v3.26.3
Label Element Value
FPA Queens Road Value Fund  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk/Return [Heading] oef_RiskReturnHeading FUND SUMMARY
Objective [Heading] oef_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] oef_ObjectivePrimaryTextBlock

The Fund seeks long-term capital growth.
Expense Heading [Optional Text] oef_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] oef_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
Shareholder Fees Caption [Optional Text] oef_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Optional Text] oef_OperatingExpensesCaption Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination oef_FeeWaiverOrReimbursementOverAssetsDateOfTermination Sep. 30, 2027
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] oef_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
Expense Example [Heading] oef_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] oef_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects the Fund’s contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
Portfolio Turnover [Heading] oef_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] oef_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover was 0% of the average value of its portfolio. The Fund’s portfolio turnover rate may vary from year to year as well as within a year.
Portfolio Turnover, Rate oef_PortfolioTurnoverRate none
Strategy [Heading] oef_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] oef_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of U.S. companies. The Fund’s sub-adviser, Bragg Financial Advisors, Inc., invests the Fund’s assets by pursuing a value-oriented strategy without limitation on issuer capitalization. The sub-adviser’s strategy begins with a screening process that seeks to identify companies whose stocks sell at discounted price-to-earnings (P/E) and price-to-cash flow (P/CF) multiples. The sub-adviser favors companies that maintain strong balance sheets and have experienced management. Generally, the sub-adviser attempts to identify situations where stock prices are undervalued by the market.

Under normal circumstances, the Fund will invest at least 80% of its net assets (for the purpose of this requirement, net assets include net assets plus any borrowings for investment purposes) in equity securities of value companies. The Fund currently defines a value company as a company that (i) is included in at least one value index (as defined by the Fund’s sub-adviser (the “Value Indices”), (ii) exhibits one or more valuation metrics  (such as price-to-earnings ratio, price-to-book value ratio, price-to-cash flow ratio, price-to-sales ratio, enterprise value-to-EBIT, or enterprise value-to-EBITA, among others) that are lower than the average of an applicable equity market index, or (iii) exhibits characteristics that the sub-adviser determines, based on its proprietary

valuation models, indicate the company’s shares are trading at a discount to the company’s intrinsic value. The Fund’s sub-adviser currently defines the Value Indices to include the following indices: S&P 500 Value Index, Russell 3000 Value Index, Morningstar Large Cap Value Index, Morningstar Mid Cap Value Index, Morningstar Small Cap Value Index, and S&P Composite 1500 Value Index.

The sub-adviser generally sells securities (i) when it believes they are trading for more than their intrinsic value, (ii) to generate tax losses to offset taxable gains, or (iii) if additional cash is needed to fund redemptions.
Summary of Definition of Rule 35d-1 Term in Fund Name [Text Block] fnd_NmRule35d1TermDfnSmryTextBlock The Fund currently defines a value company as a company that (i) is included in at least one value index (as defined by the Fund’s sub-adviser (the “Value Indices”), (ii) exhibits one or more valuation metrics  (such as price-to-earnings ratio, price-to-book value ratio, price-to-cash flow ratio, price-to-sales ratio, enterprise value-to-EBIT, or enterprise value-to-EBITA, among others) that are lower than the average of an applicable equity market index, or (iii) exhibits characteristics that the sub-adviser determines, based on its proprietary valuation models, indicate the company’s shares are trading at a discount to the company’s intrinsic value.
Summary of Selection Criteria for Rule 35d-1 Term in Fund Name [Text Block] fnd_NmRule35d1TermSlctnCritSmryTextBlock The Fund’s sub-adviser currently defines the Value Indices to include the following indices: S&P 500 Value Index, Russell 3000 Value Index, Morningstar Large Cap Value Index, Morningstar Mid Cap Value Index, Morningstar Small Cap Value Index, and S&P Composite 1500 Value Index.
Rule 35d-1 Eighty Percent Investment Policy [Text Block] fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock Under normal circumstances, the Fund will invest at least 80% of its net assets (for the purpose of this requirement, net assets include net assets plus any borrowings for investment purposes) in equity securities of value companies.
Bar Chart and Performance Table [Heading] oef_BarChartAndPerformanceTableHeading PERFORMANCE
Performance Narrative [Text Block] oef_PerformanceNarrativeTextBlock

The Fund is the successor of the FPA Queens Road Value Fund, formerly a series of Bragg Capital Trust (the “Predecessor Fund”). The Fund acquired the assets and liabilities of the Predecessor Fund following the reorganization of the Predecessor Fund on July 28, 2023. As a result of the acquisition, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to July 28, 2023 reflect the performance of the Predecessor Fund.

The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the 1, 5 and 10 calendar year periods compare with those of the S&P 500 Index, a broad-based market index, and the S&P 500 Value Index, an additional index that provides a measure of the U.S. large cap value equity market. The chart and table reflect the reinvestment of dividends and distributions. In addition, the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

To obtain updated monthly performance information, please visit the Fund’s website at https://fpa.com/funds or call (800) 982‑4372.
Performance Information Illustrates Variability of Returns [Text] oef_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the 1, 5 and 10 calendar year periods compare with those of the S&P 500 Index, a broad-based market index, and the S&P 500 Value Index, an additional index that provides a measure of the U.S. large cap value equity market.
Performance Availability Phone [Text] oef_PerformanceAvailabilityPhone (800) 982‑4372
Performance Availability Website Address [Text] oef_PerformanceAvailabilityWebSiteAddress https://fpa.com/funds
Performance Past Does Not Indicate Future [Text] oef_PerformancePastDoesNotIndicateFuture In addition, the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] oef_BarChartHeading Calendar-Year Total Return (before taxes) For each calendar year at NAV
Bar Chart Closing [Text Block] oef_BarChartClosingTextBlock

The year-to-date return as of June 30, 2026, was 11.18%.

Highest Calendar Quarter Return at NAV
15.04
%
(Quarter ended 12/31/2022)
Lowest Calendar Quarter Return at NAV
(20.97
)%
(Quarter ended 03/31/2020)
Year to Date Return, Label [Optional Text] oef_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date oef_BarChartYearToDateReturnDate Jun. 30, 2026
Bar Chart, Year to Date Return oef_BarChartYearToDateReturn 11.18%
Highest Quarterly Return, Label [Optional Text] oef_HighestQuarterlyReturnLabel Highest
Highest Quarterly Return, Date oef_BarChartHighestQuarterlyReturnDate Dec. 31, 2022
Highest Quarterly Return oef_BarChartHighestQuarterlyReturn 15.04%
Lowest Quarterly Return, Label [Optional Text] oef_LowestQuarterlyReturnLabel Lowest
Lowest Quarterly Return, Date oef_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return oef_BarChartLowestQuarterlyReturn (20.97%)
Performance Table Uses Highest Federal Rate oef_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred oef_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
Average Annual Return, Caption [Optional Text] oef_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2025)
FPA Queens Road Value Fund | Risk Lose Money [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock Risk is inherent in all investing and you could lose money by investing in the Fund.
FPA Queens Road Value Fund | Risks Associated with Investing in Equities [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Risks Associated with Investing in Equities. Equity securities, generally common stocks, held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets generally, such as adverse changes in economic or political conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Sustained periods of market volatility, either globally or in any jurisdiction in which the Fund invests, may increase the risks associated with an investment in the Fund. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Equity securities generally have greater price volatility than debt securities.
FPA Queens Road Value Fund | Issuer-Specific Changes [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Issuer-Specific Changes. The value of an individual security can be more volatile than the market as a whole and can perform differently than the value of the market as a whole. The prices of, and income generated by, securities held by the Fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulation affecting the issuer or its competitive environment, and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors related to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or another event affecting a single issuer. At times, the Fund may invest more significantly in a single issuer, which could increase the Fund’s volatility and the risk of loss arising from the factors described above.
FPA Queens Road Value Fund | Stock Market Volatility [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments.
FPA Queens Road Value Fund | Small and Medium Cap Securities [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Small and Medium Cap Securities. The prices of securities of small and medium capitalization companies generally are more volatile, less liquid, and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small and medium size companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group.
FPA Queens Road Value Fund | Risks Associated with Value Investing [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Risks Associated with Value Investing. Value securities, including those selected by the portfolio manager for the Fund, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. The Fund’s value discipline may result in a portfolio of stocks that differs materially from its illustrative index.
FPA Queens Road Value Fund | Management Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Management Risk. The Fund is subject to management risk as an actively managed investment portfolio. The sub-adviser’s skill in choosing appropriate investments for the Fund will determine, in part, the Fund’s ability to achieve its investment objective. The portfolio manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The portfolio manager’s opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect, the portfolio manager may not make timely purchases or sales of securities for the Fund, the Fund’s investment objective may not be achieved, or the market may continue to undervalue the Fund’s securities. In addition, the Fund may not be able to quickly dispose of certain securities holdings. The frequency of trading within the Fund impacts portfolio turnover rates, which are shown in the financial highlights table. A higher rate of portfolio turnover could produce higher trading costs and taxable distributions, which would detract from the Fund’s performance. Moreover, there can be no assurance that all of the sub-adviser’s personnel will continue to be associated with the sub-adviser for any length of time. The loss of services of one or more key employees of the sub-adviser, including the Fund’s portfolio manager, could have an adverse impact on the Fund’s ability to achieve its investment objective. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In such circumstances, the portfolio manager may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund.
FPA Queens Road Value Fund | Market Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political, or geo-political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. In addition, local, regional or global events such as war, acts of terrorism, international conflicts, trade disputes, supply chain disruptions, cybersecurity events, the spread of infectious illness or other public health issues, natural disasters or climate events, or other events could have a significant impact on a security or instrument. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.
FPA Queens Road Value Fund | Large Investor Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Large Investor Risk. Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. Redemptions by a large investor may affect the performance of the Fund, may increase realized capital gains, may accelerate the realization of taxable income to shareholders and may increase transaction costs. These transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund’s expenses. In addition, the Fund may be delayed in investing new cash after a large shareholder purchase, and under such circumstances may be required to maintain a larger cash position than it ordinarily would.
FPA Queens Road Value Fund | Sector Focus Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. For example, as of May 31, 2026, 26.40% of the Fund’s assets were invested in the financial sector. The performance of companies in the financial sector may be adversely impacted by many factors, including, among others: government regulations of, or related to, the sector; governmental monetary and fiscal policies; economic, business or political conditions; credit rating downgrades; changes in interest rates; price competition; and decreased liquidity in credit markets. Additionally, as of May 31, 2026, 25.70% of the Fund’s assets were invested in the industrials sector. Performance of companies in the industrials sector may be affected by, among other things, supply and demand for their specific product or service and for industrial sector products in general. Moreover, government regulation, world events, exchange rates and economic conditions, technological developments, fuel prices, labor agreements, insurance costs, and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.
FPA Queens Road Value Fund | Recent Market Events [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Recent Market Events. Periods of market volatility may occur in response to market events, public health emergencies, natural disasters or climate events, and other economic, political, and global macro factors. U.S. and international markets have recently experienced, and may continue to experience, periods of significant volatility due to various factors, including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, and political and geopolitical events. In addition, wars or threats of war and aggression, such as Russia’s invasion of Ukraine and conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund’s investments. Additionally, since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including actual or potential imposition of tariffs, which may have consequences on the United States’ relations with foreign countries, the economy, and markets generally. These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.
FPA Queens Road Value Fund | Cybersecurity Risk [Member]  
Prospectus [Line Items] oef_ProspectusLineItems  
Risk [Text Block] oef_RiskTextBlock

Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the sub-adviser and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or

redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.
FPA Queens Road Value Fund | FPA Queens Road Value Fund  
Prospectus [Line Items] oef_ProspectusLineItems  
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) oef_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.00%
Maximum Deferred Sales Charge (as a percentage of Offering Price) oef_MaximumDeferredSalesChargeOverOfferingPrice 0.00%
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) oef_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther 0.00%
Exchange Fee oef_ExchangeFee $ 0
Management Fees (as a percentage of Assets) oef_ManagementFeesOverAssets 0.95%
Distribution or Similar (Non 12b-1) Fees oef_DistributionOrSimilarNon12b1FeesOverAssets 0.00%
Shareholder Service Fee oef_Component1OtherExpensesOverAssets 0.09%
All Other Expenses oef_Component2OtherExpensesOverAssets 0.35%
Other Expenses (as a percentage of Assets): oef_OtherExpensesOverAssets 0.44%
Acquired Fund Fees and Expenses oef_AcquiredFundFeesAndExpensesOverAssets 0.02%
Expenses (as a percentage of Assets) oef_ExpensesOverAssets 1.41% [1]
Fee Waiver or Reimbursement oef_FeeWaiverOrReimbursementOverAssets (0.66%) [2]
Net Expenses (as a percentage of Assets) oef_NetExpensesOverAssets 0.75% [2]
Expense Example, with Redemption, 1 Year oef_ExpenseExampleYear01 $ 77
Expense Example, with Redemption, 3 Years oef_ExpenseExampleYear03 381
Expense Example, with Redemption, 5 Years oef_ExpenseExampleYear05 708
Expense Example, with Redemption, 10 Years oef_ExpenseExampleYear10 $ 1,634
S&P 500 Index  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Percent oef_AvgAnnlRtrPct 17.88%
Average Annual Return, Percent oef_AvgAnnlRtrPct 14.42%
Average Annual Return, Percent oef_AvgAnnlRtrPct 14.82%
S&P 500 Value Index  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Percent oef_AvgAnnlRtrPct 13.19%
Average Annual Return, Percent oef_AvgAnnlRtrPct 12.96%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.73%
FPA Queens Road Value Fund  
Prospectus [Line Items] oef_ProspectusLineItems  
Annual Return [Percent] oef_AnnlRtrPct 13.80%
Annual Return [Percent] oef_AnnlRtrPct 20.31%
Annual Return [Percent] oef_AnnlRtrPct (4.75%)
Annual Return [Percent] oef_AnnlRtrPct 23.91%
Annual Return [Percent] oef_AnnlRtrPct 6.80%
Annual Return [Percent] oef_AnnlRtrPct 27.78%
Annual Return [Percent] oef_AnnlRtrPct (8.86%)
Annual Return [Percent] oef_AnnlRtrPct 16.06%
Annual Return [Percent] oef_AnnlRtrPct 18.90%
Annual Return [Percent] oef_AnnlRtrPct 6.05%
Average Annual Return, Percent oef_AvgAnnlRtrPct 6.05%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.26%
Average Annual Return, Percent oef_AvgAnnlRtrPct 11.39%
FPA Queens Road Value Fund | After Taxes on Distributions  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Percent oef_AvgAnnlRtrPct 5.36% [3]
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.84% [3]
Average Annual Return, Percent oef_AvgAnnlRtrPct 10.02% [3]
FPA Queens Road Value Fund | After Taxes on Distributions and Sales  
Prospectus [Line Items] oef_ProspectusLineItems  
Average Annual Return, Percent oef_AvgAnnlRtrPct 4.08% [3]
Average Annual Return, Percent oef_AvgAnnlRtrPct 8.72% [3]
Average Annual Return, Percent oef_AvgAnnlRtrPct 9.07% [3]
[1] The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
[2] The adviser has contractually agreed to waive management fees and reimburse the Fund for operating expenses in excess of 0.73% of average daily net assets of the Fund, excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business, until September 30, 2027. These fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits. This agreement may be terminated only by the Fund’s Board of Trustees (the “Board”), upon written notice to the adviser.
[3] After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).