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You can also request this information by contacting us at (888) 568‑1267. https://pcmvaluefund.com/fund‑prospectus‑and‑documents/ (888) 568‑1267 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Private Capital Management Value Fund<br/>(Class I / VFPIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.20<span>%</span></td> </tr> </table> 129 0.0120 <div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the 12-month period ended April 30, 2026 (the “Reporting Period”), the Private Capital Management Value Fund (VFPIX) returned 14.3% – a solid result that nevertheless lagged the returns posted by the Russell 1000^® Equal Weight Index and the small-cap Russell 2000^® Index as reflected in the table that follows.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">As Fund investors are aware, VFPIX’s annual returns generally do not closely correspond with benchmark results. Rather than seeking to replicate benchmark returns – which is the mandate for “passive” investments – VFPIX seeks to outperform its passive benchmark over multiyear periods by building a portfolio the Fund management team believes offers strong return potential and defensive characteristics. We pursue this goal through a high conviction, small-cap portfolio generally comprised of up to 35 investments. The underlying research is proprietary and seeks to understand our companies’ fundamentals, financials, and operational leadership teams. By investing in businesses trading at material discounts to their intrinsic value along with a 3+ year time horizon to see fair value recognized, we are able to focus on long-term, tax-efficient outcomes. Demonstrating the value of the Fund’s investment discipline, VFPIX outperforms both the Russell 1000^® Equal Weight Index and the Russell 2000^® Index over the trailing 5-year and trailing 10-year periods concluding April 30, 2026.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">VFPIX’s process and portfolio should appeal to patient investors who are willing to accept benchmark variance in exchange for the potential to see material long-term excess returns. The Fund will frequently maintain more than 50% of its invested capital in its top 10 positions, which means that each investment has the capacity to be impactful to overall Fund results. From a diversification perspective, the Fund concluded the Reporting Period with portfolio investments spread across eight investment sectors, including most prominently Financials, Health Care, Consumer Discretionary, Industrials, Communication Services, and Information Technology. The Fund’s most significant sector contributors over the Reporting Period were Financials (5.6%), Health Care (5.6%) and Consumer Discretionary (4.1%), while its largest detracting sectors were Communication Services (-3.2%), and Information Technology (-1.8%).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Private Capital Management Value Fund’s Class I Shares<span style="white-space: nowrap;"> </span>vs. the Russell 1000^® Equal Weight Index and the Russell 2000^® Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g154248chartimages_11862772.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Class I</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.26<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.84<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Russell 1000^® Equal Weight Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">29.29<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.41<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">44.41<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.98<span>%</span></td> </tr> </table> Class I 0.1426 0.0984 0.1179 Russell 1000® Equal Weight Index 0.2929 0.0741 0.1084 Russell 2000® Index 0.4441 0.0575 0.1098 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>68,344,489</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">30</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>514,634</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table> 68344489 30 514634 0.14 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div><div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>SECTOR ALLOCATION*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">26.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.1<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: baseline; text-align: left; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; margin-bottom: 0px; font-size: 8pt;">​^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: baseline; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-style: italic; text-align: left; margin-bottom: 0px; font-size: 8pt;">The Fund is a diversified fund, but nevertheless has invested a significant portion of its assets in the securities of a small number of issuers, which may cause the Fund’s value to fluctuate more widely than some other diversified funds. As a result of the Fund’s investment approach and the relative price movements of certain Fund holdings, at times the Fund’s holdings profile may approximate a portfolio of securities with percentage weightings typically associated with a non-diversified fund.</div> </td> </tr> </table> 0.261 0.151 0.118 0.111 0.103 0.091 0.039 0.024 0.103 -0.001 1.000 <div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> The Fund is a diversified fund, but nevertheless has invested a significant portion of its assets in the securities of a small number of issuers, which may cause the Fund’s value to fluctuate more widely than some other diversified funds. As a result of the Fund’s investment approach and the relative price movements of certain Fund holdings, at times the Fund’s holdings profile may approximate a portfolio of securities with percentage weightings typically associated with a non-diversified fund.