0000924727 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:C000270935Member 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member oef:RiskLoseMoneyMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:RisksAssociatedWithInvestingInEquitiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:IssuerSpecificChangesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:StockMarketVolatilityMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:SmallAndMediumCapSecuritiesMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:RisksAssociatedWithValueInvestingMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:ManagementRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:MarketRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:ETFStructureRisksMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:SectorFocusRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:RecentMarketEventsMember 2026-09-28 2026-09-28 0000924727 ck0000924727:S000101009Member ck0000924727:CybersecurityRiskMember 2026-09-28 2026-09-28 0000924727 ck0000924727:C000270935Member 2016-01-01 2016-12-31 0000924727 ck0000924727:C000270935Member 2017-01-01 2017-12-31 0000924727 ck0000924727:C000270935Member 2018-01-01 2018-12-31 0000924727 ck0000924727:C000270935Member 2019-01-01 2019-12-31 0000924727 ck0000924727:C000270935Member 2020-01-01 2020-12-31 0000924727 ck0000924727:C000270935Member 2021-01-01 2021-12-31 0000924727 ck0000924727:C000270935Member 2022-01-01 2022-12-31 0000924727 ck0000924727:C000270935Member 2023-01-01 2023-12-31 0000924727 ck0000924727:C000270935Member 2024-01-01 2024-12-31 0000924727 ck0000924727:C000270935Member 2025-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member 2021-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member 2016-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000924727 ck0000924727:C000270935Member 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 <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">The FPA Queens Road Value ETF (the “Fund”) seeks long-term capital growth.</span></p> FEES AND EXPENSES OF THE FUND <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.48pt 2pt 0pt 0pt; width:471.6pt; border-spacing: 0px;"><tr><td colspan="3" style="min-width:449.6pt; max-width:449.6pt; 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"><p style="margin:0pt; font-size:12pt; line-height:1.08"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Annual Fund Operating Expenses <br/></span><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </td><td style="min-width:22pt; max-width:22pt; background-color:#d1d3d4; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Management Fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">0.95%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Distribution and Service (12b‑1) Fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">None</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Other Expenses</span><span style="font-family:Times New Roman, Times, serif; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">0.33%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Acquired Fund Fees and Expenses</span><span style="font-family:Times New Roman, Times, serif; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 4pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">0.02%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.68pt 2pt 0.48pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">1.30%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt 2pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Times New Roman, Times, serif; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">(0.55)%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:384.6pt; max-width:384.6pt; 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"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 12pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">1,2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:62pt; max-width:62pt; 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"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">0.75%</span></p> </td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">“Other expenses” and “acquired fund fees and expenses” have been estimated for the current fiscal year. Actual expenses may differ from estimates.</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.05pt; color:#231f20">2</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; letter-spacing:-0.05pt; color:#231f20">The Fund’s investment adviser has contractually agreed to waive management fees and/or 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, for a period of two years following the reorganization of the Predecessor Fund (defined below). These fee waivers and/or 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. Similarly, the adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by adviser to the Predecessor Fund prior to the Predecessor Fund’s reorganization for a period ending three years after the date of the waiver or payment. This agreement may be terminated only by the Fund’s Board of Trustees upon written notice to the adviser.</span></div></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0033 0.0002 0.013 -0.0055 0.0075 “Other expenses” and “acquired fund fees and expenses” have been estimated for the current fiscal year. Example <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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 </span></p><p style="margin:0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <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"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">One Year</span></p></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"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Three Years</span></p></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"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Five Years</span></p></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"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Ten Years</span></p></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"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">$77</span></p></td><td style="min-width:63.64pt; max-width:63.64pt; padding:0pt 0pt 0pt 47.35pt; text-align:center; vertical-align:bottom"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">$358</span></p></td><td style="min-width:54.98pt; max-width:54.98pt; padding:0pt 0pt 0pt 44.69pt; text-align:center; vertical-align:bottom"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">$660</span></p></td><td style="min-width:153.02pt; max-width:153.02pt; padding:0pt 3.49pt 0pt 0pt; text-align:center; vertical-align:bottom"><p style="margin:0; text-align:center; white-space:nowrap; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">$1,520</span></p></td></tr> </table> 77 358 660 1520 Portfolio Turnover <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">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 Predecessor 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.</span></p> PRINCIPAL INVESTMENT STRATEGIES <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">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&amp;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&amp;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.</span></p> 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&amp;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&amp;P Composite 1500 Value Index. Risk is inherent in all investing and you could lose money by investing in the Fund. <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Risks Associated with Investing in Equities.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Issuer-Specific Changes.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Stock Market Volatility.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Small and Medium Cap Securities.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Risks Associated with Value Investing.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Management Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Market Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">ETF Structure Risks.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span></p> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Authorized Participant Concentration Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as authorized participants on an agency basis (</span><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">i.e</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">., on behalf of other market participants). To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant is able to step forward to create or redeem, shares may trade at a discount to the Fund’s net asset value per share (“NAV”) and possibly face delisting.</span></div></div></div><div style="margin:72pt 0pt 0pt 70pt; width:472pt; min-height:660pt; align-self:start; box-sizing:border-box; z-index:204; grid-row:1/1; grid-column:1/1"><div style="margin:-2.32pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Market Maker Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s NAV and the price at which the Fund shares are trading on the Exchange, which could result in a decrease in value of the Fund shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the Fund’s NAV and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a discount to NAV and also in greater than normal intra-day bid-ask spreads for Fund shares.</span></div></div></div> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Fluctuation of NAV Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market prices of shares will approximate the Fund’s NAV, there may be times when the market prices of shares are more than the NAV intra-day (premium) or less than the NAV intra-day (discount). Differences in market price and NAV may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. These differences can be especially pronounced during times of market volatility or stress. During these periods, the demand for Fund shares may decrease considerably and cause the market price of Fund shares to deviate significantly from the Fund’s NAV.</span></div></div></div> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Trading Issues Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Although the Fund shares are listed for trading on the Exchange, there can be no assurance that an active trading market for such Fund shares will develop or be maintained. Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. Market makers are under no obligation to make a market in the Fund shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units (as defined below). There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Initially, due to the small asset size of the Fund, it may have difficulty maintaining its listings on the Exchange.</span></div></div></div> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Costs of Buying or Selling Shares.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy shares (the “bid” price) and the price at which an investor is willing to sell shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid-ask spread.” The bid-ask spread varies over time for shares based on trading volume and market liquidity, and the spread is generally lower if shares have more trading volume and market liquidity and higher if shares have little </span></div></div></div> </div><p style="margin:0pt; text-align:justify; padding:0pt 2pt 0pt 40pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:96.34%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund, and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Sector Focus Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> The Fund may invest a larger portion of its assets in one or more sectors than many other funds, and thus will be more susceptible to negative events affecting those sectors. For example, as of May 31, 2026, 26.21% of the Predecessor Fund’s assets were invested in the financial sector, and 25.70% of the Predecessor Fund’s assets were invested in the industrials sector.</span></p> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Financial Sector Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Companies in the financial sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain companies in the financial sector to incur large losses. Securities of companies in the financial sector may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span></div></div></div> <div style="margin:14pt 0pt 0pt"><div style="display:table-cell; vertical-align:top; min-width:38pt; max-width:38pt"><div style="font-size:12pt; line-height:1.17; text-align:justify; padding-left:20pt"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">•</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:432pt; max-width:432pt"><div style="font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:105.26%; text-align:justify"><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">Industrials Sector Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities may likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span></div></div></div> <p style="margin:0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Recent Market Events.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Cybersecurity Risk.</span><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20"> 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. The use of artificial intelligence and machine learning could exacerbate these risks. 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.</span></p> PERFORMANCE <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">The Fund will acquire the assets and liabilities of the FPA Queens Road Value Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust III, through the reorganization of the Predecessor Fund into the Fund (the “Reorganization”), which is expected to occur in the second quarter of 2027. As a result of the Reorganization, the Fund will be the accounting and performance successor of the Predecessor Fund.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">The returns presented for the periods prior to July 28, 2023, reflect the performance of the FPA Queens Road Value Fund (the “Value Fund”), which was a series of Bragg Capital Trust and reorganized into the Predecessor Fund on July 28, 2023. As a result of this reorganization, the Predecessor Fund adopted the accounting and performance history of the Value Fund.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Performance results shown in the bar chart and the performance table below for periods prior to the Reorganization reflect the performance of the Predecessor Fund and the Value Fund.</span></p> <p style="margin:14pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">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&amp;P 500 Index, a broad-based market index, and the S&amp;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, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated monthly performance information, please visit the Fund’s website at https://fpav/fpa.com or call (800) 982‑4372.</span></p> 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, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. https://fpav/fpa.com (800) 982‑4372 Calendar-Year Total Return (before taxes) For each calendar year at NAV <div style="margin:14pt 0pt 0pt; text-align:center"><span style="display:inline-block; width:339.48pt; height:146pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26258382_ba001.jpg" style="margin:0.2pt 0pt; width: 452.53px; height: 194.09px;"/></span></div> <p style="margin:6pt 0pt 0pt; text-align:justify; padding:0pt 2pt 0pt 2.11pt; font-size:12pt; line-height:1.17; transform-origin:left; transform:matrix(0.95,0,0,1,0,0); min-width:104.37%"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">The year-to-date return as of June 30, 2026 for the Predecessor Fund, was 11.18%.</span></p> <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"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:11pt; color:#231f20">Highest Calendar Quarter Return at NAV</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">15.04</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">%</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">(Quarter ended 12/31/2022)</span></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"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:11pt; color:#231f20">Lowest Calendar Quarter Return at NAV</span></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%"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">(20.97</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">)%</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:11pt; color:#231f20">(Quarter ended 03/31/2020)</span></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:0pt; width:471pt; border-spacing: 0px;"><tr><td style="min-width:292pt; max-width:292pt; 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"><p style="margin:0pt; font-size:12pt; line-height:1.08"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Average Annual Total Returns <br/></span><span style="font-family:Times New Roman, Times, serif; font-style:italic; font-size:12pt; color:#231f20">(for the periods ended December 31, 2025)</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></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 0pt 0.98pt"><p style="margin:0pt; text-align:center; font-size:12pt; line-height:1.08"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">One<br/>Year</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></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"><p style="margin:0pt; text-align:center; font-size:12pt; line-height:1.08"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Five<br/>Years</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:38pt; max-width:38pt; 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"><p style="margin:0pt; text-align:center; font-size:12pt; line-height:1.08"><span style="font-family:Times New Roman, Times, serif; font-weight:bold; font-size:12pt; color:#231f20">Ten<br/>Years</span></p> </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"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:292pt; max-width:292pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 14pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Return Before Taxes</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:28.75pt; max-width:28.75pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">6.05</span></p> </td><td style="min-width:12.25pt; max-width:12.25pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">11.26</span></p> </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"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">11.39</span></p> </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:292pt; max-width:292pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 14pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Return After Taxes on Distributions</span><span style="font-family:Times New Roman, Times, serif; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">1</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:28.75pt; max-width:28.75pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">5.36</span></p> </td><td style="min-width:12.25pt; max-width:12.25pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">9.84</span></p> </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"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">10.02</span></p> </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:292pt; max-width:292pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 14pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="font-family:Times New Roman, Times, serif; font-size:7pt; vertical-align:baseline; position:relative; top:-4pt; color:#231f20">1</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:28.75pt; max-width:28.75pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">4.08</span></p> </td><td style="min-width:12.25pt; max-width:12.25pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">8.72</span></p> </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"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.68pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">9.07</span></p> </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.68pt 0pt 0.48pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:292pt; max-width:292pt; vertical-align:top; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 14pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">S&amp;P 500 Index</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:28.75pt; max-width:28.75pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">17.88</span></p> </td><td style="min-width:12.25pt; max-width:12.25pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">14.42</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:27pt; max-width:27pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">14.82</span></p> </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:292pt; max-width:292pt; vertical-align:top; border-bottom:0.5pt solid #231f20; border-left:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-indent:-12pt; padding:0pt 0pt 0pt 14pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">S&amp;P 500 Value Index</span></p> </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"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></td><td style="min-width:28.75pt; max-width:28.75pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">13.19</span></p> </td><td style="min-width:12.25pt; max-width:12.25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.18pt 0pt 0pt"><p style="margin:0pt; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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:right"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></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:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">12.96</span></p> </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:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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:right"><p style="font-size:6pt"> </p></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"><p style="font-size:6pt"> </p></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:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">11.73</span></p> </td><td style="min-width:11pt; max-width:11pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.18pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:12pt; line-height:1.17"><span style="font-family:Times New Roman, Times, serif; font-size:12pt; color:#231f20">%</span></p> </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"><p style="font-size:6pt"> </p></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">1</span></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"><span style="font-family:Times New Roman, Times, serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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”).</span></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 historical highest individual federal marginal income tax rates 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”). 0.1380 0.2031 -0.0475 0.2391 0.0680 0.2778 -0.0886 0.1606 0.1890 0.0605 485BPOS 0000924727 false “Other expenses” and “acquired fund fees and expenses” have been estimated for the current fiscal year. Actual expenses may differ from estimates. The Fund’s investment adviser has contractually agreed to waive management fees and/or 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, for a period of two years following the reorganization of the Predecessor Fund (defined below). These fee waivers and/or 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. Similarly, the adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by adviser to the Predecessor Fund prior to the Predecessor Fund’s reorganization for a period ending three years after the date of the waiver or payment. This agreement may be terminated only by the Fund’s Board of Trustees upon written notice to the adviser. After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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”).