the month, or both. The shareholder may change the amount of the investment or discontinue the plan at any time by writing to the Fund.

**Transfer of Registration.** To transfer shares to another owner, send a written request to Westwood Funds, 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022. Your request should include the following: (i) the Fund name and existing account registration; (ii) signature(s) of the registered owner(s) exactly as the signature(s) appear(s) on the account registration; (iii) if it is for a new account, a completed account application, or if it is an existing account, the account number; (iv) Medallion signature guarantees (See the heading "How to Redeem Shares – Signature Guarantees" in the Prospectus); and (v) any additional documents that are required for transfer by corporations, administrators, executors, trustees, guardians, etc. If you have any questions about transferring shares, call or write the Fund.

**DETERMINATION OF NET ASSET VALUE**

The share price or NAV of shares of each Fund is determined as of the close of the regular session of trading on the New York Stock Exchange (the "NYSE") on each day the NYSE is open for trading. Currently, the NYSE is open for trading on every day except Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

For purposes of computing a Fund's NAV, securities are valued at market value as of the close of regular trading on the NYSE (normally, 4:00 p.m. Eastern Time) on each business day the NYSE is open. Securities listed on the NYSE or other exchanges are valued based on their last sale prices on the exchanges on which they are primarily traded. If there are no sales on that day, the securities are valued at the mean of the closing bid and ask prices on the NYSE or other primary exchange for that day. National Association of Securities Dealers Automated Quotations ("NASDAQ") listed securities are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the mean of the most recently quoted bid and ask prices as reported by NASDAQ. Securities traded in the over-the-counter ("OTC") market are valued at the last sale price, if available, otherwise at the mean of the most recently quoted bid and ask prices. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities and other assets are valued at fair value as determined in good faith in accordance with procedures adopted by the Board. Fixed-income securities are normally valued based on prices obtained from independent third-party pricing services approved by the Board, which are generally determined with consideration given to institutional bid and last sale prices and take into account security prices, yield, maturity, call features, ratings, institutional sized trading in similar groups of securities and developments related to specific securities. Foreign securities are normally valued on the basis of fair valuation prices obtained from independent third-party pricing services, which are generally determined with consideration given to any change in price of the foreign security and any other developments related to the foreign security since the last sale price on the exchange on which such foreign security primarily traded and the close of regular trading on the NYSE. One or more pricing services may be utilized to determine the fair value of securities held by the Funds. To the extent the assets of the Funds are invested in other open-end investment companies that are registered under the 1940 Act and not traded on an exchange, the Funds' NAV is calculated based upon the NAVs reported by such registered open-end investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

**TAXES**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Prospectuses. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectuses is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

This general discussion of certain U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** Each Fund has elected and intends to continue to qualify to be treated as a regulated investment company ("RIC"). By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the U.S. federal taxes to which it may be subject. A Fund that qualifies as a RIC will generally not be subject to U.S. federal income taxes on the net investment income and net realized capital gains that the Fund timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which each Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that each Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for U.S. federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organization requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, such Fund will be subject to U.S. federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. Failure to qualify as a RIC would thus have a negative impact on the Fund's income and performance. It is possible that a Fund will not qualify as a RIC in any given tax year.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. The carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% U.S. federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no U.S. federal income tax). The Funds intend to make sufficient distributions to avoid liability for U.S. federal excise tax, but can make no assurances that such tax will be completely eliminated. The Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid U.S. federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as RICs.

**Distributions to Shareholders.** The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by the Funds are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the NAV) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend

as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Funds receive from an ETF, an underlying fund taxable as a RIC, or from a REIT will be treated as qualified dividend income only to the extent so reported by such ETF, underlying fund or REIT. Certain of the Funds' investment strategies may limit their ability to make distributions eligible to be treated as qualified dividend income.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders currently set at a maximum rate of 20%, regardless of how long the shareholder has owned the shares. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction for a portion of the dividends paid and to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. Certain Funds' investment strategies may limit their ability to make distributions eligible for the dividends received deduction for corporate shareholders.

To the extent that a Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

When a dividend or distribution is received shortly after the purchase of shares, it reduces the NAV of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the NAV of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

The Funds (or their administrative agents) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for U.S. federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Funds may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Funds.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

**Sales, Exchanges, or Redemptions.** Any gain or loss recognized on a sale, exchange, or redemption of shares of a Fund by a shareholder who is not a dealer in securities will generally, for individual shareholders, be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a long-term capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the long-term capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale.

U.S. individuals with income exceeding $200,000 ($125,000 if married and filing separately, $250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agents) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders the cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, each Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of its shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, each Fund will use the average cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of a Fund's shares may not be changed after the settlement date of each such sale of a Fund's shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their own tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their U.S. federal income tax returns.

**Tax Treatment of Complex Securities.** The Funds may invest in complex securities. These investments may be subject to numerous special and complex tax rules. These rules could affect the Funds' ability to qualify as RICs, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds or defer the Funds' ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Funds and may require the Funds to sell securities to mitigate the effect of these rules and prevent disqualification of the Funds as RICs at a time when the Adviser might not otherwise have chosen to do so.

Certain derivative investment by the Funds, such as exchange-traded products and over-the-counter derivatives may not produce qualifying income for purposes of the Qualifying Income Test described above, which must be met in order for a Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the Asset Test described above. The Funds intend to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that they are adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Funds' determination of the Asset Test with respect to such derivatives.

For U.S. federal income tax purposes, each Fund is required to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts that are subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

Offsetting positions held by a Fund involving certain derivative instruments, such as options, forward contracts, and futures, as well as its long and short positions in portfolio securities may constitute a "straddle" for U.S. federal income tax purposes. A straddle of which at least one, but not all, the positions are Section 1256 Contracts may constitute a "mixed straddle." In general, straddles are subject to certain rules that may affect the amount, character, and timing of a Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other position in such straddle; (2) the Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and that are non-Section 1256 Contracts be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred. Various elections are available to the Funds, which may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.

In general, the straddle rules described above do not apply to any straddles held by a Fund if all of the offsetting positions consist of Section 1256 Contracts. The straddle rules described above also do not apply if all the offsetting positions making up a straddle consist of one or more "qualified covered call options" and the stock to be purchased under the options and the straddle is not part of a larger straddle. A "qualified covered call option" is generally any option granted by a Fund to purchase stock it holds (or stock it acquires in connection with granting the option) if, among other things, (1) the option is traded on a national securities exchange that is registered with the SEC or other market the IRS determined has rules adequate to carry out the purposes of the applicable Code provision, (2) the option is granted more than 30 days before it expires, (3) the option is not a "deep-in-the-money option," (4) such option is not granted by an options dealer in connection with his activity of dealing in options, and (5) gain or loss with respect to the option is not ordinary income or loss.

To the extent a Fund writes options that are not Section 1256 Contracts, the amount of the premium received by the Fund for writing such options will generally be entirely short-term capital gain to the Fund. In addition, if such an option is closed by a Fund, any gain or loss realized by the Fund as a result of closing the transaction will also generally be short-term capital gain or loss. If such an option is exercised any gain or loss realized by a Fund upon the sale of the underlying security pursuant to such exercise will generally be short-term or long-term capital gain or loss to the Fund depending on the Fund's holding period for the underlying security.

If a Fund enters into a "constructive sale" of any appreciated financial position in its portfolio, the Fund will be treated as if it had sold and immediately repurchased the property and must recognize gain (but not loss) with respect to that position. A constructive sale of an appreciated financial position occurs when a Fund enters into certain offsetting transactions with respect to the same or substantially identical property, including, but not limited to: (i) a short sale; (ii) an offsetting notional principal contract; (iii) a futures or forward contract; or (iv) other transactions identified in future Treasury Regulations. The character of the gain from constructive sales will depend upon a Fund's holding period in the appreciated financial position. Losses realized from a sale of a position that was previously the subject of a constructive sale will be recognized when the position is subsequently disposed of. The character of such losses will depend upon a Fund's holding period in the position beginning with the date the constructive sale was deemed to have occurred and the application of various loss deferral provisions in the Code. Constructive sale treatment does not apply to certain closed transactions, including if such a transaction is closed on or before the 30th day after the close of a Fund's taxable year and the Fund holds the appreciated financial position unhedged throughout the 60-day period beginning with the day such transaction was closed.

With respect to investments in STRIPS, treasury receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy the Distribution Requirement and to eliminate any possible taxation at the Fund level.

In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" ("QPTP") (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Code section 7704(d), and (iii) that generally derives less than 90% of its income from the same sources as described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP.

Certain Funds intend to invest in certain MLPs which may be treated as QPTPs. Income from QPTPs is qualifying income for purposes of the Qualifying Income Test, but a Fund's investment in one or more of such QPTPs is limited under the Asset Test to no more than 25% of the value of the Fund's assets. The Funds will monitor their investments in such QPTPs in order to ensure compliance with the Qualifying Income and Asset Tests.

Investments in QPTPs may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in QPTPs may at other times result in the Fund's receipt of nontaxable cash distributions from a QPTP and if the Fund then distributes these nontaxable distributions to Fund shareholders, it could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Any cash distributions received by a Fund from a QPTP in excess of the Fund's tax basis therein generally will be considered to be gain from the sale or exchange of the Fund's QPTP shares. A Fund's tax basis in its investments in a QPTP generally is equal to the amount the Fund paid for its interests in the QPTP (i) increased by the Fund's allocable share of the QPTP's net income and certain QPTP debt, if any, and (ii) decreased by the Fund's allocable share of the QPTP's net losses and distributions received by the Fund from the QPTP.

MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement. When such reclassification is necessary, the Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified publicly traded partnership income" within the meaning of section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a QPTP, as defined above. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). RICs, such as the Funds, are not permitted to pass the special character of this income through to their shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable the Funds to pass through the special character of "qualified publicly traded partnership income" to shareholders.

A Fund may invest in REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in a Fund's receipt of cash in excess of the REIT's earnings; if a Fund distributes these amounts, these distributions could constitute a return of capital to such Fund's shareholders for U.S. federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to U.S. federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

Certain Funds intend to invest in royalty trusts. Depending on the U.S. federal income tax classification of these royalty trusts in which a Fund invests, securities issued by certain royalty trusts (such as royalty trusts which are grantor trusts for U.S. federal income tax purposes) may not produce qualifying income for purposes of the Qualifying Income Test. Additionally, a Fund may be deemed to directly own the assets of each royalty trust, and would need to look to such assets when determining its compliance with the Asset Test. Certain Canadian royalty trusts may be treated as a corporation for U.S. federal income tax purposes and distributions from such trusts may be qualifying income when received by a Fund. Each Fund will monitor its investments in royalty trusts with the objective of maintaining its continued qualification as a RIC under the Code.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the Distribution Requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, whether or not any distributions are made to the Fund, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the Distribution Requirements set forth above. Such Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Fund arising from a QEF election, will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

**Certain Foreign Currency Tax Issues.** A Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount, and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they

were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to a Fund's business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly, such Treasury Regulations may be issued in the future that could treat some or all of a Fund's non-U.S. currency gains as non-qualifying income which may jeopardize, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

**Foreign Taxes.** Dividends and interest received by a Fund may be subject to income, withholding, or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to, and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. Shareholders generally will be entitled to deduct or, subject to certain limitations, claim foreign tax credit with respect to such foreign income taxes. If a Fund makes the election, such Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by such Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund.

investment in a Fund where, for example: (i) the Fund invests in residual interests of Real Estate Mortgage Investment Conduits ("REMICs"), (ii) the Fund invests in a REIT that is a taxable mortgage pool ("TMP") or that has a subsidiary that is a TMP or that invests in the residual interest of a REMIC, or (iii) shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should consult their tax advisor. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts, are strongly encouraged to consult their tax advisors regarding these issues.

A Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

**Backup Withholding.** A Fund will be required in certain cases to withhold at a rate of 24% and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien).

**Non-U.S. Investors.** Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described above. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Dividends paid by the Funds to non-U.S. shareholders may be subject to U.S. withholding tax at the rate of 30% unless reduced by treaty (and the shareholder files a valid Internal Revenue Service Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for Unites States Tax Withholding and Reporting (Individuals), or other applicable form, with the Funds certifying foreign status and treaty eligibility) or the non-U.S. shareholder files a Form W-8ECI, Certificate of Foreign Person's Claim That Income is Effectively Connected with the Conduct of a Trade or Business in the United States, or other applicable form, with the Funds certifying that the investment to which the distribution relates is effectively connected to a United States trade or business of such non-U.S. shareholder (and, if certain tax treaties apply, is attributable to a United States permanent establishment maintained by such non-U.S. shareholder). The Funds may elect not to withhold the applicable withholding tax on any distribution representing a capital gains dividend to a non-U.S. shareholder.

Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9, Request for Taxpayer Identification, or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in a Fund should consult their tax advisors in this regard.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886, Reportable Transaction Disclosure Statement. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**State Taxes.** Depending upon state and local law, distributions by a Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for U.S. federal income taxation described above. It is expected that a Fund will not be liable for any corporate excise, income or franchise tax in Massachusetts if it qualifies as a RIC for U.S. federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in a Fund.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Funds execute transactions in the over-the-counter market, they will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order for two or more accounts it manages, including a Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or Fund may obtain, it is the opinion of the Adviser that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended October 31, 2020, 2021, and 2022 the Funds (and if applicable, the Predecessor Funds) paid the following aggregate brokerage commissions on portfolio transactions as noted below:

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| | | | |
|:---|:---|:---|:---|
| **Predecessor Fund** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality Value Fund | $90300 | $88691 | N/A |
| Westwood Quality SMidCap Fund | $226232 | $544083 | N/A |
| Westwood Quality SmallCap Fund | $692196 | $1186738 | N/A |
| Westwood Total Return Fund | $11174 | $74909 | N/A |
| Westwood Income Opportunity Fund | $629024 | $566425 | N/A |
| Westwood High Income Fund | $23186 | $35704 | N/A |
| Westwood Alternative Income Fund | $7927 | $9353 | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality MidCap Fund<sup>2</sup> | N/A | N/A | $648 |
| Westwood Quality AllCap Fund<sup>1</sup> | N/A | $11643 | $17817 |
| Westwood SmallCap Growth Fund<sup>1</sup> | N/A | $1061 | $226071 |
| Westwood Quality Value Fund | N/A | N/A | $129469<sup>3</sup> |
| Westwood Total Return Fund | N/A | N/A | $41254<sup>4</sup> |
| Westwood Quality SMidCap Fund | N/A | N/A | $461811<sup>4</sup> |
| Westwood Quality SmallCap Fund | N/A | N/A | $916575<sup>4</sup> |
| Westwood Income Opportunity Fund | N/A | N/A | $371685<sup>4</sup> |
| Westwood High Income Fund | N/A | N/A | $30650 |
| Westwood Alternative Income Fund | N/A | N/A | $3068<sup>4</sup> |

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<sup>1</sup> The Westwood Quality AllCap Fund and the Westwood SmallCap Growth Fund commenced operations on September 30, 2021.

<sup>2</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

<sup>3</sup> Brokerage Commissions for the fiscal period ended October 31, 2022 were higher due to an increase in portfolio transactions during the year.

<sup>4</sup> Brokerage Commissions for the fiscal period ended October 31, 2022 were lower due to an decrease in portfolio transactions during the year.

**Brokerage Selection.** The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Funds.

To the extent that research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance, and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts, and not all services may necessarily be used by the Adviser in connection with the Funds or any other specific client account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to, and not in lieu of, the services required to be performed by the Adviser under the Advisory Agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Adviser may purchase new issues of securities for clients, including the Funds, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the Adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended October 31, 2022, the Funds paid the following commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research services to an adviser:

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| | | |
|:---|:---|:---|
| **Predecessor Fund** | ***Total Dollar Amount of Brokerage Commissions for Research Services<sup>1</sup>*** | ***Total Dollar Amount of Transactions Involving Brokerage Commissions for Research Services*** |
| Westwood Quality Value Fund | $65557 | $305375062 |
| Westwood Quality SMidCap Fund | $397082 | $671622288 |
| Westwood Quality SmallCap Fund | $873481 | $1295390301 |
| Westwood Total Return Fund | $55920 | $103996002 |
| Westwood Income Opportunity Fund | $417614 | $828054879 |
| Westwood High Income Fund | $27162 | $64405114 |
| Westwood Alternative Income Fund | $0 | $0 |

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| | | |
|:---|:---|:---|
| **Fund** | ***Total Dollar Amount of Brokerage Commissions for Research Services<sup>1</sup>*** | ***Total Dollar Amount of Transactions Involving Brokerage Commissions for Research Services*** |
| Westwood Quality MidCap Fund<sup>3</sup> | N/A | N/A |
| Westwood Quality AllCap Fund<sup>2</sup> | $8621 | $22485203 |
| Westwood SmallCap Growth Fund<sup>2</sup> | $792 | $1030377 |
| Westwood Quality Value Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood Total Return Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood Quality SMidCap Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood Quality SmallCap Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood Income Opportunity Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood High Income Fund | $0<sup>4</sup> | $0<sup>4</sup> |
| Westwood Alternative Income Fund | $0<sup>4</sup> | $0<sup>4</sup> |

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<sup>1</sup> Reported numbers include commissions paid for an identified research service as part of an unbundled brokerage relationship and total commissions paid as part of bundled commissions for which the research portion is not distinguishable from the execution portion.

<sup>2</sup> The Westwood Quality AllCap Fund and the Westwood SmallCap Growth Fund commenced operations on September 30, 2021.

<sup>3</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

<sup>4</sup> The Funds did not pay any brokerage commissions. If any commissions were incurred, they were paid by the Adviser.

**Brokerage with Fund Affiliates.** The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of either the Funds or the Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Funds for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended October 31, 2020, 2021 and 2022, the Predecessor Funds and the Funds did not pay any brokerage commissions on Fund transactions effected by affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Funds are required to identify any securities of their "regular brokers and dealers" (as such term is defined in the 1940 Act) that each Fund held during its most recent fiscal year. Because the Funds are new, there are no holdings of securities of their "regular brokers and dealers" to disclose as of the date of this SAI. During the fiscal year ended October 31, 2022, the Funds did not hold any securities of their "regular brokers and dealers."

**Portfolio Turnover Rates.** Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the fiscal year by the monthly average value of portfolio securities owned during the fiscal year. Excluded from both the numerator and denominator are amounts relating to securities whose maturities at the time of acquisition were one year or less. Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts in which the Funds may invest since such contracts generally have remaining maturities of less than one year. The Funds may at times hold investments in other short-term instruments, such as repurchase agreements, which are excluded for purposes of computing portfolio turnover. For the fiscal years ended October 31, 2020, 2021 and 2022, the Funds' portfolio turnover rates were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Predecessor Fund** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| **Predecessor Fund** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality Value Fund | 52% | 72% | N/A |
| Westwood Quality SMidCap Fund | 69% | 106% | N/A |
| Westwood Quality SmallCap Fund | 67% | 58% | N/A |
| Westwood Total Return Fund | 62% | 66% | N/A |
| Westwood Income Opportunity Fund | 111% | 82% | N/A |
| Westwood High Income Fund | 130% | 67% | N/A |
| Westwood Alternative Income Fund | 137% | 125% | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| **Fund** | ***2020*** | ***2021*** | ***2022*** |
| Westwood Quality MidCap Fund<sup>2</sup> | N/A | N/A | 96% |
| Westwood Quality AllCap Fund<sup>1</sup> | N/A | 4% | 101% |
| Westwood SmallCap Growth Fund<sup>1</sup> | N/A | 3% | 860% |
| Westwood Quality Value Fund | N/A | N/A | 77% |
| Westwood Total Return Fund | N/A | N/A | 63% |
| Westwood Quality SMidCap Fund | N/A | N/A | 104% |
| Westwood Quality SmallCap Fund | N/A | N/A | 60% |
| Westwood Income Opportunity Fund | N/A | N/A | 81% |
| Westwood High Income Fund | N/A | N/A | 62% |
| Westwood Alternative Income Fund | N/A | N/A | 128% |

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<sup>1</sup> The Westwood Quality AllCap Fund and the Westwood SmallCap Growth Fund commenced operations on September 30, 2021.

<sup>2</sup> The Westwood Quality MidCap Fund commenced operations on November 30, 2021.

**PORTFOLIO HOLDINGS**

The Board has adopted policies with respect to the disclosure of a Fund's portfolio holdings. These policies generally prohibit the disclosure of information about a Fund's portfolio to third parties prior to (i) the filing of the information with the U.S. Securities and Exchange Commission (the "SEC") in a required filing, or (ii) the day after the information is posted to the Fund's website. Each Fund is required to include a schedule of portfolio holdings in its annual and semi-annual reports to shareholders, which are sent to shareholders within 60 days of the end of the second and fourth fiscal quarters and filed with the SEC on Form N-CSR within 70 days of the end of the second and fourth fiscal quarters. Each Fund is also required to file a schedule of portfolio holdings with the SEC on Form N-PORT within 60 days of the end of the first and third fiscal quarters. Each Fund must provide a copy of the complete schedule of portfolio holdings as filed with the SEC to any shareholder of the Fund, upon request, free of charge.

As described below, the policies allow for disclosure of non-public portfolio information to third parties if the following criteria are met, as determined by the Trust's Chief Compliance Officer (the "CCO"): (1) there is a legitimate business purpose for the disclosure; (2) the party receiving the portfolio holdings information is subject to a one or more Conditions of Confidentiality (as defined below); and (3) disclosure is consistent with the antifraud provisions of the federal securities laws and, with respect to disclosure made or directed to be made by the Adviser, the Adviser's fiduciary duties. "Conditions of Confidentiality" include (1) confidentiality clauses in written agreements, (2) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), or (3) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships).

Under the policies, the Trust, the Fund, the Adviser and any service provider to the Trust are prohibited from receiving compensation or other consideration in connection with disclosing information about a Fund's portfolio to third parties.

Consistent with these policies, a Fund may include in marketing literature and other communications to shareholders or other parties a full schedule of portfolio holdings, top ten portfolio positions and certain other portfolio characteristics (such as sector or geographic weightings) that have already been made public through the Fund's website or through an SEC filing, provided that, in the case of portfolio information made public solely through the Fund's website, the information is disclosed no earlier than the day after the date of posting to the website.

Each Fund releases non-public portfolio holdings information to certain third-party service providers on a daily basis in order for those parties to perform their duties on behalf of the Fund. These service providers include the Adviser, Distributor, transfer agent, fund accounting agent, administrator and Custodian. Each Fund also periodically discloses portfolio holdings information on a confidential basis to other third parties that provide services to the Fund, such as the Fund's auditors, legal counsel, proxy voting services (if applicable), printers, brokers and pricing services. The lag between the date of the information and the date on which the information is disclosed will vary based on the nature of the services provided by the party to whom the information is disclosed. For example, the information may be provided to a Fund's auditors within days after the end of the Fund's fiscal year in connection with the Fund's annual audit, while the information may be given to legal counsel or prospective third-party service providers without any time lag.

Below is a table that lists the service provider that currently receive non-public portfolio information along with information regarding the frequency of access to, and limitations on use of, portfolio information.

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Typical Frequency of Access to**<br> **Portfolio Information** | **Restrictions on Use** |
| Adviser | Daily | Contractual and Ethical |
| Administrator and Distributor | Daily | Contractual and Ethical |
| Custodian | Daily | Ethical |
| Accountants | During annual audit | Ethical |
| Legal counsel | Regulatory filings, board meetings, and if a legal issue regarding the portfolio requires counsel's review | Ethical |
| Printers/Typesetters | Twice a year – printing of Semi-Annual and Annual Reports | No formal restrictions in place – typesetter or printer would not receive portfolio information until at least 30 days old |
| Broker/dealers through which the Fund purchases and sells portfolio securities | Daily access to the relevant purchase and/or sale – no broker/dealer has access to the Fund's entire portfolio | Contractual and Ethical |
| N-PORT and N-CEN Vendors | Monthly or Annually | Contractual and Ethical |
| Pricing and Liquidity Vendors | Daily | Contractual and Ethical |

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The Funds may enter into ongoing arrangements to release portfolio holdings to Morningstar, Inc., Lipper, Inc., Bloomberg, Standard & Poor's, Thompson Financial and Vickers-Stock ("Rating Agencies") in order for those organizations to assign a rating or ranking to the Funds. In these instances, information about a Fund's portfolio would generally be supplied within approximately 25 days after the end of the month. The Rating Agencies may make the Fund's top portfolio holdings and other portfolio characteristics available on their websites and may make the Fund's complete portfolio holdings available to their subscribers for a fee. Neither the Funds, the Adviser, a sub-adviser, nor any of their affiliates receive any portion of this fee.

Upon approval of the CCO, a Fund may also disclose portfolio information pursuant to regulatory request, court order or other legal proceeding.

Except as described above, a Fund is prohibited from entering into any arrangements with any person to make available information about the Fund's portfolio holdings without the prior authorization of the CCO. The Adviser must submit any proposed arrangement pursuant to which it intends to disclose a Fund's portfolio holdings to the CCO, who will review such arrangement to determine whether the arrangement is in the best interests of Fund shareholders. To the extent that the disclosure of a Fund's portfolio holdings information creates a conflict between the Fund, on the one hand, and the Fund's adviser, principal underwriter, and any other affiliated person of the Funds, their investment adviser, or their principal underwriter on the other hand, the CCO shall determine how to resolve the conflict in the best interests of the Fund, and shall report such determination to the Board at the end of the quarter in which such determination was made.

To oversee the Disclosure Policy and the Fund Policy, the Trustees consider reports and recommendations by the CCO regarding the adequacy and implementation of the compliance programs of the Trust and its service procedures adopted pursuant to Rule 38a-1 under the 1940 Act. The Trustees reserve the right to amend the Disclosure Policy at any time without prior notice to shareholders in its sole discretion.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and shares of each fund, each of which represents an equal proportionate interest in that fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. Share certificates representing shares will not be issued. The Funds' shares, when issued, are fully paid and non-assessable.

**LIMITATION OF TRUST AND TRUSTEES' LIABILITY**

**Trustee Liability**

The Declaration of Trust provides that the Trustees will not be liable in any event in connection with the affairs of the Trust, except as such liability may arise from his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of their duties to the Trust and its holders of beneficial interest. It also provides that all third parties shall look solely to the Trust's property for satisfaction of claims arising in connection with the affairs of the Trust. With the exceptions stated, the Declaration of Trust provides that a Trustee or officer is entitled to be indemnified against all liability in connection with the affairs of the Trust.

**Trust Liability**

Under Ohio law, liabilities of the Trust to third persons, including the liabilities of any series, extend to the whole of the trust estate to the extent necessary to discharge such liabilities. However, the Declaration of Trust contains provisions intended to limit the liabilities of each series to the applicable series and the Trustees and officers of the Trust intend that notice of such limitation be given in each contract, instrument, certificate, or undertaking made or issued on behalf of the Trust by the Trustees or officers. There is no guarantee that the foregoing steps will prove effective or that the Trust will be successful in preventing the assets of one series from being available to creditors of another series.

**PROXY VOTING**

The Trust and the Adviser have adopted Proxy Voting Policies and Procedures that describe how the Funds intend to vote proxies relating to portfolio securities. The Proxy Voting Policies and Procedures of the Trust and the Adviser are attached to this SAI as Appendix C and Appendix D, respectively.

The Trust is required to disclose annually the Funds' complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. This voting record will be available: (i) without charge, upon request, by calling 1-877-FUND-WHG (1-877-386-3944) and (ii) on the SEC's website at <u>https://www.sec.gov</u>.

**FINANCIAL STATEMENTS**

The Funds' audited financial statements for the fiscal year ended October 31, 2022, including the Financial Highlights appearing in the Prospectuses, are incorporated by reference and made a part hereof. You may also request a copy of Funds' Annual and Semi-Annual reports, at no charge, by calling the Funds at 1-877-FUND-WHG (1-877-386-3944).

**CODES OF ETHICS**

The Trust, the Adviser, and the Distributor have each adopted a Code of Ethics (each a "COE" and collectively, the "COEs") designed to prevent their respective personnel subject to the COE from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Funds (which securities may also be held by persons subject to the COEs). These COEs permit personnel subject to the COEs to invest in securities, including securities that may be purchased or held by the Funds, but prohibit such personnel from engaging in personal investment activities which compete with or attempt to take advantage of the Funds' planned portfolio transactions. Each of these parties monitors compliance with its respective COE.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has adopted an anti-money laundering ("AML") program, as required by applicable law, that is designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. The Trust's AML Compliance Officer is responsible for implementing and monitoring the operations and internal controls of the program. Compliance officers at certain of the Funds' service providers are also responsible for monitoring aspects of the AML program. The AML program is subject to the continuing oversight of the Board.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of January 31, 2023, the Trustees and officers of the Trust as a group owned beneficially owned (i.e., had direct or indirect voting or investment power) less than 1% of the then outstanding shares of the Fund. On the same date, the following shareholders owned of record more than 5% of the outstanding shares of beneficial interest of the Fund; there is no information to report with respect to Ultra Shares of the Westwood Quality Value Fund and Westwood Income Opportunity Fund since these share classes had not yet commenced operations as of the date of this SAI:

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address of Record Owner** | **Percentage Ownership** |
| **Westwood Quality Value Fund** | **Westwood Quality Value Fund** | **Westwood Quality Value Fund** |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT, 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 29.63% |
|  | SEI PRIVATE TRUST COMPANY/<br> C/O FIRST HORIZON<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456-9989 | 27.75% |
|  | CHARLES SCHWAB & CO INC/SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | 8.33% |
|  | SPECIAL CUSTODY ACCOUNT<br> FOR THE/EXCLUSIVE BENEFIT<br> OF CUSTOMERS OF UBS<br> FINANCIAL SERVICES INC<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD<br> WEEHAWKEN, NJ 07086-6761 | 6.61% |
| **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** | **Westwood Quality MidCap Fund** |
|  | WESTWOOD MANAGEMENT CORP<br> JULIE K GERRON AUTHORIZED INDV<br> 200 CRESCENT CT, STE 1200<br> DALLAS, TX 75201 | 89.54% |
|  | CHARLES SCHWAB & CO INC/<br> SPECIAL CUSTODY A/C<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | 8.85% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address of Record Owner** | **Percentage Ownership** |
| **Westwood Quality SMidCap Fund** | **Westwood Quality SMidCap Fund** | **Westwood Quality SMidCap Fund** |
|  | THE NORTHERN TRUST COMPANY<br> AS/TRUSTEE FBO BAE SAVINGS - DV<br> PO BOX 92994<br> CHICAGO, IL 60675-2994 | 36.85% |
|  | BART 457 MODEL<br> C/O ICMA RETIREMENT<br> CORPORATION<br> 777 NORTH CAPITOL STREET, NE<br> WASHINGTON, DC 20002-4239 | 10.67% |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 7.94% |
| **Westwood Quality SmallCap Fund** | **Westwood Quality SmallCap Fund** | **Westwood Quality SmallCap Fund** |
|  | NATIONAL FINANCIAL SERVICES<br> LLC/FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT, 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 33.79% |
| **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** | **Westwood Quality AllCap Fund** |
|  | US BANK TTEE/SAN DIEGOTRANSIT CORPORATION<br> RETIREMENT PLAN DTD<br> 11/11/1983<br> 600 W BROADWAY STE 350<br> SAN DIEGO, CA 92101 | 85.50% |
|  | NATIONAL FINANCIAL SERVICES<br> LLC/FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT, 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 8.33% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address of Record Owner** | **Percentage Ownership** |
| **Westwood Total Return Fund** | **Westwood Total Return Fund** | **Westwood Total Return Fund** |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT, 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 88.64% |
| **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** | **Westwood Income Opportunity Fund** |
|  | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | 15.73% |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT<br> 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 13.53% |
|  | RAYMOND JAMES/OMNIBUS<br> FOR MUTUAL FUNDS<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716-1100 | 8.68% |
|  | WELLS FARGO CLEARING SVCS<br> LLC/SPECIAL CUSTODY ACCT FOR THE<br> EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103 | 6.96% |
|  | CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE, WI 53212-3958 | 6.66% |
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121-3091 | 5.42% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address of Record Owner** | **Percentage Ownership** |
| **Westwood High Income Fund** | **Westwood High Income Fund** | **Westwood High Income Fund** |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 75.91% |
|  | RAYMOND JAMES/OMNIBUS<br> FOR MUTUAL FUNDS<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716-1100 | 8.76% |
| **Westwood Alternative Income Fund** | **Westwood Alternative Income Fund** | **Westwood Alternative Income Fund** |
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121-3091 | 28.75% |
|  | NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT<br> 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 7.94% |
| **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** | **Westwood SmallCap Growth Fund** |
|  | NATIONAL FINANCIAL SERVICES LLC/<br> FOR THE EXCLUSIVE BENEFIT<br> OF OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT, 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | 91.24% |

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Persons beneficially owning more than 25% of a Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling a Fund may have a significant impact on any shareholder vote of the Fund.

**APPENDIX A**

**TRUSTEES AND OFFICERS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of <br> Time Served** | **Position(s) held <br> with Trust** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds in the Trust Overseen By Trustee** | **Directorship(s) of Public Companies Held By Trustee During Past 5 Years** |
| ***Interested Trustees:*** | ***Interested Trustees:*** | ***Interested Trustees:*** | ***Interested Trustees:*** | ***Interested Trustees:*** | ***Interested Trustees:*** |
| David R. Carson\*^<br> Year of Birth: 1958 | 2021 to present<br> 2021 to present<br> and<br> April 2013 to October 2013<br> 2013 to 2021 | Trustee (2021 to present)<br> Vice President<br> President and Principal Executive Officer | Senior Vice President and Director of Client Strategies of Ultimus Fund Solutions, LLC (2013 to present); and President of Unified Series Trust (2017 to 2020) | 33 | Interested Trustee of 31 series of the Unified Series Trust (a registered management company) (2020 to present) |
| ***Independent Trustees:*** | ***Independent Trustees:*** | ***Independent Trustees:*** | ***Independent Trustees:*** | ***Independent Trustees:*** | ***Independent Trustees:*** |
| Janine L. Cohen^<br> Year of Birth: 1952 | Since 2016 | Chairperson<br> (2019 to present)<br> Trustee (2016 to present) | Retired since 2013; previously Chief Financial Officer from 2004 to 2013 and Chief Compliance Officer from 2008 to 2013 at AER Advisors, Inc. | 33 | n/a |
| David M. Deptula^<br> Year of Birth: 1958 | Since 2012 | Trustee (2012 to present) | Vice President of Legal and Special Projects at Dayton Freight Lines, Inc. since 2016 | 33 | n/a |
| Robert E. Morrison^<br> Year of Birth: 1957 | Since 2019 | Trustee (2019 to present; and previously 2012 to 2012) | Managing Director at Midwest Trust and FCI Advisors (2022 to present); Senior Vice President and National Practice Lead for Investment, Huntington National Bank/Huntington Private Bank (2014 to 2022); CEO, CIO, President of 5 Star Investment Management Company (2006 to 2014) | 33 | n/a |
| Clifford N. Schireson^<br> Year of Birth: 1953 | Since 2019 | Trustee (2019 to present) | Retired; Founder of Schireson Consulting, LLC (2017 to 2022); Director of Institutional Services for Brandes Investment Partners, LP (2004 to 2017) | 33 | Trustee of the San Diego City Employees' Retirement System (2019 to present) |
| Jacqueline A. Williams^<br> Year of Birth: 1954 | Since 2019 | Trustee (2019 to present) | Managing Member of Custom Strategy Consulting, LLC (2017 to present); Managing Director of Global Investment Research (2005 to 2017), Cambridge Associates, LLC | 33 | n/a |

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| | |
|:---|:---|
| ^ | Address is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 |
| \* | Mr. Carson is considered an "interested person" of the Trust within the meaning of Section (2)(a)(19) of the Investment Company Act of 1940, as amended, because of his relationship with the Trust's Administrator, Transfer Agent, and Distributor. Mr. Carson was President of the Trust from October 2013 to January 2021 and Vice President of the Trust from April 2013 to October 2013. |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of Time Served** | **Position(s) held with Trust** | **Principal Occupation(s) During Past 5 Years** |
| Todd E. Heim^<br> Year of Birth: 1967 | 2021 to present<br> 2014 to 2021 | President<br> Vice President | Vice President, Relationship Management (2018 to present) and Assistant Vice President, Client Implementation Manager with Ultimus Fund Solutions, LLC (2014 to 2018) |
| Jennifer L. Leamer^<br> Year of Birth: 1976 | 2014 to present<br> April 2014 to October 2014 | Treasurer<br> Assistant Treasurer | Senior Vice President of Fund Accounting (2020 to present) and Mutual Fund Controller of Ultimus Fund Solutions, LLC (2014 to 2020) |
| Daniel D. Bauer^<br> Year of Birth: 1977 | 2016 to present | Assistant Treasurer | Vice President of Fund Accounting (2022 to present), Assistant Vice President of Fund Accounting (2020 to 2022), and AVP, Assistant Mutual Fund Controller (2015 to 2020) of Ultimus Fund Solutions, LLC |
| Angela A. Simmons^<br> Year of Birth: 1975 | January 2022 to present | Assistant Treasurer | Vice President of Financial Administration (2022 to present) and Assistant Vice President, Financial Administration (2015 to 2022) of Ultimus Fund Solutions, LLC |
| Khimmara Greer^<br> Year of Birth: 1983 | October 2021 to present | Secretary | Vice President and Senior Legal Counsel of Ultimus Fund Solutions, LLC (2021 to present); Vice President, Asset Servicing – Regulatory Administration of The Bank of New York Mellon (2019 to 2021); Vice President and Counsel of State Street Bank and Trust Company (2015 to 2019) |
| David K. James^<br> Year of Birth: 1970 | October 2021 to present<br> July 2021 to October 2021 | Assistant Secretary<br> Secretary | Executive Vice President and Chief Legal and Risk Officer of Ultimus Fund Solutions, LLC (2018 to present); Managing Director and Managing Counsel of State Street Bank and Trust Company (2009 to 2018) |
| Natalie S. Anderson^<br> Year of Birth:1975 | 2016 to present | Assistant Secretary | Legal Administration Manager (2016 to present) and Paralegal (2015 to 2016) of Ultimus Fund Solutions, LLC |
| Gweneth K. Gosselink^<br> Year of Birth: 1955 | 2020 to present | Chief Compliance Officer | Assistant Vice President, Compliance Officer at Ultimus Fund Solutions, LLC (2019 to present); CCO Consultant at GKG Consulting, LLC (2019 to 2021); Chief Operating Officer & CCO at Miles Capital, Inc. (2013 to 2019) |
| Martin Dean^<br> Year of Birth: 1963 | 2020 to present<br> 2019 to 2020<br> 2016 to 2017 | Assistant Chief Compliance Officer<br> Interim Chief Compliance Officer<br> Assistant Chief Compliance Officer | Senior Vice President, Head of Fund Compliance (2020 to present) and Vice President & Director of Fund Compliance of Ultimus Fund Solutions, LLC (2016 to 2020) |

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^ Address is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The various ratings used by nationally recognized statistical rating organizations (each an "NRSRO") are described below. A rating by an NRSRO represents the organization's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. A rating is not a recommendation to purchase, sell, or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one NRSRO, each rating is evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the NRSROs from other sources that they consider reliable. Ratings may be changed, suspended, or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risk of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The highest four ratings are deemed to be Investment Grade Debt Securities by the Adviser.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following short-term ratings:

**P-1** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term and Demand Obligation Ratings**

Moody's uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity. For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VIMG) scales discussed below.

**MIG Ratings -** Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short term obligations, which typically mature in three years or less. Under certain circumstances, Moody's uses the MIG scale for bond anticipation notes with maturities of up to five years.

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. Please see our methodology that discusses obligations with conditional liquidity support.

For VRDOs, we typically assign a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

For VRDOs., we typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Industrial development bonds in the U.S. where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

● The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

● The nature and provisions of the financial obligation, and the promise S&P imputes; and

● The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

● Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

● Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery of issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories either signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its web page.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of a market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment.

Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, payments linked to performance of an equity index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX C – PROXY VOTING POLICIES AND PROCEDURES**

**ULTIMUS MANAGERS TRUST**

**POLICIES AND PROCEDURES FOR VOTING PROXIES**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purpose; Delegation** 

The purpose of this memorandum is to describe the policies and procedures for voting proxies received from issuers whose securities are held by each series (individually, a "Fund" and collectively, the "Funds") of Ultimus Managers Trust (the "Trust"). The Board of Trustees of the Trust (the "Board") believes that each Fund's Investment Adviser is in the best position to make individual voting decisions for such Fund. Therefore, subject to the oversight of the Board, each Fund's Investment Adviser is hereby delegated the duty to make proxy voting decisions for such Fund, and to implement and undertake such other duties as set forth in, and consistent with, these Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Definitions** 

<u>Proxy.</u> A proxy permits a shareholder to vote without being present at annual or special meetings. A proxy is the form whereby a person who is eligible to vote on corporate matters transmits written instructions for voting or transfers the right to vote to another person in place of the eligible voter. Proxies are generally solicited by management, but may be solicited by dissident shareholders opposed to management's policies or strategies.

<u>Proxy Manager.</u> Proxy manager, as used herein, refers to the individual, individuals or committee of individuals appointed by the investment advisers to each Fund (each, an "Investment Adviser") as being responsible for supervising and implementing these Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Policy for Voting Proxies Related to Exchange Traded Funds and other Investment Companies.** 

Pursuant to Section 12(d)(1)(E)(iii) of the Investment Company Act of 1940, all proxies from Exchange Traded Funds ("ETFs") or other Investment Companies voted by a Fund, registered in the name of the Funds, will have the following voting instructions typed on the proxy form: "Vote these shares in the same proportion as the vote of all other holders of such shares. The beneficial owner of these shares is a registered investment company."

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Policy for Voting Proxies Related to Other Portfolio Securities** 

<u>Fiduciary Considerations.</u> Proxies with respect to securities other than ETFs or other investment companies are voted solely in the interests of the shareholders of the Trust. Any conflict of interest must be resolved in the way that will most benefit the shareholders.

<u>Management Recommendations.</u> Since the quality and depth of management is a primary factor considered when investing in a company, the recommendation of management on any issue should be given substantial weight. The vote with respect to most issues presented in proxy statements should be cast in accordance with the position of the company's management, unless it is determined that supporting management's position would adversely affect the investment merits of owning the stock. However, each issue should be considered on its own merits, and the position of the company's management should not be supported in any situation where it is found not to be in the best interests of the Trust's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conflicts of Interest** 

The Trust recognizes that under certain circumstances an Investment Adviser may have a conflict of interest in voting proxies on behalf of a Fund. Such circumstances may include, but are not limited to, situations where an Investment Adviser or one or more of its affiliates, including officers, directors or employees, has or is seeking a client relationship with the issuer of the security that is the subject of the proxy vote. The Investment Adviser shall periodically inform its employees that they are under an obligation to be aware of the potential for conflicts of interest on the part of the Investment Adviser with respect to voting proxies on behalf of a Fund, both as a result of the employee's personal relationships and due to circumstances that may arise during the conduct of the Investment Adviser's business, and to bring any conflict of interest of which they become aware to the attention of the proxy manager. With respect to securities other than ETFs or other investment companies, the Investment Adviser shall not vote proxies relating to such issuers on behalf of a Fund until it has determined that the conflict of interest is not material or a method of resolving such conflict of interest has been determined in the manner described below. A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence the Investment Adviser's decision-making in voting a proxy. Materiality determinations will be based upon an assessment of the particular facts and circumstances. If the proxy manager determines that a conflict of interest is not material, the Investment Adviser may vote proxies notwithstanding the existence of a conflict. If the conflict of interest is determined to be material, either (i) the conflict shall be disclosed to the Trust's Committee of Independent Trustees (the "Committee") and the Investment Adviser shall follow the instructions of the Committee or (ii) the Investment Adviser shall vote the issue in question based upon the recommendation of an independent third party under a contractual arrangement approved by the Committee. The proxy manager shall keep a record of all materiality decisions and report them to the Committee on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Routine Proposals** 

Proxies for routine proposals (such as election of directors, selection of independent public accountants, stock splits and increases in capital stock) with respect to securities other than ETFs or other investment companies should generally be voted in favor of management.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Proxy Manager Approval** 

Votes on non-routine matters and votes against a management's recommendations with respect to securities other than ETFs or other investment companies are subject to approval by the proxy manager.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Proxy Voting Procedures** 

Proxy voting will be conducted in compliance with the policies and practices described herein and is subject to the proxy manager's supervision. A reasonable effort should be made to obtain proxy material and to vote in a timely fashion. Each Investment Adviser shall maintain records regarding the voting of proxies under these Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Form N-PX** 

A record of each proxy vote will be entered on Form N-PX. A copy of each Form N-PX will be signed by the President of the Trust. The Form is to be filed by August 31 each year. Each reporting period covered by the Form N-PX runs from July 1 to June 30. The Trust will disclose in its annual and semi-annual reports to shareholders and in its registration statement (in the SAI) filed with the SEC on or after August 31 that each Fund's proxy voting record for the most recent twelve-month period ended June 30 is available without charge upon request and is also available on the SEC's Website at <u>www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Investment Advisers' Voting Procedures** 

The Trust acknowledges that the Investment Advisers to the various Funds have adopted voting policies and procedures for their clients that have been delivered to the Trust. To the extent that an Investment Adviser's policies and procedures are consistent with these Policies and Procedures, the Investment Adviser may implement them with respect to voting proxies on behalf of each Fund managed by such Investment Adviser. However, the provisions of paragraph 5 of these Policies and Procedures relating to conflicts of interest shall supersede any comparable provisions of any Investment Adviser's policies and procedures.

<u>Securities Lending:</u> If a Fund engages in securities lending, the proxy voting procedures of the Adviser of such Fund will include information on the recall of lent securities for voting purposes. More information can be found in the Securities Lending Procedures of the Trust.

**APPENDIX D – PROXY VOTING POLICIES AND PROCEDURES**

**WESTWOOD MANAGEMENT CORP.**

**POLICIES AND PROCEDURES FOR PROXY VOTING**

**Policy.**

Westwood, as a matter of policy and as a fiduciary to our clients, has a responsibility for voting proxies for portfolio securities in a manner that is consistent with the best economic interests of the clients. Our Firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy policies and practices. Our policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest. In addition, our policy and practice is to make information available to clients about the voting of proxies for their portfolio securities and to maintain relevant and required records.

**Firm Specific Policy.**

Westwood has engaged Broadridge for assistance with the proxy voting process for our clients. Broadridge is a leading provider of full-service proxy voting services to the global financial industry. Westwood has also engaged Glass Lewis for assistance with proxy research and analysis. Glass Lewis provides complete analysis and voting recommendations on all proposals and is designed to assist investors in mitigating risk and improving long-term value. In most cases, Westwood agrees with Glass Lewis's recommendations; however, ballots are reviewed bi-monthly by our analysts and we may choose to vote differently than Glass Lewis if we believe it to be in the client's best interest. In addition, Westwood will implement "echo voting" (voting pro rata with all other shareholders) for investment company clients relying on Investment Company Act §12(d)(1)(F) and Rule 12d1-3 in order to allow certain purchases of other investment companies in excess of limits that would otherwise apply.

**Responsibility.**

Westwood's Data Management Team has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Background.**

Proxy voting is an important right of shareholders, and reasonable care and diligence must be taken to ensure that such rights are properly and timely exercised.

Investment advisers who are registered with the SEC, and who exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients, (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities, (c) describe a summary of its proxy voting policies and procedures and, upon request, to furnish a copy to its clients, and (d) to maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

**Procedure.**

Westwood has adopted the following procedures to implement the Firm's proxy voting policy, in addition to adopting the Glass Lewis Proxy Voting Guidelines. Westwood conducts reviews to monitor and ensure the Firm's policy is observed, implemented properly and amended or updated, as appropriate:

**Proxy Voting Records.**

With respect to proxy record keeping, the Data Management Team maintains complete files for all clients. These files include a listing of all proxy materials sent on behalf of our clients along with individual copies of each response. Client access to these files can be arranged upon request. A voting summary will be furnished upon request.

**Voting Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 employees forward proxy materials received on behalf of clients to Broadridge. Westwood
 has engaged Broadridge for assistance with the proxy voting process for our clients and
 Glass Lewis provides voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broadridge
 has access to holders' records and determines which client accounts hold the security
 to which the proxy relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Absent
 material conflicts, Broadridge, with the vote recommendations from Glass Lewis, determines
 how Westwood should vote the proxy in accordance with applicable voting guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Westwood's
 analysts review the Glass Lewis proxy voting recommendations on a bi-monthly basis. The
 analysts may choose to vote differently than Glass Lewis if they believe it is in the
 best interest of the client or where a different vote is warranted in light of the respective
 investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If
 Westwood chooses to vote differently than Glass Lewis, then Westwood overwrites the Glass
 Lewis recommendation on the ProxyEdge platform. If Westwood agrees with the Glass Lewis
 recommendations, no action is necessary; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Broadridge
 completes the proxy in a timely and appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. For
 certain investment companies managed by Westwood and approved by the CCO (each a "Westwood
 12d1F Fund"), Westwood will implement echo voting for shares of other investment
 companies (each an "Acquired Fund") held by a Westwood 12d1F Fund. The Data
 Management Team will override any Glass Lewis proxy voting recommendations with respect
 to shares of an Acquired Funds held by a Westwood 12d1F Fund, and will instead, vote
 all such Acquired Fund shares pro rata with all other shareholders of each respective
 Acquired Fund. The Data Management Team will record any votes made with echo voting as
 overrides to the Glass Lewis recommendations.

**Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Westwood
 provides required disclosures in Form ADV Part 2A, which summarizes these proxy
 voting policies and procedures and includes information whereby clients may request information
 regarding how Westwood voted the client's proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Westwood's
 disclosure summary includes a description of how clients may obtain a copy of the Firm's
 proxy voting policies and procedures. Westwood's proxy voting practice is disclosed
 in the Firm's advisory agreements.

**Client Requests for Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 client requests for information regarding proxy votes, or regarding policies and procedures
 that are received by any supervised person should be forwarded to the Data Management
 Team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In
 response to any request, the Data Management Team prepares a written response with the
 information requested, and as applicable, includes the name of the issuer, the proposal
 voted upon, and how Westwood voted the client's proxy with respect to each proposal
 about which the client inquired.

**Voting Guidelines.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Westwood
 has engaged Broadridge and Glass Lewis for assistance with the proxy voting process for
 our clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Westwood
 analysts review the Glass Lewis proxy voting recommendations using the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In
 the absence of specific voting guidelines from the client, Westwood votes proxies in
 the best interests of each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Westwood's
 policy is to vote all proxies from a specific issuer the same way for each client absent
 qualifying restrictions or other mandates from a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Clients
 are permitted to place reasonable restrictions and mandates on Westwood's voting
 authority in the same manner that they may place such restrictions on the actual selection
 of account securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Westwood
 generally votes in favor of routine corporate housekeeping proposals such as the election
 of directors and selection of auditors absent conflicts of interest raised by an auditor's
 non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Westwood
 generally votes against proposals that cause board members to become entrenched or cause
 unequal voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. In
 reviewing proposals, Westwood further considers the opinion of management, the effect
 on management, and the effect on shareholder value and the issuer's business practices.