# EDGAR Filing Document

**Accession Number:** 0000931491
**File Stem:** 0001413042-26-000065
**Filing Date:** 2026-1
**Character Count:** 170316
**Document Hash:** 19f93f00f5f097511bb2d0cac4763cb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000065.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001413042-26-000065

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL MANAGEMENT INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000931491

**ORGANIZATION NAME:**
- **EIN:** 566459396
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08822
- **FILM NUMBER:** 26578682

**BUSINESS ADDRESS:**
- **STREET 1:** 60 BROAD STREET, 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 888-626-3863

**MAIL ADDRESS:**
- **STREET 1:** 60 BROAD STREET, 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

## Series and Classes Contracts Data

### Wellington Shields All-Cap Fund (Series ID: S000010456)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028882 | Institutional Shares | WSACX           |

?xml version='1.0' encoding='ASCII'? PFS

---

| |
|:---|
| 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 811-08822 |
| **CAPITAL MANAGEMENT INVESTMENT TRUST** |
| (Exact name of registrant as specified in charter) |
| **<u>60 Broad Street, 39th Floor, New York, NY 10004</u>** |
| (Address of principal executive offices) (Zip code) |
| CT Corporation System |
| <u>155 Federal St., Suite 700, Boston, MA 02110</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (888) 626-3863** |
| **Date of fiscal year end: November 30** |
| **Date of reporting period: November 30, 2025** |

---

**Item 1. Reports to Stockholders.**

## Wellington Shields All-Cap Fund - Institutional Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: WSACX* 

**Annual Shareholder Report**

**November 30, 2025**

This annual shareholder report contains important information about Wellington Shields All-Cap Fund ("Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.cmitfunds.com/literature. You can also request this information by contacting us at 1-888-626-3863.

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

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Shares | $139 | 1.29% |

---

**Management's Discussion of Fund Performance**

The Wellington Shields All-Cap Fund Institutional Shares (the "All-Cap Fund") had a total return of 14.85% for the fiscal year ending November 30, 2025, compared with returns of 14.09% for the Russell 1000<sup>®</sup> Index and 15.00% for the S&P 500<sup>®</sup> Index for the same period. The All-Cap Fund performance was negatively impacted by declines in United Health Group Inc., Apollo Global Management Inc., and Flutter Plc., while Nvidia Corp., Alphabet Inc., and Bloom Energy Corp. were positive contributors to the portfolio performance.

The fiscal year began in the midst of a renewed interest rate cutting cycle with the Federal Reserve citing rising unemployment as a bigger concern than inflation. Lower interest rates propelled equity markets to new highs in February before inflation concerns caused the market to question the pace and magnitude of continued interest rate cuts. Markets were shocked by President Trump's initial tariff salvo in April, and completed a 20% peak to trough correction a week after that announcement. Markets began a slow and sustained recovery through the remainder of the year as actual tariff implementation was not as draconian as feared. A capital spending arms race by the well-funded hyperscalers to deliver Artificial Intelligence drove strong earnings growth across a wide range of technology, infrastructure, and power suppliers. The One Big Beautiful Tax Bill signed into law July 4th included a huge incentive for investment in the United States in the form of 100% depreciation for capital investments. Consumers are also poised to benefit from larger tax refunds in April 2026. In this environment corporate earnings grew much faster than anticipated which drove strong returns for the equity market.

The All-Cap Fund particularly benefited from investments in areas related to artificial intelligence, carbon free energy, the continued evolution of the energy grid, and the development of GLP-1 drugs.

We appreciate your continued trust and investment in the Wellington Shields All-Cap Fund.

**How did the Fund perform over the past 10 years?**

***The Fund's past performance is not a good predictor of the Fund's future performance.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

![Ad2 Performance Graph](fp0096770-4_ar61.jpg)

**Average Annual Total Returns (as of November 30, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Wellington Shields All-Cap Fund – Institutional Shares | 14.85% | 10.63% | 10.04% |
| Russell 1000<sup>®</sup> Index | 14.09% | 14.53% | 14.38% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |

---

**Fund Statistics**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $69222647 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate (%) | 20% |
| Total Advisory Fees Paid ($) | $615783 |

---

**What did the Fund invest in?**

**Top Ten Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Financial Square Government Fund Institutional Class | 7.44% |
| Alphabet, Inc. - Class A | 5.55% |
| NVIDIA Corporation | 4.96% |
| Bloom Energy Corporation - Class A | 4.25% |
| Eli Lily And Company | 4.04% |
| Microsoft Corporation | 3.91% |
| JPMorgan Chase & Co. | 3.84% |
| Quanta Services, Inc. | 3.76% |
| Amazon.com, Inc. | 3.70% |
| Walmart Inc. | 3.54% |

---

**Sectors (% of net assets)**

![Af Image](fp0096770-4_ar62.jpg)

\* Net Assets represents cash equivalents and liabilities in excess of other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Availability of Additional Information about the Fund**

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.cmitfunds.com/literature.

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-626-3863 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| | | |
|:---|:---|:---|
| **Item 2. Code of Ethics.** | **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. | 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. | 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.** | **Item 3. Audit Committee Financial Expert.** | **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 serving on its audit committee.<br>At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert serving on its audit committee.<br>At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert serving on its audit committee.<br>At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity. |
| **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** |
| (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
|  | FYE 11/30/2025 | FYE 11/30/2024 |
| Audit Fees | $15200 | $14950 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3000 | $3000 |
| All Other Fees | $750 | $0 |
| Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. | Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. | Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. |
| All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. |
| (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (e) (2) 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. | (e) (2) 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. | (e) (2) 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) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. |
| (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for<br> services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. |
| Non-Audit Fees |  | FYE 11/30/2025 |
| Registrant |  | $3750 |
| Registrant's Investment Adviser | Registrant's Investment Adviser | $0 |
| (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
| (i) Not applicable. |  |  |
| (j) Not applicable. |  |  |
| **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** |
| Not applicable. | Not applicable. | Not applicable. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |  |
| **Wellington Shields All-Cap Fund** | **Wellington Shields All-Cap Fund** | **Wellington Shields All-Cap Fund** | | |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Curtiss-Wright Corporation |  | $&nbsp;&nbsp;&nbsp;&nbsp; 1692870 | 2.45% |
| **Automobiles** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Tesla, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 1720680 | 2.49% |
| **Capital Markets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | BlackRock, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1989870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Blackstone Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1171360 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3161230 | 4.57% |
| **Chemicals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Linde PLC (United Kingdom) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2051600 | 2.96% |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | Quanta Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 2603328 | 3.76% |
| **Electric Utilities** | **Electric Utilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 | Constellation Energy Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 2003980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949190 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2953170 | 4.27% |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26900 | Bloom Energy Corporation - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 2938556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 | GE Vernova Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1379471 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4318027 | 6.24% |
| **Electronic Computers** | **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900 | Apple Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 2202915 | 3.18% |
| **Entertainment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | Take-Two Interactive Software, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762817 | 1.10% |
| **Financial Services** | **Financial Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Apollo Global Management Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1582200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Berkshire Hathaway Inc. - Class B \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 1541430 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3123630 | 4.51% |
| **Food & Staples Retailing** | **Food & Staples Retailing** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22200 | Walmart Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 2453322 | 3.54% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | Intuitive Surgical, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 1261656 | 1.82% |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2050 | McKesson Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1806296 | 2.61% |
| **Interactive Media Services** | **Interactive Media Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | Meta Platforms, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1425490 | 2.06% |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Alphabet, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 3842160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | Amazon.com, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 2565420 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6407580 | 9.26% |
| **IT Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | International Business Machines Corporation | International Business Machines Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2160060 | 3.12% |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | Thermo Fisher Scientific Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768079 | 1.11% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp; 2661180 | 3.84% |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Cheniere Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1354990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852 | Exxon Mobil Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330604 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1685594 | 2.43% |
| **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | Eli Lilly And Company |  | &nbsp;&nbsp;&nbsp;&nbsp; 2796222 | 4.04% |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375 | Applied Materials, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1103593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275 | ASML Holding N.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp; 1351500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19400 | NVIDIA Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 3433800 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5888893 | 8.51% |
| **Software** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 | Microsoft Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 2706055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Palantir Technologies Inc. - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 1684500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Palo Alto Networks, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp; 1901300 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6291855 | 9.09% |
| **Specialty Retail** | **Specialty Retail** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Ross Stores, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1058160 | 1.53% |
| **Total for Common Stocks (Cost $30,086,460)** | **Total for Common Stocks (Cost $30,086,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 61254654 | 88.49% |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Equity Funds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 | Invesco S&P 500® Equal Weight ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 1436475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | VanEck Gold Miners ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 1414910 |  |
| **Total Exchange Traded Funds (Cost $2,046,660)** | **Total Exchange Traded Funds (Cost $2,046,660)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 2851385 | 4.12% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5153854 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.83% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp; 5153854 |  |
| **Total Money Market Funds (Cost $5,153,854)** | **Total Money Market Funds (Cost $5,153,854)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 5153854 | 7.44% |
| **Investments at Fair Value (Cost $37,286,974)** | **Investments at Fair Value (Cost $37,286,974)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 69259893 | 100.05% |
| **Liabilities in Excess of Other Assets** | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37246) | -0.05% |
| **Net Assets** |  |  | $69222647 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at November 30, 2025. | \*\* The rate shown represents the 7-day yield at November 30, 2025. | \*\* The rate shown represents the 7-day yield at November 30, 2025. |  |  |
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |  |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Wellington Shields All-Cap Fund** | |
| **Statement of Assets and Liabilities** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value | $&nbsp;&nbsp;&nbsp;&nbsp; 69259893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $37,286,974) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3855 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69309244 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25847 |
| &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; 86597 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp; 69222647 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital (par value and paid in surplus) | $&nbsp;&nbsp;&nbsp;&nbsp; 37217736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32004911 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp; 69222647 |
| Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp; 69222647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares Outstanding, $0.01 par value (unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Maximum Offering Price and Redemption Price Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.07 |
| **Statement of Operations** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended November 30, 2025** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $1,190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551615 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees & Accounting Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and Postage Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3238 |
| &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; 794914 |
| Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243299) |
| Net Realized and Unrealized Gain on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change In Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8759263 |
| Net Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9181592 |
| Net Increase in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8938293 |
| The accompanying notes are an integral part of these financial statements. |  |

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| | | |
|:---|:---|:---|
| **Wellington Shields All-Cap Fund** | | |
| **Statements of Changes in Net Assets** |  |  |
|  | Year Ended | Year Ended |
|  | 11/30/2025 | 11/30/2024 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $&nbsp;&nbsp;&nbsp;&nbsp;(243299) | $&nbsp;&nbsp;&nbsp;&nbsp;(106409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422329 | &nbsp;&nbsp;&nbsp;&nbsp; 2587990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 8759263 | &nbsp;&nbsp;&nbsp;&nbsp;12577296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase / (Decrease) in Net Assets from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 8938293 | &nbsp;&nbsp;&nbsp;&nbsp;15058877 |
| From Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(2446907) | &nbsp;&nbsp;&nbsp;&nbsp; (229085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2446907) | &nbsp;&nbsp;&nbsp;&nbsp; (229085) |
| From Capital Share Transactions: |  |  |
| *Institutional Shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested Distributions | &nbsp;&nbsp;&nbsp;&nbsp; 2415494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2217013) | &nbsp;&nbsp;&nbsp;&nbsp;(2616865) |
| Net Increase / (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385189 | &nbsp;&nbsp;&nbsp;&nbsp;(2236186) |
| Net Increase / (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; 6876575 | &nbsp;&nbsp;&nbsp;&nbsp;12593606 |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;62346072 | &nbsp;&nbsp;&nbsp;&nbsp;49752466 |
| Net Assets at End of Year | $69222647 | $62346072 |
| Share Transactions: |  |  |
| *Institutional Shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97060) |
| Net Increase / (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81775) |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Wellington Shields All-Cap Fund** | **Wellington Shields All-Cap Fund** | **Wellington Shields All-Cap Fund** | **Wellington Shields All-Cap Fund** | | | |
| **Financial Highlights** |  |  |  |  |  |  |
| Selected data for a share outstanding |  |  |  |  |  |  |
| throughout each year: | Year Ended |  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 11/30/2025 |  | 11/30/2024 | 11/30/2023 | 11/30/2022 | 11/30/2021 |
| Net Asset Value - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp;29.98 |  | $&nbsp;&nbsp;&nbsp;&nbsp;23.02 | $&nbsp;&nbsp;&nbsp;&nbsp;23.00 | $&nbsp;&nbsp;&nbsp;&nbsp;29.21 | $&nbsp;&nbsp;&nbsp;&nbsp;25.09 |
| Net Investment Income / (Loss) *<sup>(a)</sup>* | (0.11) |  | (0.05) | 0.11 | 0.17 | (0.18) |
| Net Gain / (Loss) on Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Realized and Unrealized) | 4.37 |  | 7.12 | 0.47 | (4.64) | 7.01 |
| Total from Investment Operations | 4.26 |  | 7.07 | 0.58 | (4.47) | 6.83 |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions (From Net Realized Gains) | &nbsp;&nbsp;&nbsp;&nbsp; (1.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp;&nbsp; (2.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.17) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | (0.56) | (1.74) | (2.71) |
| Net Asset Value - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;33.07 |  | $&nbsp;&nbsp;&nbsp;&nbsp;29.98 | $&nbsp;&nbsp;&nbsp;&nbsp;23.02 | $&nbsp;&nbsp;&nbsp;&nbsp;23.00 | $&nbsp;&nbsp;&nbsp;&nbsp;29.21 |
| Total Return *<sup>(b)</sup>* | 14.85% |  | 30.81% | 2.57% | (15.25)% | 26.88% |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $69223 |  | $62346 | $49752 | $51819 | $61755 |
| Before Waiver/Reimbursement/Recoupment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets** | 1.29% |  | 1.31% | 1.33% | 1.30% | 1.28% |
| After Waiver/Reimbursement/Recoupment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets** | 1.29% |  | 1.31% | 1.33% | 1.30% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income / (Loss) to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | (0.40)% |  | (0.19)% | 0.48% | 0.67% | (0.64)% |
| Portfolio Turnover Rate | 20.39% |  | 45.77% | 57.06% | 74.35% | 45.90% |
| + Less than +/- $0.005 per share. |  |  |  |  |  |  |
| (a) Based on Average Shares Outstanding. |  |  |  |  |  |  |
| (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| &nbsp;&nbsp;&nbsp;&nbsp;reinvestment of dividends. |  |  |  |  |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** |
| **WELLINGTON SHIELDS ALL-CAP FUND** | **WELLINGTON SHIELDS ALL-CAP FUND** | **WELLINGTON SHIELDS ALL-CAP FUND** | **WELLINGTON SHIELDS ALL-CAP FUND** | **WELLINGTON SHIELDS ALL-CAP FUND** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| 1. ORGANIZATION |  |  |  |  |
| Wellington Shields All-Cap Fund (the "Fund") is a diversified series of the Capital Management Investment Trust (the "Trust"), a registered open-end management investment company. The Trust was organized on October 14, 1994, as a Massachusetts business trust and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2025, there is one series authorized by the Trust. Prior to March 29, 2018, the Fund was known as the Capital Management Mid-Cap Fund. The Fund's investment advisor is Capital Management Associates, Inc. ("CMA" or "Advisor"). The Fund currently offers Institutional shares. The Fund commenced operations on January 27, 1995. The investment objective of the Fund is to seek capital appreciation. | Wellington Shields All-Cap Fund (the "Fund") is a diversified series of the Capital Management Investment Trust (the "Trust"), a registered open-end management investment company. The Trust was organized on October 14, 1994, as a Massachusetts business trust and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2025, there is one series authorized by the Trust. Prior to March 29, 2018, the Fund was known as the Capital Management Mid-Cap Fund. The Fund's investment advisor is Capital Management Associates, Inc. ("CMA" or "Advisor"). The Fund currently offers Institutional shares. The Fund commenced operations on January 27, 1995. The investment objective of the Fund is to seek capital appreciation. | Wellington Shields All-Cap Fund (the "Fund") is a diversified series of the Capital Management Investment Trust (the "Trust"), a registered open-end management investment company. The Trust was organized on October 14, 1994, as a Massachusetts business trust and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2025, there is one series authorized by the Trust. Prior to March 29, 2018, the Fund was known as the Capital Management Mid-Cap Fund. The Fund's investment advisor is Capital Management Associates, Inc. ("CMA" or "Advisor"). The Fund currently offers Institutional shares. The Fund commenced operations on January 27, 1995. The investment objective of the Fund is to seek capital appreciation. | Wellington Shields All-Cap Fund (the "Fund") is a diversified series of the Capital Management Investment Trust (the "Trust"), a registered open-end management investment company. The Trust was organized on October 14, 1994, as a Massachusetts business trust and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2025, there is one series authorized by the Trust. Prior to March 29, 2018, the Fund was known as the Capital Management Mid-Cap Fund. The Fund's investment advisor is Capital Management Associates, Inc. ("CMA" or "Advisor"). The Fund currently offers Institutional shares. The Fund commenced operations on January 27, 1995. The investment objective of the Fund is to seek capital appreciation. | Wellington Shields All-Cap Fund (the "Fund") is a diversified series of the Capital Management Investment Trust (the "Trust"), a registered open-end management investment company. The Trust was organized on October 14, 1994, as a Massachusetts business trust and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. As of November 30, 2025, there is one series authorized by the Trust. Prior to March 29, 2018, the Fund was known as the Capital Management Mid-Cap Fund. The Fund's investment advisor is Capital Management Associates, Inc. ("CMA" or "Advisor"). The Fund currently offers Institutional shares. The Fund commenced operations on January 27, 1995. The investment objective of the Fund is to seek capital appreciation. |
| 2. SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES |  |  |  |
| The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. | The Fund follows the significant accounting policies described in this section. |
| *SEGMENT REPORTING:* |  |  |  |  |
| The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the 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 the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the portfolio managers at the Advisor are deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the 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 the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the portfolio managers at the Advisor are deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the 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 the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the portfolio managers at the Advisor are deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the 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 the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the portfolio managers at the Advisor are deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the 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 the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the portfolio managers at the Advisor are deemed to be the Chief Operating Decision Maker. |
| *INVESTMENT VALUATION* |  |  |  |  |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. The Trust's Board of Trustees ("Board") has designated the Advisor as "Valuation Designee" pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"). | All investments in securities are recorded at their estimated fair value, as described in Note 3. The Trust's Board of Trustees ("Board") has designated the Advisor as "Valuation Designee" pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"). | All investments in securities are recorded at their estimated fair value, as described in Note 3. The Trust's Board of Trustees ("Board") has designated the Advisor as "Valuation Designee" pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"). | All investments in securities are recorded at their estimated fair value, as described in Note 3. The Trust's Board of Trustees ("Board") has designated the Advisor as "Valuation Designee" pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"). | All investments in securities are recorded at their estimated fair value, as described in Note 3. The Trust's Board of Trustees ("Board") has designated the Advisor as "Valuation Designee" pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"). |
| *SHARE VALUATION* |  |  |  |  |
| The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share. | The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share. | The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share. | The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share. | The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share. |
| *INVESTMENT TRANSACTIONS AND INVESTMENT INCOME* | *INVESTMENT TRANSACTIONS AND INVESTMENT INCOME* | *INVESTMENT TRANSACTIONS AND INVESTMENT INCOME* |  |  |
| Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recorded on the accrual basis and includes amortization of discounts and premiums. Payments received from certain investments, such as Real Estate Investment Trusts ("REITs"), held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund estimates the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. | Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recorded on the accrual basis and includes amortization of discounts and premiums. Payments received from certain investments, such as Real Estate Investment Trusts ("REITs"), held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund estimates the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. | Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recorded on the accrual basis and includes amortization of discounts and premiums. Payments received from certain investments, such as Real Estate Investment Trusts ("REITs"), held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund estimates the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. | Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recorded on the accrual basis and includes amortization of discounts and premiums. Payments received from certain investments, such as Real Estate Investment Trusts ("REITs"), held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund estimates the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. | Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recorded on the accrual basis and includes amortization of discounts and premiums. Payments received from certain investments, such as Real Estate Investment Trusts ("REITs"), held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund estimates the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. |
| *DIVIDEND DISTRIBUTIONS* |  |  |  |  |
| Dividends paid by the Fund derived from net investment income (if any) will generally be paid annually. Distributions from capital gains (if any) are generally declared and distributed annually. The Fund may also make a supplemental distribution subsequent to the end of its fiscal year. Dividends and distributions to shareholders are recorded on the ex-dividend date. | Dividends paid by the Fund derived from net investment income (if any) will generally be paid annually. Distributions from capital gains (if any) are generally declared and distributed annually. The Fund may also make a supplemental distribution subsequent to the end of its fiscal year. Dividends and distributions to shareholders are recorded on the ex-dividend date. | Dividends paid by the Fund derived from net investment income (if any) will generally be paid annually. Distributions from capital gains (if any) are generally declared and distributed annually. The Fund may also make a supplemental distribution subsequent to the end of its fiscal year. Dividends and distributions to shareholders are recorded on the ex-dividend date. | Dividends paid by the Fund derived from net investment income (if any) will generally be paid annually. Distributions from capital gains (if any) are generally declared and distributed annually. The Fund may also make a supplemental distribution subsequent to the end of its fiscal year. Dividends and distributions to shareholders are recorded on the ex-dividend date. | Dividends paid by the Fund derived from net investment income (if any) will generally be paid annually. Distributions from capital gains (if any) are generally declared and distributed annually. The Fund may also make a supplemental distribution subsequent to the end of its fiscal year. Dividends and distributions to shareholders are recorded on the ex-dividend date. |
| *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 the net assets from operations during the reported year. Actual results could differ from those 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 the net assets from operations during the reported year. Actual results could differ from those 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 the net assets from operations during the reported year. Actual results could differ from those 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 the net assets from operations during the reported year. Actual results could differ from those 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 the net assets from operations during the reported year. Actual results could differ from those estimates. |
| *FEDERAL INCOME TAXES* |  |  |  |  |
| The Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code since 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. As a personal holding company, a 20% tax would be imposed for each tax year on undistributed personal holding company income. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies. | The Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code since 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. As a personal holding company, a 20% tax would be imposed for each tax year on undistributed personal holding company income. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies. | The Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code since 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. As a personal holding company, a 20% tax would be imposed for each tax year on undistributed personal holding company income. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies. | The Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code since 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. As a personal holding company, a 20% tax would be imposed for each tax year on undistributed personal holding company income. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies. | The Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code since 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. As a personal holding company, a 20% tax would be imposed for each tax year on undistributed personal holding company income. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies. |
| As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expense. The Fund recognizes interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statement of Operations. As of November 30, 2025, the Fund did not incur any interest or penalties. As required, management has analyzed the Fund's tax positions taken on Federal income tax returns for all open tax years and expected to be taken during the fiscal year ended November 30, 2025, and has concluded that no provision for income tax is required in these financial statements. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expense. The Fund recognizes interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statement of Operations. As of November 30, 2025, the Fund did not incur any interest or penalties. As required, management has analyzed the Fund's tax positions taken on Federal income tax returns for all open tax years and expected to be taken during the fiscal year ended November 30, 2025, and has concluded that no provision for income tax is required in these financial statements. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expense. The Fund recognizes interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statement of Operations. As of November 30, 2025, the Fund did not incur any interest or penalties. As required, management has analyzed the Fund's tax positions taken on Federal income tax returns for all open tax years and expected to be taken during the fiscal year ended November 30, 2025, and has concluded that no provision for income tax is required in these financial statements. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expense. The Fund recognizes interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statement of Operations. As of November 30, 2025, the Fund did not incur any interest or penalties. As required, management has analyzed the Fund's tax positions taken on Federal income tax returns for all open tax years and expected to be taken during the fiscal year ended November 30, 2025, and has concluded that no provision for income tax is required in these financial statements. | As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expense. The Fund recognizes interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statement of Operations. As of November 30, 2025, the Fund did not incur any interest or penalties. As required, management has analyzed the Fund's tax positions taken on Federal income tax returns for all open tax years and expected to be taken during the fiscal year ended November 30, 2025, and has concluded that no provision for income tax is required in these financial statements. |
| 3. SECURITIES VALUATIONS |  |  |  |  |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund 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 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 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 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 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 relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and 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 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 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 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 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. | 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. | 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. | 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. | 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. |
| *FAIR VALUE MEASUREMENTS* |  |  |  |  |
| A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks and exchange traded funds).* Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures. | *Equity securities (common stocks and exchange traded funds).* Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures. | *Equity securities (common stocks and exchange traded funds).* Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures. | *Equity securities (common stocks and exchange traded funds).* Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures. | *Equity securities (common stocks and exchange traded funds).* Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price on the primary exchange or market on which the security trades. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. In the event of a short sale of an equity security, lacking a last sale price, an equity security is generally valued by the pricing service at its last ask price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. When market quotations are not readily available or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the fair value pricing procedures. |
| *Money market funds.* Shares of money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Shares of money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy. |
| In accordance with the Trust's good faith pricing guidelines, the Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. There is no single standard for determining fair value, 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 Valuation Committee would appear to be the price at which the security could reasonably be sold in a current market transaction. Methods which are in accordance 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. | In accordance with the Trust's good faith pricing guidelines, the Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. There is no single standard for determining fair value, 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 Valuation Committee would appear to be the price at which the security could reasonably be sold in a current market transaction. Methods which are in accordance 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. | In accordance with the Trust's good faith pricing guidelines, the Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. There is no single standard for determining fair value, 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 Valuation Committee would appear to be the price at which the security could reasonably be sold in a current market transaction. Methods which are in accordance 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. | In accordance with the Trust's good faith pricing guidelines, the Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. There is no single standard for determining fair value, 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 Valuation Committee would appear to be the price at which the security could reasonably be sold in a current market transaction. Methods which are in accordance 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. | In accordance with the Trust's good faith pricing guidelines, the Valuation Committee, which includes the Valuation Designee, shall consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. There is no single standard for determining fair value, 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 Valuation Committee would appear to be the price at which the security could reasonably be sold in a current market transaction. Methods which are in accordance 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. |
| The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025: |
| <u>Valuation Input of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $61254654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $61254654 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2851385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2851385 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5153854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5153854 |
| Total | $69259893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $69259893 |
| Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets during the fiscal year ended November 30, 2025. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets during the fiscal year ended November 30, 2025. |
| During the fiscal year ended November 30, 2025, there were no derivative transactions in the Fund. | During the fiscal year ended November 30, 2025, there were no derivative transactions in the Fund. | During the fiscal year ended November 30, 2025, there were no derivative transactions in the Fund. | During the fiscal year ended November 30, 2025, there were no derivative transactions in the Fund. | During the fiscal year ended November 30, 2025, there were no derivative transactions in the Fund. |
| 4. INVESTMENT ADVISORY AGREEMENT | 4. INVESTMENT ADVISORY AGREEMENT |  |  |  |
| The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with CMA. Under the terms of the Investment Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Advisor provides guidance and policy direction in connection with its daily management of the Fund's assets. The Advisor manages the investment and reinvestment of the Fund's assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with CMA. Under the terms of the Investment Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Advisor provides guidance and policy direction in connection with its daily management of the Fund's assets. The Advisor manages the investment and reinvestment of the Fund's assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with CMA. Under the terms of the Investment Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Advisor provides guidance and policy direction in connection with its daily management of the Fund's assets. The Advisor manages the investment and reinvestment of the Fund's assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with CMA. Under the terms of the Investment Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Advisor provides guidance and policy direction in connection with its daily management of the Fund's assets. The Advisor manages the investment and reinvestment of the Fund's assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with CMA. Under the terms of the Investment Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Advisor provides guidance and policy direction in connection with its daily management of the Fund's assets. The Advisor manages the investment and reinvestment of the Fund's assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund. |
| The Advisor earns an annual management fee of 1.00% of the Fund's first $100 million of the Fund's net assets, 0.90% of the next $150 million, 0.85% of the next $250 million and 0.80% of all assets over $500 million. For the fiscal year ended November 30, 2025, the Advisor earned management fees totaling $615,783. As of November 30, 2025, the Fund owed the Advisor $56,163. The Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Fund (other than interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, Acquired Fund Fees and Expenses and amounts, if any, payable pursuant to a Rule 12b-1 Plan) are limited to 1.50% of the average daily net assets of the Fund through the period ending April 1, 2026 ("Expense Limitation Agreement"). It is expected that the Expense Limitation Agreement will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreement, as defined in the 1940 Act; and (ii) have no direct or indirect financial interest in the operation of this Expense Limitation Agreement. The Expense Limitation Agreement may also be terminated by the Advisor and the Trust at the end of the then current term upon not less than 90-days' notice to the other party as set forth in the Expense Limitation Agreement. | The Advisor earns an annual management fee of 1.00% of the Fund's first $100 million of the Fund's net assets, 0.90% of the next $150 million, 0.85% of the next $250 million and 0.80% of all assets over $500 million. For the fiscal year ended November 30, 2025, the Advisor earned management fees totaling $615,783. As of November 30, 2025, the Fund owed the Advisor $56,163. The Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Fund (other than interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, Acquired Fund Fees and Expenses and amounts, if any, payable pursuant to a Rule 12b-1 Plan) are limited to 1.50% of the average daily net assets of the Fund through the period ending April 1, 2026 ("Expense Limitation Agreement"). It is expected that the Expense Limitation Agreement will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreement, as defined in the 1940 Act; and (ii) have no direct or indirect financial interest in the operation of this Expense Limitation Agreement. The Expense Limitation Agreement may also be terminated by the Advisor and the Trust at the end of the then current term upon not less than 90-days' notice to the other party as set forth in the Expense Limitation Agreement. | The Advisor earns an annual management fee of 1.00% of the Fund's first $100 million of the Fund's net assets, 0.90% of the next $150 million, 0.85% of the next $250 million and 0.80% of all assets over $500 million. For the fiscal year ended November 30, 2025, the Advisor earned management fees totaling $615,783. As of November 30, 2025, the Fund owed the Advisor $56,163. The Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Fund (other than interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, Acquired Fund Fees and Expenses and amounts, if any, payable pursuant to a Rule 12b-1 Plan) are limited to 1.50% of the average daily net assets of the Fund through the period ending April 1, 2026 ("Expense Limitation Agreement"). It is expected that the Expense Limitation Agreement will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreement, as defined in the 1940 Act; and (ii) have no direct or indirect financial interest in the operation of this Expense Limitation Agreement. The Expense Limitation Agreement may also be terminated by the Advisor and the Trust at the end of the then current term upon not less than 90-days' notice to the other party as set forth in the Expense Limitation Agreement. | The Advisor earns an annual management fee of 1.00% of the Fund's first $100 million of the Fund's net assets, 0.90% of the next $150 million, 0.85% of the next $250 million and 0.80% of all assets over $500 million. For the fiscal year ended November 30, 2025, the Advisor earned management fees totaling $615,783. As of November 30, 2025, the Fund owed the Advisor $56,163. The Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Fund (other than interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, Acquired Fund Fees and Expenses and amounts, if any, payable pursuant to a Rule 12b-1 Plan) are limited to 1.50% of the average daily net assets of the Fund through the period ending April 1, 2026 ("Expense Limitation Agreement"). It is expected that the Expense Limitation Agreement will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreement, as defined in the 1940 Act; and (ii) have no direct or indirect financial interest in the operation of this Expense Limitation Agreement. The Expense Limitation Agreement may also be terminated by the Advisor and the Trust at the end of the then current term upon not less than 90-days' notice to the other party as set forth in the Expense Limitation Agreement. | The Advisor earns an annual management fee of 1.00% of the Fund's first $100 million of the Fund's net assets, 0.90% of the next $150 million, 0.85% of the next $250 million and 0.80% of all assets over $500 million. For the fiscal year ended November 30, 2025, the Advisor earned management fees totaling $615,783. As of November 30, 2025, the Fund owed the Advisor $56,163. The Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Fund (other than interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, Acquired Fund Fees and Expenses and amounts, if any, payable pursuant to a Rule 12b-1 Plan) are limited to 1.50% of the average daily net assets of the Fund through the period ending April 1, 2026 ("Expense Limitation Agreement"). It is expected that the Expense Limitation Agreement will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreement, as defined in the 1940 Act; and (ii) have no direct or indirect financial interest in the operation of this Expense Limitation Agreement. The Expense Limitation Agreement may also be terminated by the Advisor and the Trust at the end of the then current term upon not less than 90-days' notice to the other party as set forth in the Expense Limitation Agreement. |
| The Fund may, at a later date, reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreement for a period of three years from the date of the actual waiver or expense reimbursement, provided the Fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the Fund to exceed the percentage limits stated above. Consequently, no reimbursement by the Fund will be made unless: (i) the Fund's assets exceed $10 million; (ii) the Fund's total annual expense ratio is less than the percentage limit stated above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis. No waivers or reimbursements were incurred during the fiscal year ended November 30, 2025. Additionally, as of November 30, 2025, there were no previously waived fees available for reimbursement to the Advisor. Certain officers and directors of the Advisor are also officers and/or Trustees of the Trust. | The Fund may, at a later date, reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreement for a period of three years from the date of the actual waiver or expense reimbursement, provided the Fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the Fund to exceed the percentage limits stated above. Consequently, no reimbursement by the Fund will be made unless: (i) the Fund's assets exceed $10 million; (ii) the Fund's total annual expense ratio is less than the percentage limit stated above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis. No waivers or reimbursements were incurred during the fiscal year ended November 30, 2025. Additionally, as of November 30, 2025, there were no previously waived fees available for reimbursement to the Advisor. Certain officers and directors of the Advisor are also officers and/or Trustees of the Trust. | The Fund may, at a later date, reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreement for a period of three years from the date of the actual waiver or expense reimbursement, provided the Fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the Fund to exceed the percentage limits stated above. Consequently, no reimbursement by the Fund will be made unless: (i) the Fund's assets exceed $10 million; (ii) the Fund's total annual expense ratio is less than the percentage limit stated above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis. No waivers or reimbursements were incurred during the fiscal year ended November 30, 2025. Additionally, as of November 30, 2025, there were no previously waived fees available for reimbursement to the Advisor. Certain officers and directors of the Advisor are also officers and/or Trustees of the Trust. | The Fund may, at a later date, reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreement for a period of three years from the date of the actual waiver or expense reimbursement, provided the Fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the Fund to exceed the percentage limits stated above. Consequently, no reimbursement by the Fund will be made unless: (i) the Fund's assets exceed $10 million; (ii) the Fund's total annual expense ratio is less than the percentage limit stated above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis. No waivers or reimbursements were incurred during the fiscal year ended November 30, 2025. Additionally, as of November 30, 2025, there were no previously waived fees available for reimbursement to the Advisor. Certain officers and directors of the Advisor are also officers and/or Trustees of the Trust. | The Fund may, at a later date, reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreement for a period of three years from the date of the actual waiver or expense reimbursement, provided the Fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the Fund to exceed the percentage limits stated above. Consequently, no reimbursement by the Fund will be made unless: (i) the Fund's assets exceed $10 million; (ii) the Fund's total annual expense ratio is less than the percentage limit stated above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis. No waivers or reimbursements were incurred during the fiscal year ended November 30, 2025. Additionally, as of November 30, 2025, there were no previously waived fees available for reimbursement to the Advisor. Certain officers and directors of the Advisor are also officers and/or Trustees of the Trust. |
| 5. OTHER TRANSACTIONS WITH AFFILIATES | 5. OTHER TRANSACTIONS WITH AFFILIATES |  |  |  |
| *Distributor* |  |  |  |  |
| Wellington Shields & Co., LLC (the "Distributor") is the Fund's principal underwriter and distributor. The Distributor is also the introducing broker-dealer and is used by the Fund for its investment transactions. For the fiscal year ended November 30, 2025, there were commissions on investment transactions paid to the Distributor of $4,446. Certain Trustees and officers of the Trust are also officers of the Distributor. | Wellington Shields & Co., LLC (the "Distributor") is the Fund's principal underwriter and distributor. The Distributor is also the introducing broker-dealer and is used by the Fund for its investment transactions. For the fiscal year ended November 30, 2025, there were commissions on investment transactions paid to the Distributor of $4,446. Certain Trustees and officers of the Trust are also officers of the Distributor. | Wellington Shields & Co., LLC (the "Distributor") is the Fund's principal underwriter and distributor. The Distributor is also the introducing broker-dealer and is used by the Fund for its investment transactions. For the fiscal year ended November 30, 2025, there were commissions on investment transactions paid to the Distributor of $4,446. Certain Trustees and officers of the Trust are also officers of the Distributor. | Wellington Shields & Co., LLC (the "Distributor") is the Fund's principal underwriter and distributor. The Distributor is also the introducing broker-dealer and is used by the Fund for its investment transactions. For the fiscal year ended November 30, 2025, there were commissions on investment transactions paid to the Distributor of $4,446. Certain Trustees and officers of the Trust are also officers of the Distributor. | Wellington Shields & Co., LLC (the "Distributor") is the Fund's principal underwriter and distributor. The Distributor is also the introducing broker-dealer and is used by the Fund for its investment transactions. For the fiscal year ended November 30, 2025, there were commissions on investment transactions paid to the Distributor of $4,446. Certain Trustees and officers of the Trust are also officers of the Distributor. |
| *Administrator* |  |  |  |  |
| Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower rates at higher asset levels, subject to a minimum monthly fee of $2,500, plus reimbursement of out-of-pocket expenses. For its services, during the fiscal year ended November 30, 2025, PFS earned $43,631. As of November 30, 2025, the Fund owed the Administrator $4,441. Certain officers of the Trust are also officers of the Administrator. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower rates at higher asset levels, subject to a minimum monthly fee of $2,500, plus reimbursement of out-of-pocket expenses. For its services, during the fiscal year ended November 30, 2025, PFS earned $43,631. As of November 30, 2025, the Fund owed the Administrator $4,441. Certain officers of the Trust are also officers of the Administrator. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower rates at higher asset levels, subject to a minimum monthly fee of $2,500, plus reimbursement of out-of-pocket expenses. For its services, during the fiscal year ended November 30, 2025, PFS earned $43,631. As of November 30, 2025, the Fund owed the Administrator $4,441. Certain officers of the Trust are also officers of the Administrator. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower rates at higher asset levels, subject to a minimum monthly fee of $2,500, plus reimbursement of out-of-pocket expenses. For its services, during the fiscal year ended November 30, 2025, PFS earned $43,631. As of November 30, 2025, the Fund owed the Administrator $4,441. Certain officers of the Trust are also officers of the Administrator. | Premier Fund Solutions, Inc. ("PFS" or "Administrator") serves as the Administrator for the Trust pursuant to a written agreement with the Trust. PFS provides day-to-day administrative services to the Fund. For PFS's services to the Fund, the Fund pays PFS an annualized asset-based fee of 0.07% of average daily net assets up to $200 million, with lower rates at higher asset levels, subject to a minimum monthly fee of $2,500, plus reimbursement of out-of-pocket expenses. For its services, during the fiscal year ended November 30, 2025, PFS earned $43,631. As of November 30, 2025, the Fund owed the Administrator $4,441. Certain officers of the Trust are also officers of the Administrator. |
| 6. PURCHASES AND SALES OF INVESTMENT SECURITIES | 6. PURCHASES AND SALES OF INVESTMENT SECURITIES | 6. PURCHASES AND SALES OF INVESTMENT SECURITIES |  |  |
| For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $12,269,896 and $19,567,431, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $12,269,896 and $19,567,431, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $12,269,896 and $19,567,431, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $12,269,896 and $19,567,431, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended November 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $12,269,896 and $19,567,431, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. |
| 7. CONTROL OWNERSHIP |  |  |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, W.H. Flowers, Jr. Foundation, Inc., owned of record approximately 31.68% of the Fund and therefore, may be deemed to control the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, W.H. Flowers, Jr. Foundation, Inc., owned of record approximately 31.68% of the Fund and therefore, may be deemed to control the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, W.H. Flowers, Jr. Foundation, Inc., owned of record approximately 31.68% of the Fund and therefore, may be deemed to control the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, W.H. Flowers, Jr. Foundation, Inc., owned of record approximately 31.68% of the Fund and therefore, may be deemed to control the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, W.H. Flowers, Jr. Foundation, Inc., owned of record approximately 31.68% of the Fund and therefore, may be deemed to control the Fund. |
| 8. TAX MATTERS |  |  |  |  |
| For Federal income tax purposes, the cost of investments owned at November 30, 2025, was $37,286,974. | For Federal income tax purposes, the cost of investments owned at November 30, 2025, was $37,286,974. | For Federal income tax purposes, the cost of investments owned at November 30, 2025, was $37,286,974. | For Federal income tax purposes, the cost of investments owned at November 30, 2025, was $37,286,974. | For Federal income tax purposes, the cost of investments owned at November 30, 2025, was $37,286,974. |
| At November 30, 2025, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At November 30, 2025, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At November 30, 2025, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At November 30, 2025, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At November 30, 2025, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: |
| <u>Appreciation</u> | <u>Depreciation</u> | <u>Depreciation</u> | <u>Net Appreciation/(Depreciation)</u> | <u>Net Appreciation/(Depreciation)</u> |
| $31974979 | ($2060) | ($2060) | $31972919 | $31972919 |
| The tax character of distributions was as follows: | The tax character of distributions was as follows: | The tax character of distributions was as follows: | The tax character of distributions was as follows: | The tax character of distributions was as follows: |
|  | Year Ended |  | Year Ended |  |
|  | November 30, 2025 |  | November 30, 2024 |  |
| Ordinary Income: | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5708 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 229085 |  |
| Long-term Capital Gain: | &nbsp;&nbsp;&nbsp;&nbsp; 2441199 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $2446907 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 229085 |  |
| Subsequent to November 30, 2025, there was a long-term capital gain paid on December 22, 2025 to the shareholders of record on December 19, 2025, of $0.07138 per share. | Subsequent to November 30, 2025, there was a long-term capital gain paid on December 22, 2025 to the shareholders of record on December 19, 2025, of $0.07138 per share. | Subsequent to November 30, 2025, there was a long-term capital gain paid on December 22, 2025 to the shareholders of record on December 19, 2025, of $0.07138 per share. | Subsequent to November 30, 2025, there was a long-term capital gain paid on December 22, 2025 to the shareholders of record on December 19, 2025, of $0.07138 per share. | Subsequent to November 30, 2025, there was a long-term capital gain paid on December 22, 2025 to the shareholders of record on December 19, 2025, of $0.07138 per share. |
| As of November 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows: | As of November 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows: | As of November 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows: | As of November 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows: | As of November 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows: |
| Other Accumulated Losses |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248757) |  |  |
| Accumulated Undistributed Capital Gains | Accumulated Undistributed Capital Gains | 280749 |  |  |
| Unrealized Appreciation (Depreciation) - Net | Unrealized Appreciation (Depreciation) - Net | 31972919 |  |  |
| Total Distributable Earnings |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32004911 |  |  |
| As of November 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. As of November 30, 2025, other accumulated losses above are attributable to deferred late year ordinary losses of $244,844 and straddle loss deferrals of $3,913. | As of November 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. As of November 30, 2025, other accumulated losses above are attributable to deferred late year ordinary losses of $244,844 and straddle loss deferrals of $3,913. | As of November 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. As of November 30, 2025, other accumulated losses above are attributable to deferred late year ordinary losses of $244,844 and straddle loss deferrals of $3,913. | As of November 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. As of November 30, 2025, other accumulated losses above are attributable to deferred late year ordinary losses of $244,844 and straddle loss deferrals of $3,913. | As of November 30, 2025, there were no differences between book basis and tax basis unrealized appreciation. As of November 30, 2025, other accumulated losses above are attributable to deferred late year ordinary losses of $244,844 and straddle loss deferrals of $3,913. |
| As of the fiscal year ended November 30, 2025, the following adjustment was recorded and was primarily related to the reclassification of net operating loss for tax purposes: | As of the fiscal year ended November 30, 2025, the following adjustment was recorded and was primarily related to the reclassification of net operating loss for tax purposes: | As of the fiscal year ended November 30, 2025, the following adjustment was recorded and was primarily related to the reclassification of net operating loss for tax purposes: | As of the fiscal year ended November 30, 2025, the following adjustment was recorded and was primarily related to the reclassification of net operating loss for tax purposes: | As of the fiscal year ended November 30, 2025, the following adjustment was recorded and was primarily related to the reclassification of net operating loss for tax purposes: |
| Paid-In Capital | $(112607) |  |  |  |
| Distributable Earnings | $112607 |  |  |  |
| 9. COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES |  |  |  |
| Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its vendors, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote. | Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its vendors, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote. | Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its vendors, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote. | Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its vendors, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote. | Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its vendors, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote. |
| 10. SUBSEQUENT EVENTS |  |  |  |  |
| Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Other than the distribution discussed in Note 8, management has concluded that there is no impact requiring recognition or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Other than the distribution discussed in Note 8, management has concluded that there is no impact requiring recognition or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Other than the distribution discussed in Note 8, management has concluded that there is no impact requiring recognition or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Other than the distribution discussed in Note 8, management has concluded that there is no impact requiring recognition or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Other than the distribution discussed in Note 8, management has concluded that there is no impact requiring recognition or disclosure in the financial statements. |

---

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| |
|:---|
| **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| To the Shareholders of Wellington Shields All-Cap Fund and |
| Board of Trustees of Capital Management Investment Trust |
| <u>Opinion on the Financial Statements</u> |
| We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Wellington Shields All-Cap Fund (the "Fund") a series of Capital Management Investment Trust, as of November 30, 2025, the related statement 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, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025,, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. |
| The Fund's financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 18, 2023, expressed an unqualified opinion on those financial highlights. |
| <u>Basis for Opinion</u> |
| These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Fund 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 are free of material misstatement whether due to error or fraud. |
| Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. 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. We believe that our audits provide a reasonable basis for our opinion. |
| We have served as the Fund's auditor since 2023. |
| /s/ Cohen & Company, LTD. |
| COHEN & COMPANY, LTD. |
| Philadelphia, Pennsylvania |
| January 23, 2026 |

---

---

| |
|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment<br> Companies.** |
| None. |
| **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<br> Investment Companies.** |
| See Item 7. The registrant paid the Chief Compliance Officer $0 for the fiscal year ended November 30, 2025. |

---

---

| |
|:---|
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| On October 8, 2025, the Board of Trustees (the "Board") considered the renewal of the Advisory Agreement between Capital Management Associates, Inc. ("CMA") and the Trust with respect to the Wellington Shields All-Cap Fund (the "Fund"). Counsel discussed with the Board the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the Advisory Agreement, including the following material factors: (i) the nature and extent of the services provided by CMA; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by CMA from the relationship with the Fund; (iv) the extent to which economies of scale would be realized if the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the investors of the Fund; and (v) CMA's practices regarding possible conflicts of interest and other benefits derived by CMA. |
| In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings, including information presented to the Board in CMA's presentation earlier in the Meeting. The Board requested and was provided with information and reports relevant to the consideration of the Advisory Agreement, including: (i) reports regarding the services and support provided to the Fund and its shareholders by CMA; (ii) quarterly assessments of the investment performance of the Fund from CMA; (iii) periodic commentary on the reasons for the performance; (iv) presentations by the Fund's management addressing CMA's investment philosophy, investment strategy, personnel and operations; (v) compliance and audit reports concerning the Fund and CMA; (vi) disclosure information contained in the registration statement of the Trust and the Form ADV of CMA; and (vii) the memorandum from Counsel summarizing the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision. |
| The Board also requested and received various informational materials including, without limitation: (i) documents containing information about CMA, including financial information, a description of personnel and the services provided to the Fund, information on investment advice, performance, summaries of the Fund's expenses, compliance program, current legal matters and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Fund; (iii) the anticipated effect of size on the Fund's expenses; and (iv) benefits to be realized by CMA from its relationship with the Fund. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement. |
| <u>1. The nature, extent and quality of the services provided by CMA.</u> |
| In this regard, the Board considered the responsibilities CMA has under the Advisory Agreement and the services provided by CMA to the Fund including CMA's processes for formulating investment recommendations and assuring compliance with the Fund's investment objectives and limitations. The Board considered: CMA's staffing, personnel and methods of operating; the education and experience of CMA's personnel; and CMA's compliance program, policies and procedures. After reviewing the foregoing and further information from CMA, the Board concluded that the quality, extent and nature of the services provided by CMA was satisfactory and adequate for the Fund. |
| <u>2. Investment performance of the Fund and CMA.</u> |
| In considering the investment performance of the Fund and CMA, the Trustees compared the performance of the Fund with the performance of its benchmark index and comparable funds with similar objectives and size managed by other investment advisers. |
| The Board considered the consistency of CMA's management of the Fund with its investment objective and policies. The Trustees also considered that Morningstar has placed the Fund in its US Fund Large Growth category. The Board noted that while the Fund underperformed the average of its Morningstar category for the 1-year, 3-year, 5-year and 10-year periods as of August 31, 2025, the Fund's performance improved as compared to its benchmark indexes and the Dow Jones Industrial Index for the period ended September 30, 2025. The Fund outperformed its benchmark indexes and the Dow Jones Industrial Index for the calendar and one-year period ended September 30, 2025. The Board noted CMA's explanation that the Fund's relative underweighting to the technology sector as compared to the US Fund Large Growth category was a factor in the Fund's comparative underperformance. Based on the foregoing, the Board concluded that the investment performance information presented for the Fund was acceptable at this time.  |
| <u>3. The costs of the services provided and profits realized by CMA from the relationship with the Fund.</u> |
| In considering the costs of the services provided and profits realized by CMA from the relationship with the Fund, the Board considered: CMA's staffing, personnel and methods of operating; the financial condition of CMA and the level of commitment to the Fund by CMA; the expected asset levels of the Fund; and the overall expenses of the Fund. The Board considered financial statements of CMA and discussed the financial stability and profitability of the firm. The Board considered that the management fee and net expense ratio for the Fund was above the category median for the Morningstar Large Growth Category but within the range of the category. The Board noted the management fee was in the highest 20th percentile in its category. The Board noted that the Fund's assets are significantly smaller than the majority of the funds in the Morningstar category. The Board considered that CMA does not have any separate accounts which are managed similarly to the Fund but that the advisory fees charged to the Fund are comparable to those charged to CMA's other clients with equity portfolios. Following this analysis and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to CMA by the Fund were fair and reasonable. |
| <u>4. The extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the investors of the Fund.</u> |
| In this regard, the Board considered the Fund's fee arrangements with CMA. The Trustees noted that CMA has agreed to breakpoint fee schedules in the Advisory Agreement and to an expense limitation agreement for the Fund. The Board noted that CMA also has waived its recoupment rights under the expense limitation agreement. The Board further noted that each of these arrangements is a benefit to the Fund's shareholders. Following further discussion of the Fund's expected asset levels, expectations for growth, and levels of fees, the Board determined that the Fund's fee arrangements, in light of all the facts and circumstances, were fair and reasonable and that the breakpoint schedule and expense limitation arrangements provided potential savings or protection for the benefit of the Fund's shareholders. |
| <u>5. Possible conflicts of interest and benefits derived by CMA.</u> |
| In considering CMA's practices regarding conflicts of interest, the Board evaluated the potential for conflicts of interest and considered such matters as: the experience and ability of the advisory and compliance personnel assigned to the Fund; the fact that CMA does not utilize soft dollars; the basis of decisions to buy or sell securities for the Fund; and the substance and administration of CMA's code of ethics. The Board considered that the Adviser benefits, indirectly from the relationship with the Fund in that commissions are paid to its affiliate, Wellington Shields & Co. Based on the foregoing, the Board determined that CMA's standards and practices relating to the identification and mitigation of possible conflicts of interest were satisfactory. |
| After additional consideration of the factors delineated in the memorandum provided by Counsel and further analysis by the Board, that in reliance on the information provided by CMA, the continuation of the Advisory Agreement between the Trust, on behalf of the Fund, and CMA,is approved and renewed for a period of one year ending October 31, 2026. |

---

---

| |
|:---|
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The registrant's principal executive and principal financial officers have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) There were no changes 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. |
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Code of Ethics. [Filed herewith.](cmitprincode.htm) |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

---

---

| |
|:---|
| **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. |
| CAPITAL MANAGEMENT FUNDS |
| By: /s/W. Jameson McFadden |
| W. Jameson McFadden |
| Principal Executive Officer and Principal Financial Officer |
| Date: <u>1-29-2026</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: /s/W. Jameson McFadden |
| W. Jameson McFadden |
| Principal Executive Officer and Principal Financial Officer |
| Date: <u>1-29-2026</u> |

---

## Ex-99.Code

**CAPITAL MANAGEMENT INVESTMENT TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**PRINCIPAL FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for Capital Management Investment Trust (the "Trust") applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

**•** honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

**•** full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

**•** compliance with applicable laws and governmental rules and regulations;

**•** the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

**•** accountability for adherence to the Code.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

 **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides <br>

------

<br>examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

**•** not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

**•** not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Trust;

**•** not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

**•** report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust ("Audit Committee") if such situations might have a material adverse effect on the Trust. Examples of these include:

**•** service as a director/trustee on the board of any public company;

**•** the receipt of non-nominal gifts (currently gifts in excess of $100.00);

**•** the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

**•** any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

**•** a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

**•** each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

**•** each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

**•** each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust (including, as appropriate, the Trust's Disclosure Control Committee) and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

**•** &nbsp;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Officer to promote compliance with
 the standards and restrictions imposed by applicable laws, rules and
 regulations.

------

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

**•** upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

**•** annually thereafter affirm to the Board that he has complied with the requirements of the Code;

**•** not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and notify the Chairman of the Audit Committee for the Trust promptly if he/she knows of any material violation of this Code. The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Trust will follow the following procedures in investigating and enforcing this Code:

**•** the compliance officer of the investment adviser to the Trust, Capital Management Associates, Inc. (or such other Trust officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him;

**•** if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

**•** any matter that the Investigator believes is a violation will be reported to the Audit Committee;

**•** if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer;

**•** the Audit Committee will be responsible for granting waivers, as appropriate; and

**•** any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Chairman of the Audit Committee and the Audit Committee shall appoint an alternate Trust officer or other investigator to investigate the matter.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

------

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: January 19, 2016

------

 **Exhibit A**

 <u>Persons Covered by this Code of Ethics</u>

W. Jameson McFadden, President, Principal Executive Officer

and Principal Financial Officer

**Amended as of January 19, 2016**

## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, W. Jameson McFadden, certify that: | I, W. Jameson McFadden, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Capital Management Investment Trust; | I have reviewed this report on Form N-CSR of Capital Management Investment Trust; |
| 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; | 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; | 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: | 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; | 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; | 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 | 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 | 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): | 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 | 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. | 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>1-29-2026</u> | <u>/s/W. Jameson McFadden</u> |
|  |  | W. Jameson McFadden |
|  |  | Principal Executive Officer and Principal Financial Officer |

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## Exhibit 99.906

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| | | |
|:---|:---|:---|
|  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| I, W. Jameson McFadden, Principal Executive Officer and Principal Financial Officer of the Capital Management Investment Trust (the "Registrant"), certify to the best of my knowledge that: | I, W. Jameson McFadden, Principal Executive Officer and Principal Financial Officer of the Capital Management Investment Trust (the "Registrant"), certify to the best of my knowledge that: | I, W. Jameson McFadden, Principal Executive Officer and Principal Financial Officer of the Capital Management Investment Trust (the "Registrant"), certify to the best of my knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended November 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 | The Registrant's periodic report on Form N-CSR for the period ended November 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 |
| 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. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
|  | <u>/s/W. Jameson McFadden</u> |  |
|  | W. Jameson McFadden |  |
|  | President, Principal Executive Officer and |  |
|  | Principal Financial Officer |  |
|  | Date: <u>1-29-2026</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capital Management Investment Trust and will be retained by Capital Management Investment Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capital Management Investment Trust and will be retained by Capital Management Investment Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capital Management Investment Trust and will be retained by Capital Management Investment Trust 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. | 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. | 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. |

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