# EDGAR Filing Document

**Accession Number:** 0001281790
**File Stem:** 0001162044-25-000956
**Filing Date:** 2025-9
**Character Count:** 282717
**Document Hash:** f7033a2720a5a5f11bf329e9360256af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000956.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001162044-25-000956

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANK FUNDS
- **CENTRAL INDEX KEY:** 0001281790

**ORGANIZATION NAME:**
- **EIN:** 200766084
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21532
- **FILM NUMBER:** 251300080

**BUSINESS ADDRESS:**
- **STREET 1:** 781 CRANDON BOULEVARD
- **STREET 2:** UNIT 202
- **CITY:** KEY BISCAYNE
- **STATE:** FL
- **ZIP:** 33149
- **BUSINESS PHONE:** 9738877698

**MAIL ADDRESS:**
- **STREET 1:** 781 CRANDON BOULEVARD
- **STREET 2:** UNIT 202
- **CITY:** KEY BISCAYNE
- **STATE:** FL
- **ZIP:** 33149

## Series and Classes Contracts Data

### Frank Value Fund (Series ID: S000004757)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000012947 | INVESTOR CLASS      | FRNKX           |
| C000093501 | CLASS C             | FNKCX           |
| C000093502 | INSTITUTIONAL CLASS | FNKIX           |

### Camelot Event Driven Fund (Series ID: S000061828)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000200195 | Class A Shares             |  |
| C000200196 | Institutional Class Shares |  |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-21532</u>

<u>FRANK FUNDS</u>

(Exact Name of Registrant as Specified in Charter)

781 Crandon Blvd. Unit 602

<u>Key Biscayne, FL 33149</u>

(Address of Principal Executive Offices) (Zip Code)

Brian J. Frank, Frank Capital Partners LLC

781 Crandon Blvd. Unit 602

<u>Key Biscayne, FL 33149</u>

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

312 Walnut Street, 14th Floor, Cincinnati, Ohio 45202

Registrant's Telephone Number, including Area Code: <u>973-887-7698</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

FRANK VALUE FUND – INVESTOR CLASS

***FRNKX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Frank Value Fund – Investor Class – FRNKX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at https://frankfunds.com. You can also request this information by contacting us at 1-888-217-5426.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Frank Value Fund – Investor Class | &nbsp;&nbsp;$154 | &nbsp;&nbsp;1.37% |

---

\*Annualized

**<u>Management Discussion of Fund Performance</u>**

The Frank Value Fund Investor Class returned 24.56% in the year ended June 30, 2025, compared to 11.53% for its benchmark, the Russell Midcap Value Index.

Strategy

Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction strategy investing in 20 to 30 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings.

Techniques

The advisor's security selection approach demanding low-valuation, high-quality, and unlocking catalysts also boosted returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.

NRG Energy

The advisor initiated a position in NRG in July of 2023 at an average price of $37. The market valued the company at $8 billion. Management committed to a $2.7 billion stock repurchase for 2024 and 2025, roughly 11% of shares outstanding per year, in addition to paying a 4% dividend. As of June 30, 2025, NRG trades at $160.58, returning over 330% before dividends for the Frank Value Fund. The advisor has trimmed NRG but currently maintains a core position.

Garrett Motion

The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Management authorized a share repurchase for $350 million, or 17% of shares outstanding. Since February 2024, the company's share count has declined from 242 million shares to 205 million, with additional repurchases authorized in 2025. As of June 30, 2025, Garrett Motion traded at $10.51, returning about 30% before dividends for the Frank Value Fund. The advisor is maintaining its position in Garrett Motion currently.

We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Five**<br> **Year** | &nbsp;&nbsp; **Ten**<br> **Year** |
| Frank Value Fund – Investor Class | &nbsp;&nbsp;24.56% | &nbsp;&nbsp;11.52% | &nbsp;&nbsp;6.25% |
| Russell Mid Cap Value Index | &nbsp;&nbsp;11.53% | &nbsp;&nbsp;13.71% | &nbsp;&nbsp;8.39% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_002.jpg)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

**<u>FUND STATISTICS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$25774710 | &nbsp;&nbsp;22 | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;$202764 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_001.gif)

Sectors are based on Morningstar® classifications.

Portfolio composition subject to change.

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;10.05% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Nintendo Co. Ltd. ADR | &nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cantaloupe, Inc. | &nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;5.17% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | &nbsp;&nbsp;4.74% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;58.24% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Frank Value Fund at 1-888-217-5426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.com or contact us at 1-888-217-5426.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

FRANK VALUE FUND - CLASS C

***FNKCX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Frank Value Fund - Class C – FNKCX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at https://frankfunds.com. You can also request this information by contacting us at 1-888-217-5426.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Frank Value Fund – Class C | &nbsp;&nbsp;$237 | &nbsp;&nbsp;2.12% |

---

\*Annualized

**<u>Management Discussion of Fund Performance</u>**

The Frank Value Fund Class C returned 23.65% in the year ended June 30, 2025, compared to 11.53% for its benchmark, the Russell Midcap Value Index.

Strategy

Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction strategy investing in 20 to 30 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings.

Techniques

The advisor's security selection approach demanding low-valuation, high-quality, and unlocking catalysts also boosted returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.

NRG Energy

The advisor initiated a position in NRG in July of 2023 at an average price of $37. The market valued the company at $8 billion. Management committed to a $2.7 billion stock repurchase for 2024 and 2025, roughly 11% of shares outstanding per year, in addition to paying a 4% dividend. As of June 30, 2025, NRG trades at $160.58, returning over 330% before dividends for the Frank Value Fund. The advisor has trimmed NRG but currently maintains a core position.

Garrett Motion

The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Management authorized a share repurchase for $350 million, or 17% of shares outstanding. Since February 2024, the company's share count has declined from 242 million shares to 205 million, with additional repurchases authorized in 2025. As of June 30, 2025, Garrett Motion traded at $10.51, returning about 30% before dividends for the Frank Value Fund. The advisor is maintaining its position in Garrett Motion currently.

We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Five**<br> **Year** | &nbsp;&nbsp; **Ten**<br> **Year** |
| Frank Value Fund – Class C | &nbsp;&nbsp;23.65% | &nbsp;&nbsp;10.70% | &nbsp;&nbsp;5.46% |
| Russell Mid Cap Value Index | &nbsp;&nbsp;11.53% | &nbsp;&nbsp;13.71% | &nbsp;&nbsp;8.39% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_004.jpg)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

**<u>FUND STATISTICS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$25774710 | &nbsp;&nbsp;22 | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;$202764 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_001.gif)

Sectors are based on Morningstar® classifications.

Portfolio composition subject to change.

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;10.05% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Nintendo Co. Ltd. ADR | &nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cantaloupe, Inc. | &nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;5.17% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | &nbsp;&nbsp;4.74% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;58.24% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Frank Value Fund at 1-888-217-5426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.com or contact us at 1-888-217-5426.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

FRANK VALUE FUND – INSTITUTIONAL CLASS

***FNKIX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Frank Value Fund – Institutional Class – FNKIX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at https://frankfunds.com. You can also request this information by contacting us at 1-888-217-5426.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Frank Value Fund – Institutional Class | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.12% |

---

\*Annualized

**<u>Management Discussion of Fund Performance</u>**

The Frank Value Fund Institutional Class returned 24.91% in the year ended June 30, 2025, compared to 11.53% for its benchmark, the Russell Midcap Value Index.

Strategy

Frank Capital Partners, LLC, the advisor to the Frank Value Fund, employs a high-conviction strategy investing in 20 to 30 US-listed s/mid cap value equities. The strategy favors catalysts such as material share repurchases or debt reduction to unlock value. With an unconstrained, benchmark agnostic strategy, the manager maintains flexibility with the ability to invest outside of indices and freedom in sector weightings.

Techniques

The advisor's security selection approach demanding low-valuation, high-quality, and unlocking catalysts also boosted returns. The information below provides detailed descriptions of catalyst-driven allocations employed during the year.

NRG Energy

The advisor initiated a position in NRG in July of 2023 at an average price of $37. The market valued the company at $8 billion. Management committed to a $2.7 billion stock repurchase for 2024 and 2025, roughly 11% of shares outstanding per year, in addition to paying a 4% dividend. As of June 30, 2025, NRG trades at $160.58, returning over 330% before dividends for the Frank Value Fund. The advisor has trimmed NRG but currently maintains a core position.

Garrett Motion

The advisor initiated a position in Garrett Motion in February 2024 at an initial price of $9. The market valued the company at $2.1 billion while free cash flow production was $400 million. Management authorized a share repurchase for $350 million, or 17% of shares outstanding. Since February 2024, the company's share count has declined from 242 million shares to 205 million, with additional repurchases authorized in 2025. As of June 30, 2025, Garrett Motion traded at $10.51, returning about 30% before dividends for the Frank Value Fund. The advisor is maintaining its position in Garrett Motion currently.

We sincerely thank you for being a shareholder of the Frank Value Fund and look forward to working for you in the future.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Five**<br> **Year** | &nbsp;&nbsp; **Ten**<br> **Year** |
| Frank Value Fund – Institutional Class | &nbsp;&nbsp;24.91% | &nbsp;&nbsp;11.81% | &nbsp;&nbsp;6.52% |
| Russell Mid Cap Value Index | &nbsp;&nbsp;11.53% | &nbsp;&nbsp;13.71% | &nbsp;&nbsp;8.39% |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

**<u>FUND STATISTICS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$25774710 | &nbsp;&nbsp;22 | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;$202764 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_001.gif)

Sectors are based on Morningstar® classifications.

Portfolio composition subject to change.

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;10.05% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Nintendo Co. Ltd. ADR | &nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cantaloupe, Inc. | &nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;5.17% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | &nbsp;&nbsp;4.74% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;58.24% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Frank Value Fund at 1-888-217-5426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.com or contact us at 1-888-217-5426.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

CAMELOT EVENT-DRIVEN FUND – CLASS A

***EVDAX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Camelot Event-Driven Fund – Class A – EVDAX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at http://cameloteventdrivenfund.com. You can also request this information by contacting us at 1-866-706-9790.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Camelot Event-Drive Fund – Class A | &nbsp;&nbsp;$210 | &nbsp;&nbsp;2.00% |

---

\*Annualized

**<u>Management Discussion of Fund Performance</u>**

The Camelot Event-Driven Fund Class A returned 9.93% for the fiscal year ended June 30, 2025, compared to 5.39% for the HFRX Event-Driven Index.

The Fund maintained a cautious positioning throughout the year, employing hedges in its activist and special situations substrategy while also holding treasury securities, whose yield compared favorably with the opportunities available in merger arbitrage but without the downside associated with deal risk.

**Strategy**

The fund continued to maintain its largest allocations to activist investments and special situations throughout the year. Activist activity was strong throughout the period.

Merger arbitrage remains a relatively small allocation compared to allocations in the past. The risk/return profile of this strategy still has not reached a level where larger allocations would be warranted. In fact, Treasury yields continue to trade at levels where government bonds are an attractive substitute for a merger arbitrage allocation. The fund has also exercised appraisal rights in a number of its portfolio holdings.

Similarly, distressed opportunities remain a small albeit increasing fraction of the portfolio. The maintains its small allocation to the distressed bonds of Chinese real estate developers, who, in the opinion of the team, are experiencing a liquidity crunch rather than a solvency crisis and provide unusually asymmetric risk/return profiles. Some of the bonds have undergone restructurings.

I thank all of our investors for your continued support and investment and wish you a prosperous year.

Camelot Event-Driven Fund Portfolio Manager

Thomas Kirchner

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Five**<br> **Year** | &nbsp;&nbsp; **Ten**<br> **Year** |
| Camelot Event Driven Fund - Class A (with load) | &nbsp;&nbsp;3.90% | &nbsp;&nbsp;12.10% | &nbsp;&nbsp;7.60% |
| Camelot Event Driven Fund - Class A (without load) | &nbsp;&nbsp;9.93% | &nbsp;&nbsp;13.38% | &nbsp;&nbsp;8.21% |
| HFRX Event-Driven Index | &nbsp;&nbsp;5.39% | &nbsp;&nbsp;2.64% | &nbsp;&nbsp;0.38% |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-706-9790.

**<u>FUND STATISTICS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISORY FEES |
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PAID BY FUND |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$94922772 | &nbsp;&nbsp;281 | &nbsp;&nbsp;76.80% | &nbsp;&nbsp;$1124271 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.

![](image_005.gif)

Categorizations above are made using Morningstar® classifications.

Portfolio composition is subject to change.

Excludes written options.

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;5.74% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;5.35% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Goldman Sachs Tr Financial Square Government Fund – Institutional Class | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;4.78% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;US Treasury Note, 4.50%, 11/15/2033 | &nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;TreeHouse Foods, Inc. | &nbsp;&nbsp;3.31% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;45.20% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Camelot Event-Drive Fund at 1-866-706-9790, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit http://cameloteventdrivenfund.comor contact us at 1-866-706-9790.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

CAMELOT EVENT-DRIVEN FUND – INSTITUTIONAL CLASS

***EVDIX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Camelot Event-Drive Fund – Institutional Class – EVDIX (the "Fund) for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at http://cameloteventdrivenfund.com. You can also request this information by contacting us at 1-866-706-9790.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Camelot Event-Drive Fund – Institutional Class | &nbsp;&nbsp;$184 | &nbsp;&nbsp;1.75% |

---

\*Annualized

**<u>Management Discussion of Fund Performance</u>**

The Camelot Event-Driven Fund Institutional Class returned 10.18% for the fiscal year ended June 30, 2025, compared to 5.39% for the HFRX Event-Driven Index.

The Fund maintained a cautious positioning throughout the year, employing hedges in its activist and special situations substrategy while also holding treasury securities, whose yield compared favorably with the opportunities available in merger arbitrage but without the downside associated with deal risk.

**Strategy**

The fund continued to maintain its largest allocations to activist investments and special situations throughout the year. Activist activity was strong throughout the period.

Merger arbitrage remains a relatively small allocation compared to allocations in the past. The risk/return profile of this strategy still has not reached a level where larger allocations would be warranted. In fact, Treasury yields continue to trade at levels where government bonds are an attractive substitute for a merger arbitrage allocation. The fund has also exercised appraisal rights in a number of its portfolio holdings.

Similarly, distressed opportunities remain a small albeit increasing fraction of the portfolio. The maintains its small allocation to the distressed bonds of Chinese real estate developers, who, in the opinion of the team, are experiencing a liquidity crunch rather than a solvency crisis and provide unusually asymmetric risk/return profiles. Some of the bonds have undergone restructurings.

I thank all of our investors for your continued support and investment and wish you a prosperous year.

Camelot Event-Driven Fund Portfolio Manager

Thomas Kirchner

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Five**<br> **Year** | &nbsp;&nbsp; **Ten**<br> **Year** |
| Camelot Event Driven Fund - Institutional Class | &nbsp;&nbsp;10.18% | &nbsp;&nbsp;13.70% | &nbsp;&nbsp;8.51% |
| HFRX Event-Driven Index | &nbsp;&nbsp;5.39% | &nbsp;&nbsp;2.64% | &nbsp;&nbsp;0.38% |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-706-9790.

**<u>FUND STATISTICS</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISORY FEES |
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PAID BY FUND |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$94922772 | &nbsp;&nbsp;281 | &nbsp;&nbsp;76.80% | &nbsp;&nbsp;$1124271 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.

![](image_005.gif)

Categorizations above are made using Morningstar® classifications.

Portfolio composition is subject to change.

Excludes written options.

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;5.74% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;5.35% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Goldman Sachs Tr Financial Square Government Fund – Institutional Class | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;4.78% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;US Treasury Note, 4.50%, 11/15/2033 | &nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;TreeHouse Foods, Inc. | &nbsp;&nbsp;3.31% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;45.20% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Camelot Event-Drive Fund at 1-866-706-9790, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit http://cameloteventdrivenfund.comor contact us at 1-866-706-9790.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert. This is because the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

(a) **<u>Audit Fees</u>**

FY 2025 $33,000

FY 2024 $45,500

(b) **<u>Audit-Related Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $0 $0

FY 2024 $0 $0

(c) **<u>Tax Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $5,400 $0

FY 2024 $8,100 $0

Nature of the fees: Preparation of tax returns

(d) **<u>All Other Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $0 $0

FY 2024 $0 $0

(e) (1) **<u>Audit Committee's Pre-Approval Policies</u>**

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) **<u>Percentages of Services Approved by the Audit Committee</u>**

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u> <u>Adviser</u>

FY 2025 $5,400 $0

FY 2024 $8,100 $0

(h) &nbsp;&nbsp;&nbsp;&nbsp; Not Applicable. The auditor performed no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – Schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

FRANK FUNDS

**FRANK VALUE FUND**

Investor Class – FRNKX

Class C – FNKCX

Institutional Class – FNKIX

**CAMELOT EVENT DRIVEN FUND**

Class A - EVDAX

Institutional Class - EVDIX

**ANNUAL FINANCIAL STATEMENTS**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Value Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 95.29%** | &nbsp;&nbsp;**COMMON STOCKS - 95.29%** |  |
| &nbsp;&nbsp;**Bottled & Canned Soft Drinks & Carbonated Waters - 1.97%** | &nbsp;&nbsp;**Bottled & Canned Soft Drinks & Carbonated Waters - 1.97%** |  |
| &nbsp;&nbsp;10928 | &nbsp;&nbsp;Celsius Holdings, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 506950 |
| &nbsp;&nbsp;**Calculating & Accounting Machines (No Electronic Computers) - 5.27%** | &nbsp;&nbsp;**Calculating & Accounting Machines (No Electronic Computers) - 5.27%** |  |
| &nbsp;&nbsp;123493 | &nbsp;&nbsp;Cantaloupe, Inc. \* | &nbsp;&nbsp;1357188 |
| &nbsp;&nbsp;**Canned, Fruits, Veg, Preserves, Jams & Jellies - 4.82%** | &nbsp;&nbsp;**Canned, Fruits, Veg, Preserves, Jams & Jellies - 4.82%** |  |
| &nbsp;&nbsp;12653 | &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;1242525 |
| &nbsp;&nbsp;**Electric Services - 15.57%** | &nbsp;&nbsp;**Electric Services - 15.57%** |  |
| &nbsp;&nbsp;16139 | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;2591601 |
| &nbsp;&nbsp;7341 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;1422759 |
|  |  | &nbsp;&nbsp;4014360 |
| &nbsp;&nbsp;**Functions Related To Depository Banking - 4.44%** | &nbsp;&nbsp;**Functions Related To Depository Banking - 4.44%** |  |
| &nbsp;&nbsp;11295 | &nbsp;&nbsp;Euronet Worldwide, Inc. \* | &nbsp;&nbsp;1145087 |
| &nbsp;&nbsp;**Hotels, Rooming Houses, Camps & Other Lodging Places - 4.53%** | &nbsp;&nbsp;**Hotels, Rooming Houses, Camps & Other Lodging Places - 4.53%** |  |
| &nbsp;&nbsp;50526 | &nbsp;&nbsp;Civeo Corp. | &nbsp;&nbsp;1166645 |
| &nbsp;&nbsp;**Malt Beverages - 3.02%** | &nbsp;&nbsp;**Malt Beverages - 3.02%** |  |
| &nbsp;&nbsp;16191 | &nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;778625 |
| &nbsp;&nbsp;**Motor Vehicle Parts& Accessories - 4.74%** | &nbsp;&nbsp;**Motor Vehicle Parts& Accessories - 4.74%** |  |
| &nbsp;&nbsp;116348 | &nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | &nbsp;&nbsp;1222817 |
| &nbsp;&nbsp;**Retail-Eating & Drinking Places - 5.03%** | &nbsp;&nbsp;**Retail-Eating & Drinking Places - 5.03%** |  |
| &nbsp;&nbsp;14145 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;1296106 |
| &nbsp;&nbsp;**Services-Business Services - 7.49%** | &nbsp;&nbsp;**Services-Business Services - 7.49%** |  |
| &nbsp;&nbsp;8414 | &nbsp;&nbsp;Ebay, Inc. | &nbsp;&nbsp;626506 |
| &nbsp;&nbsp;17539 | &nbsp;&nbsp;PayPal Holdings, Inc. \* | &nbsp;&nbsp;1303499 |
|  |  | &nbsp;&nbsp;1930005 |
| &nbsp;&nbsp;**Services-Motion Picture & Video Tape Production - 4.64%** | &nbsp;&nbsp;**Services-Motion Picture & Video Tape Production - 4.64%** |  |
| &nbsp;&nbsp;74373 | &nbsp;&nbsp;Starz Entertainment Corp. \* | &nbsp;&nbsp;1195174 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Services-Prepackaged Software - 4.33%** | &nbsp;&nbsp;**Services-Prepackaged Software - 4.33%** |  |
| &nbsp;&nbsp;59023 | &nbsp;&nbsp;Opera Ltd. ADR | &nbsp;&nbsp;1115535 |
| &nbsp;&nbsp;**Sugar & Confectionery Products - 5.17%** | &nbsp;&nbsp;**Sugar & Confectionery Products - 5.17%** |  |
| &nbsp;&nbsp;8030 | &nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1332579 |
| &nbsp;&nbsp;**Television Broadcasting Stations - 7.60%** | &nbsp;&nbsp;**Television Broadcasting Stations - 7.60%** |  |
| &nbsp;&nbsp;6966 | &nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;1204770 |
| &nbsp;&nbsp;44977 | &nbsp;&nbsp;Tegna, Inc. | &nbsp;&nbsp;753815 |
|  |  | &nbsp;&nbsp;1958585 |
| &nbsp;&nbsp;**Transportation Services - 5.09%** | &nbsp;&nbsp;**Transportation Services - 5.09%** |  |
| &nbsp;&nbsp;7778 | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;1311993 |
| &nbsp;&nbsp;**Video Game Equipment - 7.49%** | &nbsp;&nbsp;**Video Game Equipment - 7.49%** |  |
| &nbsp;&nbsp;80410 | &nbsp;&nbsp;Nintendo Co. Ltd. ADR | &nbsp;&nbsp;1931448 |
| &nbsp;&nbsp;**Wholesale-Groceries, General Line - 4.09%** | &nbsp;&nbsp;**Wholesale-Groceries, General Line - 4.09%** |  |
| &nbsp;&nbsp;45171 | &nbsp;&nbsp;United Natural Foods, Inc. \* | &nbsp;&nbsp;1052936 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $18,938,552) - 95.29% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $18,938,552) - 95.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24558558 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.51%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 3.51%** |  |
| &nbsp;&nbsp;27818 | &nbsp;&nbsp;Net Lease Office Properties \* | &nbsp;&nbsp;905476 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $693,828) - 3.51% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $693,828) - 3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905476 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 0.54%** | &nbsp;&nbsp;**MONEY MARKET FUND - 0.54%** |  |
| &nbsp;&nbsp;139594 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio 4.12% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139594 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $139,594) - 0.54% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $139,594) - 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139594 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $19,771,974) \*\*\* - 99.34%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $19,771,974) \*\*\* - 99.34%** | &nbsp;&nbsp;25603628 |
| &nbsp;&nbsp;**ASSETS IN EXCESS OF LIABILITIES, NET - 0.66%** | &nbsp;&nbsp;**ASSETS IN EXCESS OF LIABILITIES, NET - 0.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171082 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$25774710 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;\*\*\* Refer to Note 12 for tax cost. | &nbsp;&nbsp;\*\*\* Refer to Note 12 for tax cost. |  |
| &nbsp;&nbsp;ADR - American Depositary Receipt. | &nbsp;&nbsp;ADR - American Depositary Receipt. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Camelot Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 70.34%** | &nbsp;&nbsp;**COMMON STOCKS - 70.34%** |  |
| &nbsp;&nbsp;**Air Transportation, Scheduled - 1.20%** | &nbsp;&nbsp;**Air Transportation, Scheduled - 1.20%** |  |
| &nbsp;&nbsp;35000 | &nbsp;&nbsp;Southwest Airlines Co (a) (b) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1135400 |
| &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 0.74%** | &nbsp;&nbsp;**Aircraft Engines & Engine Parts - 0.74%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Honeywell International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698640 |
| &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.00%** | &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.00%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;PS International Group Ltd. (Hong Kong) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;**Automotive - 0.00%** | &nbsp;&nbsp;**Automotive - 0.00%** |  |
| &nbsp;&nbsp;5926 | &nbsp;&nbsp;Exide Technologies ^ † \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;101663 | &nbsp;&nbsp;Flyht Aerospace Solutions Ltd. (Canada) ^ † \* | &nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;**Bakery Products - 0.43%** | &nbsp;&nbsp;**Bakery Products - 0.43%** |  |
| &nbsp;&nbsp;479411 | &nbsp;&nbsp;Bab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405917 |
| &nbsp;&nbsp;**Biotech & Pharma - 0.00%** | &nbsp;&nbsp;**Biotech & Pharma - 0.00%** |  |
| &nbsp;&nbsp;167850 | &nbsp;&nbsp;Inyx, Inc. ● \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 6.19%** | &nbsp;&nbsp;**Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 6.19%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;J.M. Smucker Co. (a) | &nbsp;&nbsp;392800 |
| &nbsp;&nbsp;45000 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. (a) | &nbsp;&nbsp;2333250 |
| &nbsp;&nbsp;162000 | &nbsp;&nbsp;TreeHouse Foods, Inc. (a) \* | &nbsp;&nbsp;3146040 |
|  |  | &nbsp;&nbsp;5872090 |
| &nbsp;&nbsp;**Communication Services - 0.10%** | &nbsp;&nbsp;**Communication Services - 0.10%** |  |
| &nbsp;&nbsp;4675 | &nbsp;&nbsp;Intelsat Emergence SA (Luxembourg) ● \* | &nbsp;&nbsp;98175 |
| &nbsp;&nbsp;**Construction & Engineering - 0.12%** | &nbsp;&nbsp;**Construction & Engineering - 0.12%** |  |
| &nbsp;&nbsp;25935 | &nbsp;&nbsp;WeBuild SpA ADR | &nbsp;&nbsp;109910 |
| &nbsp;&nbsp;**Crude Pretoleum & Natural Gas - 6.05%** | &nbsp;&nbsp;**Crude Pretoleum & Natural Gas - 6.05%** |  |
| &nbsp;&nbsp;23000 | &nbsp;&nbsp;Devon Energy Corp. (b) | &nbsp;&nbsp;731630 |
| &nbsp;&nbsp;10500 | &nbsp;&nbsp;Diamondback Energy, Inc. (a) | &nbsp;&nbsp;1442700 |
| &nbsp;&nbsp;85000 | &nbsp;&nbsp;Occidental Petroleum Corp. (a) (b) | &nbsp;&nbsp;3570850 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;5745180 |
| &nbsp;&nbsp;**Drilling Oil & Gas Wells - 0.00%** | &nbsp;&nbsp;**Drilling Oil & Gas Wells - 0.00%** |  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Seadrill Ltd. (Bermuda) \* | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;**Electric Housewares & Fans - 0.15%** | &nbsp;&nbsp;**Electric Housewares & Fans - 0.15%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Helen of Troy Ltd. (Bermuda) (a) (b) \* | &nbsp;&nbsp;141900 |
| &nbsp;&nbsp;**Farm Machinery & Equipment - 0.00%** | &nbsp;&nbsp;**Farm Machinery & Equipment - 0.00%** |  |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;Nature's Miracle Holding, Inc. \* | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Financial Services - 0.63%** | &nbsp;&nbsp;**Financial Services - 0.63%** |  |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Sino-Ocean Group Holdings Ltd. (China) \* | &nbsp;&nbsp;22421 |
| &nbsp;&nbsp;15000 | &nbsp;&nbsp;SBI Holdings, Inc. (Japan) | &nbsp;&nbsp;523623 |
| &nbsp;&nbsp;300000 | &nbsp;&nbsp;Sunac China Holdings Ltd. (China) \* | &nbsp;&nbsp;54650 |
|  |  | &nbsp;&nbsp;600694 |
| &nbsp;&nbsp;**Footwear, (No Rubber) - 2.19%** | &nbsp;&nbsp;**Footwear, (No Rubber) - 2.19%** |  |
| &nbsp;&nbsp;33000 | &nbsp;&nbsp;Skechers USA, Inc. \* | &nbsp;&nbsp;2082300 |
| &nbsp;&nbsp;**Gaming, Lodging & Restaurants - 0.09%** | &nbsp;&nbsp;**Gaming, Lodging & Restaurants - 0.09%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Guoco Group Ltd. (Bermuda) | &nbsp;&nbsp;90065 |
| &nbsp;&nbsp;**Gold and Silver Ores - 13.20%** | &nbsp;&nbsp;**Gold and Silver Ores - 13.20%** |  |
| &nbsp;&nbsp;17500 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. (Canada) (a) (b) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2081275 |
| &nbsp;&nbsp;630200 | &nbsp;&nbsp;B2Gold Corp. (Canada) | &nbsp;&nbsp;2275022 |
| &nbsp;&nbsp;55000 | &nbsp;&nbsp;Barrick Mining Corp. (Canada) (a) (b) | &nbsp;&nbsp;1145100 |
| &nbsp;&nbsp;72000 | &nbsp;&nbsp;Newmont Corp. (a) (b) | &nbsp;&nbsp;4194720 |
| &nbsp;&nbsp;195000 | &nbsp;&nbsp;Seabridge Gold, Inc. (Canada) (a) \* | &nbsp;&nbsp;2831400 |
|  |  | &nbsp;&nbsp;12527517 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 5.44%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 5.44%** |  |
| &nbsp;&nbsp;9000 | &nbsp;&nbsp;Humana, Inc. (a) (b) | &nbsp;&nbsp;2200320 |
| &nbsp;&nbsp;9500 | &nbsp;&nbsp;UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;2963715 |
|  |  | &nbsp;&nbsp;5164035 |
| &nbsp;&nbsp;**Industrial Inorganic Chemicals - 1.19%** | &nbsp;&nbsp;**Industrial Inorganic Chemicals - 1.19%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Air Products & Chemicals, Inc. (a) (b) | &nbsp;&nbsp;1128240 |
| &nbsp;&nbsp;**Industrial Products - 0.08%** | &nbsp;&nbsp;**Industrial Products - 0.08%** |  |
| &nbsp;&nbsp;3200 | &nbsp;&nbsp;Gates Industrial Corp. PLC \* | &nbsp;&nbsp;73696 |
| &nbsp;&nbsp;**Industrial Services - 0.04%** | &nbsp;&nbsp;**Industrial Services - 0.04%** |  |
| &nbsp;&nbsp;1022580 | &nbsp;&nbsp;Astaldi SpA SPF (Italy) † ● \* | &nbsp;&nbsp;40903 |
| &nbsp;&nbsp;**Internet Content & Information - 0.22%** | &nbsp;&nbsp;**Internet Content & Information - 0.22%** |  |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Scout24 SE ADR | &nbsp;&nbsp;207180 |
| &nbsp;&nbsp;**Investment Companies - 0.26%** | &nbsp;&nbsp;**Investment Companies - 0.26%** |  |
| &nbsp;&nbsp;15000 | &nbsp;&nbsp;A SPAC II Acquisition Corp. (Hong Kong) ● \* | &nbsp;&nbsp;172350 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Ares Acquisition Corp. II Class A \* | &nbsp;&nbsp;35402 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;3600 | &nbsp;&nbsp;Nabors Energy Transition Corp II \* | &nbsp;&nbsp;40716 |
|  |  | &nbsp;&nbsp;248468 |
| &nbsp;&nbsp;**Media - 0.78%** | &nbsp;&nbsp;**Media - 0.78%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Apogee 21 Holdings, Inc. \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;11249 | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;13161 |
| &nbsp;&nbsp;65388 | &nbsp;&nbsp;Prosus N.V. ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727768 |
|  |  | &nbsp;&nbsp;740929 |
| &nbsp;&nbsp;**Metals & Mining - 0.00%** | &nbsp;&nbsp;**Metals & Mining - 0.00%** |  |
| &nbsp;&nbsp;109444 | &nbsp;&nbsp;Sacre-Coeur Minerals Ltd. (Canada) ^ † \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Oil, Gas & Coal - 4.83%** | &nbsp;&nbsp;**Oil, Gas & Coal - 4.83%** |  |
| &nbsp;&nbsp;32000 | &nbsp;&nbsp;Chevron Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4582080 |
| &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.67%** | &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.67%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Colgate-Palmolive Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636300 |
| &nbsp;&nbsp;**Petroleum Refining - 8.04%** | &nbsp;&nbsp;**Petroleum Refining - 8.04%** |  |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;BP PLC ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748250 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Marathon Petroleum Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664440 |
| &nbsp;&nbsp;38000 | &nbsp;&nbsp;Phillips 66 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4533400 |
| &nbsp;&nbsp;45000 | &nbsp;&nbsp;Suncor Energy, Inc. (Canada) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1685250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7631340 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 6.14%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 6.14%** |  |
| &nbsp;&nbsp;92456 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (a) (b) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5082306 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Blueprint Medicines Corp. \* | &nbsp;&nbsp;512720 |
| &nbsp;&nbsp;30000 | &nbsp;&nbsp;Emisphere Technologies, Inc. Δ ● \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829326 |
| &nbsp;&nbsp;**Plastics Products - 0.75%** | &nbsp;&nbsp;**Plastics Products - 0.75%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Covestro AG (Germany) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713700 |
| &nbsp;&nbsp;**Radio & TV Broadcasting & Communications Equipment - 0.72%** | &nbsp;&nbsp;**Radio & TV Broadcasting & Communications Equipment - 0.72%** |  |
| &nbsp;&nbsp;15000 | &nbsp;&nbsp;BlackSky Technology, Inc. Class A (a) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308700 |
| &nbsp;&nbsp;70000 | &nbsp;&nbsp;KVH Industries, Inc. (b) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681800 |
| &nbsp;&nbsp;**Radio Broadcasting Stations - 0.15%** | &nbsp;&nbsp;**Radio Broadcasting Stations - 0.15%** |  |
| &nbsp;&nbsp;4610 | &nbsp;&nbsp;iHeartMedia, Inc. Class A \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8114 |
| &nbsp;&nbsp;5862 | &nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142764 |
| &nbsp;&nbsp;**Real Estate - 0.04%** | &nbsp;&nbsp;**Real Estate - 0.04%** |  |
| &nbsp;&nbsp;20000 | &nbsp;&nbsp;Greentown China Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24077 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;Ronshine China Holdings Ltd. (China) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Times China Holdings Ltd. (China) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40281 |
| &nbsp;&nbsp;**Retail - 1.04%** | &nbsp;&nbsp;**Retail - 1.04%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Dollar Tree, Inc. (a) (b) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990400 |
| &nbsp;&nbsp;**Retail - Department Stores - 0.00%** | &nbsp;&nbsp;**Retail - Department Stores - 0.00%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;791 | &nbsp;&nbsp;NWA SEN † \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;**Retail - Eatting & Drinking Places - 3.86%** | &nbsp;&nbsp;**Retail - Eatting & Drinking Places - 3.86%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Starbucks Corp. (a) (b) | &nbsp;&nbsp;3665200 |
| &nbsp;&nbsp;**Services-Business Services - 0.59%** | &nbsp;&nbsp;**Services-Business Services - 0.59%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Akamai Technologies, Inc. (a) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558320 |
| &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 0.41%** | &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 0.41%** |  |
| &nbsp;&nbsp;29000 | &nbsp;&nbsp;Sohu.com Ltd. ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385990 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 1.01%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 1.01%** |  |
| &nbsp;&nbsp;31000 | &nbsp;&nbsp;Match Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957590 |
| &nbsp;&nbsp;**Services-Educational Services - 0.06%** | &nbsp;&nbsp;**Services-Educational Services - 0.06%** |  |
| &nbsp;&nbsp;59708 | &nbsp;&nbsp;TCTM Kids IT Education, Inc. (China) \* | &nbsp;&nbsp;60371 |
| &nbsp;&nbsp;**Services-Employment Agencies - 0.07%** | &nbsp;&nbsp;**Services-Employment Agencies - 0.07%** |  |
| &nbsp;&nbsp;15400 | &nbsp;&nbsp;51job, Inc. ADR ● Δ \* | &nbsp;&nbsp;71148 |
| &nbsp;&nbsp;**Services-General Medical & Surgical Hospitals - 0.52%** | &nbsp;&nbsp;**Services-General Medical & Surgical Hospitals - 0.52%** |  |
| &nbsp;&nbsp;22000 | &nbsp;&nbsp;Surgery Partners, Inc. (a) \* | &nbsp;&nbsp;489060 |
| &nbsp;&nbsp;**Services-Miscellaneous Amusement & Recreation - 0.88%** | &nbsp;&nbsp;**Services-Miscellaneous Amusement & Recreation - 0.88%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Madison Square Garden Sports Corp. Class A (a) \* | &nbsp;&nbsp;835800 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 0.81%** | &nbsp;&nbsp;**Services-Prepackaged Software - 0.81%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;AvidXchange Holdings, Inc. \* | &nbsp;&nbsp;489500 |
| &nbsp;&nbsp;12000 | &nbsp;&nbsp;Rapid7, Inc. (a) \* | &nbsp;&nbsp;277560 |
|  |  | &nbsp;&nbsp;767060 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.00%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.00%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;DIH Holding US, Inc. Class A \* | &nbsp;&nbsp;735 |
| &nbsp;&nbsp;**Telecommunications - 0.02%** | &nbsp;&nbsp;**Telecommunications - 0.02%** |  |
| &nbsp;&nbsp;44529 | &nbsp;&nbsp;NII Holdings, Inc. ^ Δ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22264 |
| &nbsp;&nbsp;**Waste & Environmental Services & Equipment - 0.00%** | &nbsp;&nbsp;**Waste & Environmental Services & Equipment - 0.00%** |  |
| &nbsp;&nbsp;43000 | &nbsp;&nbsp;Strategic Environmental & Energy Resources, Inc. ^ † # \* | &nbsp;&nbsp;890 |
| &nbsp;&nbsp;**Wholesale-Misc Durable Goods - 0.63%** | &nbsp;&nbsp;**Wholesale-Misc Durable Goods - 0.63%** |  |
| &nbsp;&nbsp;20000 | &nbsp;&nbsp;Radius Recycling, Inc. Class A | &nbsp;&nbsp;593800 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $68,355,241) - 70.34% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $68,355,241) - 70.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66767714 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 8.25%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 8.25%** |  |
| &nbsp;&nbsp;53000 | &nbsp;&nbsp;Crown Castle, Inc. (a) (b) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;5444690 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Equinix, Inc. (a) | &nbsp;&nbsp;2386410 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $7,048,091) - 8.25% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $7,048,091) - 8.25% | &nbsp;&nbsp;7831100 |
| &nbsp;&nbsp;**ESCROW SHARES - 0.00%** | &nbsp;&nbsp;**ESCROW SHARES - 0.00%** |  |
| &nbsp;&nbsp;1777 | &nbsp;&nbsp;Exide Technologies ^ † \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;33000 | &nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;TOTAL FOR ESCROW SHARES (Cost $1,687) - 0.00% | &nbsp;&nbsp;TOTAL FOR ESCROW SHARES (Cost $1,687) - 0.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**ASSET-BACKED SECURITIES - 0.08%** | &nbsp;&nbsp;**ASSET-BACKED SECURITIES - 0.08%** |  |
| &nbsp;&nbsp;2466 | &nbsp;&nbsp;AFC Home Equity Loan Trust Series 2000-02 Class 1A, 5.23% (1 Month SOFR USD + 0.90448%), 6/25/2030 \*\* ● | &nbsp;&nbsp;2350 |
| &nbsp;&nbsp;60179 | &nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 Class M3, 3.96% (1 Month SOFR USD + 0.81948%), 2/25/2035 \*\* ● | &nbsp;&nbsp;56134 |
| &nbsp;&nbsp;416212 | &nbsp;&nbsp;Countrywide Asset-Backed Certificates Series 2007-11 Class 2M2, 3.93% (1 Month SOFR USD + 0.43448%), 6/25/2047 \*\* ● | &nbsp;&nbsp;15208 |
| &nbsp;&nbsp;TOTAL FOR ASSET-BACKED SECURITIES (Cost $101,044) - 0.08% | &nbsp;&nbsp;TOTAL FOR ASSET-BACKED SECURITIES (Cost $101,044) - 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73692 |
| &nbsp;&nbsp;**CONTINGENT VALUE RIGHTS - 0.00%** | &nbsp;&nbsp;**CONTINGENT VALUE RIGHTS - 0.00%** |  |
| &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 0.00%** | &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 0.00%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;TOYO Co., Ltd. (Cayman Islands) \* | &nbsp;&nbsp;3700 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 0.00%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 0.00%** |  |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;OptiNose, Inc. \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;60000 | &nbsp;&nbsp;Regulus Therapeutics, Inc. \* | &nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Radio & TV Broadcasting & Communications Equipment - 0.00%** | &nbsp;&nbsp;**Radio & TV Broadcasting & Communications Equipment - 0.00%** |  |
| &nbsp;&nbsp;145009 | &nbsp;&nbsp;KVH Industries, Inc. \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;TOTAL FOR CONTINGENT VALUE RIGHTS (Cost $0) - 0.00% | &nbsp;&nbsp;TOTAL FOR CONTINGENT VALUE RIGHTS (Cost $0) - 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 |
| &nbsp;&nbsp;**CONVERTIBLE BONDS - 0.02%** | &nbsp;&nbsp;**CONVERTIBLE BONDS - 0.02%** |  |
| &nbsp;&nbsp;**Radio Telephone Communications - 0.00%** | &nbsp;&nbsp;**Radio Telephone Communications - 0.00%** |  |
| &nbsp;&nbsp;88196 | &nbsp;&nbsp;Digicel Group 0.5 Ltd. Private Placement Series 144A Conv. (Bermuda) 7.00% Perpetual # ● | &nbsp;&nbsp;4674 |
| &nbsp;&nbsp;**Real Estate - 0.02%** | &nbsp;&nbsp;**Real Estate - 0.02%** |  |
| &nbsp;&nbsp;2001128 | &nbsp;&nbsp;Sino-Ocean Group Holdings Ltd. Series MCB (China) 0.00%, due 3/27/2027 ● | &nbsp;&nbsp;15441 |
| &nbsp;&nbsp;TOTAL FOR CONVERTIBLE BONDS (Cost $49,521) - 0.02% | &nbsp;&nbsp;TOTAL FOR CONVERTIBLE BONDS (Cost $49,521) - 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20115 |
| &nbsp;&nbsp;**CORPORATE BONDS - 1.71%** | &nbsp;&nbsp;**CORPORATE BONDS - 1.71%** |  |
| &nbsp;&nbsp;**Automotive - 0.00%** | &nbsp;&nbsp;**Automotive - 0.00%** |  |
| &nbsp;&nbsp;546810 | &nbsp;&nbsp;Exide Technologies 11.00%, 4/30/2022 + † ^ # | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Financial Services - 0.70%** | &nbsp;&nbsp;**Financial Services - 0.70%** |  |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;CIFI Holdings Group Co. Ltd. 6.55%, 03/28/2024 (China) + ● | &nbsp;&nbsp;94500 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Hejun Shunzie Investment, 11.00%, 6/4/2022 + ● | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Hellas Telecommunication Luxembourg II SCA Series 144a (United Kingdom) 6.054%, (3 Month LIBOR USD + 5.75%) 1/15/2015 + ^ # † | &nbsp;&nbsp;6250 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series LEHN 5.50%, 02/27/2020 + ● | &nbsp;&nbsp;40 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;130000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series MTNG 0.00% (1 Month CPI YOY + 2.25%), 07/08/2014 \*\* + ● | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;4400000 | &nbsp;&nbsp;Red Sun Properties Group 7.30%, 01/13/2025 + ● | &nbsp;&nbsp;55000 |
| &nbsp;&nbsp;4295256 | &nbsp;&nbsp;Sunac China Holdings Ltd. Series REGS 7.25%, 09/30/2030 (China) ● | &nbsp;&nbsp;506153 |
|  |  | &nbsp;&nbsp;662045 |
| &nbsp;&nbsp;**Oil, Gas & Coal - 0.05%** | &nbsp;&nbsp;**Oil, Gas & Coal - 0.05%** |  |
| &nbsp;&nbsp;51830 | &nbsp;&nbsp;Paratus Energy Services Ltd. Series 144A (United Kingdom) 9.000%, 07/15/2026 ● | &nbsp;&nbsp;51597 |
| &nbsp;&nbsp;**Radio Telephone Communications - 0.01%** | &nbsp;&nbsp;**Radio Telephone Communications - 0.01%** |  |
| &nbsp;&nbsp;28351 | &nbsp;&nbsp;Digicel Group 0.5 Ltd. Private Placement Series 144A (Bermuda) 8.0%, 04/01/2025 + # ● | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212 |
| &nbsp;&nbsp;**Retail-Grocery Stores - 0.00%** | &nbsp;&nbsp;**Retail-Grocery Stores - 0.00%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Winn Dixie Stores, Inc. 8.875%, 4/01/2008 ● | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Real Estate - 0.75%** | &nbsp;&nbsp;**Real Estate - 0.75%** |  |
| &nbsp;&nbsp;239850 | &nbsp;&nbsp;CFLD Cayman Investment Series REgS (China) 2.50%, 01/31/2031 ● | &nbsp;&nbsp;4797 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Jingrui Holdings Ltd. (China) 12.75%, 09/09/2023 + ● | &nbsp;&nbsp;12500 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Kaisa Group Holdings Ltd. (China) 9.375%, 6/30/2024 + ● | &nbsp;&nbsp;127500 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;KWG Group Holdings Ltd. (China) 7.40%, 01/13/2027 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Redco Properties Group Ltd. (China) 11.00%, 08/06/2023 + ● | &nbsp;&nbsp;15000 |
| &nbsp;&nbsp;1200001 | &nbsp;&nbsp;RongChangDa Development (Bvi) Ltd. (China) 3.00%, 03/29/2028 ● \* | &nbsp;&nbsp;22245 |
| &nbsp;&nbsp;249999 | &nbsp;&nbsp;RongChangDa Development (Bvi) Ltd. (China) 3.00%, 03/29/2028 + ● \* | &nbsp;&nbsp;4375 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Ronshine China Holdings Ltd. (China) 8.75%, 10/25/2022 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Ronshine China Holdings Ltd. (China) 7.35%, 12/15/2023 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 |
| &nbsp;&nbsp;1808000 | &nbsp;&nbsp;Shimao Group Holdings Ltd. ADR 5.20%, 01/30/2025 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115350 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Shimao Group Holdings Ltd. ADR 5.20%, 01/16/2027 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75045 |
| &nbsp;&nbsp;585000 | &nbsp;&nbsp;Sino-Ocean Group Holdings Ltd. Series 144A (China) 3.00%, 3/27/2033 ● | &nbsp;&nbsp;98865 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Times China Holdings Ltd. (China) 5.75%, 01/14/2027 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;505000 | &nbsp;&nbsp;Yuzhou Group Holdings Co. Ltd. (China) 5.375% (H15T5Y + 8.527%), Perpetual +● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13888 |
| &nbsp;&nbsp;6000000 | &nbsp;&nbsp;Zhenro Properties Group 14.724% (H15T3Y + 13.414%), Perpetual +● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Zhenro Properties Group 6.63%, 01/07/2026 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717940 |
| &nbsp;&nbsp;**Sovereign - 0.20%** | &nbsp;&nbsp;**Sovereign - 0.20%** |  |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Lebanese Republic Series GMTN (Lebanon) 6.15%, 6/19/2020 + ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188587 |
| &nbsp;&nbsp;**Venture Capital - 0.00%** | &nbsp;&nbsp;**Venture Capital - 0.00%** |  |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;Infinity Capital Group 7.00%, 12/31/2049 + ^ † # | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $2,741,419) - 1.71% | &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $2,741,419) - 1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625381 |
| &nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES - 0.01%** | &nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES - 0.01%** |  |
| &nbsp;&nbsp;63674 | &nbsp;&nbsp;GNR Government National Mortgage Series 2019-108 Class NI, 4.00%, 8/20/2049 ~ ● | &nbsp;&nbsp;10308 |
| &nbsp;&nbsp;13156 | &nbsp;&nbsp;GSR Mortgage Loan Trust Series 2005-5F Class B2, 5.75%, 6/25/2035 ~ ● | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;TOTAL FOR MORTGAGE-BACKED SECURITIES (Cost $13,926) - 0.01% | &nbsp;&nbsp;TOTAL FOR MORTGAGE-BACKED SECURITIES (Cost $13,926) - 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10308 |
| &nbsp;&nbsp;**MUNICIPAL BONDS - 0.16%** | &nbsp;&nbsp;**MUNICIPAL BONDS - 0.16%** |  |
| &nbsp;&nbsp;**Puerto Rico - 0.16%** | &nbsp;&nbsp;**Puerto Rico - 0.16%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;17074 | &nbsp;&nbsp;Puerto Rico Commonwealth Restructured Series A1 4.00%, 7/01/2037 ● | &nbsp;&nbsp;16267 |
| &nbsp;&nbsp;24036 | &nbsp;&nbsp;Puerto Rico Commonwealth Restructured Series A1 5.625%, 7/01/2029 ● | &nbsp;&nbsp;25353 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series CCC 4.25%, 7/01/2021 + ● | &nbsp;&nbsp;5462 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series CCC 4.25%, 7/01/2023 + ● | &nbsp;&nbsp;5463 |
| &nbsp;&nbsp;75000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series DDD 3.50%, 7/01/2020 + ● | &nbsp;&nbsp;40969 |
| &nbsp;&nbsp;30000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series DDD 3.625%, 7/01/2021 + ● | &nbsp;&nbsp;16388 |
| &nbsp;&nbsp;55000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series TT 5.00%, 7/01/2020 + ● | &nbsp;&nbsp;30044 |
| &nbsp;&nbsp;15000 | &nbsp;&nbsp;Puerto Rico Electric Power Authority Series WW 5.50%, 7/01/2019 + ● | &nbsp;&nbsp;8194 |
|  |  | &nbsp;&nbsp;148140 |
| &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $187,670) - 0.16% | &nbsp;&nbsp;TOTAL FOR MUNICIPAL BONDS (Cost $187,670) - 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148140 |
| &nbsp;&nbsp;**PREFERRED STOCKS - 3.58%** | &nbsp;&nbsp;**PREFERRED STOCKS - 3.58%** |  |
| &nbsp;&nbsp;**Government Agencies - 3.57%** | &nbsp;&nbsp;**Government Agencies - 3.57%** |  |
| &nbsp;&nbsp;19000 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series B, 0.00%, (3 Month LIBOR USD + 0.1377%), Perpetual ∞ \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 338580 |
| &nbsp;&nbsp;4500 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series F 5.00%, Perpetual ∞ \* | &nbsp;&nbsp;84375 |
| &nbsp;&nbsp;55000 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series H 5.10%, Perpetual ∞ \* | &nbsp;&nbsp;1039500 |
| &nbsp;&nbsp;10600 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series M 0.00%, (2 Year CMT + 0.10%) Perpetual \*\* ∞ \* | &nbsp;&nbsp;193450 |
| &nbsp;&nbsp;42879 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series Q 0.00%, (2 Year CMT + 0.20%) Perpetual \*\* ∞ \* | &nbsp;&nbsp;765604 |
| &nbsp;&nbsp;25000 | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. Series S 0.00%, (3 Month LIBOR USD + 0.50%) Perpetual \*\* ∞ \* | &nbsp;&nbsp;457250 |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;Federal National Mortgage Corp. Series H 5.81%, Perpetual ∞ \* | &nbsp;&nbsp;121110 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Federal National Mortgage Corp. Series I 5.375%, Perpetual ∞ \* | &nbsp;&nbsp;14987 |
| &nbsp;&nbsp;4440 | &nbsp;&nbsp;Federal National Mortgage Corp. Series M 4.75%, Perpetual ∞ \* | &nbsp;&nbsp;94350 |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;Federal National Mortgage Corp. Series N 5.50%, Perpetual ∞ \* | &nbsp;&nbsp;7696 |
| &nbsp;&nbsp;20000 | &nbsp;&nbsp;Federal National Mortgage Corp. Series T 8.25%, Perpetual ∞ \* | &nbsp;&nbsp;274800 |
|  |  | &nbsp;&nbsp;3391702 |
| &nbsp;&nbsp;**Real Estate - 0.01%** | &nbsp;&nbsp;**Real Estate - 0.01%** |  |
| &nbsp;&nbsp;722 | &nbsp;&nbsp;Brookfield Property Partners LP, 6.25%, 7/26/2081 (Bermuda) | &nbsp;&nbsp;10751 |
| &nbsp;&nbsp;TOTAL FOR PREFERRED STOCKS (Cost $1,291,235) - 3.58% | &nbsp;&nbsp;TOTAL FOR PREFERRED STOCKS (Cost $1,291,235) - 3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3402453 |
| &nbsp;&nbsp;**STRUCTURED NOTES - 0.08%** | &nbsp;&nbsp;**STRUCTURED NOTES - 0.08%** |  |
| &nbsp;&nbsp;**Financial Services - 0.00%** | &nbsp;&nbsp;**Financial Services - 0.00%** |  |
| &nbsp;&nbsp;200000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series MTN 8.75%, 2/14/2023 + \*\*● | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;110000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series MTN1 0.00%, (1 Month CPI YOY + 2.25%) 2/17/2015 + \*\*● | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series MTNG 7.00%, 1/28/2020 + \*\*● | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;Lehman Brothers Holdings, Inc. Series MTNH, 8.25%, 9/23/2020 + \*\*● | &nbsp;&nbsp;40 |
|  |  | &nbsp;&nbsp;204 |
| &nbsp;&nbsp;**Real Estate - 0.08%** | &nbsp;&nbsp;**Real Estate - 0.08%** |  |
| &nbsp;&nbsp;857626 | &nbsp;&nbsp;Sino-Ocean Group Holdings Ltd. Series 144A (China) 1.00%, Perpetual ● | &nbsp;&nbsp;77366 |
| &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $27,300) - 0.08% | &nbsp;&nbsp;TOTAL FOR STRUCTURED NOTES (Cost $27,300) - 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77570 |
| &nbsp;&nbsp;**UNITED STATES TREASURY NOTE BONDS - 8.28%** | &nbsp;&nbsp;**UNITED STATES TREASURY NOTE BONDS - 8.28%** |  |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;U.S. Treasury Note, 2.75%, 08/15/2032 ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1845078 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;U.S. Treasury Note, 3.375%, 05/15/2033 ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1906562 |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;U.S. Treasury Note, 4.50%, 11/15/2033 ● | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4109219 |
| &nbsp;&nbsp;TOTAL FOR UNITED STATES TREASURY NOTE BONDS (Cost $7,828,540) - 8.28% | &nbsp;&nbsp;TOTAL FOR UNITED STATES TREASURY NOTE BONDS (Cost $7,828,540) - 8.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7860859 |
| &nbsp;&nbsp;**WARRANTS - 0.02% (c)** | &nbsp;&nbsp;**WARRANTS - 0.02% (c)** |  |
| &nbsp;&nbsp;**Communication Services - 0.00%** | &nbsp;&nbsp;**Communication Services - 0.00%** |  |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Intelsat Emergence SA, 2/17/2027 @ $60.15 (Notional Value $126) (Luxembourg) \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Farm Machinery & Equipment - 0.00%** | &nbsp;&nbsp;**Farm Machinery & Equipment - 0.00%** |  |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Nature's Miracle Holding, Inc., 03/12/2029 @ $345.00 (Notional Value $163) \* | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;**Investment Companies - 0.00%** | &nbsp;&nbsp;**Investment Companies - 0.00%** |  |
| &nbsp;&nbsp;3500 | &nbsp;&nbsp;Investcorp Europe Acquisition Corp. I Class A, 11/23/2028 @ $11.50 (Notional Value $43,750) (Cayman Islands) \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Miscellaneous Electrical Machinery, Equipment & Supplies - 0.00%** | &nbsp;&nbsp;**Miscellaneous Electrical Machinery, Equipment & Supplies - 0.00%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Captivision, Inc., 11/16/2028 @ $11.50 (Notional Value $2,280) (Korea) \* | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 0.00%** | &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 0.00%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;TOYO Co. Ltd., 01/10/2029 @ $11.50 (Notional Value $18,500) (Cayman Islands) \* | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;**Services-Automotive Repair, Services & Parking - 0.00%** | &nbsp;&nbsp;**Services-Automotive Repair, Services & Parking - 0.00%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;SunCar Technology Group, Inc. Class A, 05/18/2028 @ $11.50 (Notional Value $765) (China) \* | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 0.02%** | &nbsp;&nbsp;**Services-Prepackaged Software - 0.02%** |  |
| &nbsp;&nbsp;6500 | &nbsp;&nbsp;Airship AI Holdings, Inc. 12/31/2028 @ $4.50 (Notional Value $16,575) \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935 |
| &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.00%** | &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.00%** |  |
| &nbsp;&nbsp;2066 | &nbsp;&nbsp;Brand Engagement Network, Inc., 03/14/2029 @ $11.50 (Notional Value $909) \* | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;**Services-Computer Programming Services - 0.00%** | &nbsp;&nbsp;**Services-Computer Programming Services - 0.00%** |  |
| &nbsp;&nbsp;375 | &nbsp;&nbsp;Semantix, Inc. Class A, 08/04/2027 @ $11.50 (Notional Value $0) (Brazil) \* | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.00%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.00%** |  |
| &nbsp;&nbsp;30000 | &nbsp;&nbsp;DIH Holding US, Inc., 02/07/2028 @$11.50 (Notional Value $7,350) \* | &nbsp;&nbsp;570 |
| &nbsp;&nbsp;TOTAL FOR WARRANTS (Cost $0) - 0.02% | &nbsp;&nbsp;TOTAL FOR WARRANTS (Cost $0) - 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14145 |
| &nbsp;&nbsp;INVESTMENTS IN PURCHASED OPTIONS, AT VALUE (Premiums Paid $5,991,463) - 5.61% | &nbsp;&nbsp;INVESTMENTS IN PURCHASED OPTIONS, AT VALUE (Premiums Paid $5,991,463) - 5.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323190 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 4.82%** | &nbsp;&nbsp;**MONEY MARKET FUND - 4.82%** |  |
| &nbsp;&nbsp;4573226 | &nbsp;&nbsp;Goldman Sachs Tr Financial Square Government Fund - Institutional Class 4.17% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573226 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $4,573,226) - 4.82% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $4,573,226) - 4.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573226 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $98,210,363) \*\*\* - 102.96%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $98,210,363) \*\*\* - 102.96%** | &nbsp;&nbsp;97731593 |
| &nbsp;&nbsp;**INVESTMENTS IN WRITTEN OPTIONS, AT VALUE (Premiums Received $8,781,794) - (9.18)%** | &nbsp;&nbsp;**INVESTMENTS IN WRITTEN OPTIONS, AT VALUE (Premiums Received $8,781,794) - (9.18)%** | &nbsp;&nbsp; (8715970) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ASSETS IN EXCESS OF LIABILITIES, NET - 6.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5907149 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$94922772 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;\*\*\* Refer to Note 12 for tax cost. |  |
| &nbsp;&nbsp;ADR - American Depositary Receipt. |  |
| &nbsp;&nbsp;SpA - "Società per Azioni," which is an Italian term for a public limited company |  |
| &nbsp;&nbsp;(a) Subject to written option contracts. |  |
| &nbsp;&nbsp;(b) All or a portion of this security is held as collateral for written options. Total value of collateral for written options is $41,958,201 representing 44.20% of net assets. |  |
| &nbsp;&nbsp;(c) The notional amount is calculated by multiplying outstanding shares by the spot price at June 30, 2025. |  |
| &nbsp;&nbsp;+ Default Bonds |  |
| &nbsp;&nbsp;∞ Distressed Securities |  |
| &nbsp;&nbsp;● Level 2 Security |  |
| &nbsp;&nbsp;~ Variable Rate Security. The coupon is based on an underlying pool of loans. |  |
| &nbsp;&nbsp;^ Indicates a fair valued security. Total market value for fair valued securities is $29,404 representing 0.03% of net assets and Level 3 securities. |  |
| &nbsp;&nbsp;# Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended, is $17,026 representing 0.02% of net assets. |  |
| &nbsp;&nbsp;† Indicates an illiquid security. Total market value for illiquid securities is $48,043 representing 0.05% of net assets. |  |
| &nbsp;&nbsp;Δ Indicates a delisted security. Total market value for delisted securities is $327,712 representing 0.35% of net assets. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** |
| &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** | &nbsp;&nbsp;**Schedule of Purchased Options** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
| &nbsp;&nbsp;**CALL OPTIONS - 0.15% \*** |  |  |  |  |  |  |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;BP PLC (United Kingdom) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;250 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 36250 |
| &nbsp;&nbsp;Chevron Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;50 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;170 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;31500 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;190 | &nbsp;&nbsp;760000 | &nbsp;&nbsp;40 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;74100 |
| &nbsp;&nbsp;Total Call Options (Premiums Paid $189,720) - 0.15% | &nbsp;&nbsp;Total Call Options (Premiums Paid $189,720) - 0.15% |  |  |  |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;141850 |
| &nbsp;&nbsp;**PUT OPTIONS - 5.46% \*** |  |  |  |  |  |  |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;Agnico Eagle Mines Ltd. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;175 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2625 |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;15 | &nbsp;&nbsp;495000 | &nbsp;&nbsp;330 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;74700 |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;25 | &nbsp;&nbsp;825000 | &nbsp;&nbsp;330 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;128500 |
| &nbsp;&nbsp;Akamai Technologies, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;70 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;75 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;67900 |
| &nbsp;&nbsp;Barrick Mining Corp. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;400 | &nbsp;&nbsp;680000 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;17400 |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;40 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;65 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;45600 |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;290 | &nbsp;&nbsp;2030000 | &nbsp;&nbsp;70 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;445150 |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;320 | &nbsp;&nbsp;1920000 | &nbsp;&nbsp;60 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;336000 |
| &nbsp;&nbsp;BP PLC (United Kingdom) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;250 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;32 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;126000 |
| &nbsp;&nbsp;Chevron Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;50 | &nbsp;&nbsp;675000 | &nbsp;&nbsp;135 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;51625 |
| &nbsp;&nbsp;Chevron Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;190 | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;130 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;227050 |
| &nbsp;&nbsp;Colgate-Palmolive Co. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;70 | &nbsp;&nbsp;665000 | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;49700 |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;110 | &nbsp;&nbsp;935000 | &nbsp;&nbsp;85 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;71500 |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;110 | &nbsp;&nbsp;962500 | &nbsp;&nbsp;88 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;62700 |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;180 | &nbsp;&nbsp;1755000 | &nbsp;&nbsp;98 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;170100 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;150 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;35 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;101700 |
| &nbsp;&nbsp;Diamondback Energy, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;75 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;140 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;141000 |
| &nbsp;&nbsp;Dollar Tree, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;100 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;105 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;136500 |
| &nbsp;&nbsp;Equinix, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;10 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;700 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;56500 |
| &nbsp;&nbsp;Equinix, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;10 | &nbsp;&nbsp;740000 | &nbsp;&nbsp;740 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;70500 |
| &nbsp;&nbsp;Helen of Troy Ltd. (Bermuda) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;50 | &nbsp;&nbsp;275000 | &nbsp;&nbsp;55 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;135250 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;30 | &nbsp;&nbsp;630000 | &nbsp;&nbsp;210 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;18000 |
| &nbsp;&nbsp;Humana, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;40 | &nbsp;&nbsp;960000 | &nbsp;&nbsp;240 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;99800 |
| &nbsp;&nbsp;Humana, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;50 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;260 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;176500 |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;40 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 22000 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;450 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;50 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;245250 |
| &nbsp;&nbsp;Madiscon Square Garden Sports Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;40 | &nbsp;&nbsp;740000 | &nbsp;&nbsp;185 | &nbsp;&nbsp;8/15/2025 | &nbsp;&nbsp;12000 |
| &nbsp;&nbsp;Match Group, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;310 | &nbsp;&nbsp;930000 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;86335 |
| &nbsp;&nbsp;Newmont Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;300 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;9750 |
| &nbsp;&nbsp;Newmont Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;420 | &nbsp;&nbsp;1680000 | &nbsp;&nbsp;40 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;74550 |
| &nbsp;&nbsp;Occidental Petroleum Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;80 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;53 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;91000 |
| &nbsp;&nbsp;Occidental Petroleum Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;100 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;48 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;79250 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;310 | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;45 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;230950 |
| &nbsp;&nbsp;Occidental Petroleum Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;100 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;48 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;89750 |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;120 | &nbsp;&nbsp;1320000 | &nbsp;&nbsp;110 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;154800 |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;50 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;120 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;87000 |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;80 | &nbsp;&nbsp;1040000 | &nbsp;&nbsp;130 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;182000 |
| &nbsp;&nbsp;Southwest Airlines Co. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;200 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;17400 |
| &nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;150 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;60750 |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;65 | &nbsp;&nbsp;3575000 | &nbsp;&nbsp;550 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;2015 |
| &nbsp;&nbsp;Starbucks Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;200 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;90 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;200500 |
| &nbsp;&nbsp;Starbucks Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;100 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;105 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;201000 |
| &nbsp;&nbsp;Starbucks Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;100 | &nbsp;&nbsp;950000 | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;144750 |
| &nbsp;&nbsp;Suncor Energy, Inc. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;200 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3/20/2026 | &nbsp;&nbsp;43500 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Suncor Energy, Inc. (Canada) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;250 | &nbsp;&nbsp;875000 | &nbsp;&nbsp;35 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;65250 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;20 | &nbsp;&nbsp;560000 | &nbsp;&nbsp;280 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;1920 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;15 | &nbsp;&nbsp;405000 | &nbsp;&nbsp;270 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;13350 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;20 | &nbsp;&nbsp;560000 | &nbsp;&nbsp;280 | &nbsp;&nbsp;9/18/2026 | &nbsp;&nbsp;69350 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;20 | &nbsp;&nbsp;560000 | &nbsp;&nbsp;280 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;82820 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;20 | &nbsp;&nbsp;580000 | &nbsp;&nbsp;290 | &nbsp;&nbsp;6/17/2027 | &nbsp;&nbsp;101800 |
| &nbsp;&nbsp;Total Put Options (Premiums Paid $5,801,743) - 5.46% | &nbsp;&nbsp;Total Put Options (Premiums Paid $5,801,743) - 5.46% |  |  |  |  | &nbsp;&nbsp;$5181340 |
| &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Premiums Paid $5,991,463) - 5.61%** | &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Premiums Paid $5,991,463) - 5.61%** | &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Premiums Paid $5,991,463) - 5.61%** | &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Premiums Paid $5,991,463) - 5.61%** |  |  | &nbsp;&nbsp;$5323190 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. |  |  |
| &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |  |  |
| &nbsp;&nbsp;● Level 2 Security |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** |
| &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
| &nbsp;&nbsp;**CALL OPTIONS - (8.91)% \*** |  |  |  |  |  |  |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;Agnico Eagle Mines Ltd. (Canada) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;$(1400000) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;$(670775) |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;(495000) | &nbsp;&nbsp;330 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;(1950) |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;(825000) | &nbsp;&nbsp;330 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(13250) |
| &nbsp;&nbsp;Akamai Technologies, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;(525000) | &nbsp;&nbsp;75 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(131250) |
| &nbsp;&nbsp;Barrick Gold Corp. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) | &nbsp;&nbsp;(680000) | &nbsp;&nbsp;17 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(181000) |
| &nbsp;&nbsp;Barrick Gold Corp. (Canada) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;(255000) | &nbsp;&nbsp;17 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;(84300) |
| &nbsp;&nbsp;BlackSky Technology, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;(150000) | &nbsp;&nbsp;10 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;(169950) |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;(2758000) | &nbsp;&nbsp;70 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(63040) |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;(1575000) | &nbsp;&nbsp;75 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(19950) |
| &nbsp;&nbsp;Chevron Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;(675000) | &nbsp;&nbsp;135 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;(86250) |
| &nbsp;&nbsp;Chevron Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(600000) | &nbsp;&nbsp;150 | &nbsp;&nbsp;9/18/2026 | &nbsp;&nbsp;(47300) |
| &nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;(665000) | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(26600) |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(850000) | &nbsp;&nbsp;85 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(202500) |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;(285000) | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(37500) |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;(935000) | &nbsp;&nbsp;85 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(247500) |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;(962500) | &nbsp;&nbsp;88 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(227700) |
| &nbsp;&nbsp;Crown Castle, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | &nbsp;&nbsp;(1755000) | &nbsp;&nbsp;98 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(257400) |
| &nbsp;&nbsp;Diamondback Energy, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp;(1050000) | &nbsp;&nbsp;140 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;(135375) |
| &nbsp;&nbsp;Dollar Tree, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(1050000) | &nbsp;&nbsp;105 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(97250) |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;(750000) | &nbsp;&nbsp;750 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;(83100) |
| &nbsp;&nbsp;Equinix, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;(700000) | &nbsp;&nbsp;700 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;(166500) |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;(740000) | &nbsp;&nbsp;740 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;(137000) |
| &nbsp;&nbsp;Helen of Troy Ltd. (Bermuda) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;(275000) | &nbsp;&nbsp;55 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(11375) |
| &nbsp;&nbsp;Honeywell International, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;(630000) | &nbsp;&nbsp;210 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(92400) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(960000) | &nbsp;&nbsp;240 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(135680) |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;(1300000) | &nbsp;&nbsp;260 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(123000) |
| &nbsp;&nbsp;J.M. Smucker Co. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(380000) | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(35800) |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp;$(2250000) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;$(344250) |
| &nbsp;&nbsp;Madison Square Garden Sports Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(740000) | &nbsp;&nbsp;185 | &nbsp;&nbsp;8/15/2025 | &nbsp;&nbsp;(105200) |
| &nbsp;&nbsp;Marathon Petroleum Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(560000) | &nbsp;&nbsp;140 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;(126600) |
| &nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) | &nbsp;&nbsp;(930000) | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(116250) |
| &nbsp;&nbsp;Newmont Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | &nbsp;&nbsp;(900000) | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(864750) |
| &nbsp;&nbsp;Newmont Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | &nbsp;&nbsp;(1680000) | &nbsp;&nbsp;40 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;(904050) |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;(1900000) | &nbsp;&nbsp;50 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;(19000) |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;(420000) | &nbsp;&nbsp;53 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(8640) |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(475000) | &nbsp;&nbsp;48 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;(35000) |
| &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;(1125000) | &nbsp;&nbsp;125 | &nbsp;&nbsp;8/15/2025 | &nbsp;&nbsp;(27900) |
| &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(500000) | &nbsp;&nbsp;125 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;(26800) |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | &nbsp;&nbsp;(1320000) | &nbsp;&nbsp;110 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(267000) |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;(600000) | &nbsp;&nbsp;120 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(86500) |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;(1040000) | &nbsp;&nbsp;130 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(105600) |
| &nbsp;&nbsp;Rapid7, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | &nbsp;&nbsp;(360000) | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(17040) |
| &nbsp;&nbsp;Seabridge Gold, Inc. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950) | &nbsp;&nbsp;(1330000) | &nbsp;&nbsp;14 | &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;(244625) |
| &nbsp;&nbsp;Seabridge Gold, Inc. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000) | &nbsp;&nbsp;(1500000) | &nbsp;&nbsp;15 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(355000) |
| &nbsp;&nbsp;Southwest Airlines Co. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;(500000) | &nbsp;&nbsp;25 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(167500) |
| &nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;(450000) | &nbsp;&nbsp;30 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(106650) |
| &nbsp;&nbsp;Starbucks Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;(1800000) | &nbsp;&nbsp;90 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;(255000) |
| &nbsp;&nbsp;Starbucks Corp. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(1050000) | &nbsp;&nbsp;105 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;(91500) |
| &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(950000) | &nbsp;&nbsp;95 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(134500) |
| &nbsp;&nbsp;Suncor Energy, Inc. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;(700000) | &nbsp;&nbsp;35 | &nbsp;&nbsp;3/20/2026 | &nbsp;&nbsp;(95000) |
| &nbsp;&nbsp;Suncor Energy, Inc. (Canada) ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;(875000) | &nbsp;&nbsp;35 | &nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;(128750) |
| &nbsp;&nbsp;Surgery Partners, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | &nbsp;&nbsp;(240000) | &nbsp;&nbsp;20 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;(42000) |
| &nbsp;&nbsp;TreeHouse Foods, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;(1000000) | &nbsp;&nbsp;40 | &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;(6250) |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;(560000) | &nbsp;&nbsp;280 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;(66400) |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;(560000) | &nbsp;&nbsp;280 | &nbsp;&nbsp;9/18/2026 | &nbsp;&nbsp;(144800) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;(405000) | &nbsp;&nbsp;270 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;(78690) |
| &nbsp;&nbsp;Total Call Options (Premiums Received $8,418,350) - (8.91)% | &nbsp;&nbsp;Total Call Options (Premiums Received $8,418,350) - (8.91)% |  |  |  |  | &nbsp;&nbsp;$(8456940) |
| &nbsp;&nbsp;**PUT OPTIONS - (0.27)% \*** |  |  |  |  |  |  |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;$(110000) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;$(10600) |
| &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(575000) | &nbsp;&nbsp;58 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(64500) |
| &nbsp;&nbsp;BP PLC (United Kingdom) | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;(500000) | &nbsp;&nbsp;20 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(18000) |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;(540000) | &nbsp;&nbsp;180 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(4650) |
| &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;(340000) | &nbsp;&nbsp;85 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(9880) |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;(800000) | &nbsp;&nbsp;40 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(35500) |
| &nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;(275000) | &nbsp;&nbsp;25 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;(11000) |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;(350000) | &nbsp;&nbsp;35 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(31700) |
| &nbsp;&nbsp;Phillips 66 ● | &nbsp;&nbsp;Susquehanna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;(800000) | &nbsp;&nbsp;100 | &nbsp;&nbsp;1/15/2027 | &nbsp;&nbsp;(73200) |
| &nbsp;&nbsp;Total Put Options (Premiums Recieved $363,444) - (0.27)% | &nbsp;&nbsp;Total Put Options (Premiums Recieved $363,444) - (0.27)% |  |  |  |  | &nbsp;&nbsp; $(259030) |
| &nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums Received $8,781,794) - (9.18)%** | &nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums Received $8,781,794) - (9.18)%** | &nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums Received $8,781,794) - (9.18)%** |  |  |  | &nbsp;&nbsp; $(8715970) |
| &nbsp;&nbsp;\* Non-income producing securities during the period. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at June 30, 2025. |  |  |
| &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |  |  |
| &nbsp;&nbsp;● Level 2 Security |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Frank Funds** | &nbsp;&nbsp;**Frank Funds** | &nbsp;&nbsp;**Frank Funds** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
|  | &nbsp;&nbsp;**<u>Value Fund</u>** | &nbsp;&nbsp;**<u>Camelot Fund</u>** |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $19,771,974 and $98,210,363, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25603628 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 97731593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5179336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25807778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103832380 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written at Fair Value (Premiums received $0 and $8,781,794, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;8715970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8909608 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25774710 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 94922772 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;18846114 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 96028918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1106146) |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;25774710 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 94922772 |
| &nbsp;&nbsp;**Investor Class:** |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5589369 |  |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized with no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323763 |  |
| &nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.26 |  |
| &nbsp;&nbsp;Redemption Price Per Share ($17.26 x 0.98) \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.91 |  |
| &nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423583 |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized with no par value) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450881 |
| &nbsp;&nbsp;Net Asset Value |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.90 |
| &nbsp;&nbsp;Offering Price Per Share ($20.90 / 94.50%) (Note 2) |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.12 |
| &nbsp;&nbsp;Redemption Price Per Share ($20.90 x 0.98) \* |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.48 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1166081 |  |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized with no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74719 |  |
| &nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.61 |  |
| &nbsp;&nbsp;Redemption Price Per Share ($15.61 x 0.98) \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.30 |  |
| &nbsp;&nbsp;**Institutional Class:** |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;19019260 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 85499189 |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized with no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991455 |
| &nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.76 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.42 |
| &nbsp;&nbsp;Redemption Price Per Share ($17.76 x 0.98 & $21.42 x 0.98) \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.40 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.99 |
| &nbsp;&nbsp;\* The Funds will impose a 2% redemption fee on shares redeemed within 5 business days of purchase for the Value and Camelot Funds. | &nbsp;&nbsp;\* The Funds will impose a 2% redemption fee on shares redeemed within 5 business days of purchase for the Value and Camelot Funds. | &nbsp;&nbsp;\* The Funds will impose a 2% redemption fee on shares redeemed within 5 business days of purchase for the Value and Camelot Funds. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Frank Funds** | &nbsp;&nbsp;**Frank Funds** | &nbsp;&nbsp;**Frank Funds** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** |
|  | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Camelot** |
|  | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454287 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1334503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439308 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing Account Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived and/or Reimbursed by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650318 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788990 |
| &nbsp;&nbsp;Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1839286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Securities Litigation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Proceeds from Litigation, and Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524425 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800670 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments, and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861198 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments, Proceeds from Litigation, and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4607608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385623 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4841056 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;9174613 |
| &nbsp;&nbsp;(a) Foreign withholding taxes on dividends. | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund** | &nbsp;&nbsp;**Value Fund** | &nbsp;&nbsp;**Value Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;<u>6/30/2025</u> | &nbsp;&nbsp;<u>6/30/2024</u> |
| &nbsp;&nbsp;Increase in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233448 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4841056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932384 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1242997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704794) |
| &nbsp;&nbsp;Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2366783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471449 |
| &nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6206980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699039 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19567730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18868691 |
| &nbsp;&nbsp;End of Year | &nbsp;&nbsp;$25774710 | &nbsp;&nbsp;$19567730 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** | &nbsp;&nbsp;**Camelot Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;<u>6/30/2025</u> | &nbsp;&nbsp;<u>6/30/2024</u> |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788990 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1411921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1839286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2641292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Securities Litigation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3087854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1419002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9174613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450209 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (226228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (640894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2160382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5929321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2386610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6570215) |
| &nbsp;&nbsp;Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8731621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14987533) |
| &nbsp;&nbsp;Total Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1943618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18107539) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96866390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114973929 |
| &nbsp;&nbsp;End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 94922772 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 96866390 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund - Investor Class** | &nbsp;&nbsp;**Value Fund - Investor Class** | &nbsp;&nbsp;**Value Fund - Investor Class** | &nbsp;&nbsp;**Value Fund - Investor Class** | &nbsp;&nbsp;**Value Fund - Investor Class** | &nbsp;&nbsp;**Value Fund - Investor Class** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.50 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.36 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.85 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.13 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(a) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Redemption Fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.26 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.50 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.36 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.85 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;24.56% | &nbsp;&nbsp;10.42% | &nbsp;&nbsp;17.36% | &nbsp;&nbsp; (5.51)% | &nbsp;&nbsp;13.10% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5589 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3942 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5066 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4377 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.46% |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;2.39% | &nbsp;&nbsp;0.54% | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;100.08% | &nbsp;&nbsp;109.16% | &nbsp;&nbsp;104.17% | &nbsp;&nbsp;54.94% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. |  |  |
| &nbsp;&nbsp;(a) Amount calculated is less than $0.005 |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund - Class C** | &nbsp;&nbsp;**Value Fund - Class C** | &nbsp;&nbsp;**Value Fund - Class C** | &nbsp;&nbsp;**Value Fund - Class C** | &nbsp;&nbsp;**Value Fund - Class C** | &nbsp;&nbsp;**Value Fund - Class C** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.09 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.18 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.62 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.13 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(a) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Redemption Fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15.61 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.09 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.18 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.62 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;23.65% | &nbsp;&nbsp;9.66% | &nbsp;&nbsp;16.44% | &nbsp;&nbsp; (6.23)% | &nbsp;&nbsp;12.29% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1166 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.12% | &nbsp;&nbsp;2.12% | &nbsp;&nbsp;2.12% | &nbsp;&nbsp;2.12% | &nbsp;&nbsp;2.20% |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.14% | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.53% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.28)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;100.08% | &nbsp;&nbsp;109.16% | &nbsp;&nbsp;104.17% | &nbsp;&nbsp;54.94% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. |  |  |
| &nbsp;&nbsp;(a) Amount calculated is less than $0.005 |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund - Institutional Class** | &nbsp;&nbsp;**Value Fund - Institutional Class** | &nbsp;&nbsp;**Value Fund - Institutional Class** | &nbsp;&nbsp;**Value Fund - Institutional Class** | &nbsp;&nbsp;**Value Fund - Institutional Class** | &nbsp;&nbsp;**Value Fund - Institutional Class** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15.08 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.29 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(a) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Redemption Fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.76 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15.08 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;24.91% | &nbsp;&nbsp;10.64% | &nbsp;&nbsp;17.66% | &nbsp;&nbsp; (5.29)% | &nbsp;&nbsp;13.47% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19019 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14734 | &nbsp;&nbsp;$12955 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10299 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;11139 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.18% |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;2.24% | &nbsp;&nbsp;2.62% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;105.26% | &nbsp;&nbsp;100.08% | &nbsp;&nbsp;109.16% | &nbsp;&nbsp;104.17% | &nbsp;&nbsp;54.94% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. |  |  |
| &nbsp;&nbsp;(a) Amount calculated is less than $0.005 |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** | &nbsp;&nbsp;**Camelot Fund - Class A** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 |  | &nbsp;&nbsp;6/30/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.92 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.39 |  |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |  |
| &nbsp;&nbsp; Net Gain on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |  |
| &nbsp;&nbsp;Redemption Fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.02 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.92 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;9.93% | &nbsp;&nbsp;3.07% | &nbsp;&nbsp;4.65% | &nbsp;&nbsp;0.48% |  | &nbsp;&nbsp;57.83% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9424 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9680 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;11314 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10007 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7159 |  |
| &nbsp;&nbsp;Before Reimbursement: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets (a) (b) | &nbsp;&nbsp;2.10% | &nbsp;&nbsp;2.11% | &nbsp;&nbsp;2.15% | &nbsp;&nbsp;2.22% |  | &nbsp;&nbsp;2.65% |  |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d) | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.27% | &nbsp;&nbsp; (0.81)% |  | &nbsp;&nbsp; (1.47)% |  |
| &nbsp;&nbsp;After Reimbursement: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets (a) (c) | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.00% |  | &nbsp;&nbsp;2.04% |  |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d) | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;1.07% | &nbsp;&nbsp;0.42% | &nbsp;&nbsp; (0.59)% |  | &nbsp;&nbsp; (0.86)% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;76.80% | &nbsp;&nbsp;48.03% | &nbsp;&nbsp;102.27% | &nbsp;&nbsp;121.62% |  | &nbsp;&nbsp;286.70% |  |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. |  |  |  |  |  |
| &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. |  |  |  |
| &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. |
| &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.10%, 2.11%, 2.15%, 2.21%, and 2.61% |
| &nbsp;&nbsp;for the years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively. |  |  |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) Expenses after reimbursements (excluding dividend and interest expense for securities sold short) were 2.00%, 2.02%, 2.00%, 1.99%, and 2.00%, |
| &nbsp;&nbsp;for the years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively. |
| &nbsp;&nbsp;(d) The net investment income (loss) ratios include dividends on short positions, if applicable. |
| &nbsp;&nbsp;(e) Amount calculated is less than $0.005 |
| &nbsp;&nbsp;(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value |
| &nbsp;&nbsp;for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund - Institutional Class** | &nbsp;&nbsp;**Camelot Fund - Institutional Class** | &nbsp;&nbsp;**Camelot Fund - Institutional Class** | &nbsp;&nbsp;**Camelot Fund - Institutional Class** | &nbsp;&nbsp;**Camelot Fund - Institutional Class** | &nbsp;&nbsp;**Camelot Fund - Institutional Class** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.25 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.55 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23 &nbsp;&nbsp;(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) |
| &nbsp;&nbsp;Redemption Fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.25 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;10.18% | &nbsp;&nbsp;3.34% | &nbsp;&nbsp;4.95% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;58.44% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 85499 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 87187 | &nbsp;&nbsp;$103660 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;59802 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;29971 |
| &nbsp;&nbsp;Before Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets (a) (b) | &nbsp;&nbsp;1.84% | &nbsp;&nbsp;1.84% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d) | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (1.14)% |
| &nbsp;&nbsp;After Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets (a) (c) | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d) | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp; (0.33)% | &nbsp;&nbsp; (0.54)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;76.80% | &nbsp;&nbsp;48.03% | &nbsp;&nbsp;102.27% | &nbsp;&nbsp;121.62% | &nbsp;&nbsp;286.70% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. | &nbsp;&nbsp;\*\*\* The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase. |  |  |  |
| &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. | &nbsp;&nbsp;(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. |  |  |
| &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. | &nbsp;&nbsp;These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. |
| &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 1.84%, 1.84%, 1.89%, 2.05%, and 2.35% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 1.84%, 1.84%, 1.89%, 2.05%, and 2.35% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 1.84%, 1.84%, 1.89%, 2.05%, and 2.35% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 1.84%, 1.84%, 1.89%, 2.05%, and 2.35% | &nbsp;&nbsp;(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 1.84%, 1.84%, 1.89%, 2.05%, and 2.35% |  |
| &nbsp;&nbsp;for the years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively. |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) Expenses after reimbursements (excluding dividend and interest expense for securities sold short) were 1.75%, 1.77%, 1.75%, 1.74%, and 1.75% |
| &nbsp;&nbsp;for the years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively. |
| &nbsp;&nbsp;(d) The net investment income (loss) ratios include dividends on short positions, if applicable. |
| &nbsp;&nbsp;(e) Amount calculated is less than $0.005 |
| &nbsp;&nbsp;(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value |
| &nbsp;&nbsp;for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

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**Frank Funds**

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2025

**Note 1. Organization**

Frank Funds (the "Trust"), is an open-end regulated investment company that was organized as an Ohio business trust on February 12, 2004. The Trust is permitted to issue an unlimited number of shares of beneficial interest of separate series, each series representing a distinct fund with its own investment objective and policies. At present, there are two series authorized by the Trust, the Frank Value Fund (the "Value Fund"), and the Camelot Event Driven Fund (the "Camelot Fund") (each a "Fund" and collectively the "Funds"). Frank Capital Partners LLC ("FCP") is the adviser to the Value Fund and Camelot Event Driven Advisors, LLC ("Camelot Advisors") is the adviser to the Camelot Fund.

On November 26, 2024, the Board of Trustees determined that it is in the best interests of shareholders to liquidate the West Hills Core Fund, a series of the Trust, following a recommendation by the Fund's investment adviser, FCP. The West Hills Core Fund liquidated and dissolved on January 3, 2025.

The Value Fund's investment objective is to provide long-term capital appreciation. The Value Fund's principal investment strategy is value investing. The Value Fund commenced operations on July 21, 2004. The Value Fund currently has 3 classes of shares; Investor Class shares, Class C shares, and Institutional Class shares. The share classes vary in distribution (12b-1) fee accruals and minimum initial investment required.

The Camelot Fund's investment objective is to provide long-term growth of capital. The Camelot Fund seeks to achieve its investment objective by investing in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events ("corporate reorganizations"). The Camelot Fund currently has 2 classes of shares; Class A shares and Institutional shares. Class A shares are charged a front-end sales charge and a distribution and servicing fee; and Institutional Class shares bear no front-end sales charge or CDSC, but have higher minimum investment thresholds.

**Note 2. Summary of Significant Accounting Policies**

*The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are each a series of an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 and Accounting Standards Update 2013-08 applicable to investment companies.*

 

*Securities Valuations -* All investments in securities are recorded at their estimated fair value, as described in Note 3.

*Share Valuation -* The price (net asset value) of the shares of each Fund is normally determined as of 4:00 p.m., Eastern time on each day the Funds are open for business and on any other day on which there is sufficient trading in the Funds' securities to materially affect the net asset value. The Funds are normally open for business on every day except Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas.

*Short Sales of Investments* - Certain Funds may make short sales of investments, which are transactions in which a Fund sells a security it does not own in anticipation of a decline in the fair value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The broker retains the proceeds of short sales to the extent necessary to meet margin requirements until the short position is closed out.

If a security pays a dividend while the Fund holds it short, the Fund will need to pay the dividend to the original owner of the security. Since the Fund borrowed the shares and sold them to a third party, the third party will receive the dividend from the security and the Fund will pay the original owner the dividend directly. The Fund is not entitled to the dividend because it does not own the shares. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

*Futures Contracts* - Certain Funds may enter into financial futures contracts, to the extent permitted by their investment policies and objectives, for bona fide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a financial futures contract, a Fund is required to deposit cash or securities as initial margin.

Additional securities are also segregated as collateral up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contracts. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

*Foreign Currency Transactions* - Securities and other assets and liabilities denominated in foreign currencies are converted each business day into U.S. dollars based on the prevailing rates of exchange. Purchases and sales of portfolio securities and income and expenses are converted into U.S. dollars on the respective dates of such transactions.

Gains and losses resulting from changes in exchange rates applicable to foreign securities are not reported separately from gains and losses arising from movements in securities prices.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes on the Funds' books and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the fair value of assets and liabilities denominated in foreign currencies other than portfolio securities, resulting from changes in exchange rates.

*Forward Foreign Currency Contracts* - Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

*Redemption Fee -* To discourage short-term trades by investors, the Value and Camelot Funds will impose a redemption fee of 2.00% of the total redemption amount (calculated at market value) if shares are redeemed within five business days of purchase. See Note 7 for additional disclosure on redemption fees for each Fund.

*Security Transactions Timing -* Security transactions are recorded on the dates transactions are entered into (the trade dates). Dividend income and distributions to shareholders are recognized on the ex-dividend date. Interest income is recognized on an accrual basis. The Funds use the identified cost basis in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are amortized over the life of the respective securities. Withholding taxes on foreign dividends are provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

*Federal Income Taxes* - The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as "regulated investment companies" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended June 30, 2025, the Funds did not incur any interest or penalties.

*Distributions to Shareholders* - The Funds intend to distribute to their shareholders substantially all of their net realized capital gains and net investment income, if any, at year-end. Distributions will be recorded on ex-dividend date.

*Derivative Transactions* - The Funds may invest in put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining if the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund(s) as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Camelot Fund may invest in structured notes. A structured note is a type of derivative security for which the amount of principal repayments and/or interest payments is based upon the movement of one or more "factors." The impact of the movements of these factors may increase or decrease through the use of multipliers or deflators. Structured notes may be designed to have particular quality and maturity characteristics and may vary from money market quality to below investment grade.

The Camelot Fund may also invest in warrants. Warrants provide the Camelot Fund with exposure and potential gains upon equity appreciation of the underlying company's share price. The value of a warrant has two components: time value and intrinsic value. A warrant has a limited life and expires on a certain date. As the expiration date of a warrant approaches, the time value of a warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an in-the-money warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, the Camelot Fund could potentially lose its entire investment in a warrant. See Note 9 for additional information on derivative transactions in the Funds.

*Share class accounting* **–** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the three classes of shares of the Value Fund on the basis of the daily net assets of each class. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the two classes of shares of the Camelot Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

*Use of Estimates -* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

**Note 3. Securities Valuations**

***Processes and Structure***

The Trust's Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the respective adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.

In accordance with the Trust's good faith pricing guidelines, the respective adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard for determining fair value exists since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

 ****

***Hierarchy of Fair Value Inputs***

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted prices in active markets for identical assets or liabilities that the
company has the ability to access.

· *Level 2.* Observable inputs other than quoted prices included in Level 1 that are observable for
the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive
market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

· *Level 3.* Unobservable inputs for the asset or liability to the extent that relevant observable
inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing
the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

A Fund may hold securities, some of which are classified as Level 3 investments (as defined below). Level 3 investments have significant unobservable inputs, as they trade infrequently. In determining the fair value of these investments, management uses the profitability expected return, vendor pricing and market approaches, which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these securities.

***Fair Value Measurements***

A description of the valuation techniques applied to the company's major categories of assets and liabilities measured at fair value on a recurring basis follows.

 

*Equity securities (common and preferred stocks, real estate investment trusts, and exchange traded funds).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as american depositary receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

*Debt and other fixed income investments* – Fixed income securities are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board.

*U.S. government obligations -* U.S. government securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

*Short term investments -* Short term investments are valued using amortized cost, which approximates fair value. These securities will be categorized in Level 1 of the fair value hierarchy.

 

*Derivative instruments (structured notes, warrants and options)* – Derivative transactions which are actively traded and to which valuation adjustments are not applied are categorized in Level 1 of the fair value hierarchy. Derivative transactions traded on inactive markets or valued by reference to similar instruments are categorized in Level 2 of the fair value hierarchy. Options are valued at the last sales prices on the valuation date if the last sales price is between the closing bid and asked prices. Otherwise, options are valued at the closing bid price. These securities will be categorized in Level 2 of the fair value hierarchy if valued at other than closing price.

The following tables summarize the inputs used to value each Fund's assets and liabilities measured at fair value as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Value Fund</u>** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** |
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp; $24558558 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $24558558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | &nbsp;&nbsp;905476 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;905476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;139594 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;139594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp; $25603628 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $25603628 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **<u>Camelot Fund</u>** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** | &nbsp;&nbsp;**Financial Instruments - Assets** |
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$66127684 | &nbsp;&nbsp;$616876 | &nbsp;&nbsp;$23154 | &nbsp;&nbsp;$66767714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | &nbsp;&nbsp;7831100 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;7831100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow Shares | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;- | &nbsp;&nbsp;73692 | &nbsp;&nbsp;- | &nbsp;&nbsp;73692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights | &nbsp;&nbsp;3700 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds \* | &nbsp;&nbsp;- | &nbsp;&nbsp;20115 | &nbsp;&nbsp;- | &nbsp;&nbsp;20115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds \* | &nbsp;&nbsp;- | &nbsp;&nbsp;1619131 | &nbsp;&nbsp;6250 | &nbsp;&nbsp;1625381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities \* | &nbsp;&nbsp;- | &nbsp;&nbsp;10308 | &nbsp;&nbsp;- | &nbsp;&nbsp;10308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;- | &nbsp;&nbsp;148140 | &nbsp;&nbsp;- | &nbsp;&nbsp;148140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks \* | &nbsp;&nbsp;3402453 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3402453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Notes | &nbsp;&nbsp;- | &nbsp;&nbsp;77570 | &nbsp;&nbsp;- | &nbsp;&nbsp;77570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note Bonds | &nbsp;&nbsp;- | &nbsp;&nbsp;7860859 | &nbsp;&nbsp;- | &nbsp;&nbsp;7860859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants \* | &nbsp;&nbsp;14145 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;14145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call Options | &nbsp;&nbsp;110350 | &nbsp;&nbsp;31500 | &nbsp;&nbsp;- | &nbsp;&nbsp;141850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put Options | &nbsp;&nbsp;1071805 | &nbsp;&nbsp;4109535 | &nbsp;&nbsp;- | &nbsp;&nbsp;5181340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;4573226 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;4573226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp; $83134463 | &nbsp;&nbsp;$14567726 | &nbsp;&nbsp;$29404 | &nbsp;&nbsp; $97731593 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Financial Instruments - Liabilities** | &nbsp;&nbsp;**Financial Instruments - Liabilities** | &nbsp;&nbsp;**Financial Instruments - Liabilities** | &nbsp;&nbsp;**Financial Instruments - Liabilities** |
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Written Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call Options | &nbsp;&nbsp;$(2295065) | &nbsp;&nbsp;$(6161875) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(8456940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put Options | &nbsp;&nbsp;(85830) | &nbsp;&nbsp;(173200) | &nbsp;&nbsp;- | &nbsp;&nbsp;(259030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$(2380895) | &nbsp;&nbsp;$(6335075) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(8715970) |

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\*Industry classifications for these categories are detailed on the Schedule of Investments of each Fund.

The Value Fund did not hold any Level 3 assets during the year ended June 30, 2025. It is each of the Fund's policy to recognize transfers into and out of Level 1, Level 2 and Level 3 at the end of the reporting period. There have been no transfers in and out of Level 1 and Level 2 fair value measurements as of June 30, 2025 for the Value Fund. There were no transfers between Level 1, Level 2 and Level 3 for the Camelot Fund. The Fund's policy is to recognize transfers in and transfers out as of the end of the reporting period.

The following is a reconciliation of Camelot Fund's Level 3 investments for which significant unobservable inputs were used in determining value. See Schedules of Investments for industry breakouts:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Balance as of June 30, 2024 | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales | &nbsp;&nbsp;Realized Gain/(Loss) | &nbsp;&nbsp; Net Unrealized Appreciation/<br> (Depreciation) | &nbsp;&nbsp;Transfers in to Level 3 | &nbsp;&nbsp; Balance as<br> of June 30, 2025 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$24728 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (1574) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$23154 |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;6250 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6250 |
|  | &nbsp;&nbsp;$30978 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (1574) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$29404 |

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The following presents information about significant unobservable inputs related to Level 3 investments at June 30, 2025:

**Camelot Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset**<br>**Categories** | **Fair Value at**<br>**June 30, 2025** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | **Input**<br>**Values** |
| **Common Stocks** | |  |  | |
| Automotive | $0 | Market approach | Last traded price of | $0.00 |
|  |  |  | pre-conversion bonds |  |
| Metals & Mining | 0 | Profitability expected | Uncertainty of any | $0.00 |
|  |  | return method | additional future payout |  |
| Telecom | 22264 | Profitability expected | Uncertainty of any | $0.50 |
|  |  | return method | additional future payout |  |
| Waste & Environmental | 890 | Market approach | Last traded price of non- | 31.00% |
| Services & Equip. |  |  | restricted shares less a % discount |  |
| **Escrow Shares** | 0 | Profitability expected | Uncertainty of any | $0.00 |
|  |  | return method | additional future payout |  |
| **Corporate Bonds** |  | Vendor pricing | Single broker quote | $0.00 |
| Automotive | 0 | Profitability expected | Liquidation value | $0.00 |
|  |  | return method | of asset |  |
| Financial Services | 6250 | Vendor pricing | Single broker quote | $0.13 |
| Venture Capital | 0 | Profitability expected | Uncertainty of any | $0.00 |
|  |  | return method | additional future payout |  |

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**Note 4. Investment Management and Administrative Agreements**

<u>Value Fund</u>

The Trust has a "Management Agreement" with FCP, with respect to the Value Fund. Under the terms of the Management Agreement, FCP manages the investment portfolio of the Value Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Management Agreement, FCP, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, and pays fees and expenses incurred by the Value Fund, including but not limited to, legal, auditing, accounting, and expenses of the custodian, along with equipment and executive personnel necessary for managing the assets of the Value Fund. FCP also pays the salaries and fees of all its officers and employees that serve as officers and trustees of the Trust. FCP pays all ordinary operating expenses of the Value Fund except brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), Rule 12b-1 fees, acquired fund fees and expenses, and extraordinary expenses. For its services and the payment of Value Fund ordinary operating expenses, FCP receives an annual investment management fee of 0.91% of the average daily net assets of the Value Fund. For the year ended June 30, 2025, FCP earned management fees of $202,764 from the Value Fund. As of June 30, 2025, the Value Fund owed FCP $19,007 for management fees.

FCP also provides administrative services to the Value Fund under an Administration Agreement and receives a fee of 0.21% of the Value Fund's average daily net assets for those services. This fee was permanently reduced from 0.25% when the Value Fund's net assets exceeded $15 million in April 2021. Under the Administration Agreement, FCP pays all of the operating expenses of the Value Fund except management fees, Rule 12b-1 fees, brokerage, taxes, borrowing costs (such as interest and dividend expense of securities sold short), and extraordinary expenses. For the year ended June 30, 2025, the Value Fund accrued $46,792 in administrative fees. At June 30, 2025, the Value Fund owed $4,416 in administrative fees.

<u>Camelot Fund</u>

Camelot Advisors ("Adviser") serves as the investment adviser to the Camelot Fund. Under the terms of the "Management Agreement" the Adviser manages the Fund's investments subject to approval of the Board of Trustees; furnishes investment advice to the Fund on the basis of a continuous review of the portfolio; and recommends to the Fund when and to what extent securities should be purchased or sold. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.30% of the average daily net assets of the Fund. For the year ended June 30, 2025, Camelot Advisors earned management fees of $1,209,217 from the Camelot Fund. As of June 30, 2025, the Camelot Fund owed Camelot Advisors $95,108 for management fees.

Camelot Advisors has contractually agreed to waive their management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, all interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees, 12b-1 fees and expenses, and extraordinary expenses such as litigation) when they exceed 1.74% of the Fund's average daily net assets. This agreement will continue in effect until October 31, 2025. Any waivers and reimbursements made by the Adviser to the Fund are subject to recoupment by the Adviser within three (3) fiscal years following the date of such waiver or reimbursement, provided that such recoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio in effect at the time of the (i) fee waiver and/or expense assumption, or (ii) the fee recoupment. Camelot Advisors waived $10,139 for Class A and $74,807 for Institutional Class, respectively, in total of $84,946 of advisory fees for the year ended June 30, 2025. At June 30, 2025, the amounts subject to future recoupment total $277,801 and are as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended | &nbsp;&nbsp;Recoverable Through | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;June 30, 2023 | &nbsp;&nbsp;June 30, 2026 | &nbsp;&nbsp;$111073 |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;June 30, 2027 | &nbsp;&nbsp;$81782 |
| &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;June 30, 2028 | &nbsp;&nbsp;$84946 |

---

FCP also provides administrative services to the Camelot Fund under an Administration Agreement. The fees are based on the average daily net assets of the Fund as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;Up to $50 million | &nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;$50 million to $75 million | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Above $75 million | &nbsp;&nbsp;0.10% |

---

For the year ended June 30, 2025, the Camelot Fund accrued $166,045 in administrative fees. At June 30, 2025, the Camelot Fund owed $13,552 in administrative fees.

FCP also provides compliance services to the Camelot Fund for which it is paid $32,000 per year. At June 30, 2025, the Camelot Fund owed $3,612 in compliance fees.

**Note 5. Segment Reporting**

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker.

**Note 6. Distribution and Service Fees**

The Trust, with respect to the Value Fund has adopted plans under Rule 12b-1 that allow the Fund to pay distribution fees for the sale and distribution of its Investor Class and Class C shares as well as shareholder services. Investor Class and Class C shareholders of the Fund may pay annual 12b-1 expenses of up to 0.25% and 1.00%, respectively, of each class's average daily net assets. For the year ended June 30, 2025, the Investor Class accrued $11,703 in distribution fees and Class C accrued $10,769 in distribution fees. At June 30, 2025, the Value Fund owed $9,645 in distribution fees.

The Trust, with respect to the Camelot Fund Class A has adopted plans under Rule 12b-1 of the 1940 Act that allow the Camelot Fund to pay distribution and service fees annually for the sale and distribution of shares and servicing of shareholders ("12b-1 fees"). The Fund pays distribution fees of 0.25% of the Fund's average daily net assets to Arbor Court Capital LLC, as the Fund's distributor, and other brokers. For the year ended June 30, 2025, the Camelot Fund accrued $24,175 in 12b-1 fees. At June 30, 2025, the Camelot Fund owed $3,740 in distribution fees.

**Note 7. Related Party Transactions**

Brian J. Frank and Monique Weiss are the control persons of FCP. Brian Frank also serves as a trustee of the Trust, and both Mr. Frank and Ms. Weiss serve as officers of the Trust. Mr. Frank and Ms. Weiss receive benefits from FCP resulting from management fees paid to FCP by the Value Fund.

**Note 8. Capital Share Transactions**

The Trust is authorized to issue an unlimited number of shares of separate series. Transactions in capital were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund – Investor Class** | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;123316 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2043613 | &nbsp;&nbsp;9969 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 140427 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;12083 | &nbsp;&nbsp;192239 | &nbsp;&nbsp;26634 | &nbsp;&nbsp;368082 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(83446)</u> | &nbsp;&nbsp; <u>(1386577)</u> | &nbsp;&nbsp; <u>(114670)</u> | &nbsp;&nbsp; <u>(1632589)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 51953</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 849275</u> | &nbsp;&nbsp; <u>(78067)</u> | &nbsp;&nbsp;<u>$(1124080)</u> |
| &nbsp;&nbsp;<br>**Value Fund – Class C** | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;55227 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 843436 | &nbsp;&nbsp;1269 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16945 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;2797 | &nbsp;&nbsp;40390 | &nbsp;&nbsp;5427 | &nbsp;&nbsp;68328 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; <u>(51086)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (776970)</u> | &nbsp;&nbsp; <u>(3687)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(47549)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 6938</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 106856</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 3009</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 37724</u> |
| &nbsp;&nbsp;<br> **Value Fund – Institutional Class** | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;158429 | &nbsp;&nbsp;$2614840 | &nbsp;&nbsp;121476 | &nbsp;&nbsp;$1790247 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;45299 | &nbsp;&nbsp;740636 | &nbsp;&nbsp;84588 | &nbsp;&nbsp;1199457 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; <u>(121426)</u> | &nbsp;&nbsp; <u>(1944824)</u> | &nbsp;&nbsp; <u>(96626)</u> | &nbsp;&nbsp; <u>(1431899)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 82302</u> | &nbsp;&nbsp;<u>$1410652</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;109438</u> | &nbsp;&nbsp;<u>$1557805</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Camelot Fund – Class A** | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;88329 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1802311 | &nbsp;&nbsp;101728 | &nbsp;&nbsp;$2007299 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;10099 | &nbsp;&nbsp;200266 | &nbsp;&nbsp;28654 | &nbsp;&nbsp;548430 |
| &nbsp;&nbsp;Redemption fees | &nbsp;&nbsp;- | &nbsp;&nbsp;58 | &nbsp;&nbsp;- | &nbsp;&nbsp;239 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(144359)</u> | &nbsp;&nbsp; <u>(2955262)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(196241)</u> | &nbsp;&nbsp; <u>(3856136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(23950)</u> | &nbsp;&nbsp;<u>$(952627)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (65859)</u> | &nbsp;&nbsp;<u>$(1300168)</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Camelot Fund – Institutional Class** | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2024 through June 30, 2025</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> | &nbsp;&nbsp;<u>July 1, 2023 through June 30, 2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;1154365 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;24039219 | &nbsp;&nbsp;2018140 | &nbsp;&nbsp;$40454065 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;99328 | &nbsp;&nbsp;2016353 | &nbsp;&nbsp;285479 | &nbsp;&nbsp;5592543 |
| &nbsp;&nbsp;Redemption fees | &nbsp;&nbsp;- | &nbsp;&nbsp;718 | &nbsp;&nbsp;- | &nbsp;&nbsp;825 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; <u>(1628067)</u> | &nbsp;&nbsp; <u>(33835284)</u> | &nbsp;&nbsp; <u>(2975864)</u> | &nbsp;&nbsp; <u>(59734798)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (374374)</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;(7778994)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (672245)</u> | &nbsp;&nbsp;<u>$(13687365)</u> |

---

Shareholders of the Funds are subject to a Redemption Fee on redemptions and exchanges equal to 2.00% of the net asset value of Fund shares redeemed within 5 days after their purchase. The tables above reflect the redemption fees collected from shareholders of the Funds and reclassified to paid-in-capital.

**Note 9. Derivative Transactions**

The Funds consider the average quarter-end notional amounts during the period, categorized by primary underlying risk, to be representative of it's derivative activities during the year ended June 30, 2025.

**Camelot Fund**

Average notional value of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119088 |
| &nbsp;&nbsp;Call Options Purchased | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 2546250 |
| &nbsp;&nbsp;Put Options Purchased | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;66210625 |
| &nbsp;&nbsp;Written Call Options | &nbsp;&nbsp; $(49403438) |
| &nbsp;&nbsp;Written Put Options | &nbsp;&nbsp; $(12330000) |

---

The Funds have adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Funds disclose: a) how and why an entity uses derivative instruments; and b) how derivative instruments and related hedged items affect an entity's financial position, financial performance and cash flows.

The Funds may trade financial instruments where they are considered to be a seller of credit derivatives in accordance with authoritative guidance under GAAP on derivatives and hedging.

<u>Camelot Fund</u>

As of June 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Assets</u>** | &nbsp;&nbsp;**<u>Derivatives</u>** |
| &nbsp;&nbsp;Purchased Options – equity contracts | &nbsp;&nbsp;$5323190 |
| &nbsp;&nbsp;Warrants – equity contracts | &nbsp;&nbsp;14145 |
| &nbsp;&nbsp;Structured Notes | &nbsp;&nbsp;<u>77570</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;<u>$5414905</u> |
| &nbsp;&nbsp;**<u>Liabilities</u>** | &nbsp;&nbsp;**<u>Equity Contracts</u>** |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;<u>$(8715970)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;<u>$(8715970)</u> |

---

For the year ended June 30, 2025, financial derivative instruments had the following effect on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on:** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;468539 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;468539 |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;1060528 | &nbsp;&nbsp;1060528 |
| &nbsp;&nbsp;Structured Notes | &nbsp;&nbsp;50117 | &nbsp;&nbsp;50117 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;7772 | &nbsp;&nbsp;7772 |
|  | &nbsp;&nbsp;$1586956 | &nbsp;&nbsp;$1586956 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(823679) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(823679) |
| &nbsp;&nbsp;Written Options | &nbsp;&nbsp;2330913 | &nbsp;&nbsp;2330913 |
| &nbsp;&nbsp;Structured Notes | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp; $1507234 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1507234 |

---

The selling of written call options may tend to reduce the volatility of the Funds because the premiums received from selling the options will reduce any losses on the underlying securities, but only by the amount of the premiums. However, selling the options may also limit the Funds' gain on the underlying securities. Written call options expose the Funds to minimal counterparty risk since they are exchange-traded and the exchange's clearing house guarantees the options against default.

The Funds engage in option transactions involving individual securities and stock indexes. An option involves either: (a) the right or the obligation to buy or sell a specific instrument at a specific price until the expiration date of the option; or (b) the right to receive payments or the obligation to make payments representing the difference between the closing price of a stock index and the exercise price of the option expressed in dollars times a specified multiple until the expiration date of the option. The Funds may purchase and write options. Options are sold (written) on securities and stock indexes. The purchaser of an option on a security pays the seller (the writer) a premium for the right granted but is not obligated to buy or sell the underlying security. The purchaser of an option on a stock index pays the seller a premium for the right granted, and in return the seller of such an option is obligated to make the payment. A writer of an option may terminate the obligation prior to expiration of the option by making an offsetting purchase of an identical option. Options are traded on organized exchanges and in the over-the-counter market. To cover the potential obligations involved in writing options, a Fund will either: (a) own the underlying security, or in the case of an option on a market index, will hold a portfolio of stocks substantially replicating the movement of the index; or (b) the Fund will segregate with the custodian high grade liquid assets sufficient to purchase the underlying security or equal to the market value of the stock index option, marked to market daily.

The purchase of options limits a Fund's potential loss to the amount of the premium paid and can afford the Fund the opportunity to profit from favorable movements in the price of an underlying security to a greater extent than if transactions were effected in the security directly. However, the purchase of an option could result in the Fund losing a greater percentage of its investment than if the transaction were effected directly. When a Fund writes a call option, it will receive a premium, but it will give up the opportunity to profit from a price increase in the underlying security above the exercise price as long as its obligation as a writer continues, and it will retain the risk of loss should the price of the security decline. When a Fund writes a put option, it will assume the risk that the price of the underlying security or instrument will fall below the exercise price, in which case a Fund may be required to purchase the security or instrument at a higher price than the market price of the security or instrument. In addition, there can be no assurance that the Fund can affect a closing transaction on a particular option it has written. Further, the total premium paid for any option may be lost if a Fund does not exercise the option.

The Funds engage in option transactions involving securities and stock indices in order to gain exposure to particular securities or markets, in connection with hedging transactions, or to try to enhance returns. Options require additional skills and techniques beyond normal portfolio management. The Funds' use of options involves risk that such instruments may not work as intended due to unanticipated developments, especially in abnormal market conditions, or if the adviser makes an error in judgment, or other causes. The use of options may magnify the increase or decrease in the performance of the Funds, and may also subject the Funds to higher price volatility.

The premiums paid for the options represent the cost of the investment and the options are valued daily at their closing price. The Funds recognize a realized gain or loss when the option is sold or expired. Option holdings within the Funds, which may include put options and call options, are subject to loss of value with the passage of time, and may experience a total loss of value upon expiration. With options, there is minimal counterparty risk to the Funds since they are exchange traded.

**Note 10. Offsetting Assets and Liabilities**

The Camelot Fund are subject to various Master Netting Arrangements ("MNA"), which govern the terms of certain transactions with select counterparties. The MNA allows the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The MNA also specifies collateral posting arrangements at pre-arranged exposure levels. Under the MNA, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant MNA with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of MNA.

The following is a summary of the Assets and Liabilities for the Camelot Fund subject to offsets as of June 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not** | **Gross Amounts Not** | |
| | | | | | **Offset in the Statements** | **Offset in the Statements** | |
| | | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | |
| <br>**Description** | <br>**Counterparty** |<br>**Gross**<br>**Amounts**<br>**Recognized in**<br>**the Statement**<br>**of Assets and**<br>**Liabilities** | **Gross**<br>**Amounts**<br>**Offset**<br>**in the**<br>**Statements**<br>**of Assets**<br>**and Liabilities** | **Net**<br>**Amounts**<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets**<br>**and Liabilities** |<br>**Financial**<br>**Instruments** | **Collateral**<br>**Pledged**<br>**(Received)** |<br><br><br>**Net**<br>**Amount** |
| **<u>Camelot Fund</u>** |  | | | | | | |
| **Assets:** |  | | | | | | |
| Purchased Options | Susquehanna | $5323190 | $— | $5323190 | $— | $5323190 | $— |
| **Liabilities:** |  |  |  |  |  |  |  |
| Written Options | Susquehanna | $(8715970) | $— | $(8715970) | $— | $(8715970) | $— |

---

**Note 11. Investment Transactions**

For the year ended June 30, 2025, purchases and sales of investment securities other than U.S. Government obligations, and short-term investments for the Value Fund aggregated $24,110,475 and $22,550,331, respectively.

For the year ended June 30, 2025, purchases and sales of investment securities other than U.S. Government obligations, and short-term investments for the Camelot Fund aggregated $64,370,306 and $68,246,956, respectively.

**Note 12. Tax Matters**

As of June 30, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investment securities were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Value Fund</u> | &nbsp;&nbsp;<u>Camelot Fund</u> |
| &nbsp;&nbsp;Gross unrealized appreciation on investment securities | &nbsp;&nbsp;$6244621 | &nbsp;&nbsp;$12578916 |
| &nbsp;&nbsp;Gross unrealized depreciation on investment securities | &nbsp;&nbsp; <u>(470552)</u> | &nbsp;&nbsp; <u>(14536733)</u> |
| &nbsp;&nbsp;Net unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;<u>$5774069</u> | &nbsp;&nbsp;<u>$(1957817)</u> |
| &nbsp;&nbsp;Cost of investment securities, including short-term investments \* | &nbsp;&nbsp;<u>$19829559</u> | &nbsp;&nbsp;<u>$90973440</u> |

---

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds' tax basis capital gains and losses and undistributed ordinary income are determined at the end of each fiscal year. As of June 30, 2025 the Funds' most recent fiscal year-end, components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Value Fund</u> | &nbsp;&nbsp;<u>Camelot Fund</u> |
| &nbsp;&nbsp;Unrealized appreciation (depreciation) | &nbsp;&nbsp;$5774069 | &nbsp;&nbsp;$(1957817) |
| &nbsp;&nbsp;Post December net-investment loss deferral | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Undistributed ordinary income (loss) | &nbsp;&nbsp;120643 | &nbsp;&nbsp;851671 |
| &nbsp;&nbsp;Accumulated undistributed long-term capital gain | &nbsp;&nbsp;1033884 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total Distributable earnings/(deficit) | &nbsp;&nbsp;$6928596 | &nbsp;&nbsp;$(1106146) |

---

\* The difference between book and tax cost represents disallowed wash sales and straddles for tax purposes for the Camelot Funds and disallowed wash sales for the Value Fund.

The capital gains (losses) shown may differ from corresponding accumulated net realized gain (loss) reported on the statement of assets and liabilities due to certain temporary book/tax differences due to temporary book/tax differences due to the deferral of losses on wash sales and straddles. Under current tax law, net capital losses realized after October 31<sup>st</sup> and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year and net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term.

Permanent book and tax differences relating to shareholder distributions may result in reclassifications to paid in capital and may affect the per-share allocation between net investment income and realized and unrealized gain/loss. Undistributed net investment income and accumulated undistributed net realized gain/loss on investment transactions may include temporary book and tax differences which reverse in subsequent periods. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

The Funds paid the following distributions for the years ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Value Fund** |  |  |
| &nbsp;&nbsp;Period/Year Ended | &nbsp;&nbsp;$ Amount | &nbsp;&nbsp;Tax Character |
|  | &nbsp;&nbsp;**Investor Class** |  |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112839 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87204 | &nbsp;&nbsp;Long-term capital gain |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145887 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241016 | &nbsp;&nbsp;Long-term capital gain |
|  | &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20459 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22680 | &nbsp;&nbsp;Long-term capital gain |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16960 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57933 | &nbsp;&nbsp;Long-term capital gain |
|  | &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446621 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311056 | &nbsp;&nbsp;Long-term capital gain |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422944 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820053 | &nbsp;&nbsp;Long-term capital gain |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Camelot Fund** |  |  |
| &nbsp;&nbsp;Period/Year Ended | &nbsp;&nbsp;$ Amount | &nbsp;&nbsp;Tax Character |
|  | &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226228 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640894 | &nbsp;&nbsp;Ordinary income |
|  | &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2160382 | &nbsp;&nbsp;Ordinary income |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5929321 | &nbsp;&nbsp;Ordinary income |

---

**Note 13. Control and Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940, as amended. As of June 30, 2025, NFS, LLC owned approximately 38% of the Value Fund, for the benefit of others, and may be deemed to control the Value Fund. As of June 30, 2025, Charles Schwab & Co., Inc. owned approximately 37% of the Camelot Fund, for the benefit of others, and may be deemed to control the Camelot Fund.

**Note 14. Indemnifications**

In the normal course of business, the Funds enter into contracts that contain general indemnification to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of loss to be remote.

**Note 15. Market Risk and Geopolitical Risk**

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**Note 16. New Accounting Pronouncements**

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective on April 9, 2024. The compliance date is June 11, 2026 for Funds with more than $1 billion in assets and December 11, 2026 for Funds with less than $1 billion in assets. The Funds are in compliance with this new rule.

**Note 17. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees

of Frank Value Fund and Camelot Event Driven Fund,

each a Series of the Frank Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Frank Value Fund, ("Value Fund") and the Camelot Event Driven Fund ("Camelot Fund"), each a series of the Frank Funds (the "Funds"), including the schedules of investments, purchased options and written options as of June 30, 2025 and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of June 30, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](image_003.jpg)

We have served as the Funds' auditors since 2005

Huntingdon Valley, Pennsylvania

August 28, 2025

**Frank Funds**

Additional information

June 30, 2025

Each Fund's Statement of Additional Information ("SAI") includes additional information about the trustees and is available, without charge, upon request. You may call toll-free (888) 217-5426 to request a copy of the SAI or to make shareholder inquiries.

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted proxies during the most recent 12-month period ended June 30 are available without charge upon request by (1) calling (888) 217-5426 and (2) from the documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>www.sec.gov</u>.

Each Fund files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. The Funds' first and third fiscal quarters end on September 30 and March 31. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Funds' Forms N-PORT are available on the SEC's website at <u>http://sec.gov</u>, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling (888) 217-5426.

<u>Advisory Renewal Agreement</u>

<u>Frank Fund</u>

The Management Agreement between the Trust and Frank Capital Partners LLC ("Frank Capital") as to the Frank Value Fund was approved by the Board of Trustees (the "Trustees"), including a majority of the Trustees who are not interested persons of the Trust or interested parties to the Management Agreement (collectively, the "Independent Trustees"), at an in-person meeting held on June 25, 2025. The Trustees reviewed a memorandum describing the Trustees' duties when considering the Management Agreement renewal.

As to the nature, extent, and quality of the services provided by Frank Capital Partners LLC, the Board considered Frank Capital Partners LLC's investment philosophy. In addition, the Trustees reviewed Frank Capital Partners LLC's Form ADV Parts I and II which described the operations and policies of Frank Capital Partners LLC. The Trustees reviewed a report prepared by Frank Capital Partners LLC for the Trustees with information relevant to their deliberations (the "Report"). The Report included information regarding, among other things, the personnel of Frank Capital Partners LLC and Frank Capital Partners LLC's compliance activities. Mr. Brian Frank of Frank Capital Partners LLC certified to the Board that it had complied with the Trust's Code of Ethics. Based on this information and their discussions with Mr. Brian Frank, the President of Frank Funds, the Trustees concluded that the nature, quality, and extent of the advisory services that Frank Capital Partners LLC has provided were reasonable and consistent with the Board's expectations. The Board also noted there has been consistent management, ready access to the principles of the firm, and no compliance or litigation issues.

As to the Frank Value Fund's performance, the Trustees reviewed information in the Report regarding the Frank Value Fund's returns since inception and for the year ended March 31, 2025. The Frank Value Fund's performance was compared to the Russell Mid Cap Value Index. The Board noted that the Frank Value Fund's performance outperformed the Russell Mid cap Value Index and Peer Group in the three years ending 3/31/25. The Board reviewed the Russell Mid Cap Value Index and agreed it was reasonable for a mid-cap value fund like the Frank Value Fund.

The Trustees then reviewed information in the Report comparing the expense ratio of the Frank Value Fund to those of the peer group. Mr. Brian Frank noted that the Report indicates the Institutional Share Class had a total expense ratio of 1.12%, which is more than the 0.79% peer group average and more than the 0.83% peer group median. Management Fees for the Frank Value Fund are 0.91% while the peer group average is 0.66% and the median is 0.70%. The Board agreed that both the total expense ratio and the management fee compared favorably to the peer group and that the management fee was fair and reasonable considering the assets in the Frank Value Fund as well as the outperformance of the benchmark after fees.

As to profits realized by Frank Capital Partners LLC, the Board reviewed information regarding Frank Capital Partners LLC's income and expense for calendar year 2024. The Board noted that although Frank Capital Partners LLC receives a Management Fee from the Frank Value Fund, the Administrative Fee is not enough to cover imputed costs. Thus, a portion of the Management Fee is used to pay Fund expenses. The Board then discussed additional benefits received by Frank Capital Partners LLC from the Frank Value Fund, and agreed there were none. They concluded that Frank Capital Partners LLC was not excessively profitable in relation to the Frank Value Fund.

As a result of their deliberations, the Trustees, including the Independent Trustees, determined that the overall arrangement provided under the terms of the Management Agreement was a reasonable business arrangement, and that the renewal of the Management Agreement was in the best interests of the Trust and the Frank Value Fund's shareholders. Accordingly, they approved the continuation of the Management Agreement for an additional year.

<u>Camelot Fund</u>

The Management Agreement between the Trust and Camelot Event-Driven Advisors LLC ("CEDA") as to the Camelot Event-Driven Fund was approved by the Board of Trustees (the "Trustees"), including a majority of the Trustees who are not interested persons of the Trust or interested parties to the Management Agreement (collectively, the "Independent Trustees"), at an in-person meeting held on June 25, 2025. The Trustees reviewed a memorandum describing the Trustees' duties when considering the Management Agreement renewal.

As to the nature, extent, and quality of the services provided by Camelot Event-Driven Advisors LLC, the Board considered Camelot Event-Driven Advisors LLC's investment philosophy. In addition, the Trustees reviewed Camelot Event-Driven Advisors LLC's Form ADV Parts I and II which described the operations and policies of Camelot Event-Driven Advisors LLC. The Trustees reviewed a report prepared by Camelot Event-Driven Advisors LLC for the Trustees with information relevant to their deliberations (the "Report"). The Report included information regarding, among other things, the personnel of Camelot Event-Driven Advisors LLC and Camelot Event-Driven Advisors LLC's compliance activities. Mr. Thomas Kirchner of Camelot Event-Driven Advisors LLC certified to the Board that it had complied with the Trust's Code of Ethics. Based on this information and their discussions with Mr. Brian Frank, the President of Frank Funds, the Trustees concluded that the nature, quality, and extent of the advisory services that Camelot Event-Driven Advisors LLC has provided were reasonable and consistent with the Board's expectations. The Board also noted there has been consistent management, ready access to the principles of the firm, and no compliance or litigation issues.

As to the Camelot Event-Driven Fund's performance, the Trustees reviewed information in the Report regarding the Camelot Fund's returns since inception and for the year ended March 31, 2025. The Camelot Fund's performance was compared to the HFRX Event-Driven Index. The Board noted that the Camelot Fund's performance outperformed the HFRX Event-Driven Index in all time periods.

As to profits realized by Camelot Event-Driven Advisors LLC, the Board reviewed information regarding Camelot Event-Driven Advisors LLC's income and expense for calendar year 2024. The Board noted that although Camelot Event-Driven Advisors LLC receives a Management Fee from the Camelot Fund, the fee is not enough to cover imputed costs. Thus, a portion of the Management Fee is waived to pay Fund expenses. The Board then discussed additional benefits received by Camelot Event-Driven Advisors LLC from the Camelot Fund, and agreed there were none. They concluded that Camelot Event-Driven Advisors LLC was not excessively profitable in relation to the Camelot Fund.

As a result of their deliberations, the Trustees, including the Independent Trustees, determined that the overall arrangement provided under the terms of the Management Agreement was a reasonable business arrangement, and that the renewal of the Management Agreement was in the best interests of the Trust and the Camelot Event-Driven Fund's shareholders. Accordingly, they approved the continuation of the Management Agreement for an additional year.

**Board of Trustees**

Brian J. Frank

Jason W. Frey

Andrea Nitta

Hemanshu Patel

Jeffry Brown

**Investment Advisers**

Frank Capital Partners, LLC

781 Crandon Blvd., Unit 602

Key Biscayne, FL 33149

Camelot Event-Driven Advisors, LLC

1700 Woodlands Dr., Suite 100

Maumee, OH 43537

**Dividend Paying Agent, Shareholders' Servicing Agent, Transfer Agent**

Mutual Shareholder Services, LLC

**Custodian**

UMB Financial Corporation

**Independent Registered Public Accounting Firm**

Sanville & Company

**Legal Counsel**

Thompson Hine LLP

This report is provided for the general information of the shareholders of the Value Fund and the Camelot Fund. This report is not intended for distribution to prospective investors in the Funds, unless preceded or accompanied by an effective prospectus.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls & Procedures. Principal executive and financial
officers have concluded that Registrant's disclosure controls & procedures are effective based on their evaluation as of a date
within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the registrant's internal control
over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1)

EX-99.CODE ETH. Filed herewith.

(a)(2)

EX-99.CERT. Filed herewith.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>FRANK FUNDS</u>

By <u>/s/ Brian J. Frank</u>

&nbsp;&nbsp;&nbsp;&nbsp; Brian J. Frank

&nbsp;&nbsp;&nbsp;&nbsp; President & Treasurer

Date: <u>September 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Brian J. Frank</u>

&nbsp;&nbsp;&nbsp;&nbsp; Brian J. Frank

&nbsp;&nbsp;&nbsp;&nbsp; President & Treasurer

Date: <u>September 5, 2025</u>

## Ex-99.Cert

I, Brian J. Frank, certify that:

1. I have reviewed this report on Form N-CSR of Frank Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 5, 2025</u>

<u>/s/ Brian J. Frank</u>

Brian J. Frank

President & Treasurer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>Brian J. Frank</u>, President and Treasurer of <u>Frank Funds</u> (the "Registrant"), certifies to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President & Treasurer

<u>Frank Funds</u>

<u>/s/Brian J. Frank</u>

Brian J. Frank

Date: <u>September 5, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Frank Funds</u> and will be retained by <u>Frank Funds</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**CODE OF ETHICS**

**Frank Funds**

**Frank Capital Partners LLC**

**(Approved June 24, 2004)**

**(Revised February 2, 2005)**

**(Revised October 7, 2013)**

**(Revised July 1, 2018)**

**(Revised October 1, 2020)**

**I.** **Statement of General Principles** <br>

This Code of Ethics has been adopted by the Frank Funds (the "Trust") for the purpose of instructing all employees, officers, directors and trustees of the Trust and Frank Capital Partners, LLC, and Camelot Event-Driven Advisors, LLC, the advisers to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are: <br>

· The duty at all times to place the interests of the Trust and its shareholders first;

· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code. <br>

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: any employee, officer, director or trustee of the Trust or the Adviser (or of any company in a control relationship to the Trust or the Adviser) who, in connection with his or her regular functions or duties, participates in or makes recommendations with respect to the purchase or sale of securities; and any natural person who controls the Adviser or the Trust and who obtains information about recommendations with respect to the purchase or sale of securities. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Automatic Investment Plan: a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Compliance Officer</u>:

the Compliance Officer for the Adviser is Brian J. Frank, or with respect to Brian J. Frank, Monique M. Weiss. The Compliance Officer for the Trust is Brian J. Frank, or with respect to Brian J. Frank, Monique M. Weiss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to an Automatic Investment Plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, 5) high quality short-term debt instruments, including repurchase agreements, and 5) shares of unaffiliated registered open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients. <br>

**III.** **Personal Investment Guidelines** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

2. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question. <br>

**IV.** **Compliance Procedures** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information as of a date no more than 45 days prior to the date the person became an Employee: a) the title, type, CUSIP or ticker symbol, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 45 days before the report is submitted): a) the title, type, CUSIP or ticker symbol, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than 30 days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The Report may, however, exclude transaction effected pursuant to an Automatic Investment Plan. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

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