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The investment objective of the IMS Capital Value Fund (the “Value Fund”) is long-term growth from capital appreciation and, secondarily, income from dividends. 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 Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zGpFmROHgSmd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zy03TKeEKFN2" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_499_20261028__20261028__oef--ClassAxis__custom--C000141714Member_zr9iGEfS7Kl9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Institutional Class shares</td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_ztlvxsHYFwLa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Redemption Fees (as a % of amount redeemed, a redemption fee will be assessed on shares of the Fund that are held for 90 days or less)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.50%</td></tr> </table> -0.0050 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zjUEI20RmV67"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zfymI97iZmf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt; width: 60%"></td> <td id="xdx_49E_20261028__20261028__oef--ClassAxis__custom--C000141714Member_zCpRoY3L8Vx9" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Institutional Class shares</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zRdnLVUmB8tc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.21%</td></tr> <tr id="xdx_40B_eoef--Component1OtherExpensesOverAssets_dpn_zSS6aEOgDdU8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.52%</td></tr> <tr id="xdx_405_eoef--Component2OtherExpensesOverAssets_dpn_z6zUjBZvnMLk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Interest Expense</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.01%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zbdriHSsTzma" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.74%</td></tr> </table> 0.0121 0.0052 0.0001 0.0174 Example. This Example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. This expense example assumes that you invest $10,000 in the Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The expense example also assumes that your investment has a 5% return each year and the Value Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your cost would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLRu9dWd9Rmf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z9DxD64P6MM7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%">Period Invested</td> <td id="xdx_487_eoef--ExpenseExampleYear01_zhz9fCFl9pb1" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zQfaamM9ayse" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">3 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zWQnk8sjECsb" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">5 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_znsUqe1xBjY5" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_411_20261028__20261028__oef--ClassAxis__custom--C000141714Member_zy5VisZmJwLj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Institutional Class</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$177</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$548</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$944</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$2,052</td></tr> </table> 177 548 944 2052 Portfolio Turnover. The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example above, affect the Value Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16.30% of the average value of its portfolio. 0.1630 Principal Investment Strategy of the Fund. Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in securities that the Adviser considers having “value” characteristics. The Fund defines “value” as investments that appear to be undervalued relative to historical price, assets, earnings, growth potential, or cash flows. The Value Fund invests primarily in common stocks of large-cap U.S. companies. The Fund defines large-cap securities as those with a market capitalization greater than $11 billion. Although the Value Fund intends to invest primarily in large-cap stocks as described above, it may also invest in common stocks of any capitalization. The Value Fund may also pursue its investment objective directly or indirectly through investments in other investment companies (including exchange-traded funds (“ETFs”), mutual funds, and closed-end funds) that invest in the securities described above. Pinnacle Wealth Advisors, LLC (the “Adviser”) employs a selection process designed to produce a diversified portfolio of companies exhibiting both value and positive momentum characteristics. Value characteristics include a historically low stock price and historically low fundamental ratios, such as price-to-earnings, price-to-sales, price-to-book-value, and price-to-cash-flow. Positive momentum characteristics include positive earnings revisions, positive earnings surprises, relative price strength, and other developments that may favorably affect a company’s stock price, such as a new product or a change in management. The Adviser seeks to reduce risk through diversification and the ownership of undervalued companies, which may be less volatile than overpriced companies whose fundamentals do not support their valuations. The Adviser generally seeks companies that it believes are well-capitalized, globally diversified, and have the resources to weather negative business conditions successfully. Most stocks in the Value Fund’s portfolio fall into one of the Adviser’s seven strategic focus areas: healthcare, technology, financial services, communications/entertainment, consumer, consolidating industries (i.e., companies buying other companies in an industry), and industries that, in the past, have declined less than others during general market declines (i.e., defensive industries). The Adviser believes that stocks in these focus areas have the potential to produce superior long-term returns. In addition, the Adviser carefully diversifies the Value Fund’s holdings to ensure representation in most, if not all, major broad-based industry sectors defined by Standard & Poor’s Global Inc. (“S&P”). The Value Fund typically will sell a portfolio company if (1) a company’s stock price exceeds the Adviser’s target sell price and (2) the company demonstrates that it may be losing positive momentum as described above. The Value Fund also could sell a portfolio company earlier if the Adviser believes that the company’s stock price may not reach the Adviser’s target sell price due to a material event, such as major industry-wide change, a significant change in the company’s management or direction, the emergence of a better opportunity within the same industry, or if the company becomes involved in a merger or acquisition. Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in securities that the Adviser considers having “value” characteristics. An investment in the Value Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueSecuritiesRiskMember_z4kZMyyrJEt5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Value Securities Risk. Value stocks appear underpriced based on valuation measures, such as lower price-to-earnings and price-to-book ratios. Investments in value-oriented securities may expose the Value Fund to the risk of underperformance during periods when value stocks do not perform as well as other kinds of investments or market averages.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapRiskMember_zM0oVZXrVGD6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Large-Cap Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanySecuritiesRiskMember_zYvNOTTGBJzl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Company Securities Risk. When the Value Fund invests in other investment companies, including ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Value Fund will incur higher expenses, which may be duplicative. In addition, the Value Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the underlying funds). ETFs are subject to additional risks, such as the fact that the ETF’s shares may trade at a market price above or below their net asset value, or an active market may not develop. To the extent that the Value Fund invests in ETFs that invest in commodities, the Value Fund will be subject to the risk that the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of their trade will default).</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryFocusRiskMember_z9BwJVHviPBf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Industry Focus Risk. The value of securities in a particular industry (such as financial services, technology, or healthcare) may decline because of changing expectations for the performance of a specific industry. The Fund intends to hold many different individual securities to manage risks in a particular industry. However, the Fund focuses on healthcare, technology, financial services, communications/entertainment, consumer, consolidating, and defensive industries. As a consequence, the share price of the Fund may fluctuate in response to factors affecting a particular industry. It may fluctuate more widely than a fund that invests in a broader range of industries. The Fund may be more susceptible to any economic, political, or regulatory occurrence affecting the above industries.</td></tr></table> Performance. The bar chart below shows how the Value Fund’s investment results have varied yearly. The table below shows how the Value Fund’s average annual total returns compare to those of a broad-based securities market index. This information indicates the risks of investing in the Value Fund. Past performance of the Value Fund does not necessarily indicate how it will perform in the future. Updated performance information is available at no cost by calling (877) 244-6235. The bar chart below shows how the Value Fund’s investment results have varied yearly. Past performance of the Value Fund does not necessarily indicate how it will perform in the future. Year-by-Year Total Return (for periods ended December 31) <div id="xdx_A88_eoef--BarChartTableTextBlock_zlaD0mQCIyv7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zUFHuqrZi1n" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000141714Member_zUoHCPvbNJn2" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41C_20160101__20161231_zVL8XaD9C7F9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">7.46%</td></tr> <tr id="xdx_41F_20170101__20171231_zWFMULb43Jq5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">11.88%</td></tr> <tr id="xdx_410_20180101__20181231_zh1L6JJqW2Wl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-11.80%</td></tr> <tr id="xdx_419_20190101__20191231_z5Iq14a0cmHl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">32.45%</td></tr> <tr id="xdx_41F_20200101__20201231_z0Y8Patou4Oi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">13.83%</td></tr> <tr id="xdx_413_20210101__20211231_znpt2FzZ42ae" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">21.93%</td></tr> <tr id="xdx_413_20220101__20221231_zbubkUlW3xaa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-30.11%</td></tr> <tr id="xdx_411_20230101__20231231_ztFqHvmzebcj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">47.43%</td></tr> <tr id="xdx_412_20240101__20241231_z1cpwGxqDpsd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">21.38%</td></tr> <tr id="xdx_414_20250101__20251231_zdPv3ceZaYMi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">17.02%</td></tr> </table> <img alt="" src="ims001.jpg"/> 0.0746 0.1188 -0.1180 0.3245 0.1383 0.2193 -0.3011 0.4743 0.2138 0.1702 The Value Fund’s year-to-date return as of September 30, 2026 was 8.89%. During the periods shown in the bar chart, the highest return for a quarter was 16.67% during the quarter ended March 31, 2019 and the lowest return for a quarter was (26.04)% during the quarter ended June 30, 2022. year-to-date return 2026-09-30 0.0889 highest return for a quarter 0.1667 2019-03-31 lowest return for a quarter -0.2604 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zyGCXoEmu8w2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zSvDtAoqfYL9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">IMS Capital Value Fund</td> <td id="xdx_495_20250101__20251231_zq7gV1o0XmE1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; text-align: center">One Year</td> <td id="xdx_494_20210101__20251231_zVDGKJCtx1Tg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; padding-right: 5.4pt; text-align: center">Five Years</td> <td id="xdx_495_20160101__20251231_zyj6pmN8NAUj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; padding-right: 5.4pt; text-align: center">Ten Years</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141714Member_zUtIP0oDDsM2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">17.02%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">12.28%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">11.05%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141714Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCy7vSHISbQ1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">16.21%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">11.14%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">9.96%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141714Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVQjEEr3tw97" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">11.40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">9.81%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">8.99% </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zakY6Gtb9vb9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">14.81%</td></tr> </table> 0.1702 0.1228 0.1105 0.1621 0.1114 0.0996 0.1140 0.0981 0.0899 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1481 After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2025, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Current performance of the Value Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by calling (877) 244-6235 or accessed on the Adviser’s website at www.imsfunds.com. After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2025, and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). (877) 244-6235 www.imsfunds.com SUMMARY OF THE IMS STRATEGIC INCOME FUND Investment Objective. The investment objective of the IMS Strategic Income Fund (the “Income Fund”) is current income, and, secondarily, capital appreciation. 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 Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zBwqK0HbpLQf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zK9R94NislN3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt; width: 60%"> </td> <td id="xdx_490_20261028__20261028__oef--ClassAxis__custom--C000141715Member_zp00Od1HSOHb" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Institutional Class shares</td></tr> <tr id="xdx_408_eoef--RedemptionFeeOverRedemption_iN_dpin_zZNkw35TV0if" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Redemption Fees (as a % of amount redeemed, a redemption fee will be assessed on shares of the Fund that are held for 90 days or less)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.50%</td></tr> </table> -0.0050 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zUoZbxYEVV0e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zk0xI9oD03e2" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt; width: 60%"> </td> <td id="xdx_498_20261028__20261028__oef--ClassAxis__custom--C000141715Member_zTNfzm6Dk7tc" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Institutional Class shares</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zCUUY8evFBQ7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.26%</td></tr> <tr id="xdx_40B_eoef--Component1OtherExpensesOverAssets_dpn_zkiEhTaImFA4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.61%</td></tr> <tr id="xdx_40F_eoef--Component2OtherExpensesOverAssets_dpn_z0hOunqS23w8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Interest Expense</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.01%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zHwdXyCeGybj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Acquired Fund Fees and Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.02%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zeJqq3dU6ox5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.90%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJy8PzcrcHQg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Fee Waivers and/or Expense Reimbursement1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(0.92)%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zdZLKaeHdWG7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">1.98% </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Pinnacle Wealth Advisors, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Income Fund under which the Adviser has agreed to waive or reimburse expenses of the Income Fund, if necessary, in an amount that limits the Income Fund’s annual operating expenses (exclusive of interest, distribution fees under Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures that are capitalized following generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the fund’s business) to not more than 1.95% until and through at least October 31, 2027. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Income Fund within three years from the date of the waiver or reimbursement, provided that the repayment does not cause the Income Funds annual operating expenses to exceed the expense limitation that was in place at the time the expense was waived or reimbursed. At a meeting held on September 30, 2025, shareholders approved an expense limitation agreement with the Adviser that allows the Adviser to recoup amounts that IMS Capital Management, Inc., the Funds’ prior investment adviser, waived or reimbursed under its expense limitation agreement with the Funds. Before October 31, 2027, the agreement cannot be terminated without the approval of the Income Fund’s Board of Trustees.</td> </tr></table> 0.0126 0.0161 0.0001 0.0002 0.0290 -0.0092 0.0198 October 31, 2027 Example. This Example is intended to help you compare the cost of investing in the Income Fund with the cost of investing in other mutual funds. This expense example assumes that you invest $10,000 in the Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The expense example also assumes that your investment has a 5% return each year, the Income Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your cost would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1UCgn23E31a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zfh6iYk1nB08" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%">Period Invested</td> <td id="xdx_482_eoef--ExpenseExampleYear01_zryUsR6O5UUd" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_z4t6rQ5fqAZ" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zcHoekvip55j" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_z2wrMguEL9gl" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_413_20261028__20261028__oef--ClassAxis__custom--C000141715Member_z3e8opjYUF5d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Institutional Class</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$201</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$811</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$1,447</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$3,158</td></tr> </table> 201 811 1447 3158 Portfolio Turnover. The Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Income 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 Income Fund’s performance. During the most recent fiscal year, the Income Fund’s portfolio turnover rate was 519.01% of the average value of its portfolio. 5.1901 Principal Investment Strategy of the Fund. Under normal circumstances, the Income Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in dividend-paying or other income-producing securities. The Adviser has the flexibility to invest in a broad range of fixed income and equity securities that produce current income. The Adviser allocates the Income Fund’s assets among different types of securities based on its assessment of potential risks and returns, and the Adviser may change the weighting among securities as market conditions change, to obtain the most attractive combination of current income and, secondarily, capital appreciation. In pursuing its investment objectives, the Income Fund generally invests in corporate bonds, government bonds, dividend-paying common stocks, preferred and convertible stocks, income trusts (including business trusts, oil royalty trusts, and real estate investment trusts (“REITs”)), money market instruments, and cash equivalents. The Income Fund can invest in debt securities of any duration and maturity. The Income Fund considers investment-grade securities to be those rated BBB- or higher by S&P or Fitch Investors Service, Inc. (“Fitch”), or Baa3 or higher by Moody’s Investor Services, Inc. (“Moody’s”), or if unrated, determined by the Adviser to be of comparable quality, each at the time of purchase. The Income Fund may invest up to 100% (measured at the time of purchase) of its assets in domestic investment-grade fixed-income securities of any duration and maturity. The Income Fund may also invest up to 45% (measured at the time of purchase) of its assets in domestic high-yield fixed-income securities (“junk bonds”) of any duration and maturity. At times, the Income Fund’s position in illiquid securities may comprise a significant portion of the portfolio, up to the maximum 15% permitted by law. If market quotations for illiquid securities are not readily available or are deemed unreliable by the Adviser, the security will be fair valued by the Adviser according to the Fund’s and the Adviser’s valuation policies. There is no assurance that the Income Fund will receive a fair valuation upon the sale of a security. The Income Fund may invest up to 35% (measured at the time of purchase) of its assets in foreign equity and debt securities that pay dividends or interest, including foreign debt securities and foreign sovereign debt of any duration, quality, and maturity, as well as securities of issuers located in emerging markets. Subject to the limitations described above, the Income Fund may pursue its investment objective directly or indirectly through investments in other investment companies (including exchange-traded funds (“ETFs”), mutual funds, and closed-end funds) that invest in the securities described above. The Income Fund typically will sell a portfolio security if (1) the security price exceeds the Adviser’s target sell price; (2) market conditions or the issuer’s financial condition threaten the security’s price or coupon/dividend payment; (3) the Adviser identifies a security it deems more attractive or better suited to achieving the Fund’s investment objective; or (4) the security recently paid a dividend. As a result of the Adviser’s overall strategy, the Income Fund engages in active trading of portfolio securities, resulting in a high portfolio turnover rate. Under normal circumstances, the Income Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in dividend-paying or other income-producing securities. An investment in the Income Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoY2oUgSiSF"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fixed-Income Securities Risk. The value of the Income Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of most income-producing instruments decreases to adjust the price to market yields. Interest rate risk is greater for long-term debt than short-term and floating-rate securities. An issuer of a security may become unable to meet its obligations. This risk is greater for securities that are rated below investment grade or that are unrated.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zWoSHfbxoaob"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">High-Yield Securities Risk. The Income Fund may be subject to greater price volatility due to investing in high-yield fixed-income securities and unrated securities of similar credit quality (commonly known as “junk bonds”). The issuers of such bonds have a lower ability to make principal and interest payments, and are thus more likely to default. If this occurs, or is perceived as likely to occur, the values of these securities will generally be more volatile and are likely to fall. A default or expected default could also make it difficult for the Income Fund to sell the securities at the value it previously placed on them. An economic downturn, a period of rising interest rates or increased price volatility could adversely affect the market for these securities, and reduce the number of buyers should the Income Fund need to sell these securities (liquidity risk). Should an issuer declare bankruptcy, the Income Fund could also lose its entire investment. When the Income Fund invests in foreign high-yield bonds (including sovereign debt), it will be subject to additional risks not typically associated with investing in U.S. securities. These risks are described below under “Foreign securities risk.”</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z559y7osTY9k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Credit Risk. An issuer of debt securities may not make timely payments of principal and interest.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zohGeRog8vbd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign Securities Risk. The Income Fund may invest in securities of foreign issuers, including issuers located in emerging markets. Foreign investments involve risks not typically associated with investments in U.S. issuers. Foreign markets may be less liquid, more volatile, and subject to less government supervision and regulation than U.S. markets. Foreign issuers are generally not subject to accounting, auditing, and financial reporting standards comparable to those applicable to U.S. issuers, and less public information about them may be available. Foreign investments may be adversely affected by political, social, or economic instability, diplomatic developments, expropriation or nationalization, confiscatory taxation, currency controls, and restrictions on the repatriation of income or capital. Interest and dividends paid by foreign issuers may be subject to foreign withholding taxes, which reduce the amount available for distribution to shareholders. To the extent the Income Fund holds securities denominated in a foreign currency, a decline in the value of that currency against the U.S. dollar will reduce the U.S. dollar value of those holdings. The Income Fund does not currently intend to hedge its foreign currency exposure.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendStrategyRiskMember_zxss3WeyKX6i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dividend Strategy Risk. There can be no assurances that the Adviser can correctly anticipate the level of dividends that companies will pay in any given timeframe. If the Adviser’s expectations as to potential dividends are wrong, the Income Fund’s performance may be adversely affected. The strategy will also expose the Income Fund to increased trading costs and potential short-term capital losses or gains.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendTaxRiskMember_ztmk5kXSspb4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dividend Tax Risk. There can be no assurances that the dividends received by the Income Fund from its investments will consist of tax-advantaged qualifying dividends eligible for either the dividends-received deduction for corporate Income Fund shareholders that are otherwise eligible for such deduction or treatment as qualified dividends eligible for long-term capital gain rates in respect of non-corporate Income Fund shareholders. Furthermore, there is no guarantee that dividends received by the Income Fund will continue to receive favorable tax treatment in future years.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zkdK7ceNwpqa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Portfolio Turnover Risk. Through active trading, the Income Fund may have a high portfolio turnover rate, which can mean greater distributions taxable to shareholders as ordinary income for federal income tax purposes and lower performance due to increased brokerage costs.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zvM0ssaUH7I4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Preferred Stock Risk. Preferred stocks rated in the lowest investment grade categories have speculative characteristics. Preferred stock generally is subject to risks associated with fixed income securities, including credit risk and sensitivity to interest rates. Changes in economic conditions or other circumstances that harm the issuer may lead to a weakened capacity to pay the preferred stock obligations. Under certain conditions, preferred stock issuers may skip or defer dividend payments for long periods. As with common stock, preferred stock is subordinated to bonds and other debt instruments in any issuer’s capital structure in terms of priority to corporate income and liquidation payments, and therefore is subject to greater credit risk than those debt instruments.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zeGmcIJTd8Rk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">REIT Risk. To the extent that the Income Fund invests in companies that invest in REITs, the Income Fund may be subject to risk associated with the real estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate market, and with direct ownership of real estate, such as real estate values, overbuilding, environmental liabilities and increases in operating costs, interest rates, and property taxes.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanySecuritiesRiskMember_zAbWyADToE78"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Company Securities Risk. When the Income Fund invests in other investment companies, including ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Income Fund will incur higher expenses, which may be duplicative. In addition, the Income Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the underlying funds). ETFs are subject to additional risks, such as the fact that the ETF’s shares may trade at a market price above or below their net asset value, or an active market may not develop. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including derivative transactions and short-selling techniques. To the extent that the Income Fund invests in ETFs that invest in commodities, it will be subject to the risk that the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of their trade will default).</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeTrustRiskMember_zlfK6eWemeei"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Income Trust Risk. Investments in income trusts are subject to various risks related to the underlying operating companies controlled by such trusts, including dependence upon specialized management skills and the risk that such management may lack or have limited operating histories. When the Income Fund invests in oil royalty trusts, its return on the investment will be highly dependent on oil and gas prices, which can be highly volatile. Moreover, oil royalty trusts are subject to the risk that the underlying oil and gas reserves attributable to the royalty trust may be depleted. As a group, business trusts typically invest in a broad range of industries. Therefore, the related risks will vary depending on the underlying industry in the business trust’s portfolio.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z3IdyJ6pyeA8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Liquidity Risk. Some securities may be illiquid and have few market makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a security at all or at a price that represents current or fair market value.</td> </tr></table> Performance. The bar chart below shows how the Income Fund’s investment results have varied yearly. The table below shows how the Income Fund’s average annual total returns compare to those of a broad-based securities market index. This information indicates the risks of investing in the Income Fund. Past performance of the Income Fund does not necessarily indicate how it will perform in the future. Updated performance information is available at no cost by calling (877) 244-6235. The bar chart below shows how the Income Fund’s investment results have varied yearly. Past performance of the Income Fund does not necessarily indicate how it will perform in the future. Year-by-Year Total Return (for periods ended December 31) <div id="xdx_A84_eoef--BarChartTableTextBlock_zuvePgHnsJia"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zJSoXsFdK91c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000141715Member_z6in2NFgztzd" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41C_20160101__20161231_zE6LyELw9e0g" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">-2.24%</td></tr> <tr id="xdx_41F_20170101__20171231_zWpQa5lKOeUa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">-5.38%</td></tr> <tr id="xdx_419_20180101__20181231_zdwZeQ03tt7f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-9.31%</td></tr> <tr id="xdx_419_20190101__20191231_z5MIluZyourc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">15.96%</td></tr> <tr id="xdx_41F_20200101__20201231_zcdg0IYTFzB9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">4.01%</td></tr> <tr id="xdx_413_20210101__20211231_zDxonIDBW7xa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">11.83%</td></tr> <tr id="xdx_413_20220101__20221231_zeR21SYgaqJa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.92%</td></tr> <tr id="xdx_411_20230101__20231231_zcpMboj9L66f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">11.25%</td></tr> <tr id="xdx_412_20240101__20241231_zK2IXX3KXDNe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">0.42%</td></tr> <tr id="xdx_415_20250101__20251231_zKZsn4Knov0h" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">8.82%</td></tr> </table> <img alt="" src="ims002.jpg"/> -0.0224 -0.0538 -0.0931 0.1596 0.0401 0.1183 -0.1692 0.1125 0.0042 0.0882 The Income Fund’s year-to-date return as of September 30, 2026 was (1.66)%. During the periods shown in the bar chart, the highest return for a quarter was 12.40% during the quarter ended March 31, 2019 and the lowest return for a quarter was (16.47)% during the quarter ended March 31, 2020. year-to-date return 2026-09-30 -0.0166 highest return for a quarter 0.1240 2019-03-31 lowest return for a quarter -0.1647 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A82_eoef--PerformanceTableTextBlock_z4HKoP8OFvqg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zbxyRnWZdmu7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">IMS Strategic Income Fund</td> <td id="xdx_499_20250101__20251231_znfPmEffJErg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; text-align: center">One Year</td> <td id="xdx_499_20210101__20251231_zs3HnI3DZqKi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; padding-right: 5.4pt; text-align: center">Five Years</td> <td id="xdx_491_20160101__20251231_zb1V9d2GEf0k" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; padding-right: 5.4pt; text-align: center">Ten Years</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141715Member_zBwac44Tgedh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">8.82%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">2.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">1.34%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141715Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zouYo9FjfPx7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">5.67%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">(0.16)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: center">(1.25)%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000141715Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zaX6MWElzQQf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">5.48% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">0.72%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">(0.20)%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zmhVYmwQZx38" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">(0.36)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">2.01% </td></tr> </table> 0.0882 0.0247 0.0134 0.0567 -0.0016 -0.0125 0.0548 0.0072 -0.0020 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 After-tax returns are calculated using the highest individual federal income tax rates in effect as of December 31, 2025, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Income Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Current performance of the Income Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by calling (877) 244-6235 or accessed on the Adviser’s website at www.imsfunds.com. After-tax returns are calculated using the highest individual federal income tax rates in effect as of December 31, 2025, and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Income Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. (877) 244-6235 www.imsfunds.com Pinnacle Wealth Advisors, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Income Fund under which the Adviser has agreed to waive or reimburse expenses of the Income Fund, if necessary, in an amount that limits the Income Fund’s annual operating expenses (exclusive of interest, distribution fees under Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, other expenditures that are capitalized following generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the fund’s business) to not more than 1.95% until and through at least October 31, 2027. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Income Fund within three years from the date of the waiver or reimbursement, provided that the repayment does not cause the Income Funds annual operating expenses to exceed the expense limitation that was in place at the time the expense was waived or reimbursed. At a meeting held on September 30, 2025, shareholders approved an expense limitation agreement with the Adviser that allows the Adviser to recoup amounts that IMS Capital Management, Inc., the Funds’ prior investment adviser, waived or reimbursed under its expense limitation agreement with the Funds. Before October 31, 2027, the agreement cannot be terminated without the approval of the Income Fund’s Board of Trustees.