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You can also request this information by contacting the Fund at 1-866-458-4744. www.ParvinFunds.com 1-866-458-4744 EXPENSE INFORMATION What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border: white 1.5pt solid; white-space: nowrap; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fund Name</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; width: 24%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center">Costs of a $10,000 investment</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Costs paid as a percentage of a $10,000 investment</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td id="xdx_98C_eoef--ClassName_c20251201__20260531__oef--ClassAxis__custom--C000224129Member_zYL0IaIWQb17" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Parvin Hedged Equity Solari World Fund</td> <td id="xdx_984_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000224129Member_zC3Q4wday1a" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$116</td> <td id="xdx_98F_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000224129Member_zTdglyG9tSA2" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.25%</td></tr> </table> Parvin Hedged Equity Solari World Fund 116 0.0225 MANAGEMENT DISCUSSION Fund Shareholders: The first half of the fiscal year could be characterized as seesaw performance. The rising phase occurred during the first three months. Fund returns reached 18.13% through the end of February compared to 5.44% for the All Country World Index (ACWI) benchmark. Performance for the Fund was driven by extraordinary returns in precious metals miners and significant returns in communication services, industrials and energy. The declining phase began on Saturday, 2/28, when the U.S. and Israel attacked Iran and started a conflict that continues today. Equities generally traded down in March, but tech and industrial stocks with AI exposure moved higher in April and May. Investors appear to be using large-cap tech stocks as defensive positions under the belief that those earnings will continue to grow with the build-out of AI data centers. Without direct AI exposure, Fund shares retreated in the last three months of the first half. Returns ended at 6.05% over the full period while ACWI benchmark returns increased to 13.56% for all six months. As the U.S. attempts to reposition from global free trade toward more self-sufficient mercantilism, it has focused on enforcing the dollar-based financial system to protect the U.S. currency’s reserve status. Foreign policy seems directed at keeping oil priced in dollars. To help ensure their independence, other nations are turning away from U.S. Treasuries as reserve assets and emphasizing real assets, which have begun taking a more prominent role. Gold is now the most widely held reserve asset among central banks, especially in emerging markets. The Sub-Adviser holds the opinion that monetary metals and other real assets will continue trending in the direction of higher prices, and the Fund is positioned accordingly. Ongoing inflation, supply chain disruptions, and geopolitical conflicts support further appreciation in precious metals as well as other hard assets and agricultural commodities. The Fund combines screening with an alternative, or hedged, portfolio strategy. To the Adviser’s knowledge, there are no directly comparable funds. The Adviser believes the Fund represents a unique opportunity for three reasons: 1) an investment screen driven primarily by a focus on governance and transparency; 2) a more cautious stock selection approach, guided by profitability and value, to identify individual equities that should generally meet a growth and income objective; and 3) a hedged strategy adding index and sector put options that should help preserve capital during precipitous drawdowns. <img alt="" src="image_002.jpg" style="height: 36pt; width: 93pt"/> J. Steven Smith, Managing Director Parvin Fund Management, LLC PERFORMANCE GRAPH Total Returns for the Period Ended May 31, 2026 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #F2F2F2; border-collapse: collapse"> <tr> <td style="border: white 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fund/Index</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> One Year</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Annualized Since Inception*</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; vertical-align: bottom; width: 16%; padding-right: -5.55pt; padding-left: 5.4pt; text-align: center">Value</td></tr> <tr> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Parvin Hedged Equity Solari World Fund</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20250601__20260531__oef--ClassAxis__custom--C000224129Member_znLMA1hUnDBa" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">15.02%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20210101__20260531__oef--ClassAxis__custom--C000224129Member_zU1aQVd5Lpj1" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.68%</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; text-align: center; vertical-align: top; padding-right: 1.3pt; padding-left: 5.4pt">$12,160</td></tr> <tr> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: -4.05pt; padding-left: 5.4pt">MSCI All Country World Index</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20250601__20260531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zfTE9ZGq5eI7" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">30.83%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210101__20260531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_z42bsTYGfrxh" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.21%</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; text-align: center; vertical-align: top; padding-right: 1.3pt; padding-left: 5.4pt">$19,553</td></tr> </table> Cumulative Performance Comparison of $10,000 Investment Since Inception <img alt="" src="image_001.gif" style="height: 242px; width: 436px"/> * Inception December 31, 2020 Past performance is not a good predictor of future performance. The graph and table shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-458-4744. 0.1502 0.0368 0.3083 0.1321 Past performance is not a good predictor of future performance FUND STATISTICS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="border: white 1.5pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> Net Assets</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> Portfolio Holdings</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> Portfolio Turnover</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> Advisory Fees Paid by Fund</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td id="xdx_98D_eus-gaap--AssetsNet_iI_pn5n6_c20260531__oef--ClassAxis__custom--C000224129Member_zS8gtLnFBJd1" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.4 Million</td> <td id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000224129Member_zGwjneGrGZak" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">36</td> <td id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000224129Member_zMz1bc9AF5Y3" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.93%</td> <td id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000224129Member_zB4wKYJmotTb" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$76,918</td></tr> </table>

13400000

0.0793

76918 PORTFOLIO ILLUSTRATION The following chart gives a breakdown of the Fund’s portfolio of investments as of May 31, 2026. Sectors are based on Morningstar® classifications. <img alt="" src="image_002.gif" style="height: 288px; width: 437px"/> GEOGRAPHIC BREAKDOWN The following chart gives a breakdown of the Fund’s portfolio by country of issuer as of May 31, 2026. <img alt="" src="image_003.gif" style="height: 271px; width: 438px"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Parvin Portfolio Illustration Pie Chart May 31, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Basic Materials</td> <td id="xdx_982_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_znpPbKZjAT8h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.67%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Communication Services</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zvUUiTfl44X9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.91%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Cyclical</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zfVrx80Uhppi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15.67%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Defensive</td> <td id="xdx_98A_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zSk9Rz0Hyw96" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.90%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Energy</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zUxtsspjJO97" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.93%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Financial Services</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zV89ZFT4d0ib" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.30%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Healthcare</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zLPZEaneyFQd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.24%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Industrials</td> <td id="xdx_987_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zD1z8xyH7lpg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.78%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Funds</td> <td id="xdx_98B_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zB5GPo756lwi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.81%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Put Option</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--PutOptionMember_zciXLIJxztng" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.75%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Real Estate Investment Trust</td> <td id="xdx_985_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__custom--RealEstateInvTrustMember_zr4dlkeE3WVb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.56%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Technology</td> <td id="xdx_984_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_ziREc22exio1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.48%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Parvin Geographical Pie Chart May 31, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Argentina</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--AR_zj1WQjVPSp17" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.20%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Australia</td> <td id="xdx_98A_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--AU_zEy95rJKIr23" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.46%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Brazil</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--BR_zcLf9t2EqVvk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.77%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Canada</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--CA_zQ5wDlu9cieg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19.56%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Denmark</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--DK_zmuTEM81l9Nc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Greece</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--GR_zawLkaRCIHXg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.03%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mexico</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--MX_zHKM0im78PTe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.86%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Republic of Korea</td> <td id="xdx_982_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--KR_zjctzGFEHZ87" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.91%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Russian Federation</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--RU_z6DMxjtZwqFe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Switzerland</td> <td id="xdx_982_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--CH_zUTLjUMlAAnd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.90%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">United Kingdom</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--GB_zpj0oOkjgDS9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.41%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">United States of America</td> <td id="xdx_984_eoef--PctOfTotalInv_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--GeographicRegionAxis__country--US_z7TpEt6PwcM8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47.75%</td></tr> </table> 0.2067 0.0291 0.1567 0.1190 0.0493 0.0230 0.0324 0.1178 0.1881 0.0275 0.0256 0.0248 0.0220 0.0146 0.0677 0.1956 0.0115 0.0203 0.0186 0.0291 0.0000 0.0490 0.0941 0.4775 TOP TEN HOLDINGS (% OF NET ASSETS) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border: white 1.5pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.</td> <td style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Institutional Money Market Treasury Portfolio - Class III</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--FidelityInstlMMTreasPortMember_z24ki1b9xs3b" style="border-top: white 1.5pt solid; border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.87%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Silvercorp Metals, Inc. (Canada)</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--SilvercorpMetalsIncMember_zNG12ZLciWbk" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.72%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hecla Mining Co.</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--HeclaMiningCoMember_z7bBjIOFtWXg" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.97%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">Agnico Eagle Mines Ltd. (Canada)</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--AgnicoEagleMinesLtdMember_zgS4kZLf4r1i" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.41%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">OR Royalties, Inc. (Canada)</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--ORRoyaltiesIncMember_zw353Xpn07dh" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.17%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">Endeavour Silver Corp. (Canada)</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--EndeavourSilverCorpMember_zZ9p5OCGmvbg" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.97%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">SK Telecom Co. Ltd. ADR</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--SKTelecomCoLtdMember_zEPlZBsa5MF5" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.92%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">Canadian National Railway Co.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--CanadianNationalRailwayCoMember_z2064ME0Qi36" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.87%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">Swatch Group AG ADR</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--SwatchGroupAgAdrMember_zHIMJ7Pr1kQ1" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.82%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.</td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap">Sturm, Ruger & Co., Inc.</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member__oef--LargestHoldingAxis__custom--SturmRugerCoIncMember_zoh6oj7KELnf" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.76%</td></tr> <tr style="vertical-align: bottom; background-color: #F2F2F2"> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; border-left: white 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Total % of Net Assets</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000224129Member_zPbrjXzU4pFi" style="border-right: white 1.5pt solid; border-bottom: white 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">48.48%</td></tr> </table> 0.1887 0.0472 0.0397 0.0341 0.0317 0.0297 0.0292 0.0287 0.0282 0.0276 0.4848 MATERIAL FUND CHANGES Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Handover”) to provide administrator and compliance services to the Trust. https://parvinfunds.com 1-866-458-4744 <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Parvin Cumulative Performance Comparison Line Graph</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">MSCI All Country</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Parvin</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">World Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">12/31/20</td> <td id="xdx_989_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000224129Member_zUbsDYNdgW56" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td id="xdx_98F_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_z3MQkgdOPQwd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">05/31/21</td> <td id="xdx_986_eoef--AccmVal_c20210501__20210531__oef--ClassAxis__custom--C000224129Member_zyNSlXp8G5X2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,100</td> <td id="xdx_980_eoef--AccmVal_c20210501__20210531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zQ0RJUVqLry8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,105</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">11/30/21</td> <td id="xdx_985_eoef--AccmVal_c20211101__20211130__oef--ClassAxis__custom--C000224129Member_zJ0AihVuOAh2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,890</td> <td id="xdx_98E_eoef--AccmVal_c20211101__20211130__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zIpzDydUIDzf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,442</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">05/31/22</td> <td id="xdx_983_eoef--AccmVal_c20220501__20220531__oef--ClassAxis__custom--C000224129Member_zEZCuPwNWLjd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,143</td> <td id="xdx_988_eoef--AccmVal_c20220501__20220531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zJH4xfoiAgM" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,400</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">11/30/22</td> <td id="xdx_98A_eoef--AccmVal_c20221101__20221130__oef--ClassAxis__custom--C000224129Member_zuZFmcOqnasc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,255</td> <td id="xdx_980_eoef--AccmVal_c20221101__20221130__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zLsqzoAxuELc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,164</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">05/31/23</td> <td id="xdx_989_eoef--AccmVal_c20230501__20230531__oef--ClassAxis__custom--C000224129Member_zun9ulRAKd73" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,920</td> <td id="xdx_987_eoef--AccmVal_c20230501__20230531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zQ1eOcTncqJ9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,545</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">11/30/23</td> <td id="xdx_98A_eoef--AccmVal_c20231101__20231130__oef--ClassAxis__custom--C000224129Member_zRlO4rKHYFWb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,878</td> <td id="xdx_987_eoef--AccmVal_c20231101__20231130__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zoIpqHYBcve2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,444</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">05/31/24</td> <td id="xdx_984_eoef--AccmVal_c20240501__20240531__oef--ClassAxis__custom--C000224129Member_zfxA6nXlEVtf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,551</td> <td id="xdx_98E_eoef--AccmVal_c20240501__20240531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zV5KQBoSF8k9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,091</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">11/30/24</td> <td id="xdx_98A_eoef--AccmVal_c20241101__20241130__oef--ClassAxis__custom--C000224129Member_z6PXtXKHdy16" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,785</td> <td id="xdx_98F_eoef--AccmVal_c20241101__20241130__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zDLyWGMhrjPk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,499</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">05/31/25</td> <td id="xdx_982_eoef--AccmVal_c20250501__20250531__oef--ClassAxis__custom--C000224129Member_zV4rJUx7NeB2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,573</td> <td id="xdx_98A_eoef--AccmVal_c20250501__20250531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zP8IX6rG5G4i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,946</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">11/30/2025</td> <td id="xdx_98D_eoef--AccmVal_c20251101__20251130__oef--ClassAxis__custom--C000224129Member_z6Q88yIUMCm3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,466</td> <td id="xdx_982_eoef--AccmVal_c20251101__20251130__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zPPNH0z73ikl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,216</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">5/31/2026</td> <td id="xdx_983_eoef--AccmVal_c20260501__20260531__oef--ClassAxis__custom--C000224129Member_zLE3diOBaf2d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,160</td> <td id="xdx_981_eoef--AccmVal_c20260501__20260531__oef--BroadBasedIndexAxis__custom--MSCIAllCountryIndexMember_zDG8wEmzsLIk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,553</td></tr> </table> 10000 10000 10100 11105 9890 11442 10143 10400 9255 10164 8920 10545 8878 11444 9551 13091 9785 14499 10573 14946 11466 17216 12160 19553