# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0000894189-26-003115
**Filing Date:** 2026-1
**Character Count:** 31169
**Document Hash:** bb895c6e4df25c0c5fd73ce1a892e48d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003115.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0000894189-26-003115

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisor Managed Portfolios
- **CENTRAL INDEX KEY:** 0001970751

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270997
- **FILM NUMBER:** 26582352

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Regan Total Return Income Fund (Series ID: S000082971)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246397 | Investor Class      | RCTRX           |
| C000246398 | Institutional Class | RCIRX           |

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| | |
|:---|:---|
| ![regancaplogo.jpg](regancaplogo.jpg) | **Regan Total Return Income Fund**<br>**Investor Class: RCTRX**<br>**Institutional Class: RCIRX**<br>**Summary Prospectus**<br>**January 31, 2026**<br>**www.reganfunds.com** |

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Before you invest, you may want to review the Regan Total Return Income Fund's (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated January 31, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's statutory prospectus, statement of additional information, and other information about the Fund online at www.reganfunds.com. You can also get this information at no cost by calling 888-44-REGAN (888-447-3426) or by sending an e-mail request to ir@regancapital.com.

**Investment Objective** 

The Regan Total Return Income Fund (the "Total Return Fund" or the "Fund") seeks to provide a high level of risk-adjusted current income and capital appreciation.

**Fees and Expenses of the Fund** 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.** 

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* |
| | **Investor <br>Class** | **Institutional Class** |
| Management Fees | 0.85% | 0.85% |
| Distribution and Service (Rule 12b-1) Fees | 0.25% |  |
| Shareholder Servicing Fee | 0.10% | 0.10% |
| Other Expenses | 0.11% | 0.10% |
| Total Annual Fund Operating Expenses | 1.31% | 1.05% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | -0.07% | -0.06% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.24% | 0.99% |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Regan Capital, LLC (the "Advisor") has contractually agreed to waive fees and/or reimburse operating expenses (other than front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses, or Rule 12b-1 fees) for each class so that annual operating expenses will not exceed 0.99% of average daily net assets ("Expense Cap"). The Expense Cap will remain in effect through at least January 31, 2027 and may be terminated only by the Advisor Managed Portfolios (the "Trust") Board of Trustees (the "Board"). The Advisor may request recoupment from the Fund of previously waived fees and paid expenses for three years from the date such fees and expenses were waived or paid, provided that such recoupment does not cause the Fund's expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Cap in place at the time such amounts were waived or paid or (2) the Expense Cap at the time of recoupment.

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*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 amounts calculated in the Example would be the same even if the assumed investment was not redeemed at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Cap only for the first year of each period). 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** |
| Investor Class | $126 | $408 | $711 | $1573 |
| Institutional Class | $101 | $328 | $574 | $1277 |

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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 above in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended September 30, 2025, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies of the Fund** 

Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities ("MBS"). MBS is a type of income-producing asset-backed debt secured by a mortgage or collection of mortgages and includes residential MBS ("RMBS"), which are securities issued, secured, or collateralized by government sponsored entities ("agency MBS") or private entities ("non-agency MBS") and backed by residential mortgages. In seeking to meet its objective, the Fund will primarily invest in RMBS that is non-agency MBS. Non-agency MBS are issued by non-governmental issuers such as commercial banks, savings and loan institutions, mortgage bankers, and private mortgage insurance companies. Some of the agency MBS that the Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by Fannie Mae and Freddie Mac. The Fund seeks to invest its assets in investment grade securities, but may invest without limit in fixed-income products that are rated below investment grade (i.e., "high yield" or "junk" ratings).

The weighted average life of the Fund's MBS investments will generally range from between 0 and 10 years. Weighted average life is a measure of the average amount of time that unpaid principal on a loan, mortgage, or bond remains outstanding. Typically, the duration of the Fund's portfolio is less than 5 years. Duration is a measure of the sensitivity of a fixed-income security to a change in interest rate. For every 1% change in interest rates, a bond's price will change by 1% for every year of duration.

The Fund may invest in other fixed-income securities, including commercial MBS ("CMBS") and asset-backed securities (including securities backed by consumer credit, auto loans, and aircraft leases) ("ABS").

To the extent the Fund holds positions that are sensitive to interest rate volatility, the Fund may engage in hedging techniques to manage its exposure to interest rate risk such as by investing in exchange-traded and over-the-counter derivatives, including futures, options and swaps, such as interest rate swaps, credit default swaps, total return swaps, swaptions, and to-be-announced ("TBA") securities. The Fund may engage in leverage through the use of repurchase agreements or borrowing, subject to the limits of the Investment Company Act of 1940, as amended (the "1940 Act").

In selecting portfolio securities, the Advisor undertakes a bottom-up analysis on collateral characteristics and capital structure to find both deep value investments and trading opportunities. The Advisor's bottom-up analysis focuses on individual security selection. In seeking deep value investments, the Advisor seeks securities whose market price is significantly lower than the Advisor's estimate of the security's true value. The Advisor will

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overlay this analysis with a top-down macro qualitative analysis, which contains but is not limited to key factors, such as economic outlook, interest rates and real estate fundamentals. The Advisor regularly analyzes portfolio positions and actively sells investments that it believes are not optimal for the portfolio. The Advisor seeks to achieve a risk-adjusted return by continuously evaluating Fund assets against current risk-free rates of return of available bonds in the market, typically treasuries and other government-backed securities. A risk-adjusted return measures an investment's profit after taking into account the degree of risk that was taken to achieve it. For example, if two or more investments have the same return over a given time period, the one that has the lowest risk will have a better risk-adjusted return. The risk is measured in comparison to that of a virtually risk-free investment such as Treasuries. The Advisor's active management of the Fund's portfolio may result in high portfolio turnover rates of 100% or more.

**Principal Risks of Investing in the Fund** 

Losing all or a portion of your investment is a risk of investing in the Fund. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears, and could affect the value of your investment:

**Mortgage-Backed Securities Risk.** When interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, when market interest rates decline, while the value of MBS may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities. MBS are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Additionally, the liquidity of non-investment grade securities and sub-prime mortgage securities can change dramatically over time.

**Credit Risk.** There is a risk that the issuer of an MBS will fail to pay interest or principal in a timely manner or that changes in the market's perceptions of the issuer's financial strength and ability to make such payments will cause the price of that security to decline.

**Interest Rate Risk.** Interest rates increasing may result in a decrease in the value of debt securities held by the Fund. Conversely, as interest rates decrease, mortgage-backed securities' prices typically do not rise as much as the prices of comparable bonds. The Fund may be subject to heightened levels of interest rate risk because the Federal Reserve may raise interest rates. An environment with rising interest rates may lead to a decrease in the price of MBS or the increase in defaults on mortgages.

**Prepayment Risk.** When interest rates fall, certain obligations may be paid off by the obligor earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage's principal and would have to reinvest the proceeds at lower yields, resulting in a decline in the Fund's income.

**Extension Risk.** When interest rates rise, homeowners may pay their debt at slower rates, resulting in lengthening the average life of mortgage-backed securities held by the Fund. This would delay the Fund's ability to reinvest proceeds at higher interest rates.

**Real Estate and Regulatory Actions Risk.** MBS are dependent on real estate prices and real estate fundamentals. When real estate prices face a significant decline, the Fund's securities may be negatively affected. Regulatory actions may also have an adverse impact on real estate prices.

**Derivatives Risk.** Using derivatives can increase the Fund's losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the Fund. Using derivatives also can have a leveraging effect and increase Fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may be difficult to sell,

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unwind or value, and the counterparty may default on its obligations to the Fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders.

Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

***Futures Contract Risk.*** The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Advisor's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

***Options Risk.*** Purchasing and writing options, both put and call, are specialized activities that entail greater than normal investment risks. The Fund may not benefit to the same extent as directly holding the underlying asset. The Fund may also lose money on an option if changes in its value do not correspond to the changes in value of the underlying security. If the Fund is not able to close out an option position in its portfolio, it may have to exercise the option to realize any gain and may incur transaction costs upon the purchase or sale of such underlying securities. Some options involve the payment of premiums which may affect Fund performance. If the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk.

***Swaps Risk.*** Swaps involve the risk that the party with whom the Fund has entered into the swap transaction with defaults on its obligation to pay or that the Fund cannot meet its obligation to the pay the other party. Swap agreements may increase or decrease the overall volatility of the Fund's investments and share price. To the extent the swap agreement increases the Fund's exposure to long or short term interest rates, it may also affect the values of MBS, and inflation sensitivity, and borrowing rates.

***To Be Announced ("TBA") Security Risk.*** A TBA is a contract to purchase or sell a MBS at some point in the future and may be classified as a derivative in certain circumstances. Due to the forward-settling nature of TBAs, there is risk that the value of the underlying MBS will fluctuate greater than anticipated or that the TBA may not correlate to the underlying MBS or to the MBS market as a whole. There is also counterparty risk with entering into a TBA contract.

***Leverage Risk* .** Derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through derivative instruments, the Fund has the risk of losing more than its original investment. The net asset value ("NAV") of the Fund when employing leverage will be more volatile and sensitive to market movements.

**High-Yield Securities Risk.** Fixed income securities that are rated below investment grade (*i.e.* , "junk bonds") are subject to additional risk factors due to the speculative nature of these securities, such as increased possibility of default, and changes in value based on public perception of the issuer.

**Sub-Prime Mortgage Risk.** Sub-prime mortgages face the risk that the issuer of the security will default on interest or principal payments. The risk of non-payment is more pronounced in sub-prime mortgages than in highly ranked securities. Because there is increased risk of non-payment, the securities may be less liquid and subject to greater declines in value than highly rated instruments, especially in times of market stress.

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**Counterparty Risk.** Typically, a derivative contract involves leverage, *i.e.* , it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts, including options and swaps, will be privately negotiated in the over-the-counter market. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund.

**Asset-Backed Securities Risk.** ABS represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. Certain ABS may provide, upon the occurrence of certain triggering events or defaults, for the investors to become the holders of the underlying assets. In that case, the Fund may become the holder of securities that it could not otherwise purchase, based on its investment strategies or its investment restrictions and limitations, at a time when such securities may be difficult to dispose of because of adverse market conditions.

**U.S. Government Securities Risk.** U.S. government securities, which may be backed by the U.S. Department of the Treasury or the full faith and credit of the U.S., and may include U.S. Treasury bills, Treasury Inflation-Protected Securities, notes and bonds, are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Department of the Treasury, or are supported only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer.

**Repurchase Agreement Risk.** A repurchase agreement involves the risk that the seller of securities under a repurchase agreement files for bankruptcy or becomes insolvent and the Fund is left holding a security that has declined in value, does not meet its investment strategy, or is difficult to dispose. The Fund may incur costs in disposing of the underlying security and may experience losses if there is any delay in its ability to do so and the value of your investment could decline as a result.

**Portfolio Turnover Risk.** As a result of its active trading strategy, the Fund may incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Fund.

**Liquidity Risk.** Certain of the Fund's investments in closed-end funds, sub-prime mortgages, CLOs, asset backed securities, and non-investment grade securities (including non-investment grade MBS) may not be readily sold at the desired time or price, and may be sold at a lower price or may not have a sufficient market to be sold at all. In certain circumstances, it may be difficult for the Fund to purchase and sell particular portfolio investments in closed-end funds due to infrequent trading in such investments. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. The prices of such investments may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such investments without an unfavorable impact on prevailing market prices. Closed-end funds that are liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil or economic uncertainty. Illiquid and relatively less liquid investments may be difficult to value.

**Management Risk.** The skill of the Advisor will play a significant role in the Fund's ability to achieve its investment objective. The Fund's ability to achieve its investment objective depends on the ability of the Advisor to correctly identify economic trends, especially with regard to accurately forecasting inflationary and deflationary periods. The Fund's ability to achieve its investment objective depends on the ability of the Advisor

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to select securities, especially in volatile markets and the Advisor could be incorrect in its analysis of industries, companies, and the relative attractiveness of securities.

**Market Risk.** Financial market risks affect the value of individual instruments in which the Fund invests. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Factors such as economic growth and market conditions, interest rates, and political events affect the markets. Periods of market volatility may occur in response to local, regional, and global market events and other economic, political, and global macro factors (for example, a global pandemic, government deficits and debt, military conflicts, inflation, tariffs, sanctions, and recessions). These and other events could be prolonged and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

**Cybersecurity Risk *.*** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor and/or its other service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.

**Performance** 

The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance. The Fund has adopted the historical performance of the Regan Total Return Income Fund, a series of the Trust for Advised Portfolios (the "Predecessor Fund"), as a result of the reorganization of the Predecessor Fund into the Fund on January 19, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. The Predecessor Fund was also advised by the Advisor and had the same investment objective and strategies as the Fund. The performance information presented for periods prior to January 19, 2024 is the performance of the Predecessor Fund.

The bar chart shows the Fund's and Predecessor Fund's performance from year to year for Institutional Class shares. The table illustrates how the Fund's and Predecessor Fund's average annual returns for the periods indicated compare with those of a broad measure of market performance. The Fund's and Predecessor Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is posted on the Fund's website at www.reganfunds.com or by calling the Fund toll-free at 888-44-REGAN (888-447-3426).

**Calendar Years Ended December 31**![chart-99f8c18db6ee4c66899.jpg](chart-99f8c18db6ee4c66899.jpg)

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During the period of time shown in the bar chart, the Fund's highest quarterly return was 3.64% for the quarter ended December 31, 2023 and the lowest quarterly return was -1.78% for the quarter ended June 30, 2022.

**Average Annual Total Returns** 

**For the Periods Ended December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
|  | **<br>1 Year** | **5 Year** | **Since Inception** <br>**October 1, 2020** |
| **Institutional Class** | | | |
| Return Before Taxes | 7.85% | 5.45% | 6.83% |
| Return After Taxes on Distributions | 5.52% | 3.01% | 4.09% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.69% | 3.11% | 4.05% |
| **Investor Class** |  |  |  |
| Return Before Taxes | 7.53% | 5.19% | 6.57% |
| **Bloomberg U.S. Aggregate Bond Index**<br>(reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | -0.23% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary.

**Management** 

*Investment Advisor:* Regan Capital, LLC serves as the Fund's investment advisor.

*Portfolio Managers:* Skyler Weinand, CFA and Chris Hall serve as the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund and have acted in this capacity for the Fund since its inception in January 2024 and the Predecessor Fund since its inception in October 2020.

**Purchase and Sale of Fund Shares** 

You may purchase or redeem Fund shares on any business day by written request via mail to Regan Total Return Income Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, by telephone at 888-44-REGAN (888-447-3426), by wire transfer, or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below. The minimum initial and subsequent investment may be modified for certain financial firms that submit orders on behalf of their customers.

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| | | |
|:---|:---|:---|
| | **Investor Class** | **Institutional Class** |
| Minimum Initial Investment | $1000 | $100000 |
| Minimum Subsequent Investment | $100 | $500 |

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**Tax Information** 

The Fund's distributions are taxable, and will be taxed as ordinary income, qualified dividend income or capital gains, unless you invest though a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-advantaged arrangements may be taxed later upon withdrawal of assets from those accounts.

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

If you purchase the Fund through a broker-dealer or other financial intermediary, the Fund and/or the Advisor 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 Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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