A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

CIBC Atlas Funds

Annual Report

October 31, 2020

CIBC Private Wealth Advisors, Inc.

CIBC Atlas Disciplined Equity Fund

AWEIX

CIBC Atlas Mid Cap Equity Fund

AWMIX

CIBC Atlas Income Opportunities Fund

AWIIX

CIBC Atlas All Cap Growth Fund

AWGIX

CIBC Atlas Equity Income Fund

AWYIX

CIBC Atlas International Growth Fund

AWWIX

Beginning on April 30, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-855-328-3863.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-855-328-3863. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all CIBC Atlas Funds if you invest directly with the Funds.

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-855-328-3863; and (ii) on the Commission’s website at http://www.sec.gov.

SHAREHOLDERS’ LETTER

Dear CIBC Atlas Funds Investors,

If an investor simply observed the S&P 500’s total return as of the Funds’ fiscal year ending October 31, 2020, the return could be looked upon as average, however the year was anything but. The 9.7% total return for the period is a remarkable achievement in the context of a global pandemic, varying degrees of global economic shut downs and a U.S. Presidential election cycle.

The dominant issue for the year was undoubtedly the onset of the COVID-19, first impacting the Chinese and subsequently the global economy. By March much of the world had temporarily closed their economies in the hopes of containing further spread of the virus however at great cost. To offset that cost, the Federal Reserve swiftly pivoted to a zero interest rate policy in the U.S., while opening emergency liquidity facilities and also reinstituted an aggressive balance sheet expansion to combat liquidity squeezes in the areas most impacted by the pandemic. Low rates are expected to persist for some time.

Also in March, the equity volatility onslaught triggered multiple “circuit breakers” on the New York Stock Exchange, which were events not seen since the Great Financial Crisis. Clearly, when an economy of over 300 million people closes, nothing good can come of corporate profits and the market discounted the earnings impacts in a record amount of time. Consensus earnings estimates fell by approximately 20% before recouping some of the expected growth as the economy slowly reopened. Consensus earnings expectations for next year remain elevated at the time of this writing and in the hopes of a successful global vaccination program and a slow and potentially bumpy return to normalcy.

Lastly, 2020 was a highly contested and publicized Presidential Election year, with initially a large number of Democratic candidates winnowed to the eventual nominee, Joe Biden. Odds of outcomes waxed and waned throughout the campaign process, however in the end and several days after election day, Joe Biden was declared the eventual winner. At the time of this writing, Congress will remain divided however there will be run-off elections that could impact the Senate composition early in 2021. With the Congress essentially set, market participants eagerly await potential and further fiscal stimulus in an effort to combat the impacts of the pandemic on both

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individuals and businesses. The size and scope of any fiscal support packages will be a key input in the upcoming year.

Despite the policy, macroeconomic, interest rate and earnings volatility, the CIBC Atlas Funds remain fully committed to the philosophy of fundamental, active investing while maintaining an opportunistic, high-quality bias for our investors. We would like to take this opportunity to thank you for your investment and support in the CIBC Atlas Funds amidst one of the more memorable years in recent memory.

Following is a discussion of each fund’s performance and strategy for the fiscal year.

CIBC Atlas Disciplined Equity Fund

The S&P 500 Index return of 9.71% in the one year period ending 10/31/2020 could be characterized by normal, yet the period was anything but. The first quarter of the period saw a steady upward trajectory, followed by a free fall in mid to late February as it became clear that COVID 19 was real and spreading globally. Record monetary and fiscal stimulus after the quickest bear market in history combined to propel the market back to all time highs in early September. Since, the market has been range bound as investors vacillate between focusing on a potential vaccine and a return to normal and the current wave of increasing coronavirus cases.

For the year Information Technology, Consumer Discretionary and Communications Services led the market while Energy, Financials and REITs lagged. Generally speaking leaders were beneficiaries of COVID and laggards’ fundamentals were hurt by the pandemic.

The CIBC Atlas Disciplined Equity Fund returned 10.89%, 118 basis points ahead of the benchmark S&P 500 Index. Healthcare was the leading sector. Holdings, Danaher and Thermo Fisher were standout performer due do strong core fundamentals enhanced by COVID demand for tests and testing equipment. Energy outperformed on a relative basis as a result of the underweight and a focus on high quality companies within the sector. Underweights in Utilities and REITs as well as good stock selection aided performance. Amazon.com, Dollar General and T-Mobile were also positive contributors.

The fund underperformed in Information Technology with an underweight in Apple and an overweight in IT services where growth was negatively impacted by COVID. In Industrials, Raytheon Technologies hurt performance

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with significant exposure to aerospace, arguably the industry most impacted by the pandemic. Cash was also a minor headwind.

We remain committed to our strategy of investing in quality companies with strong free cash flow generation and attractive value.

CIBC Atlas Mid Cap Equity Fund

The Russell Mid-Cap Growth index returned 21.14% for the twelve months ending 10/31/20. The Information Technology sector was the largest contributor to benchmark performance driving over half of the total return. Conversely, the Energy sector was the biggest detractor of benchmark performance as the sector fell 29.34%.

The CIBC Atlas Mid-Cap Equity Fund returned 6.58% for the same period. Our stock selection in the Information Technology and Healthcare sectors were the largest drivers of the underperformance as several of the most expensive Software and Biotech companies outperformed while more reasonably valued IT service and managed care firms underperformed. Results were helped modestly by stock selection in the Real Estate, Financials, and Materials sectors while allocation and selection aided performance in the Energy sector.

The two biggest contributors to performance came from EPAM Systems (“EPAM”) and Autodesk. EPAM is a software engineering focused IT services firm that is benefitting from the increased demand for digital transformations. The Covid-19 pandemic has only accelerated the urgency of these digital transformations as many companies are looking for new ways to interact and transact digitally and we remain confident EPAM will continue to grow at above average rates as a result. Autodesk is a vertical software firm focused on the digital design of construction and architecture projects. These end markets are in the process of becoming digitized and new services such as building information modeling will contribute to their growth for years to come.

The two worst performers were Euronet Worldwide (“Euronet”) and Ross Stores. Euronet is a provider of ATM services in Europe and relies heavily on cross border fees from tourists to support their business. As a result of the Covid-19 pandemic, global borders have been shut and Euronet’s business has struggled. While we believe that travel will eventually rebound, we have little conviction of the timing of that rebound and decided to exit our position. Ross Stores is a off-price retail concept that has underperformed due to its lack of an e-commerce site, the shutdown of all non-essential retailers in the United States from the end of March 2020 till the middle of May 2020, and consumer

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wallet shift away from apparel into areas like home furnishings and décor. Over the long run we continue to believe that the value oriented nature of the concept will again be attractive to the consumer as they become comfortable returning to physical stores and we continue to hold our position.

We continue our ongoing focus in investing in high quality companies with above average growth prospects while maintaining discipline on the price we are paying for these businesses.

CIBC Atlas Income Opportunities Fund

The Fund’s blended benchmark (Bloomberg Barclays U.S. Government/ Credit Index) gained 9.30% in the year ending October 31, 2020. Equities outperformed bonds, as measured by the 9.71% gain in the S&P 500 Index and the 7.07% gain in the Barclays Government Credit Index.

The CIBC Atlas Income Opportunities fund gained 5.07% in the twelve months ending October 31, 2020; trailing the blended benchmark return of 9.31% by 424 basis points. Both the Fund’s debt and equity holdings underperformed the respective asset class benchmarks. The Fund’s cash holdings detracted from overall fund performance relative to the benchmark.

The index returns would imply a relatively normal market environment, but it was anything but normal.

The first quarter of the period saw a steady upward trajectory in equities, followed by a free fall in mid to late February as it became clear that COVID-19 was spreading globally. Record monetary and fiscal stimulus after the quickest bear market in history combined to propel the market back to all-time highs in early September. Since, the equity market has been range bound as investors vacillate between focusing on a potential vaccine and a return to normal and the current wave of increasing coronavirus cases. Aggressive monetary policy and slowing economic growth resulted in a decline in the 10 year US treasury yield to 0.87% at period end. High yield credit spreads increased 120 basis points over the period but reached an intra period high of approximately 1100 basis points at the height of the market turmoil in late March before contracting in the last half of the fiscal year.

Equities underperformed the S&P 500 Index as traditional value and income groups underperformed faster growth and momentum stocks during the year. The spread between growth and value stocks as measured by the Russell 1000 Growth and Russell 1000 Value Indexes was nearly 37%. Lower

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interest rates can help boost valuations for longer duration growth equities. Most dividend strategies have some degree of a tilt towards value given that a typical dividend paying company generates cash in excess of what it needs to fund growth opportunities. This stands in contrast to a pure growth company that may reinvest all of its excess cash into growth projects. As portfolio managers, we do not make a specific determination to allocate to “growth” or “value” stocks, rather our process seeks to identify quality dividend paying companies trading at attractive valuations with positive secular growth dynamics. Thus, both growth and value considerations are embedded in our investment process.

By sector, Financials, Consumer Discretionary and Health Care were the largest detractors from relative performance. Boeing, Golub Capital BDC and US Bank were the biggest laggards during the year.

The Utilities, Real Estate and Consumer Staples sectors positively contributed to overall performance. QUALCOMM, Hannon Armstrong Sustainable Infrastructure Capital, and IDEX Corporation had the most significant individual positive contribution to performance.

Performance within the fixed income category was driven by the aforementioned reduction in Treasury yields and expansion of credit spreads. Short-term yields fell in-step with the Federal Reserve’s move to a zero interest rate policy . Longer-term Treasury yields fell by a smaller amount to reflect market pricing of future inflation and supply risks. The Fed extended extraordinary liquidity facilities for higher quality corporate and municipal issuers. Lower tier borrowers were left without explicit support, which led to divergences in return based on quality. The Fund’s holdings of investment grade corporate and Government securities contributed to performance with leadership from Treasuries and longer duration technology, communication, and home improvement corporate bonds. Higher allocations to corporate credit and exposure to lower quality issuers detracted from relative performance.

We continue to manage the Fund to take advantage of opportunities arising from both macro developments and changes in company fundamentals. We focus on investing in both the debt and equity of high quality companies with

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attractive free cash flow characteristics that generate an above average level of current income.

CIBC Atlas All Cap Growth Fund

The Russell 3000 Growth Total Return Index returned 28.2% over the 12 month period ending October 31, 2020. Information Technology, Consumer Discretionary and Communication Services were the best performing sectors during the period, while Energy and Industrials were the worst. The Financials, Health Care, Materials and Real Estate sectors all posted positive returns, but underperformed the index over the period.

The CIBC Atlas All Cap Growth Fund returned 22.7% during the same period, underperforming the benchmark Russell 3000 Growth Total Return Index. The sectors which contributed most to the fund’s underperformance during the period were Information Technology, Communication Services and Materials. The fund’s Technology holdings outperformed the broad benchmark, but underperformed the benchmark’s Technology holdings, and as the Technology sector was the most heavily weighted in both the All Cap Growth Fund and the Russell 3000 Growth Total Return Index, this was most significant factor in the fund’s relative performance. The Materials sector’s contribution was due to the fund being overweight the sector, which underperformed during the period. The Communication Services sector’s poor relative performance was attributable primarily to one holding – Live Nation Entertainment Inc. –which was severely impacted by the COVID-19 pandemic.

On the other hand, the fund’s performance was buoyed by its holdings in the Consumer Discretionary, Industrials and Health Care sectors, which outperformed their counterparts in the benchmark. Most notably, the fund saw three Consumer Discretionary Holdings return greater than 50% on the period – Alibaba Group, Amazon.com Inc. and Lululemon Athletica Inc., in descending order of performance – and the sector as a whole returned 65% for the fund. Other out-performers bearing mention in the Industrials and Health Care sectors include household durable manufacturer Trex Co. and medical device firms Danaher Corp. and Thermo Fisher Scientific Inc.

We remain committed to our strategy of investing in high quality open ended growth companies at reasonable valuations.

negative returns during the period – Utilities, Industrials, Financials, Real Estate and Energy.

The CIBC Atlas Equity Income Fund returned 3.45% for the same period, underperforming the benchmark Russell 1000. Dividend paying stocks were notably weak during the period, meaningfully underperforming the broader market. Among holdings that provided positive relative performance, the fund’s two holdings in the Utilities sector – renewable energy firms Brookfield Renewable Partners (BEP) and NextEra Energy Partners (NEP), which returned 68% and 28%, respectively – stood out. Some of the fund holdings in the Technology sector also achieved strong returns, including Apple (AAPL +77%), Taiwan Semiconductor Manufacturing (TSM +60%), and Microsoft (MSFT +43%).

The weakest relative results came from the Consumer Discretionary, Communication Services and Health Care sectors. Among the fund’s Consumer Discretionary holdings, the worst performers were mountain resort operator Vail Resorts (MTN -26%) and discount retailer TJX Companies (TJX -11%), both of which suffered as a result of the Covid pandemic. The fund’s lone holding in the Communication Services sector, Comcast Corp (CMCSA), returned -4% during the period, underperforming the rest of the sector. Among the fund’s Health Care holdings, pharmacy/drugstore chain CVS Corp (CVS -13%) and pharmaceutical firm Merck (MRK -11%), were the worst performers. On the whole, fund underperformance was driven by allocation as opposed to stock selection; despite the fund selecting well within each sector, the fund tended to be underweight sectors that outperformed and overweight sectors that underperformed during the period.

We remain committed to the approach of investing in high quality dividend growth stocks which offer a combination of current income and capital appreciation.

CIBC Atlas International Growth Fund

Fiscal 2020 was a year of extreme volatility with a partial resolution to the U.S. - China trade war early in the year significantly overshadowed by the COVID-19 pandemic. The pandemic resulted in an economic and market dislocation in fiscal second quarter not seen in decades. Investors scrambled to update market views as global economies shut down and GDP forecasts were slashed. The pandemic quickly identified winners and losers within the business world with technology sectors largely leading the way. The market snapback from COVID-19 lows in March was swifter than many expected, but investors remained in a state of high anxiety for most of the second half of

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the year. Today, the COVID-19 pandemic continues to rage across the world, with flare-ups and hot spots occupying the daily news. While there have been pockets of strength in the economy and some sectors and companies have thrived, the real economic toll of the crisis may not yet be known, particularly for small businesses. Global central banks have flooded the world with stimulus, staunching the worst short run effects of the crisis but unemployment remains high and consumer spending has tailed off as stimulus payments have ended. China is the outlier, with their aggressive approach to the virus resulting in a more normalized economic environment today. Layering on to this already difficult situation, is the U.S. election and the uncertainty it holds for geopolitics and global trade. The CIBC Atlas International Growth strategy Fund’s has performed well relative to the benchmark despite this environment, as investors have sought out companies with the best quality and growth credentials in an environment of uncertainty and slowing growth.

During the period from October 31, 2019 to October 31, 2020, the CIBC Atlas International Growth Fund returned 2.81% on a net basis versus the MSCI All Country World Index (ex. U.S.) which returned -2.19% for a total out performance of 5.00%. On a sector basis, our best performing areas relative to the benchmark were Industrials and Consumer Discretionary. Our exposure to e-commerce and the consumer in China through retail, restaurants, and education resulted in outperformance. Our worst performing sectors were Consumer Staples and Energy. On a country basis, the fund benefitted from good performance in France, Japan, and China. The positive returns from France were driven by our exposure to the video game theme which thrived during lockdown. Luxury goods exposure was also surprisingly strong as the Chinese consumer was quick to return as COVID-19 risks eased through the summer. Our worst performing areas were Spain, Switzerland, the United Kingdom, and the United States. The weakness in Europe and the UK was largely explained by exposure to the banking and asset management sectors. The Fund can maintain small weights to the United States and our energy and travel-related holdings were detractors. On an active return basis, our top five stocks for the period were Tencent Holdings, Taiwan Semiconductor Manufacturing Co, MercadoLibre, Ritchie Bros. Auctioneers, and ASML. Our worst performing stocks during the period were Royal Dutch Shell, Lloyds Banking Group, Banco Santander, Suncor Energy, and HSBC Holdings.

Despite these uncertainties, there are bright spots on the horizon. Most notably, progress on a vaccine addressing COVID-19 has been rapid and impressive. Attractive relative valuations, easier comparisons, and easing COVID-19 headwinds should drive positive relative returns for investors. We are committed to investing in a select group of high-quality international

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equities whose current valuations do not reflect the long-term potential of the companies. Thank you for your support.

The information contained herein represents the views of the manager at a specific point in time and is based on information believed to be reliable. It should not be regarded as investment advice or recommendation of specific securities. Holdings are subject to change. Securities mentioned do not make up the entire portfolio and, in the aggregate, may represent a small percentage of the portfolio. Past performance is not indicative of future results.

Mutual fund investing involves risk, including possible loss of principal. There is no assurance that the Funds will achieve their stated objectives. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities (MBS) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain MBS. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities. Investments in securities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP. MLP common units and other equity securities can be affected by economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Income Opportunities Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses.

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Definition of the Comparative Indices

The Russell 3000^® Growth Total Return Index consists of the growth segment of the 3,000 companies in the Russell 3000^® Index. The Russell 3000^® Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies, based on total market capitalization, which represents approximately 98% in the investable U.S. equity market.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It includes over 90% of the total market capitalization of all listed U.S. stocks, and is considered a bellwether index for large cap investing.

The S&P 500 Index is an unmanaged index containing common stocks of 500 industrial, transportation, utility and financial companies, regarded as generally representative of the U.S. stock market. The return per the total return index reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing.

The Russell Mid-Cap Growth Index is an unmanaged capitalization-weighted index of medium and medium/small companies in the Russell 1000^® Index chosen for their growth orientation. The Russell 1000^® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

The Bloomberg Barclays U.S. Government/Credit Index is an unmanaged index that includes government and investment-grade corporate bonds with at least one year until maturity.

The MSCI ACWI ex-US Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

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Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of the comparative indices on page 10.

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

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