# EDGAR Filing Document

**Accession Number:** 0001215880
**File Stem:** 0001413042-25-001002
**Filing Date:** 2025-11
**Character Count:** 373787
**Document Hash:** e780ae1758174a73def5a9e8ee9bc0ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-001002.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001413042-25-001002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEIMAN FUNDS
- **CENTRAL INDEX KEY:** 0001215880

**ORGANIZATION NAME:**
- **EIN:** 562328324
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21290
- **FILM NUMBER:** 251531468

**BUSINESS ADDRESS:**
- **STREET 1:** 305 SPINDRIFT DRIVE
- **CITY:** WILLIAMSVILLE
- **STATE:** NY
- **ZIP:** 14221
- **BUSINESS PHONE:** 8583360832

**MAIL ADDRESS:**
- **STREET 1:** 305 SPINDRIFT DRIVE
- **CITY:** WILLIAMSVILLE
- **STATE:** NY
- **ZIP:** 14221

## Series and Classes Contracts Data

### Advisors Capital Small/Mid Cap Fund (Series ID: S000070469)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223975 | Advisors Capital Small/Mid Cap Fund | ACSMX           |

### Advisors Capital Tactical Fixed Income Fund (Series ID: S000070470)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000223976 | Advisors Capital Tactical Fixed Income Fund | ACTIX           |

### Advisors Capital Total Return - Equity Fund (Series ID: S000070471)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000223977 | Advisors Capital Total Return - Equity Fund | ACUSX           |

### Advisors Capital Active All Cap Fund (Series ID: S000077799)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000238360 | Advisors Capital Active All Cap Fund | ACALX           |

### Advisors Capital Growth Fund (Series ID: S000088252)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000254450 | Advisors Capital Growth Fund | ACGRX           |

### Advisors Capital International Fund (Series ID: S000088253)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000254451 | Advisors Capital International Fund | ACIFX           |

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

---

| |
|:---|
| 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 811-21290 |
| **<u>Neiman Funds</u>** |
| (Exact name of registrant as specified in charter) |
| <u>305 Spindrift Drive, Williamsville, NY 14221</u> |
| (Address of principal executive offices) (Zip code) |
| Daniel Neiman |
| <u>305 Spindrift Drive, Williamsville, NY 14221</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (858) 336-0832** |
| **Date of fiscal year end: September 30** |
| **Date of reporting period: September 30, 2025** |

---

**Item 1. Reports to Stockholders.**

![](advisorscapitallogo.jpg)

## Advisors Capital Total Return - Equity Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACUSX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital Total Return - Equity Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital Total Return - Equity Fund | $199 | 1.87% |

---

**Management's Discussion of Fund Performance**

Even with a brief sharp correction around "Liberation Day" tariff policy announcements in early April, the global stock markets have performed well above average during the fiscal year. Unlike the previous number of years, though, the international markets have been performing even better than the U.S. markets through the first nine months of 2025. Besides the relative outperformance of non-U.S. markets, however, large growth companies are still outperforming value and small/midcap companies during the fiscal year and for the year-to-date period in 2025. There have been short term periods of outperformance for value and smaller companies, but it has not been sustained. The "Magnificent 7" or Top 10 stocks in the S&P 500 have continued to outperform the overall market even as the global markets have broadened some. The top 7 stocks currently make up almost 35% of the index, while the top 10 account for more than 40%. The Total Return Equity strategy is a diversified portfolio that focuses on quality companies that return capital to shareholders. Companies in the portfolio must exhibit strong balance sheets, positive free cash flow and strong returns on invested capital and equity. In terms of return of capital, at least 80% of companies must pay cash dividends and the rest of the companies in the portfolio must have repurchased their shares on a net basis over the past 3 years. The strategy also maintains a dividend yield that is greater than the S&P 500.

New positions that have been added to the portfolio over the past fiscal year have generally been positive contributors to performance. These new companies include Berkshire Hathaway, Cisco, Chubb, Colgate, Dell, Linde and Meta Platforms. The companies that have been the largest contributors to performance over the past year are Broadcom, Oracle, TE Connectivity and Ulta Beauty. The first three companies have benefited from exposure to AI, while Ulta Beauty has bounced back from a challenging period in the prior year. The companies that have been the weakest contributors to performance over the past year are Accenture, Zoetis and Colgate. Each of these companies have disappointed shareholders to some degree, but we continue to expect each of them to perform better in the future.

**How did the Fund perform since Inception?**

***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](fp0095894-4_ar61.jpg)

**Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Inception**<br> (03/19/2021)**  |
| Advisors Capital Total Return - Equity Fund | 13.23% | 7.59% |
| S&P 500 3% Capped Index | 16.29% | 13.58%<sup>\*</sup> |
| S&P 500 Index | 17.60% | 14.23% |

---

<sup>\*</sup> Index performance provided for any time period prior to April 19, 2024 is considered back-tested.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $309507714 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover Rate (%) | 13% |
| Total Advisory Fees Paid ($) | $4177638 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-4_ar62.jpg)

\* Net Cash 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.advisorscapfunds.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 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

## Advisors Capital Small/Mid Cap Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACSMX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital Small/Mid Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital Small/Mid Cap Fund | $195 | 1.87% |

---

**Management's Discussion of Fund Performance**

For the fiscal year ending September 30, 2025, the Advisors Capital Small/Mid Cap Fund registered gains in three of the four calendar quarters. The Fund started strong early in the fiscal year. Through November 2024, the market believed the new Trump administration and Republican sweep to be more business- and consumer-friendly with policies likely including an extension of previous Trump administration tax cuts, new tax rate reductions, and a less burdensome regulatory environment. This benefited smaller companies in general and especially two industries traditionally active in mergers and acquisitions – Software Services and Banking. In December, the market experienced a hangover of sorts and pulled back but the quarter ended up 1.70%. Tariff and economic policy concerns pressured equity prices in the first quarter (-4.45%), while optimism for a delay in universal tariff implementation and a belief the final tariffs would be negotiated lower helped the Fund rebound in the June ending quarter (+8.35%). The Fund moved higher in the final fiscal quarter through September as comments by Chairman Powell suggested one or more US interest rate cuts would occur before year-end 2025. Companies with weaker balance sheets, that is, more debt in their capital structure, as well as more cyclically-oriented companies led equities higher from August 1, 2025, through the end of the fiscal year.

The following highlights the largest contributing and detracting companies to the Fund's return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Positive Contributors

o Coastal Financial Corp (+4.76 percentage points) – this high-quality community bank offers a Banking-as-a-Service to a number of Fintech partners which should contribute meaningfully to long-term earnings growth.

o Casey's General Stores (+2.06 percentage points) – this Iowa-based convenience store operator continues to execute well – featuring high-demand food items like pizza.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Negative Contributors

o Avantor (-2.32 percentage points) – the company's laboratory business did not rebound as hoped in 2025.

o Owens Corning (-0.86 percentage points) – the building materials supplier stock price declined in a weakening US home building environment.

**How did the Fund perform since Inception?**

***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](fp0095894-6_ar61.jpg)

**Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Inception**<br> (03/19/2021)**  |
| Advisors Capital Small/Mid Cap Fund | 8.68% | 3.17% |
| S&P 500 Index | 17.60% | 14.23% |
| CRSP US Small Cap Index | 8.66% | 5.05% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $112019003 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate (%) | 8% |
| Total Advisory Fees Paid ($) | $1432928 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-6_ar62.jpg)

\* Net Cash 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.advisorscapfunds.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 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

## Advisors Capital Tactical Fixed Income Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACTIX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital Tactical Fixed Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital Tactical Fixed Income Fund | $190 | 1.87% |

---

**Management's Discussion of Fund Performance**

For the fiscal year ended September 30, 2025, the Advisors Capital Tactical Fixed Income Fund performed relatively well against the benchmark. During the period, short-term interest rates (0-2 years) declined as expected given the Fed's actual and future estimated rate cuts. Longer maturity (20-30 years) Treasury rates rose more than intermediate Treasury rates (3-7 years). 20-30-year yields increased by more than 0.50% while the 5-year Treasury rose less than 0.20%. Credit spreads, tightened modestly across investment grade and high yield corporate bonds.

Regarding positioning, our overweight exposure to variable/floating rate coupon preferreds had a beneficial impact to performance. We were also overweight (short) high-yield which also enhanced performance. Additionally, our focus on corporate bonds rather than treasuries / government-related debt contributed positively to performance as well since corporate bonds generate a credit spread versus treasuries, by definition, which have no credit spread. It is worth mentioning that the higher yield environment of the last few years has led to the creation of numerous ETFs that own corporate bonds maturing in a specific year such as 2029, 2030, or 2031. We are selectively utilizing some of these more precise ETFs to gain exposure to bonds with duration that we find particularly compelling. We will continue to be flexible and will adjust our interest rate (duration) and credit spread exposure as we deem best suited to the credit environment.

**How did the Fund perform since Inception?**

***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](fp0095894-5_ar61.jpg)

**Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Inception**<br> (03/19/2021)**  |
| Advisors Capital Tactical Fixed Income Fund | 2.96% | 1.10% |
| Bloomberg US Aggregate Bond Index | 2.88% | 0.17% |
| Bloomberg US Intermediate Corporate Bond Index | 5.08% | 2.02% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $170852795 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate (%) | 45% |
| Total Advisory Fees Paid ($) | $2152812 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-5_ar62.jpg)

\* Net Cash represents Cash, 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.advisorscapfunds.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 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

## Advisors Capital Active All Cap Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACALX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital Active All Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital Active All Cap Fund | $200 | 1.87% |

---

**Management's Discussion of Fund Performance**

The Active All Cap strategy had strong absolute performance during the Fund's fiscal year. While the broad stock markets were strong, there was a clear dichotomy between growth and value, large cap versus small cap and the top 10 stocks versus the rest of the market. Growth continued to outperform value during the fiscal year which resulted in our Vanguard Growth ETF having the strongest performance of all positions in the Active All Cap strategy. Large cap stocks also continued to outperform both mid cap and small cap issues. This led to the weakest contributor to performance in the Active All Cap strategy coming from the iShares Core S&P Mid-Cap ETF. The other trend that continued in the fiscal year is that the top 10 largest companies in the stock market outperformed the rest of the market by a meaningful amount. This was the result of earnings growth and high AI exposure in the largest companies relative to the rest of the market.

**How did the Fund perform since Inception?**

***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](fp0095894-3_ar61a.jpg)

**Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Inception**<br> (12/01/2022)**  |
| Advisors Capital Active All Cap Fund | 14.23% | 17.22% |
| S&P 500 Index | 17.60% | 20.86% |
| S&P 500<sup>®</sup> Equal Weight Index | 7.85% | 11.08% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $240281902 |
| Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate (%) | 7% |
| Total Advisory Fees Paid ($) | $2775047 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-3_ar62.jpg)

\* Net Cash 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.advisorscapfunds.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 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

## Advisors Capital Growth Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACGRX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital Growth Fund ("Fund") for the period of November 1, 2024 (Commencement of Operations) to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs since Inception?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital Growth Fund | $185<sup>(A.1)</sup> | 1.87%<sup>(A.2)</sup> |

---

<sup>(A.1)</sup> This report covers the short period from November 1, 2024 (Commencement of Operations) to September 30, 2025. Expenses for a full period would be higher. <br> <sup>(A.2)</sup> Annualized.

**Management's Discussion of Fund Performance**

The Advisors Capital Growth Fund launched on November 1, 2024, and had a strong first eleven months. The first half of the fiscal period was characterized by policy uncertainty, leading to weakness in growth stocks which was subsequently offset in the second half of the fiscal year from AI related investment growth, a resilient US economy, and the prospects of the Federal Reserve beginning to cut interest rates. The highest contributors to performance were the positions in SPDR Portfolio S&P 500 Growth ETF and Vanguard Growth ETF whose high exposure to the information technology, consumer discretionary, and communication services sectors helped the Fund post its strong second half results. The lowest contributor to performance was the position in iShares Russell Mid-Cap Growth ETF as mid-cap equities underperformed large-cap for the year. We continue to favor overweighting areas that are exposed to the AI buildout and the high-end US consumer as robust economic growth continues.

**How did the Fund perform since Inception?**

***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](fp0095894-7_ar61.jpg)

**Average Annual Total Returns** 

---

| | |
|:---|:---|
|  | **Since Inception<sup>(B)</sup>**<br> (11/18/2024)**  |
| Advisors Capital Growth Fund | 16.97% |
| S&P 500 Index | 14.79% |

---

<sup>(B)</sup> Commencement of Investment Operations.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $87710440 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate (%) | 7% |
| Total Advisory Fees Paid ($) | $506651 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-7_ar62.jpg)

\* Net Cash 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.advisorscapfunds.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 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

## Advisors Capital International Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: ACIFX* 

### Annual Shareholder Report

### September 30, 2025
This annual shareholder report contains important information about the Advisors Capital International Fund ("Fund") for the period of November 1, 2024 (Commencement of Operations) to September 30, 2025. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs since Inception?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisors Capital International Fund | $176<sup>(A.1)</sup> | 1.87%<sup>(A.2)</sup> |

---

<sup>(A.1)</sup> This report covers the short period from November 1, 2024 (Commencement of Operations) to September 30, 2025. Expenses for a full period would be higher. <br> <sup>(A.2)</sup> Annualized.

**Management's Discussion of Fund Performance**

The Advisors Capital International Fund registered a positive return since its inception in November 2024. Trade concerns initially negatively impacted foreign equities in December 2024, but the Fund recovered the loss in January and posted positive results in each quarter of 2025. While the Fund emphasizes higher-quality, market conditions favored lower-quality companies for this investment period. That is, companies with weaker balance sheets, poorer-quality earnings, and lower profitability outperformed. High-quality companies lagged the benchmark index by 1046 basis points. Generally accommodative fiscal and monetary policies helped every major region – Europe, Asia Pacific, and North America – advanced over the time period. The following reflects the largest contributors and detractors by country:

* Positive Countries:

o China/Hong Kong (+4.51 percentage points)

o Canada (+4.96 percentage points)

* Negative Countries

o Ireland (-0.77 percentage points)

o Indonesia (-0.37 percentage points)

Most governments across the globe added stimulus to their economies to offset negative US tariff impacts. This boosted more cyclically-geared companies in the Materials and Industrial sectors, while more defensive sectors like Health Care and Consumer Staples investments lagged. Energy companies detracted due to declining oil and natural gas prices. The following highlights the largest contributing and detracting companies to the fund's return:

* Positive Contributors

o Agnico Eagle (+4.02 percentage points) – The gold mining firm benefited from rising gold prices.

o SITC International (+2.03 percentage points) – Manufacturing moving out of China helps this Asian regional shipping firm.

* Negative Contributors

o Accenture (-0.77 percentage points) – Investors fear AI may negatively impact the company's long-term IT consulting business.

o Core Laboratories (-0.66 percentage points) – Falling oil prices negatively impacted the price of this reservoir optimization company.

Continually rising US fiscal deficits provided the backdrop for a weakening US dollar against other major currencies. Stronger foreign currencies contributed 0.76 percentage points to the Fund's return.

**How did the Fund perform since Inception?**

***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](fp0095894-8_ar61.jpg)

**Average Annual Total Returns** 

---

| | |
|:---|:---|
|  | **Since Inception<sup>(B)</sup><br> (11/18/2024)** |
| Advisors Capital International Fund | 6.70% |
| MSCI ACWI Ex USA NR USD Index | 24.86% |

---

<sup>(B)</sup> Commencement of Investment Operations.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $29652954 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate (%) | 10% |
| Total Advisory Fees Paid ($) | $180339 |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0095894-8_ar62.jpg)

\* Net Cash 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.advisorscapfunds.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 1-888-247-3841 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 it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. |
| **Item 4. Principal Accountant Fees and Services.** | **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 9/30/2025 | FYE 9/30/2024 |
| Audit Fees | $82800 | $55200 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $18000 | $12000 |
| All Other Fees | $1000 | $1000 |
| 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 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 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 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 9/30/2025 |
| Registrant |  | $19000 |
| 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.** |  |  |  |
| **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Aircraft Engines & Engine Parts** | **Aircraft Engines & Engine Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 26900 | Honeywell International Inc. |  | $&nbsp;&nbsp;&nbsp;&nbsp; 5662450 | 1.83% |
| **Auto Controls for Regulating Residential & Commercial Environments** | **Auto Controls for Regulating Residential & Commercial Environments** | **Auto Controls for Regulating Residential & Commercial Environments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11500 | Trane Technologies PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4852540 | 1.57% |
| **Beverages** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30200 | PepsiCo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4241288 | 1.37% |
| **Biological Products, (No Diagnostic Substances)** | **Biological Products, (No Diagnostic Substances)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14500 | Amgen Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091900 | 1.32% |
| **Computer Communications Equipment** | **Computer Communications Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 92000 | Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6294640 | 2.03% |
| **Electric Services** | **Electric Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 75600 | NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5707044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 44800 | The Southern Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4245696 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9952740 | 3.22% |
| **Electronic Computers** | **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 46800 | Apple Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 11916684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38800 | Dell Technologies Inc. - Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500676 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17417360 | 5.63% |
| **Entertainment** | **Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;210000 | Universal Music Group N.V. - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030300 | 0.98% |
| **Farm Machinery & Equipment** | **Farm Machinery & Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9600 | Deere & Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4389696 | 1.42% |
| **Fire, Marine & Casualty Insurance** | **Fire, Marine & Casualty Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11400 | Berkshire Hathaway, Inc. - Class B \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5731236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20500 | Chubb Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5786125 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11517361 | 3.72% |
| **Guided Missiles & Space Vehicles & Parts** | **Guided Missiles & Space Vehicles & Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11300 | Lockheed Martin Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5641073 | 1.82% |
| **Industrials Inorganic Chemicals** | **Industrials Inorganic Chemicals** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300 | Linde PLC (United Kingdom) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3942500 | 1.27% |
| **Insurance Agents, Brokers & Service** | **Insurance Agents, Brokers & Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11100 | Aon PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3958038 | 1.28% |
| **Investment Advice** | **Investment Advice** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 37100 | Blackstone Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6338535 | 2.05% |
| **Measuring & Controlling Devices, NEC** | **Measuring & Controlling Devices, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12900 | Thermo Fisher Scientific Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6256758 | 2.02% |
| **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16500 | Eaton Corporation PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6175125 | 2.00% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9147470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 85100 | Truist Financial Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3890772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 69800 | Wells Fargo & Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850636 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18888878 | 6.10% |
| **Natural Gas Transmission** | **Natural Gas Transmission** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;120000 | The Williams Companies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7602000 | 2.46% |
| **Perfumes, Cosmetics & Other Toilet Preparations** | **Perfumes, Cosmetics & Other Toilet Preparations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48500 | Colgate-Palmolive Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3877090 | 1.25% |
| **Petroleum Refining** | **Petroleum Refining** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 42700 | Chevron Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6630883 | 2.14% |
| **Pharmaceutical Preparations** | **Pharmaceutical Preparations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31800 | Abbott Laboratories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4259292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28700 | Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5321554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34300 | Zoetis Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5018776 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14599622 | 4.72% |
| **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32600 | QUALCOMM Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5423336 | 1.75% |
| **Radiotelephone Communications** | **Radiotelephone Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16300 | T-Mobile US, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901894 | 1.26% |
| **Retail - Family Clothing Stores** | **Retail - Family Clothing Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34200 | Ross Stores, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5211738 | 1.68% |
| **Retail - Lumber & Other Building Materials Dealers** | **Retail - Lumber & Other Building Materials Dealers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400 | The Home Depot, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6645116 | 2.15% |
| **Retail - Retail Stores, NEC** | **Retail - Retail Stores, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6100 | Ulta Beauty, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335175 | 1.08% |
| **Retail - Variety Stores** | **Retail - Variety Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5700 | Costco Wholesale Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5276091 | 1.70% |
| **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16900 | CME Group Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4566211 | 1.48% |
| **Security Brokers, Dealers & Flotation Companies** | **Security Brokers, Dealers & Flotation Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5300 | BlackRock, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6179111 | 2.00% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48800 | Broadcom Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 16099608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34500 | NVIDIA Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6437010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18900 | Texas Instruments Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3472497 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26009115 | 8.40% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25700 | Accenture PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6337620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11100 | MasterCard Incorporated - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6313791 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12651411 | 4.09% |
| **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 64700 | Alphabet, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 15728570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7200 | Meta Platforms, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5287536 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21016106 | 6.79% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25400 | Microsoft Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 13155930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38400 | Oracle Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 10799616 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23955546 | 7.74% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10900 | Stryker Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4029403 | 1.30% |
| **Wholesale - Drugs, Proprietaries & Druggists' Sundries** | **Wholesale - Drugs, Proprietaries & Druggists' Sundries** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500 | McKesson Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5021510 | 1.62% |
| **Wholesale - Electronic Parts & Equipment, NEC** | **Wholesale - Electronic Parts & Equipment, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21800 | TE Connectivity Ltd. (Switzerland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4785754 | 1.55% |
| **Wholesale - Miscellaneous Durable Goods** | **Wholesale - Miscellaneous Durable Goods** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000 | Pool Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480560 | 0.80% |
| **Total for Common Stocks (Cost - $213,872,829)** | **Total for Common Stocks (Cost - $213,872,829)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 295848854 | 95.59% |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Fixed Income** | **Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 63700 | iShares 0-3 Month Treasury Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6414590 | 2.07% |
| **Total for Exchange Traded Funds (Cost - $6,396,999)** | **Total for Exchange Traded Funds (Cost - $6,396,999)** |  |  |  |
| **REAL ESTATE INVESTMENT TRUSTS** | **REAL ESTATE INVESTMENT TRUSTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 41700 | Prologis, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775484 | 1.54% |
| **Total for Real Estate Investment Trusts (Cost $4,933,150)** | **Total for Real Estate Investment Trusts (Cost $4,933,150)** |  |  |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 2948441 | Goldman Sachs Financial Square Government Fund |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948441 | 0.95% |
| **Total for Money Market Funds (Cost $2,948,441)** | **Total for Money Market Funds (Cost $2,948,441)** |  |  |  |
|  | **Total Investments (Cost - $228,151,419)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 309987369 | 100.15% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (479655) | -0.15% |
|  | **Net Assets** |  | $309507714 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 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. |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** | **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** | **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31500 | Owens Corning |  | $&nbsp;&nbsp;&nbsp;&nbsp; 4455990 | 3.98% |
| **Ball & Roller Bearings** | **Ball & Roller Bearings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17700 | RBC Bearings Incorporated \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6908133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33500 | The Timken Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2518530 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9426663 | 8.42% |
| **Glass Containers** | **Glass Containers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;103200 | Stevanato Group S.p.A. (Italy) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657400 | 2.37% |
| **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** | **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** | **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19500 | Donaldson Company, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596075 | 1.42% |
| **Investment Advice** | **Investment Advice** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13900 | Evercore Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4688748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33300 | PJT Partners Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5918409 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10607157 | 9.47% |
| **Laboratory Analytical Instruments** | **Laboratory Analytical Instruments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;218800 | Avantor, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730624 | 2.44% |
| **Miscellaneous Food Preparations & Kindred Products** | **Miscellaneous Food Preparations & Kindred Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;163200 | Utz Brands, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982880 | 1.77% |
| **Motorcycles, Bicycles & Parts** | **Motorcycles, Bicycles & Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 61900 | Fox Factory Holding Corp. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503551 | 1.34% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24100 | Pinnacle Financial Partners, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260339 | 2.02% |
| **Operative Builders** | **Operative Builders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Toll Brothers, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519540 | 1.36% |
| **Plastic Foam Products** | **Plastic Foam Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12200 | Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692140 | 1.51% |
| **Real Estate Agents & Managers (For Others)** | **Real Estate Agents & Managers (For Others)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15400 | FirstService Corporation (Canada) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2933546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15800 | Jones Lang LaSalle Incorporated \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4712824 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7646370 | 6.83% |
| **Retail - Auto Dealers & Gasoline Stations** | **Retail - Auto Dealers & Gasoline Stations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Casey's General Stores, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6218520 | 5.55% |
| **Retail - Eating Places** | **Retail - Eating Places** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400 | Cava Group, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990724 | 0.89% |
| **Security Brokers, Dealers & Flotation Companies** | **Security Brokers, Dealers & Flotation Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;117100 | Virtu Financial, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157050 | 3.71% |
| **Services - Computer Processing & Data Preparation** | **Services - Computer Processing & Data Preparation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;147000 | QXO, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2801820 | 2.50% |
| **Services - Detective, Guard & Armored Car Services** | **Services - Detective, Guard & Armored Car Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11500 | Allegion PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039525 | 1.82% |
| **Services - Medical Laboratories** | **Services - Medical Laboratories** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;135000 | Castle Biosciences, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3073950 | 2.74% |
| **Services - Miscellaneous Amusement & Recreation** | **Services - Miscellaneous Amusement & Recreation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7100 | Madison Square Garden Sports Corp. - Class A \* | Madison Square Garden Sports Corp. - Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611700 | 1.44% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11900 | AppFolio, Inc. - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Clearwater Analytics Holdings, Inc. - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28800 | Guidewire Software, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6619968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48300 | nCino, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 46600 | Procore Technologies, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398072 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15959307 | 14.25% |
| **State Commercial Banks** | **State Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 63800 | Coastal Financial Corporation \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6901246 | 6.16% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 95400 | AtriCure, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3362850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 29300 | Solventum Corp. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138900 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501750 | 4.91% |
| **Television Broadcasting Stations** | **Television Broadcasting Stations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48300 | Atlanta Braves Holdings, Inc. - Series C \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008797 | 1.79% |
| **Title Insurance** | **Title Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31900 | First American Financial Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2049256 | 1.83% |
| **Transportation Services** | **Transportation Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33300 | GXO Logistics, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761237 | 1.57% |
| **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** | **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** | **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9600 | Watsco, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3881280 | 3.46% |
| **Wholesale - Miscellaneous Durable Goods** | **Wholesale - Miscellaneous Durable Goods** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11600 | Pool Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596812 | 3.21% |
| **Total for Common Stocks (Cost - $86,593,975)** | **Total for Common Stocks (Cost - $86,593,975)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 110631703 | 98.76% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 1857957 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857957 | 1.66% |
| **Total for Money Market Funds (Cost $1,857,957)** | **Total for Money Market Funds (Cost $1,857,957)** |  |  |  |
|  | **Total Investments (Cost - $88,451,932)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 112489660 | 100.42% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (470657) | -0.42% |
|  | **Net Assets** |  | $112019003 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. |  |  |
| 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. |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Fixed Income** | **Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;316200 | iShares 5-10 Year Investment Grade Corporate Bond ETF | iShares 5-10 Year Investment Grade Corporate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp;17103258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;447600 | iShares 10+ Year Investment Grade Corporate Bond ETF | iShares 10+ Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23069304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;327500 | iShares Broad USD Investment Grade Corporate ETF | iShares Broad USD Investment Grade Corporate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17102050 |  |
| 1431100 | SPDR® Portfolio High Yield Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 34260534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;203300 | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17099563 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 108634709 | 63.59% |
| **Target Maturity Fixed Income** | **Target Maturity Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;547000 | iShares iBonds Dec 2029 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 12838090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;386800 | iShares iBonds Dec 2030 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8567620 |  |
| 1007700 | iShares iBonds Dec 2031 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 21383394 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42789104 | 25.04% |
| **US Fund Preferred Stock** | **US Fund Preferred Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;693700 | Invesco Variable Rate Preferred ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 17134390 | 10.03% |
| **Total for Exchange Traded Funds (Cost - $163,463,890)** | **Total for Exchange Traded Funds (Cost - $163,463,890)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 168558203 | 98.66% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 3368624 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3368624 | 1.97% |
| **Total for Money Market Funds (Cost $3,368,624)** | **Total for Money Market Funds (Cost $3,368,624)** |  |  |  |
|  | **Total Investments (Cost - $166,832,514)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 171926827 | 100.63% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1074032) | -0.63% |
|  | **Net Assets** |  | $170852795 | 100.00% |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. |  |  |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;143400 | iShares Core S&P 500 ETF (a) |  | $&nbsp;&nbsp;&nbsp;&nbsp;95977620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;184000 | iShares Core S&P Mid-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 12007840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;506100 | SPDR® Portfolio S&P 1500 Composite Stock Market ETF | SPDR® Portfolio S&P 1500 Composite Stock Market ETF | &nbsp;&nbsp;&nbsp;&nbsp; 40816965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;100200 | Vanguard Growth Index Fund ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 48056922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;219000 | Vanguard Value Index Fund ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 40841310 |  |
| **Total for Exchange Traded Funds (Cost - $190,665,394)** | **Total for Exchange Traded Funds (Cost - $190,665,394)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 237700657 | 98.93% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 3085469 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3085469 | 1.28% |
| **Total for Money Market Funds (Cost $3,085,469)** | **Total for Money Market Funds (Cost $3,085,469)** |  |  |  |
|  | **Total Investments (Cost - $193,750,863)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 240786126 | 100.21% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (504224) | -0.21% |
|  | **Net Assets** |  | $240281902 | 100.00% |
| (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at |  |
| <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;212600 | Fidelity Enhanced Large Cap Growth ETF |  | $&nbsp;&nbsp;&nbsp;&nbsp; 8742112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400 | Invesco QQQ Trust, Series 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4442738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | iShares Russell Mid-Cap Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4414710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;466500 | Schwab U.S. Large-Cap Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 14886015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 95200 | SoFi Select 500 ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 12298888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;125600 | SPDR® Portfolio S&P 500® Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 13126456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | Vanguard Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 14867910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;109100 | Vanguard Russell 1000 Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 13146550 |  |
| **Total for Exchange Traded Funds (Cost - $74,868,693)** | **Total for Exchange Traded Funds (Cost - $74,868,693)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 85925379 | 97.97% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 2739313 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2739313 | 3.12% |
| **Total for Money Market Funds (Cost $2,739,313)** | **Total for Money Market Funds (Cost $2,739,313)** |  |  |  |
|  | **Total Investments (Cost - $77,608,006)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 88664692 | 101.09% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (954252) | -1.09% |
|  | **Net Assets** |  | $&nbsp;&nbsp;&nbsp;&nbsp;87710440 | 100.00% |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** |
|  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | MTU Aero Engines Holding AG - ADR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10500 | Saab AB - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321615 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816093 | 2.75% |
| **Air & Gas Compressors** | **Air & Gas Compressors** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 53500 | Atlas Copco AB - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908965 | 3.07% |
| **Airports, Flying Fields & Airport Terminal Services** | **Airports, Flying Fields & Airport Terminal Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | Central North Airport Group - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768638 | 2.59% |
| **Auto Manufacturers** | **Auto Manufacturers** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30700 | BYD Company Limited - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432563 | 1.46% |
| **Banks- Regional** | **Banks- Regional** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | DBS Group Holdings Ltd - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 49900 | PT Bank Central Asia Tbk - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570856 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235548 | 4.17% |
| **Beverages** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | LVMH Moet Hennessy Louis Vuitton SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14200 | Pernod Ricard SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277752 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877071 | 2.96% |
| **Commercial Banks, NEC** | **Commercial Banks, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | The Toronto-Dominion Bank (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575640 | 1.94% |
| **Credit Services** | **Credit Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15300 | Krung Thai Bank PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140454 | 0.47% |
| **Diagnostics & Research** | **Diagnostics & Research** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 39500 | Sonic Healthcare LTD - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564850 | 1.90% |
| **Discount Stores** | **Discount Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16700 | Wal-Mart de Mexico SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515028 | 1.74% |
| **Drug Manufacturers - General** | **Drug Manufacturers - General** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 47700 | Santen Pharmaceutical Co. Ltd - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537579 | 1.81% |
| **Drug Manufacturers - Specialty & Generic** | **Drug Manufacturers - Specialty & Generic** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14400 | Merck KGaA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374544 | 1.26% |
| **Electrical Supplies** | **Electrical Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32256 | Rexel SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056707 | 3.56% |
| **Entertainment** | **Entertainment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32400 | Universal Music Group N.V. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467532 | 1.58% |
| **Financial Data & Stock Exchanges** | **Financial Data & Stock Exchanges** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23600 | Deutsche Boerse AG - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631300 | 2.13% |
| **Gold and Silver Ores** | **Gold and Silver Ores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | Agnico Eagle Mines Limited (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415904 | 4.77% |
| **Grocery Stores** | **Grocery Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 54100 | Seven & I Holdings Co. Ltd. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723317 | 2.44% |
| **Insurance Agents, Brokers & Service** | **Insurance Agents, Brokers & Service** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | Aon PLC - Class A (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176714 | 3.97% |
| **Leisure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | ANTA Sports Products Limited - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38400 | Thule Group AB - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461376 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389039 | 4.68% |
| **Marine Shipping** | **Marine Shipping** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200 | SITC International Holdings Company Limited - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071741 | 3.61% |
| **Medical Instruments & Supplies** | **Medical Instruments & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 29600 | Coloplast AS - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252488 | 0.85% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23900 | UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979900 | 3.31% |
| **Oil & Gas Field Services, NEC** | **Oil & Gas Field Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34500 | Core Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15300 | Schlumberger Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525861 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952281 | 3.21% |
| **Radio Broadcasting** | **Radio Broadcasting** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | Tencent Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757835 | 2.56% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28800 | Disco Corporation - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11200 | Tokyo Electron Limited - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003520 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1906400 | 6.43% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | Accenture PLC - Class A (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15300 | RELX PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730728 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223928 | 4.13% |
| **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | Flutter Entertainment PLC \* (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431800 | 1.46% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14200 | Dassault Systemes SE - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | SAP SE - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267210 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742484 | 2.50% |
| **Specialty Chemicals** | **Specialty Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 74200 | Fuchs SE - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16800 | Givaudan SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366378 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194450 | 7.40% |
| **Specialty Business Services** | **Specialty Business Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | Intertek Group PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596734 | 2.01% |
| **Specialty Industrial Machinery** | **Specialty Industrial Machinery** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13800 | Schneider Electric SE - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773076 | 2.61% |
| **Total for Common Stocks (Cost - $25,286,045)** | **Total for Common Stocks (Cost - $25,286,045)** | &nbsp;&nbsp;&nbsp;&nbsp; 26490603 | 89.33% |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |
| **Foreign Equity** | **Foreign Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28600 | Franklin FTSE India ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25500 | Vanguard Developed Markets Index Fund ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527960 |  |
| **Total for Exchange Traded Funds (Cost - $2,452,042)** | **Total for Exchange Traded Funds (Cost - $2,452,042)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594454 | 8.75% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 634552 | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class 3.99% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634552 | 2.14% |
| **Total for Money Market Funds (Cost $634,552)** | **Total for Money Market Funds (Cost $634,552)** |  |  |
|  | **Total Investments (Cost - $28,372,639)** | &nbsp;&nbsp;&nbsp;&nbsp; 29719609 | 100.22% |
|  | **Liabilities in Excess of Other Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66655) | -0.22% |
|  | **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;29652954 | 100.00% |
| **SUMMARY OF INVESTMENTS BY COUNTRY/REGION\*\*\*** | **SUMMARY OF INVESTMENTS BY COUNTRY/REGION\*\*\*** |  |  |
|  |  | **Fair Value** | **Percentage** |
| Australia |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564850 | 1.94% |
| Canada |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991544 | 6.85% |
| China |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2118061 | 7.28% |
| Denmark |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252488 | 0.87% |
| France |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3182128 | 10.94% |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595604 | 8.92% |
| Global Developed Markets (ETF) | Global Developed Markets (ETF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527960 | 5.25% |
| Hong Kong |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071741 | 3.69% |
| India |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066494 | 3.67% |
| Indonesia |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570856 | 1.96% |
| Ireland |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101714 | 7.23% |
| Japan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167296 | 10.89% |
| Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283666 | 4.41% |
| Netherlands |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467532 | 1.61% |
| Singapore |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664692 | 2.29% |
| Sweden |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691956 | 5.82% |
| Switzerland |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2346278 | 8.07% |
| Thailand |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140454 | 0.48% |
| United Kingdom | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327462 | 4.56% |
| USA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952281 | 3.27% |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;29085057 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |
| \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. | \*\* The rate shown represents the 7-day yield at September 30, 2025. |
| \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. |
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. | 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. | 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.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Advisors Capital Funds** | | |
| **Statements of Assets and Liabilities** | **Total Return -** | **Small/Mid** |
| **&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025** | **Equity Fund** | **Cap Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $309987369 | $112489660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 310192911 | &nbsp;&nbsp;&nbsp;&nbsp; 114296676 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 275044 | 100568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 685197 | 2277673 |
| Net Assets | $309507714 | $112019003 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $238286375 | $&nbsp;&nbsp;&nbsp;&nbsp;92683258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 71221339 | &nbsp;&nbsp;&nbsp;&nbsp; 19335745 |
| Net Assets | $309507714 | $112019003 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 13.90 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 11.52 |
| \* Investments at Identified Cost | $228151419 | $&nbsp;&nbsp;&nbsp;&nbsp;88451932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp; 22260186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9726920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended September 30, 2025** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $0 and $3,787, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 4452040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612214 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654059 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370295) | &nbsp;&nbsp;&nbsp;&nbsp; (1041845) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1268625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 36492710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8212914 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 35224085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389433 |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;34853790 | $&nbsp;&nbsp;&nbsp;&nbsp; 8347588 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** |
| **Statements of Assets and Liabilities** | **Tactical Fixed** | **Active** |
| **&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025** | **Income** | **All Cap** |
|  | **Fund** | **Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $171926827 | $240786126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 172021948 | &nbsp;&nbsp;&nbsp;&nbsp; 241172163 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 139769 | 163616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1169153 | 890261 |
| Net Assets | $170852795 | $240281902 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $163959295 | $192828655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893500 | &nbsp;&nbsp;&nbsp;&nbsp; 47453247 |
| Net Assets | $170852795 | $240281902 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp; 9.79 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 15.66 |
| \* Investments at Identified Cost | $166832514 | $193750863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp; 17454854 | &nbsp;&nbsp;&nbsp;&nbsp; 15348013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended September 30, 2025** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $0 and $0, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 6984928 | $&nbsp;&nbsp;&nbsp;&nbsp; 2451166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451166 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203295 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (752129) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100527) | &nbsp;&nbsp;&nbsp;&nbsp; 26729889 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774097 | &nbsp;&nbsp;&nbsp;&nbsp; 27872218 |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; 5273989 | $&nbsp;&nbsp;&nbsp;&nbsp;27120089 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** |
| **Statements of Assets and Liabilities** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025** | **Growth** | **International** |
|  | **Fund** | **Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $&nbsp;&nbsp;&nbsp;&nbsp;88664692 | $&nbsp;&nbsp;&nbsp;&nbsp;29719609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 88786198 | &nbsp;&nbsp;&nbsp;&nbsp; 29835868 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 53756 | 18509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1075758 | 182914 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;87710440 | $&nbsp;&nbsp;&nbsp;&nbsp;29652954 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $&nbsp;&nbsp;&nbsp;&nbsp;76954219 | $&nbsp;&nbsp;&nbsp;&nbsp;28153535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 10756221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499419 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;87710440 | $&nbsp;&nbsp;&nbsp;&nbsp;29652954 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;11.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;10.67 |
| \* Investments at Identified Cost | $&nbsp;&nbsp;&nbsp;&nbsp;77608006 | $&nbsp;&nbsp;&nbsp;&nbsp;28372639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7506008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the period November 1, 2024\*\* to September 30, 2025** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $0 and 52,416, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287954 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208169 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (326795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79785 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 11056686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346970 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 11086487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419634 |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;10759692 | $&nbsp;&nbsp;&nbsp;&nbsp; 1499419 |
| \*\* Commencement of Operations. | \*\* Commencement of Operations. | \*\* Commencement of Operations. |
| 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. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** |
| **Statements of Changes in Net Assets** | **Total Return - Equity Fund** | **Total Return - Equity Fund** | **Small/Mid Cap Fund** | **Small/Mid Cap Fund** |
|  | 10/1/2024 | 10/1/2023 | 10/1/2024 | 10/1/2023 |
|  | to | to | to | to |
|  | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; (370295) | $&nbsp;&nbsp;&nbsp;&nbsp; 252649 | $(1041845) | $&nbsp;&nbsp;&nbsp;&nbsp; (619970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1268625) | &nbsp;&nbsp;&nbsp;&nbsp; (2794042) | &nbsp;&nbsp;&nbsp;&nbsp; 1176519 | &nbsp;&nbsp;&nbsp;&nbsp; (1960604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | 36492710 | 44346758 | 8212914 | 15777522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | 34853790 | 41805365 | 8347588 | 13196948 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 101935414 | 76770780 | &nbsp;&nbsp;&nbsp;&nbsp; 45718719 | &nbsp;&nbsp;&nbsp;&nbsp; 19427707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(46380225) | &nbsp;&nbsp;&nbsp;&nbsp;(27170716) | &nbsp;&nbsp;&nbsp;&nbsp;(13555538) | &nbsp;&nbsp;&nbsp;&nbsp;(10655631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase from Shareholder Activity | 55644832 | 49881641 | &nbsp;&nbsp;&nbsp;&nbsp; 32163181 | &nbsp;&nbsp;&nbsp;&nbsp; 8772076 |
| Net Increase (Decrease) in Net Assets | 90408944 | 91405337 | &nbsp;&nbsp;&nbsp;&nbsp; 40510769 | &nbsp;&nbsp;&nbsp;&nbsp; 21969024 |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;219098770 | &nbsp;&nbsp;&nbsp;&nbsp;127693433 | &nbsp;&nbsp;&nbsp;&nbsp; 71508234 | &nbsp;&nbsp;&nbsp;&nbsp; 49539210 |
| Net Assets at End of Year | $309507714 | $219098770 | $112019003 | $71508234 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 8110782 | 6986854 | &nbsp;&nbsp;&nbsp;&nbsp; 4203936 | &nbsp;&nbsp;&nbsp;&nbsp; 2083454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3695179) | &nbsp;&nbsp;&nbsp;&nbsp; (2429515) | &nbsp;&nbsp;&nbsp;&nbsp; (1224376) | &nbsp;&nbsp;&nbsp;&nbsp; (1122763) |
| Net Increase (Decrease) in Shares | 4422763 | 4583581 | &nbsp;&nbsp;&nbsp;&nbsp; 2979560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960691 |
| Shares Outstanding Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 17837423 | &nbsp;&nbsp;&nbsp;&nbsp; 13253842 | &nbsp;&nbsp;&nbsp;&nbsp; 6747360 | &nbsp;&nbsp;&nbsp;&nbsp; 5786669 |
| Shares Outstanding End of Year | 22260186 | 17837423 | &nbsp;&nbsp;&nbsp;&nbsp; 9726920 | &nbsp;&nbsp;&nbsp;&nbsp; 6747360 |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** |
| **Statements of Changes in Net Assets** | **Tactical Fixed Income Fund** | **Tactical Fixed Income Fund** | **Active All Cap Fund** | **Active All Cap Fund** |
|  | 10/1/2024 | 10/1/2023 | 10/1/2024 | 10/1/2023 |
|  | to | to | to | to |
|  | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp;4499892 | $&nbsp;&nbsp;&nbsp;&nbsp;2909139 | $&nbsp;&nbsp;&nbsp;&nbsp; (752129) | $&nbsp;&nbsp;&nbsp;&nbsp; (115188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481408 | &nbsp;&nbsp;&nbsp;&nbsp; 1142329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (100527) | 6227285 | 26729889 | 20017047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | 5273989 | 9617832 | 27120089 | 19856731 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; (3477292) | &nbsp;&nbsp;&nbsp;&nbsp; (1899793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53770) |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp; 86670742 | &nbsp;&nbsp;&nbsp;&nbsp; 44841302 | &nbsp;&nbsp;&nbsp;&nbsp;119667501 | &nbsp;&nbsp;&nbsp;&nbsp; 75709263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp; 3477292 | &nbsp;&nbsp;&nbsp;&nbsp; 1899334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(28404718) | &nbsp;&nbsp;&nbsp;&nbsp;(15435725) | &nbsp;&nbsp;&nbsp;&nbsp;(30224042) | &nbsp;&nbsp;&nbsp;&nbsp; (6256281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp; 61743316 | &nbsp;&nbsp;&nbsp;&nbsp; 31304911 | &nbsp;&nbsp;&nbsp;&nbsp; 89446044 | &nbsp;&nbsp;&nbsp;&nbsp; 69506737 |
| Net Increase (Decrease) in Net Assets | 63540013 | 39022950 | 116563545 | 89309698 |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;107312782 | &nbsp;&nbsp;&nbsp;&nbsp; 68289832 | &nbsp;&nbsp;&nbsp;&nbsp;123718357 | &nbsp;&nbsp;&nbsp;&nbsp; 34408659 |
| Net Assets at End of Year | $170852795 | $107312782 | $240281902 | $123718357 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 9137490 | &nbsp;&nbsp;&nbsp;&nbsp; 4817372 | &nbsp;&nbsp;&nbsp;&nbsp; 8498474 | &nbsp;&nbsp;&nbsp;&nbsp; 6215584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2992627) | &nbsp;&nbsp;&nbsp;&nbsp; (1644653) | &nbsp;&nbsp;&nbsp;&nbsp; (2177487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495428) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp; 6519168 | &nbsp;&nbsp;&nbsp;&nbsp; 3377168 | &nbsp;&nbsp;&nbsp;&nbsp; 6321172 | &nbsp;&nbsp;&nbsp;&nbsp; 5724782 |
| Shares Outstanding Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 10935686 | &nbsp;&nbsp;&nbsp;&nbsp; 7558518 | &nbsp;&nbsp;&nbsp;&nbsp; 9026841 | &nbsp;&nbsp;&nbsp;&nbsp; 3302059 |
| Shares Outstanding End of Year | &nbsp;&nbsp;&nbsp;&nbsp; 17454854 | &nbsp;&nbsp;&nbsp;&nbsp; 10935686 | &nbsp;&nbsp;&nbsp;&nbsp; 15348013 | &nbsp;&nbsp;&nbsp;&nbsp; 9026841 |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Funds** | **Advisors Capital Funds** | **Advisors Capital Funds** |
| **Statements of Changes in Net Assets** | **Growth Fund** | **International Fund** |
|  | 11/1/2024\* | 11/1/2024\* |
|  | to | to |
|  | 9/30/2025 | 9/30/2025 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (326795) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | 11056686 | 1346970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | 10759692 | 1499419 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 79816357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29571275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2865609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1417740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | 76954219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28153535 |
| Net Increase (Decrease) in Net Assets | 87710440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29652954 |
| Net Assets at Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net Assets at End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 87710440 | $&nbsp;&nbsp;&nbsp;&nbsp; 29652954 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7769948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2913618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135430) |
| Net Increase (Decrease) in Shares | 7506008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778188 |
| Shares Outstanding Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares Outstanding End of Period | 7506008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778188 |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** |
| **Financial Highlights** |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to | to | to | to | to |  |
|  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 12.28 | $9.63 | $8.44 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.62 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.62 | 2.67 | 1.19 | (2.18) | 0.62 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 13.90 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.28 | $9.63 | $&nbsp;&nbsp;&nbsp;&nbsp;8.44 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.62 |  |
| Total Return (c) | 13.23% | 27.75% | 14.10% | (20.53)% | 6.20% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $309508 | $219099 | $127693 | $76419 | $24635 |  |
| Ratio of Expenses to Average Net Assets | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.14)% | 0.15% | 0.18% | (0.30)% | (0.39)% | \*\*\* |
| Portfolio Turnover Rate | 12.59% | 19.01% | 12.70% | 18.84% | 19.32% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |
| (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. |
| 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. | 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. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** |
| **Financial Highlights** |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to | to | to | to | to |  |
|  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 10.60 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.56 | $&nbsp;&nbsp;&nbsp;&nbsp; 7.40 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.48 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 1.05 | 2.14 | 1.24 | (2.98) | 0.56 |  |
| Total from Investment Operations | 0.92 | 2.04 | 1.16 | (3.08) | 0.48 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 11.52 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.60 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.56 | $7.40 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.48 |  |
| Total Return (c) | 8.68% | 23.83% | 15.68% | (29.39)% | 4.80% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $112019 | $71508 | $49539 | $39652 | $13485 |  |
| Ratio of Expenses to Average Net Assets | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (1.18)% | (1.04)% | (0.98)% | (1.11)% | (1.32)% | \*\*\* |
| Portfolio Turnover Rate | 8.24% | 8.26% | 14.64% | 14.66% | 13.22% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |
| 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. | 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. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** |
| **Financial Highlights** |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to | to | to | to | to |  |
|  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $9.81 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.16 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | 0.32 | 0.31 | 0.21 | 0.15 | 0.03 |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | (0.05) | 0.70 | 0.06 | (1.41) | 0.13 |  |
| Total from Investment Operations | 0.27 | 1.01 | 0.27 | (1.26) | 0.16 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $9.79 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.81 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.03 | $8.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.16 |  |
| Total Return (c) | 2.96% | 11.29% | 3.05% | (12.41)% | 1.60% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $170853 | $107313 | $68290 | $40773 | $10406 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | 3.39% | 3.29% | 2.27% | 1.60% | 0.54% | \*\*\* |
| Portfolio Turnover Rate | 45.38% | 49.35% | 56.70% | 80.56% | 0.00% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the |
| underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. |
| 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. | 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. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** |
| **Financial Highlights** |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2024 | 10/1/2023 | 11/9/2022\* |  |
|  | to | to | to |  |
|  | 9/30/2025 | 9/30/2024 | 9/30/2023 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 13.71 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | (0.06) | (0.02) | 0.02 |  |
| Net Gain on Investments (Realized and Unrealized) (b) | 2.01 | 3.32 | 0.42 |  |
| Total from Investment Operations | 1.95 | 3.30 | 0.44 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 15.66 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.71 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 |  |
| Total Return (c) | 14.23% | 31.71% | 4.22% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets - End of Period (Thousands) | $240282 | $123718 | $34409 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | 1.87% | 1.92% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (0.44)% | (0.15)% | 0.25% | \*\*\* |
| Portfolio Turnover Rate | 7.44% | 1.97% | 7.84% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to |
| reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses |
| in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of |
| dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. |
| (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. |
| 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. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** |
| **Financial Highlights** |  |  |
| Selected data for a share outstanding throughout the period: | 11/1/2024\* |  |
|  | to |  |
|  | 9/30/2025 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | (0.10) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 1.80 |  |
| Total from Investment Operations | 1.70 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.69 |  |
| Total Return (c) | 16.97% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |
| Net Assets - End of Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87710 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (1.04)% | \*\*\* |
| Portfolio Turnover Rate | 6.74% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts |
| necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile |
| with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions |
| for the period. | for the period. | for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an |
| investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the |
| declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, |
| November 18, 2024. | November 18, 2024. | November 18, 2024. |
| 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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| | | |
|:---|:---|:---|
| **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** |
| **Financial Highlights** |  |  |
| Selected data for a share outstanding throughout the period: | 11/1/2024\* |  |
|  | to |  |
|  | 9/30/2025 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | 0.07 |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 0.60 |  |
| Total from Investment Operations | 0.67 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.67 |  |
| Total Return (c) | 6.70% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |
| Net Assets - End of Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29653 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | 0.72% | \*\*\* |
| Portfolio Turnover Rate | 9.56% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts |
| necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile |
| with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions |
| for the period. | for the period. | for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an |
| investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the |
| declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, |
| November 18, 2024. | November 18, 2024. | November 18, 2024. |
| 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 THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** |
| **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** |
| **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| 1.) ORGANIZATION | 1.) ORGANIZATION | 1.) ORGANIZATION | 1.) ORGANIZATION | 1.) ORGANIZATION | 1.) ORGANIZATION |
| The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. |
| Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. | Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. | Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. | Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. | Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. | Throughout the Notes to the Financial Statements, the "Fiscal Year Ended September 30, 2025" represents the one year period ended September 30, 2025 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, and the period from November 1, 2024 (Commencement of Operations) through September 30, 2025 for the Growth Fund and International Fund. |
| 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES |
| Each 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"). | Each 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"). | Each 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"). | Each 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"). | Each 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"). | Each 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"). |
| Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each 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 Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. |
| The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. |
| *SECURITY VALUATION* | *SECURITY VALUATION* | *SECURITY VALUATION* | *SECURITY VALUATION* | *SECURITY VALUATION* | *SECURITY VALUATION* |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. |
| *FEDERAL INCOME TAXES* | *FEDERAL INCOME TAXES* | *FEDERAL INCOME TAXES* | *FEDERAL INCOME TAXES* | *FEDERAL INCOME TAXES* | *FEDERAL INCOME TAXES* |
| The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. |
| The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2025, the Funds did not incur any interest or penalties. |
| *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* |
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. |
| *USE OF ESTIMATES* | *USE OF ESTIMATES* | *USE OF ESTIMATES* | *USE OF ESTIMATES* | *USE OF ESTIMATES* | *USE OF ESTIMATES* |
| The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *OTHER* | *OTHER* | *OTHER* | *OTHER* | *OTHER* | *OTHER* |
| The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. |
| *FUND OF FUND STRUCTURE* | *FUND OF FUND STRUCTURE* | *FUND OF FUND STRUCTURE* | *FUND OF FUND STRUCTURE* | *FUND OF FUND STRUCTURE* | *FUND OF FUND STRUCTURE* |
| Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. |
| *EXPENSES* | *EXPENSES* | *EXPENSES* | *EXPENSES* | *EXPENSES* | *EXPENSES* |
| Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. |
| *ORGANIZATIONAL & OFFERING EXPENSES* | *ORGANIZATIONAL & OFFERING EXPENSES* | *ORGANIZATIONAL & OFFERING EXPENSES* | *ORGANIZATIONAL & OFFERING EXPENSES* | *ORGANIZATIONAL & OFFERING EXPENSES* | *ORGANIZATIONAL & OFFERING EXPENSES* |
| All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. | All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. | All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. | All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. | All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. | All costs incurred by the Growth Fund and International Fund in connection with the organization, offering and initial registration of each Fund, principally professional fees, were paid on behalf of each Fund by the Advisor and will not be borne by each Fund and are not recoupable in the future. |
| 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their 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 Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 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 Funds' 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 Funds' 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 Funds' 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 Funds' 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 Funds' 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 Funds' 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 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. | 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* | *FAIR VALUE MEASUREMENTS* | *FAIR VALUE MEASUREMENTS* | *FAIR VALUE MEASUREMENTS* | *FAIR VALUE MEASUREMENTS* | *FAIR VALUE MEASUREMENTS* |
| A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid 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, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. |
| *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. |
| The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2025: |
| **Total Return - Equity Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Common Stocks | $295848854 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $295848854 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414590 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6414590 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775484 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775484 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948441 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948441 |
| Total | $309987369 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $309987369 |
| **Small/Mid Cap Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Common Stocks | $110631703 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $110631703 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857957 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857957 |
| Total | $112489660 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $112489660 |
| **Tactical Fixed Income Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $168558203 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $168558203 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368624 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3368624 |
| Total | $171926827 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $171926827 |
| **Active All Cap Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $237700657 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $237700657 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085469 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3085469 |
| Total | $240786126 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $240786126 |
| **Growth Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;85925379 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 85925379 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739313 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2739313 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;88664692 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 88664692 |
| **International Fund:** |  |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 |  | Level 2 | Level 3 | Total |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;26490603 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 26490603 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594454 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594454 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634552 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634552 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;29719609 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; 29719609 |
| The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. | The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. | The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. | The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. | The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. | The Funds did not hold any level 3 assets during the Fiscal Year Ended September 30, 2025. |
| The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. | The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. | The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. | The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. | The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. | The Funds did not invest in derivative instruments during the Fiscal Year Ended September 30, 2025. |
| 4.) MANAGEMENT AGREEMENT | 4.) MANAGEMENT AGREEMENT | 4.) MANAGEMENT AGREEMENT | 4.) MANAGEMENT AGREEMENT | 4.) MANAGEMENT AGREEMENT | 4.) MANAGEMENT AGREEMENT |
| Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. |
| During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the Fiscal Year Ended September 30, 2025, the Advisor earned management fees in the amounts of $4,177,638, $1,432,928, $2,152,812, $2,775,047, $506,651 and $180,339 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At September 30, 2025, $405,334, $150,246, $223,347, $309,564, $108,522 and $36,946, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. |
| 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN |
| The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. |
| During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the Fiscal Year Ended, September 30, 2025, there was $644,697, $221,131, $332,224, $428,248, $78,187 and $27,830 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of September 30, 2025, the Funds had an accrued liability of $275,044, $100,568, $139,769, $163,616, $53,756 and $18,509 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. |
| 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS |
| Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). |
| In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $4,000 per Fund for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund, and $3,663 per Fund for the Growth Fund and International Fund, for a total of $23,326, in CCO fees for the Fiscal Year Ended September 30, 2025, by the Advisor. |
| The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $9,500 for a total of $28,500, in Trustees fees for the fiscal year ended September 30, 2025, for the Fund included in this report. Under the Management Agreement, the Advisor pays these fees. |
| 7.) INVESTMENTS | 7.) INVESTMENTS | 7.) INVESTMENTS | 7.) INVESTMENTS | 7.) INVESTMENTS | 7.) INVESTMENTS |
| For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the Fiscal Year Ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: |
|  | Total Return - | Small/Mid | Small/Mid | Tactical Fixed | Active All |
|  | Equity Fund | Cap Fund | Cap Fund | Income Fund | Cap Fund |
| Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86335121 | $&nbsp;&nbsp;&nbsp;&nbsp; 37613989 | $&nbsp;&nbsp;&nbsp;&nbsp; 37613989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121727629 | $&nbsp;&nbsp;&nbsp;&nbsp; 99581811 |
| Sales | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32263639 | $&nbsp;&nbsp;&nbsp;&nbsp; 7222600 | $&nbsp;&nbsp;&nbsp;&nbsp; 7222600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59701133 | $&nbsp;&nbsp;&nbsp;&nbsp; 12671876 |
|  | Growth | International | International |  |  |
|  | Fund | Fund | Fund |  |  |
| Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77136880 | $&nbsp;&nbsp;&nbsp;&nbsp; 28814224 | $&nbsp;&nbsp;&nbsp;&nbsp; 28814224 |  |  |
| Sales | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 2297987 | $&nbsp;&nbsp;&nbsp;&nbsp; 1142050 | $&nbsp;&nbsp;&nbsp;&nbsp; 1142050 |  |  |
| There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. |
| 8.) CONTROL OWNERSHIP | 8.) CONTROL OWNERSHIP | 8.) CONTROL OWNERSHIP | 8.) CONTROL OWNERSHIP | 8.) CONTROL OWNERSHIP | 8.) 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each 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 Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2025, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. |
|  | Charles Schwab |  | NFS | Pershing, LLC |  |
| Total Return - Equity Fund | 27.98% |  | 40.20% | 29.91% |  |
| Small/Mid Cap Fund | 32.44% |  | 36.50% | 27.98% |  |
| Tactical Fixed Income Fund | \* |  | 42.59% | 31.51% |  |
| Active All Cap Fund | 26.49% |  | 39.69% | 27.95% |  |
| Growth Fund | 26.32% |  | 41.72% | 25.11% |  |
| International Fund | 28.15% |  | 39.33% | 26.65% |  |
| \* Less than 25% |  |  |  |  |  |
| 9.) TAX MATTERS | 9.) TAX MATTERS | 9.) TAX MATTERS | 9.) TAX MATTERS | 9.) TAX MATTERS | 9.) TAX MATTERS |
| For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at September 30, 2025 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: |
|  | Total Return - |  | Small Mid | Tactical Fixed | Active All |
|  | Equity Fund |  | Cap Fund | Income Fund | Cap Fund |
| Cost of Investments | $228747862 | $&nbsp;&nbsp;&nbsp;&nbsp; 88629494 | $&nbsp;&nbsp;&nbsp;&nbsp; 88629494 | $166903232 | $193869545 |
| Gross Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;87091397 | $&nbsp;&nbsp;&nbsp;&nbsp; 31215982 | $&nbsp;&nbsp;&nbsp;&nbsp; 31215982 | $&nbsp;&nbsp;&nbsp;&nbsp; 5106507 | $&nbsp;&nbsp;&nbsp;&nbsp; 47040689 |
| Gross Unrealized Depreciation | <u>&nbsp;&nbsp;&nbsp;&nbsp; (5851890)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7355816)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7355816)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82912)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124108)</u> |
| Net Unrealized Appreciation |  |  |  |  |  |
| (Depreciation) on Investments | $&nbsp;&nbsp;&nbsp;&nbsp;81239507 | $&nbsp;&nbsp;&nbsp;&nbsp; 23860166 | $&nbsp;&nbsp;&nbsp;&nbsp; 23860166 | $&nbsp;&nbsp;&nbsp;&nbsp; 5023595 | $&nbsp;&nbsp;&nbsp;&nbsp; 46916581 |
|  | Growth |  | International |  |  |
|  | Fund |  | Fund |  |  |
| Cost of Investments | $77608006 | $&nbsp;&nbsp;&nbsp;&nbsp; 28372639 | $&nbsp;&nbsp;&nbsp;&nbsp; 28372639 |  |  |
| Gross Unrealized Appreciation | $11062731 | $&nbsp;&nbsp;&nbsp;&nbsp; 2674166 | $&nbsp;&nbsp;&nbsp;&nbsp; 2674166 |  |  |
| Gross Unrealized Depreciation | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6045)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1327196)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1327196)</u> |  |  |
| Net Unrealized Appreciation |  |  |  |  |  |
| (Depreciation) on Investments | $11056686 | $&nbsp;&nbsp;&nbsp;&nbsp; 1346970 | $&nbsp;&nbsp;&nbsp;&nbsp; 1346970 |  |  |
| The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: |
| <u>Total Return - Equity Fund</u> |  |  |  |  |  |
|  | Fiscal Year Ended | Fiscal Year Ended |  | Fiscal Year Ended |  |
|  | September 30, 2025 | September 30, 2025 |  | September 30, 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 89678 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 281669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 89678 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 281669 |  |
| <u>Small/Mid Cap Fund</u> |  |  |  |  |  |
|  | Fiscal Year Ended | Fiscal Year Ended |  | Fiscal Year Ended |  |
|  | September 30, 2025 | September 30, 2025 |  | September 30, 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| <u>Tactical Fixed Income Fund</u> |  |  |  |  |  |
|  | Fiscal Year Ended | Fiscal Year Ended |  | Fiscal Year Ended |  |
|  | September 30, 2025 | September 30, 2025 |  | September 30, 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; 3477292 |  |  | $1899793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; 3477292 |  |  | $1899793 |  |
| <u>Active All Cap Fund</u> |  |  |  |  |  |
|  | Fiscal Year Ended | Fiscal Year Ended |  | Fiscal Year Ended |  |
|  | September 30, 2025 | September 30, 2025 |  | September 30, 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 2588 |  |  | $53770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 2588 |  |  | $53770 |  |
| <u>Growth Fund</u> |  |  |  |  |  |
|  | November 1, 2024\* | November 1, 2024\* |  |  |  |
|  | to September 30, 2025 | to September 30, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 3471 |  |  |  |  |
| <u>International Fund</u> |  |  |  |  |  |
|  | November 1, 2024\* | November 1, 2024\* |  |  |  |
|  | to September 30, 2025 | to September 30, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  |  |
| \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. |
| As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: | As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: | As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: | As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: | As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: | As of September 30, 2025, the components of distributable earnings on a tax basis were as follows: |
|  | Total Return - Equity Fund | Total Return - Equity Fund | Total Return - Equity Fund | Small/Mid Cap Fund | Small/Mid Cap Fund |
| Accumulated Capital and Other Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10018168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10018168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10018168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4524421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4524421) |
| Unrealized Appreciation - Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81239507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81239507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81239507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23860166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23860166 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71221339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71221339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71221339 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19335745 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19335745 |
|  | Tactical Fixed Income Fund | Tactical Fixed Income Fund | Tactical Fixed Income Fund | Active All Cap Fund | Active All Cap Fund |
| Undistributed Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080864 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542650 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542650 |
| Accumulated Capital and Other Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1210959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1210959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1210959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (672169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (672169) |
| Undistributed Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666185 |
| Unrealized Appreciation - Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46916581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46916581 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6893500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6893500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6893500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47453247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47453247 |
|  | Growth Fund | Growth Fund | Growth Fund | International Fund | International Fund |
| Undistributed Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29687 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29687 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29687 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152449 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152449 |
| Accumulated Capital and Other Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Unrealized Appreciation - Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11056686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11056686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11056686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346970 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499419 |
| As of September 30, 2025 accumulated capital and other losses include the following: | As of September 30, 2025 accumulated capital and other losses include the following: | As of September 30, 2025 accumulated capital and other losses include the following: | As of September 30, 2025 accumulated capital and other losses include the following: | As of September 30, 2025 accumulated capital and other losses include the following: | As of September 30, 2025 accumulated capital and other losses include the following: |
| <u>Total Return Equity Fund</u> |  |  |  |  |  |
| Deferred Late Year Ordinary Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341443 |  |  |  |
| Post-October Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243195 |  |  |  |
| Short-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4747451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4747451 |  |  |  |
| Long-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3686079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3686079 |  |  |  |
| <u>Small/Mid Cap Fund</u> |  |  |  |  |  |
| Deferred Late Year Ordinary Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819301 |  |  |  |
| Short-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271291 |  |  |  |
| Long-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3433829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3433829 |  |  |  |
| <u>Tactical Fixed Income Fund</u> |  |  |  |  |  |
| Short-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200727 |  |  |  |
| Long-Term Capital Loss Carryforward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10232 |  |  |  |
| <u>Active All Cap Fund</u> |  |  |  |  |  |
| Deferred Late Year Ordinary Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672169 |  |  |  |
| <u>Growth Fund</u> |  |  |  |  |  |
| Deferred Late Year Ordinary Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330152 |  |  |  |
| Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. | Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. | Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. | Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. | Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. | Under current tax law, post-October capital losses incurred after October 31 of a Fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. During the fiscal year ended September 30, 2025, Small/Mid-Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund utilized $336,964, $826,598 and $4,788 of net capital loss carryforwards, respectively. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. |
| As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. | As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. | As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. | As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. | As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. | As of September 30, 2025, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. |
| As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. | As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. | As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. | As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. | As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. | As of September 30, 2025, the Funds have recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses, non-deductible excise tax paid and taxable overdistributions. |
| <u>Total Return Equity Fund</u> |  |  |  |  |  |
| Paid-in Capital | ($53771) |  |  |  |  |
| Total Distributable Earnings | $53771 |  |  |  |  |
| <u>Small/Mid Cap Fund</u> |  |  |  |  |  |
| Paid-in Capital | ($722213) |  |  |  |  |
| Total Distributable Earnings | $722213 |  |  |  |  |
| <u>Active All Cap Fund</u> |  |  |  |  |  |
| Paid-in Capital | ($225275) |  |  |  |  |
| Total Distributable Earnings | $225275 |  |  |  |  |
| 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, Total Return - Equity Fund had 31.19% of the value of its net assets invested in stocks within the Information Technology sector. |
| 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS |
| Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |

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|:---|:---|:---|:---|
| **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** | **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** | **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** | **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| To the Shareholders of Advisors Capital Funds and | To the Shareholders of Advisors Capital Funds and |  |  |
| Board of Trustees of Neiman Funds |  |  |  |
| <u>Opinion on the Financial Statements</u> |  |  |  |
| We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Advisors Capital Total Return – Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, Advisors Capital Active All Cap Fund, Advisors Capital Growth Fund, and Advisors Capital International Fund (the "Funds"), each a series of Neiman Funds, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America. | We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Advisors Capital Total Return – Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, Advisors Capital Active All Cap Fund, Advisors Capital Growth Fund, and Advisors Capital International Fund (the "Funds"), each a series of Neiman Funds, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America. | We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Advisors Capital Total Return – Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, Advisors Capital Active All Cap Fund, Advisors Capital Growth Fund, and Advisors Capital International Fund (the "Funds"), each a series of Neiman Funds, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America. | We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Advisors Capital Total Return – Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, Advisors Capital Active All Cap Fund, Advisors Capital Growth Fund, and Advisors Capital International Fund (the "Funds"), each a series of Neiman Funds, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America. |
| Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
| Advisors Capital Total Return – Equity Fund, Advisors Capital Small/Mid Cap Fund, and Advisors Capital Tactical Fixed Income Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, and 2022, and for the period from March 19, 2021 (commencement of operations) through September 30, 2021 |
| Advisors Capital Active All Cap Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025<br> and 2024 | For the years ended September 30, 2025 and 2024, and for the period from November 9, 2022 (commencement of operations) through September 30, 2023 |
| Advisors Capital Growth Fund and Advisors Capital International Fund | For the period from November 1, 2024 (commencement of operations) through September 30, 2025 | For the period from November 1, 2024 (commencement of operations) through September 30, 2025 | For the period from November 1, 2024 (commencement of operations) through September 30, 2025 |
| <u>Basis for Opinion</u> |  |  |  |
| These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. | These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. | These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. | These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
| We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. | 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. | 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. | 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 September 30, 2025, by correspondence with the custodian and broker. 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. | 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 September 30, 2025, by correspondence with the custodian and broker. 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. | 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 September 30, 2025, by correspondence with the custodian and broker. 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. | 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 September 30, 2025, by correspondence with the custodian and broker. 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 Funds' auditor since 2020. | We have served as the Funds' auditor since 2020. | We have served as the Funds' auditor since 2020. | We have served as the Funds' auditor since 2020. |
| /s/ Cohen & Company, Ltd. |  |  |  |
| COHEN & COMPANY, LTD. |  |  |  |
| Milwaukee, Wisconsin |  |  |  |
| November 19, 2025 |  |  |  |

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| |
|:---|
| **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. |
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| Not applicable. |
| **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 president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)). |
| (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) 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.](neimancode.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. |
| Neiman Funds |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| President |
| Date: <u>11/25/2025</u> |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| President (Principal Executive Officer) |
| Date: <u>11/25/2025</u> |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| Chief Financial Officer (Principal Financial Officer) |
| Date: <u>11/25/2025</u> |

---

## Ex-99.Code

**THE NEIMAN FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

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

This code of ethics (this "Code") for Neiman Funds (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is 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;<br>
 

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

* compliance with applicable laws and governmental rules and regulations;<br>
 

* the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and<br>
 

* accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

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

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's 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) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

------

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 or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the 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 or the 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 this 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 examples of conflicts of interest under this 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:<br>

* not use 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;<br>
 

* not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit 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 compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

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

* the receipt of any non-nominal gifts;
<br>

------

* the receipt of any entertainment from any company with which the Trust has current or prospective business dealings 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; and
 

* 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.<br>
 

* 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 directors and auditors, and to governmental regulators and self-regulatory organizations.<br>
 

* Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the 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.<br>
 

* 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 this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;<br>
 

* annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;<br>
 

* 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<br>
 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3-<br>

------

* notify the Compliance Officer for the Trust promptly if the Covered Officer
knows of any violation of this Code. Failure to do so is itself a violation of
this Code. 

The Compliance Officer for the Trust 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. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

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

* the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;<br>
 

* the Compliance Officer will review with the outside legal counsel to the Trust
the findings and conclusions of such investigation;<br>
 

* if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;<br>
 

* any matter that the Compliance Officer believes is a violation will be reported to the Committee;<br>
 

* if the 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 (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;<br>
 

* the Board will be responsible for granting waivers, as appropriate; and<br>
 

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

**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 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, the administrator 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 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**

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

**VIII.** 

**Internal Use**

This 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: July 22, 2003

## Ex-99.Cert

---

| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Daniel Neiman, certify that: | I, Daniel Neiman, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Neiman Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | 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>11/25/2025</u> | <u>/s/Daniel Neiman</u> |
|  |  | Daniel Neiman |
|  |  | President (Principal Executive Officer) |

---

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Daniel Neiman, certify that: | I, Daniel Neiman, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Neiman Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | 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>11/25/2025</u> | <u>/s/Daniel Neiman</u> |
|  |  | Daniel Neiman |
|  |  | Chief Financial Officer (Principal Financial Officer) |

---

## Ex-99.Code

---

| | | |
|:---|:---|:---|
|  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: | Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: | Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended September 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 September 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. |
|  | Chief Financial Officer (Principal Financial Officer) | Chief Financial Officer (Principal Financial Officer) |
|  | Neiman Funds |  |
|  | <u>/s/Daniel Neiman</u> |  |
|  | Daniel Neiman |  |
|  | Date: <u>11/25/2025</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Neiman Funds and will be retained by Neiman Funds 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 Neiman Funds and will be retained by Neiman Funds 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 Neiman Funds and will be retained by Neiman Funds 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. |

---