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INFORMATION</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630_zYpaVmRWLi1">annual shareholder report</span> contains important information about the Frank Value Fund – Investor Class – FRNKX (the “Fund”) for the period July 1, 2025 to June 30, 2026.</p> annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zxGkKJlnvnWi">https://frankfunds.com</span>. You can also request the fund's Statutory Prospectus, financial information, holdings, and proxy voting information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zcFnCelzksS2">1-888-217-5426</span>.</span></p> https://frankfunds.com 1-888-217-5426 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past year?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs paid as a percentage of a $10,000 investment *</b></span></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: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </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: center"><span style="font-size: 9pt"> </span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Frank Value Fund – Investor Class</span></td> <td id="xdx_984_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zSYlpD82HnT7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$149</td> <td id="xdx_988_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zAvo9SvX4b17" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.37%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 149 0.0137 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Management Discussion of Fund Performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The Frank Value Fund Investor Class returned 17.48% in the year ended June 30, 2026, compared to 26.62% for its benchmark, the Russell Midcap Value Index. In the five years ending June 30, 2026 Frank Value Fund Institutional Class returned 12.37% annualized, compared to 9.48% for the Russell Midcap Value Index.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Strategy</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction absolute value investing strategy building a portfolio of 20 to 35 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Techniques</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor’s security selection approach demanding low-valuation, high-quality, and unlocking catalysts also contributed to returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Cantaloupe</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Cantaloupe in September 2024 at an initial price of $5.99. Cantaloupe is a payment processor for vending machines and other automated stores, and despite recurring high profitability, the company remained immaterial in stock market indices. Frank Value Fund’s concentrated position delivered shareholders an outsized benefit when the company received a takeover offer, and the advisor sold the position in July 2025 for $11 and a gain of 83% in 10 months.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Garrett Motion</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Since February 2024, the company’s share count has declined from 242 million shares to 193 million, catalyzing rapid earnings per share growth. On April 30, 2026, the advisor deemed Garrett Motion fairly-valued, and Frank Value Fund sold its position in Garrett Motion at $24.98 for a gain of 178% excluding dividends. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><span style="letter-spacing: -0.1pt">We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.</span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL RETURNS</b></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 55%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Five</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ten</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td></tr> <tr> <td style="white-space: nowrap"><span style="font-size: 9pt">Frank Value Fund – Investor Class</span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zo1qeT1edubc" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.48%</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000012947Member_zS2S4dDCpeEj" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.37%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000012947Member_z2qjWrHaHLRb" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 9pt">Russell Mid Cap Value Index</span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_z9BObaemPK4c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26.62%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zquB4ibSCx4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.48%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_z1zdrMulCw2h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.63%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Cumulative Performance Comparison of $10,000 Investment</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><b><img alt="" src="image_002.jpg" style="height: 326px; width: 623px"/></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt; text-align: justify"><b><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zyYx0fKXfQRd">Past performance is not a good predictor of future performance</span>.</b> The returns 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 <span style="letter-spacing: -0.1pt">1-888-217-5426</span>.</p> 0.1748 0.1237 0.0801 0.2662 0.0948 0.1063 Past performance is not a good predictor of future performance <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">FUND STATISTICS</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">ADVISORY FEES</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">NET ASSETS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">HOLDINGS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">TURNOVER:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">PAID BY FUND:</span></span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_98D_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000012947Member_zScBKE7a6xp2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$35,659,512</td> <td id="xdx_98A_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000012947Member_z73Erq5B0hT4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26</td> <td id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_zaGFazerCq1f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">95.89%</td> <td id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000012947Member_z4izsGNvSKvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$286,712</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 35659512 26 0.9589 286712 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">PORTFOLIO ILLUSTRATION</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><img alt="" src="image_001.gif" style="height: 287px; width: 454px"/></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Sectors are based on Morningstar® classifications.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Portfolio composition subject to change.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p> <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 style="white-space: nowrap; width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value Pie chart Jun 2026</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Investor</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_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z9VJknbkIlLj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.27%</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_983_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zzITZPyTPi98" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.59%</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_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zqaJVE0Bt7Zi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34.73%</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_982_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zzsZO5ZUJUh2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.21%</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_984_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zWBueqpQC0Bl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.80%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zaWhNQSJN6rl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.21%</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_98F_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zZBhNW1w2FTl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_z3kLQacBoah4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.52%</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_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zTW4oH74pgXd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.06%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zdUUBza8yUUg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.46%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0527 0.1159 0.3473 0.0521 0.0280 0.0921 0.0915 0.0252 0.0806 0.1146 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% of Net Assets)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">Spectrum Brands Holdings, Inc.</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--SpectrumBrandsHoldingsMember_zgArLFdYPm2f" style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.03%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">United Natural Foods, Inc.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--UnitedNaturalFoodsIncMember_zAMbWN576fK8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Icon PLC (Ireland)</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--IconPlcIrelandMember_zU3HgtuZl2Ik" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.42%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Science Applications International Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--ScienceApplicationsIntlCorpMember_zdtfFXPajbp6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.56%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">MPLX LP</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--MplxLpMember_zE3ytKUsucG2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.30%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Vistra Corp.</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--VistraCorpMember_z1WzDfm5LZhl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">H&amp;R Block, Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--HandRBlockIncMember_zN0utTfLNe9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.15%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">The J.M. Smucker Co.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--TheJMSmuckerCoMember_zHM3dMBMXkq7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.71%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hershey Co.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--HersheyCoMember_z9LhVDFdBIv" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.21%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Pitney Bowes, Inc.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member__oef--LargestHoldingAxis__custom--PitneyBowesIncMember_zFWHzQQqK5V2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.19%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000012947Member_zDsLc9o6syz1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54.45%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0703 0.0670 0.0642 0.0556 0.0530 0.0518 0.0515 0.0471 0.0421 0.0419 0.5445 https://frankfunds.com 1-888-217-5426 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Investor</td> <td style="white-space: nowrap; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Russell MidCap</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td> <td id="xdx_982_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000012947Member_z7L17J6WY651" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td> <td id="xdx_988_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zWdMQsg6xhDg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2016</td> <td id="xdx_989_eoef--AccmVal_c20161201__20161231__oef--ClassAxis__custom--C000012947Member_z7z8aeuyMZud" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10040</td> <td id="xdx_989_eoef--AccmVal_c20161201__20161231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zafxJxMrroGb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11024</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td> <td id="xdx_98D_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000012947Member_zKgUBFnx94Ml" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9899</td> <td id="xdx_98D_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zO9YY6iUw7Zi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11594</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2017</td> <td id="xdx_98C_eoef--AccmVal_c20171201__20171231__oef--ClassAxis__custom--C000012947Member_zlA4snlRNky1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9758</td> <td id="xdx_98A_eoef--AccmVal_c20171201__20171231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zB8jyhJYPGm3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12495</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td> <td id="xdx_98C_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000012947Member_zAa85qkUTk8a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9750</td> <td id="xdx_98F_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zrlKcFN8D3eg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12477</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2018</td> <td id="xdx_98B_eoef--AccmVal_c20181201__20181231__oef--ClassAxis__custom--C000012947Member_z4dzZT5CfxE4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9540</td> <td id="xdx_98F_eoef--AccmVal_c20181201__20181231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zNMVeKQVwx6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10961</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td> <td id="xdx_982_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000012947Member_ztvCXMWvFBH4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9654</td> <td id="xdx_98E_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zDnIRQJNcg8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12936</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2019</td> <td id="xdx_98A_eoef--AccmVal_c20191201__20191231__oef--ClassAxis__custom--C000012947Member_zigZV6C9Uyy7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9936</td> <td id="xdx_98F_eoef--AccmVal_c20191201__20191231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zuBBwcpZ2hXi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13927</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td> <td id="xdx_989_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000012947Member_z3u2HVvlWG43" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10668</td> <td id="xdx_98C_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zGNddlqt1A2l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11408</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2020</td> <td id="xdx_985_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000012947Member_zkdc2pOuvCja" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11212</td> <td id="xdx_98F_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zbRgSGauJlbe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14617</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td> <td id="xdx_98C_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000012947Member_z8te1YiUHcM" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12065</td> <td id="xdx_983_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_z5SyIuuuETzg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17461</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2021</td> <td id="xdx_984_eoef--AccmVal_c20211201__20211231__oef--ClassAxis__custom--C000012947Member_z7iBrHgudybb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11929</td> <td id="xdx_980_eoef--AccmVal_c20211201__20211231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zbfrBL3ILjc3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18760</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td> <td id="xdx_981_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000012947Member_zUM0cP8Ligzj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11400</td> <td id="xdx_983_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zBKABRah3Otk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15715</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2022</td> <td id="xdx_981_eoef--AccmVal_c20221201__20221231__oef--ClassAxis__custom--C000012947Member_zIuTIrTCZKmj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12428</td> <td id="xdx_980_eoef--AccmVal_c20221201__20221231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_z6WnCxi9AJid" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16503</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td> <td id="xdx_98C_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000012947Member_zDLwArU0iYm2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13379</td> <td id="xdx_98B_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_z1SoG36yl8Vk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17366</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2023</td> <td id="xdx_98C_eoef--AccmVal_c20231201__20231231__oef--ClassAxis__custom--C000012947Member_zguW7qy4n196" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14264</td> <td id="xdx_98B_eoef--AccmVal_c20231201__20231231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zIAlGYmnC7tc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18600</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td> <td id="xdx_985_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000012947Member_zFB9PgCzFA79" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14773</td> <td id="xdx_98E_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zKb23O9oaqeb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19449</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2024</td> <td id="xdx_98B_eoef--AccmVal_c20241201__20241231__oef--ClassAxis__custom--C000012947Member_z81SK846Zvo6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17005</td> <td id="xdx_98A_eoef--AccmVal_c20241201__20241231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_ziD2WJHov0Sd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21036</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td> <td id="xdx_98B_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000012947Member_zYkSkcr25Znf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18402</td> <td id="xdx_984_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zWitxh2fciNk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21692</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2025</td> <td id="xdx_985_eoef--AccmVal_c20251201__20251231__oef--ClassAxis__custom--C000012947Member_z8tQkmNd3wib" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19053</td> <td id="xdx_98F_eoef--AccmVal_c20251201__20251231__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zTlRspfouqGh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23360</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td> <td id="xdx_98A_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000012947Member_zNTwp4NtZDrk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21618</td> <td id="xdx_986_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapIndexMember_zwa9PW8dC391" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27467</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 10000 10000 10040 11024 9899 11594 9758 12495 9750 12477 9540 10961 9654 12936 9936 13927 10668 11408 11212 14617 12065 17461 11929 18760 11400 15715 12428 16503 13379 17366 14264 18600 14773 19449 17005 21036 18402 21692 19053 23360 21618 27467 FRANK VALUE FUND CLASS C FNKCX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 6pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zFeITIuZqB6k">annual shareholder report</span> contains important information about the Frank Value Fund - Class C – FNKCX (the “Fund”) for the period July 1, 2025 to June 30, 2026.</p> annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zkJ2CAdxODS9">https://frankfunds.com</span>. You can also request the fund's Statutory Prospectus, financial information, holdings, and proxy voting information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zVRDSQThugn8">1-888-217-5426</span>.</p> https://frankfunds.com 1-888-217-5426 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past year?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs paid as a percentage of a $10,000 investment *</b></span></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: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Frank Value Fund – Class C</span></td> <td id="xdx_980_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zAKOSHo9y9wf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$230</td> <td id="xdx_98D_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zyRBNnr6Gqo5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.12%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 230 0.0212 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Management Discussion of Fund Performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b></b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The Frank Value Fund Class C returned 16.52% in the year ended June 30, 2026, compared to 26.62% for its benchmark, the Russell Midcap Value Index. In the five years ending June 30, 2026 Frank Value Fund Class C returned 11.52% annualized, compared to 9.48% for the Russell Midcap Value Index.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Strategy</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction absolute value investing strategy building a portfolio of 20 to 35 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Techniques</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor’s security selection approach demanding low-valuation, high-quality, and unlocking catalysts also contributed to returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Cantaloupe</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Cantaloupe in September 2024 at an initial price of $5.99. Cantaloupe is a payment processor for vending machines and other automated stores, and despite recurring high profitability, the company remained immaterial in stock market indices. Frank Value Fund’s concentrated position delivered shareholders an outsized benefit when the company received a takeover offer, and the advisor sold the position in July 2025 for $11 and a gain of 83% in 10 months.</span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Garrett Motion</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Since February 2024, the company’s share count has declined from 242 million shares to 193 million, catalyzing rapid earnings per share growth. On April 30, 2026, the advisor deemed Garrett Motion fairly-valued, and Frank Value Fund sold its position in Garrett Motion at $24.98 for a gain of 178% excluding dividends. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><span style="letter-spacing: -0.1pt">We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.</span><b> </b></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL RETURNS</b></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 55%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Five</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ten</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td></tr> <tr> <td style="white-space: nowrap"><span style="font-size: 9pt">Frank Value Fund – Class C</span></td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zkVytJ0knSNh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.52%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000093501Member_zxvEzT1gpmfh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.52%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000093501Member_zY5OqRO9DoMl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.21%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 9pt">Russell Mid Cap Value Index</span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zg6Q5l5LoaXi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26.62%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zTaabP1yWXl5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.48%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zg4vu4SLsl5g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.63%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Cumulative Performance Comparison of $10,000 Investment</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><b><img alt="" src="image_004.jpg" style="height: 327px; width: 624px"/></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt 0 5.5pt; text-align: justify"><b><span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zt7g2SRMYji4">Past performance is not a good predictor of future performance</span>.</b> The returns 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 <span style="letter-spacing: -0.1pt">1-888-217-5426</span>.</p> 0.1652 0.1152 0.0721 0.2662 0.0948 0.1063 Past performance is not a good predictor of future performance <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">FUND STATISTICS</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">ADVISORY FEES</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">NET ASSETS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">HOLDINGS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">TURNOVER:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">PAID BY FUND:</span></span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_989_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000093501Member_zrTNsbVw70n9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$35,659,512</td> <td id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000093501Member_zFWRNlrSL0nl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26</td> <td id="xdx_982_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zKc7UXY9Kq88" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">95.89%</td> <td id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000093501Member_zQ9ti3x0yKEi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$286,712</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 35659512 26 0.9589 286712 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">PORTFOLIO ILLUSTRATION</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><img alt="" src="image_001.gif" style="height: 290px; width: 458px"/></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Sectors are based on Morningstar® classifications.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Portfolio composition subject to change.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value Pie chart Jun 2026</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">Class C</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_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_ztL0pVaQ57fe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.27%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zYSLPh5SSs32" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.59%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zx6xcgbRSIk7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34.73%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zMCeqywN3UAk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.21%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zpqzNmGhQgT3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.80%</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_98D_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zDYjZ8vhqbo9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.21%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zwFpslxYTPY6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_ziAEPCHAApel" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.52%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zujZvY8zJX1j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.06%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zTTjvlzZ5PLl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.46%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0527 0.1159 0.3473 0.0521 0.0280 0.0921 0.0915 0.0252 0.0806 0.1146 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% of Net Assets)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">Spectrum Brands Holdings, Inc.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--SpectrumBrandsHoldingsMember_zenafJwsPYdf" style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.03%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">United Natural Foods, Inc.</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--UnitedNaturalFoodsIncMember_z6BXm827AwM5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Icon PLC (Ireland)</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--IconPlcIrelandMember_zAsdSEH4wJbj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.42%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Science Applications International Corp.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--ScienceApplicationsIntlCorpMember_zNQ6TmuXQK9k" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.56%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">MPLX LP</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--MplxLpMember_zOlCwWSQIxvj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.30%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Vistra Corp.</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--VistraCorpMember_zn4M6Sa0rW0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">H&amp;R Block, Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--HandRBlockIncMember_zivd1BFSjtg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.15%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">The J.M. Smucker Co.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--TheJMSmuckerCoMember_zphQIVq6Yk7j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.71%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hershey Co.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--HersheyCoMember_zmqlTzFaDLTh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.21%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Pitney Bowes, Inc.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member__oef--LargestHoldingAxis__custom--PitneyBowesIncMember_zVwOFYKHwXPd" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.19%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093501Member_z111uGAqeNzl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54.45%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0703 0.0670 0.0642 0.0556 0.0530 0.0518 0.0515 0.0471 0.0421 0.0419 0.5445 https://frankfunds.com 1-888-217-5426 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value</td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Class C</td> <td style="white-space: nowrap; width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Russell MidCap</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td> <td id="xdx_986_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000093501Member_zZsNwmyshN68" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td> <td id="xdx_985_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zp42Qu6rHjo7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2016</td> <td id="xdx_987_eoef--AccmVal_c20161201__20161231__oef--ClassAxis__custom--C000093501Member_zLekhLg02r1a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10002</td> <td id="xdx_988_eoef--AccmVal_c20161201__20161231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zofzIgvXYrki" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11024</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td> <td id="xdx_984_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000093501Member_zOj9Gzg7g0Rl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9829</td> <td id="xdx_985_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_z1t1sdYBLk2i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11594</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2017</td> <td id="xdx_980_eoef--AccmVal_c20171201__20171231__oef--ClassAxis__custom--C000093501Member_zPntwvOXQrSk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9655</td> <td id="xdx_98E_eoef--AccmVal_c20171201__20171231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_z3wwADj3xeQ4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12495</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td> <td id="xdx_98D_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000093501Member_zEctS6csBQM2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9614</td> <td id="xdx_98D_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zxMriyVnxZU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12477</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2018</td> <td id="xdx_987_eoef--AccmVal_c20181201__20181231__oef--ClassAxis__custom--C000093501Member_zWFpf6AZay46" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9367</td> <td id="xdx_981_eoef--AccmVal_c20181201__20181231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zetWjIZIGqD9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10961</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td> <td id="xdx_985_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000093501Member_zkziS074nfQ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9444</td> <td id="xdx_98D_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zm3a6eSNZU0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12936</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2019</td> <td id="xdx_988_eoef--AccmVal_c20191201__20191231__oef--ClassAxis__custom--C000093501Member_zL7HCgzyKaz4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9683</td> <td id="xdx_98F_eoef--AccmVal_c20191201__20191231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_znGxObNB4C83" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13927</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td> <td id="xdx_988_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000093501Member_zTej2wUjfqC7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10358</td> <td id="xdx_981_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zy35TKlYYk15" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11408</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2020</td> <td id="xdx_98A_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000093501Member_z8n2hq8Bnij7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10845</td> <td id="xdx_987_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zim8NEHhzo0e" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14617</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td> <td id="xdx_988_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000093501Member_zM9LRjJC3iPi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11630</td> <td id="xdx_986_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zolLWZRDLq7g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17461</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2021</td> <td id="xdx_98A_eoef--AccmVal_c20211201__20211231__oef--ClassAxis__custom--C000093501Member_z6g0KQUFcaK7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11451</td> <td id="xdx_98D_eoef--AccmVal_c20211201__20211231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zZnDqspAGgP5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18760</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td> <td id="xdx_983_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000093501Member_zibospktNbyb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10905</td> <td id="xdx_98D_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zILs69OcaHbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15715</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2022</td> <td id="xdx_981_eoef--AccmVal_c20221201__20221231__oef--ClassAxis__custom--C000093501Member_zd6VQoKQnl99" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11834</td> <td id="xdx_984_eoef--AccmVal_c20221201__20221231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zWTaXa9UDdx5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16503</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td> <td id="xdx_988_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000093501Member_zAa0iapBtYRi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12697</td> <td id="xdx_98A_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zOj0gXNlY3sg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17366</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2023</td> <td id="xdx_98A_eoef--AccmVal_c20231201__20231231__oef--ClassAxis__custom--C000093501Member_zAmORK0JHg5h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13490</td> <td id="xdx_987_eoef--AccmVal_c20231201__20231231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zpHXXnWiNjX4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18600</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td> <td id="xdx_98B_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000093501Member_znKiEN67Sbje" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13924</td> <td id="xdx_98B_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zzUoEFr3sGqk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19449</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2024</td> <td id="xdx_984_eoef--AccmVal_c20241201__20241231__oef--ClassAxis__custom--C000093501Member_zTrni61mNlCg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15959</td> <td id="xdx_984_eoef--AccmVal_c20241201__20241231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zTgPOzqyIsv5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21036</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td> <td id="xdx_98B_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000093501Member_zy8W0Cbe4Xjl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17216</td> <td id="xdx_986_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zfnRKalR1Gu" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21692</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2025</td> <td id="xdx_984_eoef--AccmVal_c20251201__20251231__oef--ClassAxis__custom--C000093501Member_znjtxlZtLiza" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17744</td> <td id="xdx_982_eoef--AccmVal_c20251201__20251231__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_zGRvkUjlOqd6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23360</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td> <td id="xdx_983_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000093501Member_zb5HstTgZBi6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20061</td> <td id="xdx_982_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapClassCMember_z3qsSP7Wxi0b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27467</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 10000 10000 10002 11024 9829 11594 9655 12495 9614 12477 9367 10961 9444 12936 9683 13927 10358 11408 10845 14617 11630 17461 11451 18760 10905 15715 11834 16503 12697 17366 13490 18600 13924 19449 15959 21036 17216 21692 17744 23360 20061 27467 FRANK VALUE FUND INSTITUTIONAL CLASS FNKIX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 6pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_z5pLw6xO2pEf">annual shareholder report</span> contains important information about the Frank Value Fund – Institutional Class – FNKIX (the “Fund”) for the period July 1, 2025 to June 30, 2026.</p> annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_z89tMhKQHamg">https://frankfunds.com</span>. You can also request the fund's Statutory Prospectus, financial information, holdings, and proxy voting information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zWZQGYyMHoe4">1-888-217-5426</span>.</p> https://frankfunds.com 1-888-217-5426 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past year?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs paid as a percentage of a $10,000 investment *</b></span></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: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Frank Value Fund – Institutional Class</span></td> <td id="xdx_98C_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zJQJ1q9v15g4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$122</td> <td id="xdx_989_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zJ7jT84Uf2Sc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.12%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 122 0.0112 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Management Discussion of Fund Performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b></b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The Frank Value Fund Institutional Class returned 17.72% in the year ended June 30, 2026, compared to 26.62% for its benchmark, the Russell Midcap Value Index. In the five years ending June 30, 2026 Frank Value Fund Institutional Class returned 12.64% annualized, compared to 9.48% for the Russell Midcap Value Index.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Strategy</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction absolute value investing strategy building a portfolio of 20 to 35 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"><span style="text-decoration: underline">Techniques</span></span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor’s security selection approach demanding low-valuation, high-quality, and unlocking catalysts also contributed to returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Cantaloupe</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Cantaloupe in September 2024 at an initial price of $5.99. Cantaloupe is a payment processor for vending machines and other automated stores, and despite recurring high profitability, the company remained immaterial in stock market indices. Frank Value Fund’s concentrated position delivered shareholders an outsized benefit when the company received a takeover offer, and the advisor sold the position in July 2025 for $11 and a gain of 83% in 10 months. </span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b></b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">Garrett Motion</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt">The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Since February 2024, the company’s share count has declined from 242 million shares to 193 million, catalyzing rapid earnings per share growth. On April 30, 2026, the advisor deemed Garrett Motion fairly-valued, and Frank Value Fund sold its position in Garrett Motion at $24.98 for a gain of 178% excluding dividends. </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.1pt"> </span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><span style="letter-spacing: -0.1pt">We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.</span> </p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL RETURNS</b></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 56%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Five</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ten</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td></tr> <tr> <td style="white-space: nowrap"><span style="font-size: 9pt">Frank Value Fund – Institutional Class</span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zJkTALsislW2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.72%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000093502Member_zkPCc8zSDa6g" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.64%</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000093502Member_zDkWeqgfbCi4" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.28%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 9pt">Russell Mid Cap Value Index</span></td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_z5F4F6nM4vZ3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26.62%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_za2HebpsaWk9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.48%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zYCwrYvGAc39" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.63%</td></tr> </table> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Cumulative Performance Comparison of $10,000 Investment</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><b><img alt="" src="image_006.jpg" style="height: 335px; width: 623px"/></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 14.5pt 0 10pt; text-align: justify"><b><span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zjAwd9gQ4t3g">Past performance is not a good predictor of future performance</span>.</b> The returns 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 <span style="letter-spacing: -0.1pt">1-888-217-5426</span>.</p> 0.1772 0.1264 0.0828 0.2662 0.0948 0.1063 Past performance is not a good predictor of future performance <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">FUND STATISTICS</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">ADVISORY FEES</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">NET ASSETS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">HOLDINGS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">TURNOVER:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">PAID BY FUND:</span></span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_98A_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000093502Member_z2KEpz2R4Fb2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$35,659,512</td> <td id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000093502Member_zmBSlNIfPTS1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">26</td> <td id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zmOdxvRcldsf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">95.89%</td> <td id="xdx_986_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000093502Member_zUcaNmSZR2z7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$286,712</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 35659512 26 0.9589 286712 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">PORTFOLIO ILLUSTRATION</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><img alt="" src="image_001.gif" style="height: 290px; width: 458px"/></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Sectors are based on Morningstar® classifications.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Portfolio composition subject to change.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value Pie chart Jun 2026</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Institutional</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_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zVTfa8aLPsHc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.27%</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_98A_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zacWHKMNhEcl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.59%</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_981_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zVU3iXnZSHt9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34.73%</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_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zv6CMOUUvS5d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.21%</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_984_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zx6EqlXhzj1a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.80%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zmJqLgsjVe45" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.21%</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_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zbXKMoMDKL3c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zyPHukzQcyB4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.52%</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_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zjU1F1quie15" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.06%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zRAjOcPnilDd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.46%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0527 0.1159 0.3473 0.0521 0.0280 0.0921 0.0915 0.0252 0.0806 0.1146 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% of Net Assets)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">Spectrum Brands Holdings, Inc.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--SpectrumBrandsHoldingsMember_zAN1Qo3p7VL9" style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.03%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">United Natural Foods, Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--UnitedNaturalFoodsIncMember_zwuiH2tIhXHi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Icon PLC (Ireland)</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--IconPlcIrelandMember_zpZyjdNs0Lt7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.42%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Science Applications International Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--ScienceApplicationsIntlCorpMember_zOT9F39G2jzc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.56%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">MPLX LP</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--MplxLpMember_zCh6xgcvD6gh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.30%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Vistra Corp.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--VistraCorpMember_zinOLP9DJ9Q8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">H&amp;R Block, Inc.</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--HandRBlockIncMember_zCV2leNW4uvb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.15%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">The J.M. Smucker Co.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--TheJMSmuckerCoMember_zjqULo8eqei5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.71%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hershey Co.</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--HersheyCoMember_zCaehM5Kvmfh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.21%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Pitney Bowes, Inc.</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member__oef--LargestHoldingAxis__custom--PitneyBowesIncMember_zGNgVN654S2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.19%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000093502Member_zIMJQ63W5RZ9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54.45%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0703 0.0670 0.0642 0.0556 0.0530 0.0518 0.0515 0.0471 0.0421 0.0419 0.5445 https://frankfunds.com 1-888-217-5426 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">Frank Value</td> <td style="white-space: nowrap; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Inst. Class</td> <td style="white-space: nowrap; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Russell MidCap</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td> <td id="xdx_98B_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000093502Member_zZpNibmWvWhk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1000000</td> <td id="xdx_983_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zaiROVEd5Hi1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1000000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2016</td> <td id="xdx_980_eoef--AccmVal_c20161201__20161231__oef--ClassAxis__custom--C000093502Member_zl3y09gWxBQf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1004754</td> <td id="xdx_988_eoef--AccmVal_c20161201__20161231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zCoPJxcH5doe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1102389</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td> <td id="xdx_981_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000093502Member_zYbKFCZkTnie" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">992302</td> <td id="xdx_98C_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_z7SaBC6jt9X5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1159414</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2017</td> <td id="xdx_986_eoef--AccmVal_c20171201__20171231__oef--ClassAxis__custom--C000093502Member_z02HRKREcxJ1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">979072</td> <td id="xdx_988_eoef--AccmVal_c20171201__20171231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_z9i5UA46HCNg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1249467</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td> <td id="xdx_98C_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000093502Member_zGa6sQDL8lil" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">979850</td> <td id="xdx_985_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zl6XCkzjb4a3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1247688</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2018</td> <td id="xdx_986_eoef--AccmVal_c20181201__20181231__oef--ClassAxis__custom--C000093502Member_z46diKwGhgGc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">959309</td> <td id="xdx_981_eoef--AccmVal_c20181201__20181231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zZyJ3vrlroLk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1096110</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td> <td id="xdx_989_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000093502Member_zy6GcmcRJ4yi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">972197</td> <td id="xdx_98C_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_z6NBmKq3NwP1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1293609</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2019</td> <td id="xdx_98A_eoef--AccmVal_c20191201__20191231__oef--ClassAxis__custom--C000093502Member_zRLyIHDiKKRd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1002257</td> <td id="xdx_981_eoef--AccmVal_c20191201__20191231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zhUyctV946o7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1392699</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td> <td id="xdx_985_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000093502Member_zeEuy9l9Iff6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1076798</td> <td id="xdx_984_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zEPrj94omqR7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1140797</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2020</td> <td id="xdx_98F_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000093502Member_zj6wIJEBJiM9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1133543</td> <td id="xdx_981_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zYO095aMASD" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1461726</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td> <td id="xdx_982_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000093502Member_zIXnrEY5RIR8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1221861</td> <td id="xdx_98B_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zp7CITl7uI1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1746087</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2021</td> <td id="xdx_98F_eoef--AccmVal_c20211201__20211231__oef--ClassAxis__custom--C000093502Member_zeQWyfsWEHdk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1209248</td> <td id="xdx_989_eoef--AccmVal_c20211201__20211231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zsPocx1ao1Y" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1875996</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td> <td id="xdx_98C_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000093502Member_z2Ok0oykL6M3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1157264</td> <td id="xdx_983_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zsqRA58XP58c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1571522</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2022</td> <td id="xdx_98F_eoef--AccmVal_c20221201__20221231__oef--ClassAxis__custom--C000093502Member_zgd8agGmien3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1262791</td> <td id="xdx_982_eoef--AccmVal_c20221201__20221231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zYnxSqQSH662" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1650255</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td> <td id="xdx_984_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000093502Member_zMx1Ajr54Cc7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1361634</td> <td id="xdx_981_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zR04eXyog8T9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1736563</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2023</td> <td id="xdx_98A_eoef--AccmVal_c20231201__20231231__oef--ClassAxis__custom--C000093502Member_zhfjiBKHKEr3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1453883</td> <td id="xdx_987_eoef--AccmVal_c20231201__20231231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zIc2iWtrMj4c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1860033</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td> <td id="xdx_982_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000093502Member_zdwep9hKn2Lc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1506456</td> <td id="xdx_989_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zyBhRYsIRd9j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1944850</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2024</td> <td id="xdx_987_eoef--AccmVal_c20241201__20241231__oef--ClassAxis__custom--C000093502Member_zKsCJg7G6Zye" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1736599</td> <td id="xdx_988_eoef--AccmVal_c20241201__20241231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zAJa3f9SPwo9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2103550</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td> <td id="xdx_988_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000093502Member_zWHwdOUJEvL5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1881758</td> <td id="xdx_98A_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zFfwbHxjvtS5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2169181</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2025</td> <td id="xdx_980_eoef--AccmVal_c20251201__20251231__oef--ClassAxis__custom--C000093502Member_zyLNUjj6dEwi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1950060</td> <td id="xdx_986_eoef--AccmVal_c20251201__20251231__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_z3Tf5zsAyUPa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2335991</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td> <td id="xdx_98F_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000093502Member_zhHwBxTRu8Eh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2215278</td> <td id="xdx_98D_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--RussellMidCapInstlMember_zrxaZl0Melu1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2746658</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 1000000 1000000 1004754 1102389 992302 1159414 979072 1249467 979850 1247688 959309 1096110 972197 1293609 1002257 1392699 1076798 1140797 1133543 1461726 1221861 1746087 1209248 1875996 1157264 1571522 1262791 1650255 1361634 1736563 1453883 1860033 1506456 1944850 1736599 2103550 1881758 2169181 1950060 2335991 2215278 2746658 CAMELOT EVENT-DRIVEN FUND CLASS A EVDAX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 6pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_90A_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zRITcYoQn5Ld">annual shareholder report</span> contains important information about the Camelot Event-Driven Fund – Class A – EVDAX (the “Fund”) for the period July 1, 2025 to June 30, 2026.</p> annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zKz48eOxzKSi">https://www.cameloteventdrivenfund.com/prospectus-sec-filings</span>. You can also request the fund's Statutory Prospectus, financial information, holdings, and proxy voting information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zsyI9W1fTlHb">1-866-706-9790</span>.</p> https://www.cameloteventdrivenfund.com/prospectus-sec-filings 1-866-706-9790 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past year?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs paid as a percentage of a $10,000 investment *</b></span></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: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Camelot Event-Drive Fund – Class A</span></td> <td id="xdx_98A_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zfgUcOGrs3id" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$217</td> <td id="xdx_986_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zfAY9HLR1DI4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.12%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 217 0.0212 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Management Discussion of Fund Performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b></b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Camelot Event-Driven Fund Class A returned 4.97% for the fiscal year ended June 30, 2026, compared to 5.78% for the HFRX Event-Driven Index.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund maintained a cautious positioning throughout the year, employing hedges in its activist and special situations substrategy.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Strategy</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Camelot Event-Driven Advisors, LLC, the advisor to the Camelot Event-Driven Fund, employs an event-driven strategy targeting pricing inefficiencies created by several types of company-specific events.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fund continued to maintain its largest allocations to activist investments and special situations throughout the year. Activist activity was strong throughout the period. The fund initiated positions in Asian activist situations, specifically in Japan, which has seen an expansion of activist activity as the reforms initiated by former prime minister Abe are being implemented.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Merger arbitrage remains a relatively small allocation compared to allocations in the past. The fund has also exercised appraisal rights in a number of its portfolio holdings, which remain ongoing and take multiple years to complete.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As in recent years, distressed opportunities remain a small fraction of the portfolio. Restructurings of distressed bonds of Chinese real estate developers are ongoing. Despite its many announcements of measures to revive the housing market, follow-through by the Chinese government has been modest, validating the measured and cautious approach in sizing these investments.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">I thank all of our investors for your continued support and investment and wish you a prosperous year.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Camelot Event-Driven Fund Portfolio Manager</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0">Thomas Kirchner </p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL RETURNS</b></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 64%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Five</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ten</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-size: 9pt">Camelot Event Driven Fund - Class A (with load)</span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zF2N5QAsbzD2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.80%</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000200195Member_zuB3P8pNKobb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.39%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000200195Member_zAxyHJWQgUj4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.60%</td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-size: 9pt">Camelot Event Driven Fund - Class A (without load)</span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000200195Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zrpseHxnEH2j" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.97%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000200195Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zdmUthwodeh4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.56%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000200195Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z0SvSAlxH4x7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.22%</td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-size: 9pt">HFRX Event-Driven Index</span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_z3jtq0HJVhDj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.78%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zTMYOcRLO7Bg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.06%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zl18175HNwD5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.00%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Cumulative Performance Comparison of $10,000 Investment</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><b><img alt="" src="image_007.jpg" style="height: 316px; width: 623px"/></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt; text-align: justify"><b><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_z9ZMDZweHL99">Past performance is not a good predictor of future performance</span>.</b> The returns 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 <span style="letter-spacing: -0.1pt">1-866-706-9790</span>.</p> -0.0080 0.0339 0.0860 0.0497 0.0456 0.0922 0.0578 0.0306 0.0100 Past performance is not a good predictor of future performance <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">FUND STATISTICS</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">ADVISORY FEES</span></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: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PAID BY FUND</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">NET ASSETS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">HOLDINGS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">TURNOVER:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">(NET OF WAIVERS):</span></span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_985_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000200195Member_zC6iw7xLwiV7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$117,585,645</td> <td id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000200195Member_zR8aDWy6C9Yc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">345</td> <td id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zrWKndMKdtPf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">53.18%</td> <td id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000200195Member_zlWdpwBJUpo4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,306,531</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 117585645 345 0.5318 1306531 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">PORTFOLIO ILLUSTRATION</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt"><span style="font-size: 9pt"><img alt="" src="image_005.gif" style="height: 294px; width: 456px"/></span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Categorizations above are made using Morningstar® classifications.</p> <p style="font: 3pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Portfolio composition is subject to change.</p> <p style="font: 3pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Excludes written options and securities sold short.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt">Camelot Pie Chart Jun2026</td> <td style="white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Class A</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Asset Backed Securities</td> <td id="xdx_987_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--AssetBackedSecuritiesMember_zGB5plmKbo61" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.02%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_zFShqlleigoj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.02%</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_986_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zQKtpO2SHkpd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16%</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_98B_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zXwch18QcpIg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.22%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_z5mlu8jHou36" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.99%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Convertible Bonds</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--ConvertibleBondsMember_zoizhZdSKAw8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.02%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Bonds</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--CorporateBondsMember_zyQQ6mFnFSKd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.38%</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_985_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zbp1jWJmbU1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.63%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z3eo7SoB7rEd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.54%</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_987_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zMSJkb5T6Vka" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.84%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zs0FCbiK77xi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.11%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_987_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_ziM89ytTVTig" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.16%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mortgage-Backed Securities</td> <td id="xdx_984_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--MortgageBackedSecuritiesMember_zvb6yQ7PJ4A9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Municipal Bonds</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--MunicipalBondsMember_z8wSQFS9OH6f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Options Purchased</td> <td id="xdx_98D_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--OptionsPurchasedMember_zqLuzp5LiJLb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.54%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Preferred Stocks</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--PreferredStockMember_zE4yqAaI815f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.80%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Real Estate</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_z9l3dTGFQiu7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.09%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Real Estate Investment Trusts</td> <td id="xdx_98A_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--RealEstateInvestmentTrustsMember_zWYmT6kysJUj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.85%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Structured Notes</td> <td id="xdx_98B_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--StructuredNotesMember_zCd7q3oaa0Ai" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</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_98D_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zqnAaRmiNT5j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.21%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">US Treasury Note Bonds</td> <td id="xdx_987_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__custom--USTreasuryNoteBondsMember_zTKSTAVkG3Td" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.92%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zBC2QLBhMkbb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.32%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Warrants</td> <td id="xdx_98B_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--IndustrySectorAxis__us-gaap--WarrantMember_zUOmJdgMkut5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0002 0.1002 0.0316 0.0222 0.0999 0.0002 0.0138 0.1463 0.0154 0.2284 0.0311 0.0616 0.0001 0.0015 0.0754 0.0180 0.0009 0.0785 0.0001 0.0121 0.0592 0.0032 0.0001 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% of Net Assets)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Investments Money Market Treasury Portfolio - Class III</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--FidelityInvMMTreasPortfolioMember_z2Pg3vYsl5oc" style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.88%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Kimberly Clark Corp.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--KimberlyClarkCorpMember_zKOwk0ah4em3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.32%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -5.25pt; padding-left: 5.4pt">Crown Castle Inc.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--CrownCastleIntlCorpMember_zLVsIvdT3WU5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.57%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Humana, Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--HumanaIncMember_zRyqqwmRK1C5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.56%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: -4.9pt; padding-left: 5.4pt">Medtronic PLC (Ireland)</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--MedtronicPlcIrelandMember_zZSmFecLTsIf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.12%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">BioMarin Pharmaceutical, Inc.</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--BioMarinPharmaceuticalMember_zDSNfwGhXfNi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.57%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: -9.4pt; padding-left: 5.4pt">Occidental Petroleum Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--OccidentalPetroleumCorpMember_zs6CnOVUnO82" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.51%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Note, 4.50%, 11/15/2033</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--USTreasuryNote2033Nov15Member_z5O4azh0MFr2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.44%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: -5.1pt; padding-left: 5.4pt">Newmont Corp.</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--NewmontCorpMember_z8YcoUovNepa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.34%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Phillips 66</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member__oef--LargestHoldingAxis__custom--Phillips66Member_zRrrankYbnc" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200195Member_zWMo5DxZu0yk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42.47%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0688 0.0532 0.0457 0.0456 0.0412 0.0357 0.0351 0.0344 0.0334 0.0316 0.4247 https://www.cameloteventdrivenfund.com/prospectus-sec-filings 1-866-706-9790 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">Camelot Class A</td> <td style="white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">HFRX Event</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">Class A With Load</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Driven Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td> <td id="xdx_988_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000200195Member_z2MK9hmMdnKd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9450</td> <td id="xdx_98B_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zaCkV6qXPXD9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2016</td> <td id="xdx_98E_eoef--AccmVal_c20161201__20161231__oef--ClassAxis__custom--C000200195Member_zb30KbzWzpdk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9955</td> <td id="xdx_986_eoef--AccmVal_c20161201__20161231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_z6qEltmNPi0l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9985</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td> <td id="xdx_98C_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000200195Member_zNtAqXjYSs36" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10556</td> <td id="xdx_985_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zCeEt9olF0Ri" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10055</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2017</td> <td id="xdx_98D_eoef--AccmVal_c20171201__20171231__oef--ClassAxis__custom--C000200195Member_zHRtSl164iz5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10765</td> <td id="xdx_989_eoef--AccmVal_c20171201__20171231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zJMJdSxdt9qa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10158</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td> <td id="xdx_985_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000200195Member_zO32EacMPKt9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11550</td> <td id="xdx_988_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zAE5GteCFrpa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10178</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2018</td> <td id="xdx_988_eoef--AccmVal_c20181201__20181231__oef--ClassAxis__custom--C000200195Member_z8LWXoGXKlug" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10957</td> <td id="xdx_981_eoef--AccmVal_c20181201__20181231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zBQJPFtYKk2l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9837</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td> <td id="xdx_989_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000200195Member_z8vy3gW3Iffl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12180</td> <td id="xdx_981_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zAoqv0DN0lS4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9732</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2019</td> <td id="xdx_983_eoef--AccmVal_c20191201__20191231__oef--ClassAxis__custom--C000200195Member_zDGUVmk16OU6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12580</td> <td id="xdx_980_eoef--AccmVal_c20191201__20191231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zDbbmlWAyihg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9653</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td> <td id="xdx_983_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000200195Member_zyUUacSx1CGe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11561</td> <td id="xdx_98E_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_ztFlbw6wpNil" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9170</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2020</td> <td id="xdx_985_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000200195Member_znScvlK16B83" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14949</td> <td id="xdx_989_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zzTPzzql2D32" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9275</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td> <td id="xdx_985_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000200195Member_zCCvBuIfR51b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18246</td> <td id="xdx_98D_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zMBWoKnGBwg3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9504</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2021</td> <td id="xdx_983_eoef--AccmVal_c20211201__20211231__oef--ClassAxis__custom--C000200195Member_zCJo3hYHws1h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18368</td> <td id="xdx_987_eoef--AccmVal_c20211201__20211231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zTm6rKsqmqad" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9365</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td> <td id="xdx_988_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000200195Member_zANQXtvjRdp6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18333</td> <td id="xdx_989_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zeQcH5dAFyt4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9141</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2022</td> <td id="xdx_985_eoef--AccmVal_c20221201__20221231__oef--ClassAxis__custom--C000200195Member_zAzZpP9eKivk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19014</td> <td id="xdx_98A_eoef--AccmVal_c20221201__20221231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zMGubCW1MIFe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9372</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td> <td id="xdx_98F_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000200195Member_zzj3z5U1y6F1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19185</td> <td id="xdx_980_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zcvyuUXtuaxl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9456</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2023</td> <td id="xdx_981_eoef--AccmVal_c20231201__20231231__oef--ClassAxis__custom--C000200195Member_z6YiPRjnWWac" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19440</td> <td id="xdx_985_eoef--AccmVal_c20231201__20231231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_z0jmvkf8qBNg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9794</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td> <td id="xdx_985_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000200195Member_zLY3J8FC0a6j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19775</td> <td id="xdx_989_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zMyEDwCKSHb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9912</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2024</td> <td id="xdx_987_eoef--AccmVal_c20241201__20241231__oef--ClassAxis__custom--C000200195Member_zYhdFM0Xc6b1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20657</td> <td id="xdx_980_eoef--AccmVal_c20241201__20241231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zr13TvRdrIGb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10159</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td> <td id="xdx_989_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000200195Member_zgP5ZzyqvgAe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21738</td> <td id="xdx_989_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zQJ5MvkfS6h6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10446</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2025</td> <td id="xdx_985_eoef--AccmVal_c20251201__20251231__oef--ClassAxis__custom--C000200195Member_zP0cPiwLEc05" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22525</td> <td id="xdx_98F_eoef--AccmVal_c20251201__20251231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zpWspGN025P9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10759</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td> <td id="xdx_98F_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000200195Member_ztscoNlwG9kc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22818</td> <td id="xdx_989_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenIndexMember_zQLXZjMEVQlj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10759</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 9450 10000 9955 9985 10556 10055 10765 10158 11550 10178 10957 9837 12180 9732 12580 9653 11561 9170 14949 9275 18246 9504 18368 9365 18333 9141 19014 9372 19185 9456 19440 9794 19775 9912 20657 10159 21738 10446 22525 10759 22818 10759 CAMELOT EVENT-DRIVEN FUND INSTITUTIONAL CLASS EVDIX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zfef8PCgBiU9">annual shareholder report</span> contains important information about the Camelot Event-Driven Fund – Institutional Class – EVDIX (the “Fund) for the period July 1, 2025 to June 30, 2026.</p> annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zUK2UoTQuLJ9">https://www.cameloteventdrivenfund.com/prospectus-sec-filings</span>. You can also request the fund's Statutory Prospectus, financial information, holdings, and proxy voting information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zul5lenpdqM8">1-866-706-9790</span>.</p> https://www.cameloteventdrivenfund.com/prospectus-sec-filings 1-866-706-9790 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past year?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 53%; padding-right: -9.75pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 20%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Costs paid as a percentage of a $10,000 investment *</b></span></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: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: -11.25pt; padding-left: 5.4pt"><span style="font-size: 9pt">Camelot Event-Drive Fund – Institutional Class</span></td> <td id="xdx_98D_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zIWKigDkYlsg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$192</td> <td id="xdx_983_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zXu0h4a9OKfj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.87%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 192 0.0187 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Management Discussion of Fund Performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Camelot Event-Driven Fund Institutional Class returned 5.24% for the fiscal year ended June 30, 2026, compared to 5.78% for the HFRX Event-Driven Index.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund maintained a cautious positioning throughout the year, employing hedges in its activist and special situations substrategy.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Strategy</span></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Camelot Event-Driven Advisors, LLC, the advisor to the Camelot Event-Driven Fund, employs an event-driven strategy targeting pricing inefficiencies created by several types of company-specific events.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fund continued to maintain its largest allocations to activist investments and special situations throughout the year. Activist activity was strong throughout the period. The fund initiated positions in Asian activist situations, specifically in Japan, which has seen an expansion of activist activity as the reforms initiated by former prime minister Abe are being implemented.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Merger arbitrage remains a relatively small allocation compared to allocations in the past. The fund has also exercised appraisal rights in a number of its portfolio holdings, which remain ongoing and take multiple years to complete.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As in recent years, distressed opportunities remain a small fraction of the portfolio. Restructurings of distressed bonds of Chinese real estate developers are ongoing. Despite its many announcements of measures to revive the housing market, follow-through by the Chinese government has been modest, validating the measured and cautious approach in sizing these investments.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">I thank all of our investors for your continued support and investment and wish you a prosperous year.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Camelot Event-Driven Fund Portfolio Manager</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0">Thomas Kirchner </p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL RETURNS</b></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: top; width: 63%"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Five</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ten</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-size: 9pt">Camelot Event Driven Fund - Institutional Class</span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zTfVJsDwVcK2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.24%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000200196Member_zwgG7QF5j3Da" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.84%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000200196Member_zMf1ZkblbJ4k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.53%</td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap"><span style="font-size: 9pt">HFRX Event-Driven Index</span></td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zFIeqMSB5sed" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.78%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zzqnwpfuL1wl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.06%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zSllkQyZBpJl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.00%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Cumulative Performance Comparison of $1,000,000 Investment</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><b><img alt="" src="image_008.jpg" style="height: 333px; width: 623px"/></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 10pt; text-align: justify"><b><span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zGKEkfbdYDHc">Past performance is not a good predictor of future performance</span>.</b> The returns 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 <span style="letter-spacing: -0.1pt">1-866-706-9790</span>.</p> 0.0524 0.0484 0.0953 0.0578 0.0306 0.0100 Past performance is not a good predictor of future performance <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">FUND STATISTICS</span></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">ADVISORY FEES</span></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: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PORTFOLIO</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black">PAID BY FUND</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">NET ASSETS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">HOLDINGS:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">TURNOVER:</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt; color: black"><span style="text-decoration: underline">(NET OF WAIVERS):</span></span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_982_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000200196Member_zNMwPFjY0EJ7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$117,585,645</td> <td id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000200196Member_z1cFIZLkMn34" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">345</td> <td id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zF32V7sO7Ecl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">53.18%</td> <td id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000200196Member_zirri1T6gIh3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,306,531</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 117585645 345 0.5318 1306531 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">PORTFOLIO ILLUSTRATION</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt"><span style="font-size: 9pt"><img alt="" src="image_005.gif" style="height: 294px; width: 456px"/></span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Categorizations above are made using Morningstar® classifications.</p> <p style="font: 3pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Portfolio composition is subject to change.</p> <p style="font: 3pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Excludes written options and securities sold short.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">Camelot Pie Chart Jun2026</td> <td style="white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">Institutional Class</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Asset Backed Securities</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--AssetBackedSecuritiesMember_zSazFtlDUoBj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.02%</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_98A_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_zuGlztW1Y9e8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.02%</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_987_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zqNAPjA8pgBb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16%</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_98B_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zUFrZc5P36B3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.22%</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_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zy6DljHKOKJ4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.99%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Convertible Bonds</td> <td id="xdx_98A_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--ConvertibleBondsMember_zhFTXYfwe9a4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.02%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Corporate Bonds</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--CorporateBondsMember_zWqEtWr2sxtc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.38%</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_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z2B0BkQwqPi4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.63%</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_984_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zcDUmG03B0a1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.54%</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_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zcp2bsy2iGi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.84%</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_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zTw0aidNJHI3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.11%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zI9ueekAm9h8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.16%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mortgage-Backed Securities</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--MortgageBackedSecuritiesMember_zGfotSxP4wO2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Municipal Bonds</td> <td id="xdx_985_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--MunicipalBondsMember_zpvpzAfmigE4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.15%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Options Purchased</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--OptionsPurchasedMember_ztSr71dJ1RU2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.54%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Preferred Stocks</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--PreferredStockMember_zuAoS9PS6nG6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.80%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Real Estate</td> <td id="xdx_982_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zLXO6LsG3pel" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.09%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Real Estate Investment Trusts</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--RealEstateInvestmentTrustsMember_zzqAbgE6BoTi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.85%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Structured Notes</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--StructuredNotesMember_zKh9nq3Bdoka" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</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_988_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zTFetcHcBXpd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.21%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">US Treasury Note Bonds</td> <td id="xdx_989_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__custom--USTreasuryNoteBondsMember_zMHLbOndgQk8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.92%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities</td> <td id="xdx_98D_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zBoMX3o9FPj5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.32%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Warrants</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--IndustrySectorAxis__us-gaap--WarrantMember_zSXfLBbPRSA7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0002 0.1002 0.0316 0.0222 0.0999 0.0002 0.0138 0.1463 0.0154 0.2284 0.0311 0.0616 0.0001 0.0015 0.0754 0.0180 0.0009 0.0785 0.0001 0.0121 0.0592 0.0032 0.0001 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% of Net Assets)</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Investments Money Market Treasury Portfolio - Class III</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--FidelityInvMMTreasPortfolioMember_zraTYmOV8yVg" style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.88%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Kimberly Clark Corp.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--KimberlyClarkCorpMember_zsmeoIUhMJc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.32%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -5.25pt; padding-left: 5.4pt">Crown Castle Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--CrownCastleIntlCorpMember_zv7R0LuDAd8f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.57%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Humana, Inc.</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--HumanaIncMember_zSHpPSA7cUrb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.56%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: -4.9pt; padding-left: 5.4pt">Medtronic PLC (Ireland)</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--MedtronicPlcIrelandMember_z2TpYFDuIau3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.12%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">BioMarin Pharmaceutical, Inc.</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--BioMarinPharmaceuticalMember_zPm0qYQESlL8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.57%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: -9.4pt; padding-left: 5.4pt">Occidental Petroleum Corp.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--OccidentalPetroleumCorpMember_zvafFItqUrI9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.51%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Note, 4.50%, 11/15/2033</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--USTreasuryNote2033Nov15Member_zEPup9EAOH5j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.44%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: -5.1pt; padding-left: 5.4pt">Newmont Corp.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--NewmontCorpMember_zVanjArPnzf7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.34%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Phillips 66</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member__oef--LargestHoldingAxis__custom--Phillips66Member_zGpzP7U6dnlh" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000200196Member_zqM7KNNMeZ4f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42.47%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 0.0688 0.0532 0.0457 0.0456 0.0412 0.0357 0.0351 0.0344 0.0334 0.0316 0.4247 https://www.cameloteventdrivenfund.com/prospectus-sec-filings 1-866-706-9790 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <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 style="white-space: nowrap; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">Camelot Inst. Class</td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">HFRX Event</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">Inst. Class</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Driven Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td> <td id="xdx_98C_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000200196Member_zhzWw1EFgp6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1000000</td> <td id="xdx_986_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zokOY7POlCje" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1000000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2016</td> <td id="xdx_989_eoef--AccmVal_c20161201__20161231__oef--ClassAxis__custom--C000200196Member_zEx1VJRXl8j7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1055342</td> <td id="xdx_981_eoef--AccmVal_c20161201__20161231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zTwxuBVjxJX" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">998491</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td> <td id="xdx_986_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000200196Member_zPOP10pQry23" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1121034</td> <td id="xdx_981_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zx1tpCSJlXI5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1005501</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2017</td> <td id="xdx_983_eoef--AccmVal_c20171201__20171231__oef--ClassAxis__custom--C000200196Member_zBpQ1AvtDed3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1144507</td> <td id="xdx_980_eoef--AccmVal_c20171201__20171231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zMVyp9CyALda" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1015796</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td> <td id="xdx_988_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000200196Member_z8su6a7kGDUh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1229878</td> <td id="xdx_980_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zRtNNUNlK42k" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1017759</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2018</td> <td id="xdx_985_eoef--AccmVal_c20181201__20181231__oef--ClassAxis__custom--C000200196Member_zS3L9GlOh7C" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1168630</td> <td id="xdx_984_eoef--AccmVal_c20181201__20181231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zhgmUyp5IN5g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">983696</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td> <td id="xdx_982_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000200196Member_z1tM2WrVxnl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1300792</td> <td id="xdx_98A_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zl8aDjvcs6H6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">973239</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2019</td> <td id="xdx_982_eoef--AccmVal_c20191201__20191231__oef--ClassAxis__custom--C000200196Member_zTHNpJhP4UIl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1346030</td> <td id="xdx_981_eoef--AccmVal_c20191201__20191231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zbsTRdCAPvx" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">965330</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td> <td id="xdx_985_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000200196Member_zN83nnw10lvb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1238200</td> <td id="xdx_98F_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zN4wDfTaa1Vf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">916957</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2020</td> <td id="xdx_982_eoef--AccmVal_c20201201__20201231__oef--ClassAxis__custom--C000200196Member_zEe1U22NfGj9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1605451</td> <td id="xdx_986_eoef--AccmVal_c20201201__20201231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zu8FhLTgBb1k" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">927516</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td> <td id="xdx_982_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000200196Member_z7DZKjiGPOJf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1961808</td> <td id="xdx_986_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_z0u6dVbHPoI6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">950413</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2021</td> <td id="xdx_988_eoef--AccmVal_c20211201__20211231__oef--ClassAxis__custom--C000200196Member_zh6gdjM24kYh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1977502</td> <td id="xdx_980_eoef--AccmVal_c20211201__20211231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_z6tK7ZpxhO3g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">936506</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td> <td id="xdx_98C_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000200196Member_zac56xn2Mtyj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1976579</td> <td id="xdx_983_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zechtUtHA68d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">914055</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2022</td> <td id="xdx_98D_eoef--AccmVal_c20221201__20221231__oef--ClassAxis__custom--C000200196Member_zSxP8U73Hjqg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2053300</td> <td id="xdx_987_eoef--AccmVal_c20221201__20221231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zv8ITSWZtQ9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">937235</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td> <td id="xdx_988_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000200196Member_zHtgv6E0Vdcf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2074467</td> <td id="xdx_984_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zMW1XyqvyNf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">945609</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2023</td> <td id="xdx_985_eoef--AccmVal_c20231201__20231231__oef--ClassAxis__custom--C000200196Member_znjm15Ev7Ax7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2104006</td> <td id="xdx_98E_eoef--AccmVal_c20231201__20231231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zJl42e0uzb32" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">979354</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td> <td id="xdx_980_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000200196Member_z6KxeQStBTy8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2143725</td> <td id="xdx_982_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zZNDbM9pAC6f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">991181</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2024</td> <td id="xdx_983_eoef--AccmVal_c20241201__20241231__oef--ClassAxis__custom--C000200196Member_zgvL4vVd05ji" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2241785</td> <td id="xdx_989_eoef--AccmVal_c20241201__20241231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_z8na4C5Iq9B1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1015906</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td> <td id="xdx_988_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000200196Member_zClkeHroIz9i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2361979</td> <td id="xdx_98C_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zWfVXim9FdX2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1044631</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12/31/2025</td> <td id="xdx_987_eoef--AccmVal_c20251201__20251231__oef--ClassAxis__custom--C000200196Member_z1ZD3ESvcOSe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2450137</td> <td id="xdx_98E_eoef--AccmVal_c20251201__20251231__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_zDmVGNQuv0Ah" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1075866</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td> <td id="xdx_984_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000200196Member_z9GlWSwvVvT8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2485743</td> <td id="xdx_98D_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--HFRXEventDrivenInstlMember_z0kXA7Jqmzsg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1075866</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 1000000 1000000 1055342 998491 1121034 1005501 1144507 1015796 1229878 1017759 1168630 983696 1300792 973239 1346030 965330 1238200 916957 1605451 927516 1961808 950413 1977502 936506 1976579 914055 2053300 937235 2074467 945609 2104006 979354 2143725 991181 2241785 1015906 2361979 1044631 2450137 1075866 2485743 1075866