0000924727 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:C000244000Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:C000244001Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:C000244002Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member oef:RiskLoseMoneyMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:RisksAssociatedWithInvestingInEquitiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:StockMarketVolatilityMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:SmallCapSecuritiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:RisksAssociatedWithValueInvestingMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:IssuerSpecificChangesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:ManagementRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:MarketRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:LargeInvestorRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:SectorFocusRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:RecentMarketEventsMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080694Member ck0000924727:CybersecurityRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:C000244000Member 2016-01-01 2016-12-31 0000924727 ck0000924727:C000244000Member 2017-01-01 2017-12-31 0000924727 ck0000924727:C000244000Member 2018-01-01 2018-12-31 0000924727 ck0000924727:C000244000Member 2019-01-01 2019-12-31 0000924727 ck0000924727:C000244000Member 2020-01-01 2020-12-31 0000924727 ck0000924727:C000244000Member 2021-01-01 2021-12-31 0000924727 ck0000924727:C000244000Member 2022-01-01 2022-12-31 0000924727 ck0000924727:C000244000Member 2023-01-01 2023-12-31 0000924727 ck0000924727:C000244000Member 2024-01-01 2024-12-31 0000924727 ck0000924727:C000244000Member 2025-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member 2021-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member 2016-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member 2026-09-28 2026-09-28 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsMember 2026-09-28 2026-09-28 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000924727 ck0000924727:C000244000Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:C000244001Member 2025-01-01 2025-12-31 0000924727 ck0000924727:C000244001Member 2021-01-01 2025-12-31 0000924727 ck0000924727:C000244001Member 2016-01-01 2025-12-31 0000924727 ck0000924727:C000244001Member 2020-12-01 2025-12-31 0000924727 ck0000924727:C000244002Member 2025-01-01 2025-12-31 0000924727 ck0000924727:C000244002Member 2021-01-01 2025-12-31 0000924727 ck0000924727:C000244002Member 2016-01-01 2025-12-31 0000924727 ck0000924727:C000244002Member 2020-12-01 2025-12-31 0000924727 ck0000924727:index_Russell_3000_IndexMember 2025-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_3000_IndexMember 2021-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_3000_IndexMember 2016-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_3000_IndexMember 2020-12-01 2025-12-31 0000924727 ck0000924727:index_Russell_2000_Value_IndexMember 2025-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_2000_Value_IndexMember 2021-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_2000_Value_IndexMember 2016-01-01 2025-12-31 0000924727 ck0000924727:index_Russell_2000_Value_IndexMember 2020-12-01 2025-12-31 0000924727 ck0000924727:C000244001Member 2026-09-28 2026-09-28 0000924727 ck0000924727:C000244002Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:C000243218Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member oef:RiskLoseMoneyMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:RisksAssociatedWithInvestingInEquitiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:IssuerSpecificChangesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:StockMarketVolatilityMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:SmallAndMediumCapSecuritiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:RisksAssociatedWithValueInvestingMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:ManagementRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:MarketRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:LargeInvestorRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:SectorFocusRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:RecentMarketEventsMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000080695Member ck0000924727:CybersecurityRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:C000243218Member 2016-01-01 2016-12-31 0000924727 ck0000924727:C000243218Member 2017-01-01 2017-12-31 0000924727 ck0000924727:C000243218Member 2018-01-01 2018-12-31 0000924727 ck0000924727:C000243218Member 2019-01-01 2019-12-31 0000924727 ck0000924727:C000243218Member 2020-01-01 2020-12-31 0000924727 ck0000924727:C000243218Member 2021-01-01 2021-12-31 0000924727 ck0000924727:C000243218Member 2022-01-01 2022-12-31 0000924727 ck0000924727:C000243218Member 2023-01-01 2023-12-31 0000924727 ck0000924727:C000243218Member 2024-01-01 2024-12-31 0000924727 ck0000924727:C000243218Member 2025-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member 2021-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member 2016-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000243218Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_IndexMember 2025-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_IndexMember 2021-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_IndexMember 2016-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_Value_IndexMember 2025-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_Value_IndexMember 2021-01-01 2025-12-31 0000924727 ck0000924727:index_SP_500_Value_IndexMember 2016-01-01 2025-12-31 pure iso4217:USD 2026-09-28 N-1A INVESTMENT MANAGERS SERIES TRUST III 2026-09-30 FUND SUMMARY INVESTMENT OBJECTIVE The Fund seeks long-term capital growth. FEES AND EXPENSES OF THE FUND 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. <table cellpadding="0" style="border-collapse:collapse; margin:12.48pt 2pt 0pt; width:472.74pt; border-spacing: 0px;"><tr><td style="min-width:213.74pt; max-width:213.74pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.98pt 2pt">Shareholder Fees (fees paid directly from your investment) </td><td style="min-width:80pt; max-width:80pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 2pt 0.48pt 0pt">Investor Class </td><td style="min-width:15pt; max-width:15pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:72pt; max-width:72pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 9pt 0.48pt 0pt">Advisor Class </td><td style="min-width:15pt; max-width:15pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:74pt; max-width:74pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:0pt 10pt 0.48pt 0pt">Institutional Class </td><td style="min-width:3pt; max-width:3pt; background-color:#d1d3d4; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:213.74pt; max-width:213.74pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:80pt; max-width:80pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:15pt; max-width:15pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:72pt; max-width:72pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:15pt; max-width:15pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:74pt; max-width:74pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:213.74pt; max-width:213.74pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td><td style="min-width:80pt; max-width:80pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:72pt; max-width:72pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:213.74pt; max-width:213.74pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) </td><td style="min-width:80pt; max-width:80pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:72pt; max-width:72pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:213.74pt; max-width:213.74pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions </td><td style="min-width:80pt; max-width:80pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:72pt; max-width:72pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:213.74pt; max-width:213.74pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Exchange Fee </td><td style="min-width:80pt; max-width:80pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:72pt; max-width:72pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:15pt; max-width:15pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:74pt; max-width:74pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 <table cellpadding="0" style="border-collapse:collapse; margin:15.52pt 2pt 0pt; width:469pt; border-spacing: 0px;"><tr><td colspan="12" style="min-width:466pt; max-width:466pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.98pt 2pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td><td style="min-width:3pt; max-width:3pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Management Fees </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 2pt 0pt 0pt">0.66% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">0.66% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.66% </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Distribution (Rule 12b‑1) Fees </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 2pt 0pt 0pt">None </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">None </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">None </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Other Expenses </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 2pt 0pt 0pt">0.27% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt">0.20% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.13% </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0pt 14pt">Shareholder Service Fee </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.22% </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 2pt 0pt 0pt"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.15% </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0pt 0pt"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.08% </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.48pt 14pt">All Other Expenses </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">0.05% </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">0.05% </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">0.05% </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt 2pt">Acquired Fund Fees and Expenses </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 2pt 0.48pt 0pt">0.02% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 3.5pt 0.48pt 0pt">0.02% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">0.02% </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:212.5pt; max-width:212.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Total Annual Fund Operating Expenses1 </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:11pt; max-width:11pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:36pt; max-width:36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 2pt 0pt 0pt">0.95% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 3.5pt 0pt 0pt">0.88% </td><td style="min-width:8pt; max-width:8pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">0.81% </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> </table><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">1</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">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.</div></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0066 0.0066 0 0 0 0.0027 0.002 0.0013 0.0022 0.0015 0.0008 0.0005 0.0005 0.0005 0.0002 0.0002 0.0002 0.0095 0.0088 0.0081 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. Example 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 operating expenses of the Fund remain same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:13.5pt 0pt 0pt"><td colspan="2" style="min-width:49.66pt; max-width:49.66pt; padding:0.18pt 0pt 0pt 169.17pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">One Year</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0.18pt 0pt 0pt 25.85pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Three Years</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0.18pt 0pt 0pt 25.69pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Five Years</td><td style="min-width:62pt; max-width:62pt; padding:0.18pt 0pt 0pt 21.01pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Ten Years</td></tr> <tr style="display:block"><td style="min-width:2pt; max-width:2pt"></td><td style="min-width:87pt; max-width:87pt; vertical-align:bottom">Investor Class</td><td style="min-width:49.66pt; max-width:49.66pt; padding:0pt 0pt 0pt 80.17pt; text-align:center; vertical-align:bottom">$97</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0pt 0pt 0pt 25.85pt; text-align:center; vertical-align:bottom">$303</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0pt 0pt 0pt 25.69pt; text-align:center; vertical-align:bottom">$525</td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0pt 21.01pt; text-align:center; vertical-align:bottom">$1,166</td></tr> <tr style="display:block"><td style="min-width:2pt; max-width:2pt"></td><td style="min-width:87pt; max-width:87pt; vertical-align:bottom">Advisor Class</td><td style="min-width:49.66pt; max-width:49.66pt; padding:0pt 0pt 0pt 80.17pt; text-align:center; vertical-align:bottom">$90</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0pt 0pt 0pt 25.85pt; text-align:center; vertical-align:bottom">$281</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0pt 0pt 0pt 25.69pt; text-align:center; vertical-align:bottom">$488</td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0pt 21.01pt; text-align:center; vertical-align:bottom">$1,084</td></tr> <tr style="display:block"><td style="min-width:2pt; max-width:2pt"></td><td style="min-width:87pt; max-width:87pt; vertical-align:bottom">Institutional Class</td><td style="min-width:49.66pt; max-width:49.66pt; padding:0pt 0pt 0pt 80.17pt; text-align:center; vertical-align:bottom">$83</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0pt 0pt 0pt 25.85pt; text-align:center; vertical-align:bottom">$259</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0pt 0pt 0pt 25.69pt; text-align:center; vertical-align:bottom">$450</td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0pt 21.01pt; text-align:center; vertical-align:bottom">$1,002</td></tr> </table> 97 303 525 1166 90 281 488 1084 83 259 450 1002 Portfolio Turnover 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 17% 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. 0.17 PRINCIPAL INVESTMENT STRATEGIES The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of small capitalization (small cap) U.S. value companies. The Fund’s sub-adviser, Bragg Financial Advisors, Inc., invests the Fund’s assets by pursuing a value-oriented strategy. The sub-adviser’s strategy begins with a screening process that seeks to identify small cap 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 small cap value companies. The Fund currently defines a small cap company as one whose market capitalization is no greater than the largest market capitalization of any company included in at least one of the following indices within the preceding 12-month period (while such company was included in the index): the Russell 2000 Index, MSCI US Small Cap Index, S&P 600 Index, or Bloomberg US 600 Index. 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: Russell 2000 Value Index, Russell 2500 Value Index, Russell Midcap Value Index MSCI US Small Cap Value Index, MSCI USA Mid Cap Value Index, S&P 600 Value Index, S&P 400 Value Index, Bloomberg US 3000 Value Index, MSCI Canada Small Cap Value Index, and MSCI Canada 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. 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 small cap value companies. The Fund currently defines a small cap company as one whose market capitalization is no greater than the largest market capitalization of any company included in at least one of the following indices within the preceding 12-month period (while such company was included in the index): the Russell 2000 Index, MSCI US Small Cap Index, S&P 600 Index, or Bloomberg US 600 Index. 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: Russell 2000 Value Index, Russell 2500 Value Index, Russell Midcap Value Index MSCI US Small Cap Value Index, MSCI USA Mid Cap Value Index, S&P 600 Value Index, S&P 400 Value Index, Bloomberg US 3000 Value Index, MSCI Canada Small Cap Value Index, and MSCI Canada Value Index. Risk is inherent in all investing and you could lose money by investing in the Fund. 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. Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Small Cap Securities. The prices of securities of small 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 companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group. 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. 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. 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. 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 geopolitical 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. 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. 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, 23.0% of the Fund’s assets were invested in the technology sector. Companies in the technology sector can be significantly affected by intense competition, consumer preferences, problems with product compatibility and government regulation. 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. 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. PERFORMANCE The Fund is the successor of the FPA Queens Road Small Cap Value Fund, formerly a series of Bragg Capital Trust (the “Predecessor Fund”). The Fund acquired all of 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 Russell 3000 Index, a broad-based market index, and the Russell 2000 Value Index, an additional index that provides a measure of the U.S. small cap value equity market. The past performance information shown below is for Investor Class shares of the Fund. Although Investor Class shares would have similar annual returns to the Fund’s other share classes (i.e., Advisor Class and Institutional Class shares) because all of the classes are invested in the same portfolio of securities, the returns for each class of shares will vary because of the different expenses paid by each class of shares, as described in the table labeled “Fees and Expenses of the Fund” above. 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 <span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20; text-decoration:underline; text-decoration-skip-ink:none; text-decoration-thickness:0.75pt; text-underline-offset:2.5pt">https://fpa.com/funds or call (800) 982‑4372. 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 Russell 3000 Index, a broad-based market index, and the Russell 2000 Value Index, an additional index that provides a measure of the U.S. small cap value equity market. 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. https://fpa.com/funds (800) 982‑4372 Calendar-Year Total Return (before taxes) for Investor Class For each calendar year at NAV <div style="margin:14pt 0pt 0pt; text-align:center"><img alt="" src="j26258342_ba001.jpg" style="margin:0.2pt 0.93pt 1.64pt; width: 448.1px; height: 192.18px;"/></div> The year-to-date return as of June 30, 2026, was 27.02%. Investor Class<div style="display:table-cell; vertical-align:bottom; padding:0pt 0pt 0pt 2pt; min-width:223.57pt; max-width:223.57pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">Highest Calendar Quarter Return at NAV</div></div><div style="display:table-cell; text-align:right; vertical-align:bottom; min-width:49.43pt; max-width:49.43pt"><div style="text-align:right; font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%">24.75</div></div><div style="display:table-cell; vertical-align:bottom; min-width:64pt; max-width:64pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">%</div></div><div style="display:table-cell; vertical-align:bottom; min-width:131pt; max-width:131pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">(Quarter ended 12/31/2020)</div></div><div style="display:table-cell; vertical-align:bottom; padding:0pt 0pt 0pt 2pt; min-width:220.51pt; max-width:220.51pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">Lowest Calendar Quarter Return at NAV</div></div><div style="display:table-cell; text-align:right; vertical-align:bottom; min-width:52.49pt; max-width:52.49pt"><div style="text-align:right; font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%">(21.84</div></div><div style="display:table-cell; vertical-align:bottom; min-width:64pt; max-width:64pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">)%</div></div><div style="display:table-cell; vertical-align:bottom; min-width:131pt; max-width:131pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">(Quarter ended 03/31/2020)</div></div> year-to-date return 2026-06-30 0.2702 Highest 0.2475 2020-12-31 Lowest -0.2184 2020-03-31 <table cellpadding="0" style="border-collapse:collapse; margin:14.69pt 0pt 0pt; width:472pt; border-spacing: 0px;"><tr><td style="min-width:226.5pt; max-width:226.5pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.18pt 0pt 0.98pt 2pt">Average Annual Total Returns (for the periods ended December 31, 2025) </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:41pt; max-width:41pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 4pt 0.98pt 0pt">One Year </td><td style="min-width:6pt; max-width:6pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:37pt; max-width:37pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">Five Years </td><td style="min-width:10pt; max-width:10pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:37pt; max-width:37pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">Ten Years </td><td style="min-width:10pt; max-width:10pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:51pt; max-width:51pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">Since Inception </td><td style="min-width:8.5pt; max-width:8.5pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt 2pt">Investor Class—Return Before Taxes </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0.48pt">13.36 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0.48pt">10.26 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0.48pt">9.88 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0.48pt">— </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Investor Class—Return After Taxes on Distributions1 </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">12.23 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">9.47 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">8.93 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">— </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Investor Class—Return After Taxes on Distributions and Sale of Fund Shares1 </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">8.74 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">8.06 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">7.86 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">— </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Advisor Class2—Return Before Taxes </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">13.31 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">10.30 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">— </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">11.81 </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Institutional Class2—Return Before Taxes </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">13.49 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">10.43 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">— </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">11.94 </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Russell 3000 Index </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">17.15 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">13.15 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">14.29 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">10.53 </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:226.5pt; max-width:226.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Russell 2000 Value Index </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">12.59 </td><td style="min-width:14pt; max-width:14pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">8.88 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">9.27 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.31pt; max-width:33.31pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 0pt 0.48pt">8.37 </td><td style="min-width:17.69pt; max-width:17.69pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt">% </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td></tr> </table><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">1</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">After-tax returns are shown only for Investor Class shares; after-tax returns for other share classes will vary. 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”).</div></div><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">2</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">Advisor Class and Institutional Class shares commenced operations on December 1, 2020.</div></div> Average Annual Total Returns (for the periods ended December 31, 2025) 0.1336 0.1026 0.0988 0.1223 0.0947 0.0893 0.0874 0.0806 0.0786 0.1331 0.103 0.1181 0.1349 0.1043 0.1194 0.1715 0.1315 0.1429 0.1053 0.1259 0.0888 0.0927 0.0837 After-tax returns are shown only for Investor Class shares; after-tax returns for other share classes will vary. 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”). 2020-12-01 2020-12-01 FUND SUMMARY INVESTMENT OBJECTIVE The Fund seeks long-term capital growth. FEES AND EXPENSES OF THE FUND 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. <table cellpadding="0" style="border-collapse:collapse; margin:12.48pt 0pt 0pt; width:472.69pt; border-spacing: 0px;"><tr><td colspan="6" style="min-width:472.69pt; max-width:472.69pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.98pt 2pt">Shareholder Fees (fees paid directly from your investment) </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:42pt; max-width:42pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:42pt; max-width:42pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:42pt; max-width:42pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:42pt; max-width:42pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Exchange Fee </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:42pt; max-width:42pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 <table cellpadding="0" style="border-collapse:collapse; margin:15.02pt 2pt 0pt 0pt; width:472.46pt; border-spacing: 0px;"><tr><td colspan="6" style="min-width:472.46pt; max-width:472.46pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.98pt 2pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Management Fees </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">0.95% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Distribution (Rule 12b‑1) Fees </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">None </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Other Expenses </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt">0.44% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0pt 14pt">Shareholder Service Fee </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt">0.09% </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.48pt 14pt">All Other Expenses </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">0.35% </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.18pt 0pt 0.48pt 2pt">Acquired Fund Fees and Expenses </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0.48pt 0pt">0.02% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Total Annual Fund Operating Expenses1 </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 2pt 0.48pt 0pt">1.41% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt 2pt">Fee Waiver and/or Expense Reimbursement2 </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0.48pt">(0.66)% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:350pt; max-width:350pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement2 </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.76pt; max-width:41.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:2.85pt; max-width:2.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:51pt; max-width:51pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 2pt 0pt 0pt">0.75% </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> </table><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">1</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">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.</div></div><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">2</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">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 </div></div>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. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0044 0.0009 0.0035 0.0002 0.0141 -0.0066 0.0075 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. 2027-09-30 Example 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: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:13.5pt 0pt 0pt"><td style="min-width:49.66pt; max-width:49.66pt; padding:0.18pt 0pt 0pt 55.17pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">One Year</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0.18pt 0pt 0pt 47.35pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Three Years</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0.18pt 0pt 0pt 44.69pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Five Years</td><td style="min-width:153.02pt; max-width:153.02pt; padding:0.18pt 3.49pt 0pt 0pt; text-align:center; vertical-align:bottom; background-color:#d1d3d4; border-bottom:0.75pt solid #231f20">Ten Years</td></tr> <tr style="display:block"><td style="min-width:49.66pt; max-width:49.66pt; padding:0pt 0pt 0pt 55.17pt; text-align:center; vertical-align:bottom">$77</td><td style="min-width:63.64pt; max-width:63.64pt; padding:0pt 0pt 0pt 47.35pt; text-align:center; vertical-align:bottom">$381</td><td style="min-width:54.98pt; max-width:54.98pt; padding:0pt 0pt 0pt 44.69pt; text-align:center; vertical-align:bottom">$708</td><td style="min-width:153.02pt; max-width:153.02pt; padding:0pt 3.49pt 0pt 0pt; text-align:center; vertical-align:bottom">$1,634</td></tr> </table> 77 381 708 1634 Portfolio Turnover 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. 0 PRINCIPAL INVESTMENT STRATEGIES 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. 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. Risk is inherent in all investing and you could lose money by investing in the Fund. 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. 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. Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. 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. 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. 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. 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. 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. 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. 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. 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. PERFORMANCE 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 <span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20; text-decoration:underline; text-decoration-skip-ink:none; text-decoration-thickness:0.75pt; text-underline-offset:2.5pt">https://fpa.com/funds or call (800) 982‑4372. 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. 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. https://fpa.com/funds (800) 982‑4372 Calendar-Year Total Return (before taxes) For each calendar year at NAV <div style="margin:14pt 0pt 0pt; text-align:center"><img alt="" src="j26258343_ba001.jpg" style="margin:0.2pt 0pt; width: 452.53px; height: 194.09px;"/></div> The year-to-date return as of June 30, 2026, was 11.18%. <div style="display:table-cell; vertical-align:bottom; padding:0pt 0pt 0pt 2pt; min-width:212.07pt; max-width:212.07pt"><div style="font-size:11pt; line-height:1.18">Highest Calendar Quarter Return at NAV</div></div><div style="display:table-cell; text-align:right; vertical-align:bottom; min-width:37.93pt; max-width:37.93pt"><div style="text-align:right; font-size:11pt; line-height:1.18">15.04</div></div><div style="display:table-cell; vertical-align:bottom; min-width:36pt; max-width:36pt"><div style="font-size:11pt; line-height:1.18">%</div></div><div style="display:table-cell; vertical-align:bottom; min-width:182pt; max-width:182pt"><div style="font-size:11pt; line-height:1.18">(Quarter ended 12/31/2022)</div></div><div style="display:table-cell; vertical-align:bottom; padding:0pt 0pt 0pt 2pt; min-width:209.01pt; max-width:209.01pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">Lowest Calendar Quarter Return at NAV</div></div><div style="display:table-cell; text-align:right; vertical-align:bottom; min-width:40.99pt; max-width:40.99pt"><div style="text-align:right; font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%">(20.97</div></div><div style="display:table-cell; vertical-align:bottom; min-width:36pt; max-width:36pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">)%</div></div><div style="display:table-cell; vertical-align:bottom; min-width:182pt; max-width:182pt"><div style="font-size:11pt; line-height:1.18; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">(Quarter ended 03/31/2020)</div></div> year-to-date return 2026-06-30 0.1118 Highest 0.1504 2022-12-31 Lowest -0.2097 2020-03-31 <table cellpadding="0" style="border-collapse:collapse; margin:14.69pt 0pt 0pt; width:471pt; border-spacing: 0px;"><tr><td style="min-width:295pt; max-width:295pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.18pt 0pt 0.98pt 2pt">Average Annual Total Returns (for the periods ended December 31, 2025) </td><td style="min-width:11pt; max-width:11pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td colspan="2" style="min-width:37pt; max-width:37pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">One Year </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:37pt; max-width:37pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">Five Years </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:37pt; max-width:37pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:center; padding:1.18pt 0pt 0.98pt">Ten Years </td><td style="min-width:9pt; max-width:9pt; background-color:#d1d3d4; vertical-align:top; border-top:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:295pt; max-width:295pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Return Before Taxes </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">6.05 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">11.26 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">11.39 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:295pt; max-width:295pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Return After Taxes on Distributions1 </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">5.36 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">9.84 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">10.02 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:295pt; max-width:295pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">Return After Taxes on Distributions and Sale of Fund Shares1 </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">4.08 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">8.72 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">9.07 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:295pt; max-width:295pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">S&P 500 Index </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">17.88 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">14.42 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">14.82 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0.48pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:295pt; max-width:295pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt">S&P 500 Value Index </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">13.19 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">12.96 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">11.73 </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt">% </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-right:0.5pt solid #231f20; box-sizing:border-box; text-align:center"> </td></tr> </table><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:10pt; line-height:1.2; text-align:justify; padding-left:2pt">1</div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify">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”).</div></div> Average Annual Total Returns (for the periods ended December 31, 2025) 0.0605 0.1126 0.1139 0.0536 0.0984 0.1002 0.0408 0.0872 0.0907 0.1788 0.1442 0.1482 0.1319 0.1296 0.1173 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”). 0.1559 0.0586 -0.0566 0.2000 0.1362 0.2319 -0.0916 0.1600 0.1076 0.1336 0.1380 0.2031 -0.0475 0.2391 0.0680 0.2778 -0.0886 0.1606 0.1890 0.0605 485BPOS 0000924727 false 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. After-tax returns are shown only for Investor Class shares; after-tax returns for other share classes will vary. 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”). Advisor Class and Institutional Class shares commenced operations on December 1, 2020. 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. 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. 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”).