# EDGAR Filing Document

**Accession Number:** 0001903606
**File Stem:** 0001580642-25-007742
**Filing Date:** 2025-12
**Character Count:** 295880
**Document Hash:** f95811ade9b484a275fad77fe8a66b16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007742.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007742

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANTOR SELECT PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001903606

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23774
- **FILM NUMBER:** 251559832

**BUSINESS ADDRESS:**
- **STREET 1:** 110 E. 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-938-5000

**MAIL ADDRESS:**
- **STREET 1:** 110 E. 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Cantor Fitzgerald Large Cap Focused Fund (Series ID: S000075628)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000234853 | Cantor Fitzgerald Large Cap Focused Fund Institutional Class | FICHX           |
| C000234854 | Cantor Fitzgerald Large Cap Focused Fund Class A             | FICGX           |
| C000234855 | Cantor Fitzgerald Large Cap Focused Fund Class R6            | FICIX           |

### Cantor Fitzgerald Equity Dividend Plus Fund (Series ID: S000080195)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000241909 | Cantor Fitzgerald Equity Dividend Plus Fund Institutional Class |  |
| C000241910 | Cantor Fitzgerald Equity Dividend Plus Fund Class A             |  |

### Cantor Fitzgerald International Equity Fund (Series ID: S000083015)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246495 | Institutional Class |  |
| C000246496 | Class A             |  |
| C000246497 | Class F             |  |

### Cantor Fitzgerald Equity Opportunity Fund (Series ID: S000085573)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000250873 | Cantor Fitzgerald Equity Opportunity Fund Institutional Class | ATGYX           |
| C000250874 | Cantor Fitzgerald Equity Opportunity Fund Class A             | ATGAX           |

### Cantor Fitzgerald High Income Fund (Series ID: S000085574)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000250877 | Cantor Fitzgerald High Income Fund Class A             | ATPAX           |
| C000250878 | Cantor Fitzgerald High Income Fund Institutional Class | ATPYX           |

?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 <u>811-23773</u>

<u>Cantor Select Portfolios Trust</u> <br> (Exact name of registrant as specified in charter)

<u>110 E. 59th Street, New York, NY</u> <u>10022</u> <br> (Address of principal executive offices) (Zip code)

<u>Corporation Services Company</u> <br> <u>251 Little Falls Drive, Wilmington, Delaware 19808</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 915-1722</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Cantor Fitzgerald Equity Dividend Plus Fund

#### Class A (FBPGX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Equity Dividend Plus Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://equitydividendplusfund.cantorassetmanagement.com/**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $128 | 1.24% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Dividend Plus Fund, Class A Shares, returned net of fees 5.66% for the twelve months ending September 30, 2025, underperforming the S&P 500 Index return of 17.60%. A secondary and more appropriate benchmark, the Russell 1000 Value returned 9.44%.

Over the reporting period, dividend paying stocks such as those preferred in this Fund have lagged the broader market, which has had more of a bias to growth and momentum names. For example, after a tariff panic induced low set on April 7, 2025, the broad market has rallied over 38%. This rally is largely attributable to strength of the large AI-focused companies such as Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla, none of which meet the dividend yield minimum for the Fund.

The Fund's holdings in Information Technology, Financials, Health Care and Utilities were the most positive sectors. Broadcom, Corning, JP Morgan, Wells Fargo, CVS and National Fuel Gas were the individual securities most positively adding to returns. Premiums received from option writing continued to contribute to returns. Lagging sectors were Industrials, Materials. and Consumer Staples. The individual stocks holding back returns the most were UPS, Target, Best Buy, Dow Inc. and Stanley Black & Decker.

As we move forward, the market is poised, in our opinion, to begin a rotation to value based holding such as in this Fund that will benefit from continued GDP growth as easing from the Federal Reserve continues and enormous capital spending on domestic projects unfolds. The Fund will continue to focus on identifying attractively valued companies with above average dividend yields. Cash flow generation from dividends and call option premiums will remain a focus of the Fund. Covered call options are used as individual securities approach the top of the Adviser's growth and price expectations. In very strong stock markets, this discipline may limit the upside of the securities where options have been written, but in flat to negative markets, it may provide additional return.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1406d2c8765ae6966fb51391.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Dividend Plus Fund** | **Cantor Fitzgerald Equity Dividend Plus Fund - with load** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **07/31/23** | $10000 | $9427 | $10000 | $10000 |
| **09/30/23** | $9373 | $8836 | $9355 | $9372 |
| **09/30/24** | $11965 | $11279 | $11952 | $12778 |
| **09/30/25** | $12642 | $11917 | $13080 | $15027 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (July 31, 2023)** |
| Cantor Fitzgerald Equity Dividend Plus Fund |  |  |
| Without Load | 5.66% | 11.42% |
| With Load | -0.42% | 8.43% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.19% |
| S&P 500<sup>®</sup> Index | 17.60% | 20.67% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74217941 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $309822 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie39986d67625b5937ce57c04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.8% |
| Money Market Funds | 7.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i410362480c63cadda1e18e6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Equity Option | -1.0% |
| Real Estate | 1.3% |
| Communications | 4.1% |
| Consumer Discretionary | 4.4% |
| Utilities | 4.6% |
| Materials | 4.8% |
| Money Market Funds | 7.3% |
| Industrials | 9.2% |
| Energy | 9.9% |
| Health Care | 13.1% |
| Consumer Staples | 13.4% |
| Technology | 14.5% |
| Financials | 14.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CVS Health Corporation | 4.0% |
| Corning, Inc. | 3.8% |
| JPMorgan Chase & Company | 3.4% |
| Emerson Electric Company | 2.8% |
| Wells Fargo & Company | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| Mondelez International, Inc. - Class A | 2.7% |
| Hewlett Packard Enterprise Company | 2.6% |
| United Parcel Service, Inc. - Class B | 2.5% |
| Johnson & Johnson | 2.4% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Equity Dividend Plus Fund - Class A (FBPGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://equitydividendplusfund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FBPGX

#### Cantor Fitzgerald Equity Dividend Plus Fund

#### Institutional Class (FBPEX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Equity Dividend Plus Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://equitydividendplusfund.cantorassetmanagement.com/**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $102 | 0.99% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Dividend Plus Fund, Institutional Shares, returned net of fees 5.83% for the twelve months ending September 30, 2025, underperforming the S&P 500 Index return of 17.60%. A secondary and more appropriate benchmark, the Russell 1000 Value returned 9.44%.

Over the reporting period, dividend paying stocks such as those preferred in this Fund have lagged the broader market, which has had more of a bias to growth and momentum names. For example, after a tariff panic induced low set on April 7, 2025, the broad market has rallied over 38%. This rally is largely attributable to strength of the large AI-focused companies such as Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla, none of which meet the dividend yield minimum for the Fund.

The Fund's holdings in Information Technology, Financials, Health Care and Utilities were the most positive sectors. Broadcom, Corning, JP Morgan, Wells Fargo, CVS and National Fuel Gas were the individual securities most positively adding to returns. Premiums received from option writing continued to contribute to returns. Lagging sectors were Industrials, Materials. and Consumer Staples. The individual stocks holding back returns the most were UPS, Target, Best Buy, Dow Inc. and Stanley Black & Decker.

As we move forward, the market is poised, in our opinion, to begin a rotation to value based holding, such as in this Fund, that will benefit from continued GDP growth as easing from the Federal Reserve continues and enormous capital spending on domestic projects unfolds. The Fund will continue to focus on identifying attractively valued companies with above average dividend yields. Cash flow generation from dividends and call option premiums will remain a focus of the Fund. Covered call options are used as individual securities approach the top of the Adviser's growth and price expectations. In very strong stock markets, this discipline may limit the upside of the securities where options have been written, but in flat to negative markets, it may provide additional return.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib0becd6967e13f07acc59573.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Dividend Plus Fund** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11506 | $11619 | $11543 |
| **Sep-2017** | $13257 | $13377 | $13691 |
| **Sep-2018** | $15014 | $14641 | $16143 |
| **Sep-2019** | $14856 | $15227 | $16830 |
| **Sep-2020** | $13185 | $14461 | $19380 |
| **Sep-2021** | $18688 | $19525 | $25194 |
| **Sep-2022** | $17484 | $17306 | $21296 |
| **Sep-2023** | $18594 | $19805 | $25900 |
| **Sep-2024** | $23576 | $25303 | $35315 |
| **Sep-2025** | $24951 | $27692 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Equity Dividend Plus Fund | 5.83% | 13.61% | 9.57% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74217941 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $309822 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1d0237e5a548d0746b5b4c07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.8% |
| Money Market Funds | 7.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibbeab5f806a702a9c2c613c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Equity Option | -1.0% |
| Real Estate | 1.3% |
| Communications | 4.1% |
| Consumer Discretionary | 4.4% |
| Utilities | 4.6% |
| Materials | 4.8% |
| Money Market Funds | 7.3% |
| Industrials | 9.2% |
| Energy | 9.9% |
| Health Care | 13.1% |
| Consumer Staples | 13.4% |
| Technology | 14.5% |
| Financials | 14.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CVS Health Corporation | 4.0% |
| Corning, Inc. | 3.8% |
| JPMorgan Chase & Company | 3.4% |
| Emerson Electric Company | 2.8% |
| Wells Fargo & Company | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| Mondelez International, Inc. - Class A | 2.7% |
| Hewlett Packard Enterprise Company | 2.6% |
| United Parcel Service, Inc. - Class B | 2.5% |
| Johnson & Johnson | 2.4% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Equity Dividend Plus Fund - Institutional Class (FBPEX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://equitydividendplusfund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FBPEX

#### Cantor Fitzgerald Equity Opportunity Fund

#### Class A (ATGAX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Equity Opportunity Fund for the period of January 1, 2025 to September 30, 2025. You can find additional information about the Fund at**https://equityopportunityfund.cantorassetmanagement.com/**. You can also request this information by contacting us at (833) 764-2266. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $116 | 1.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Opportunity Fund, Class A Shares, returned 18.67%, net of fees for the nine months to end the fiscal year on September 30, 2025, outpacing the MSCI USA Mid Cap Index return of 8.62%.

The Fund's holdings in the Communication Services and Materials sectors were the most significant contributors to positive relative performance, while its positioning in Health Care and Information Technology (IT) sectors were lagging.

The Fund's two holdings in the Communication Services sector were both strong contributors to performance for the nine-month period. Roblox (+140.4%), a platform for 3-D content development, saw surging bookings and growth in daily active users. Take-Two Interactive (+39.8%), an interactive gaming and entertainment solutions company, saw positive reaction to the upcoming schedule of game releases. In the Materials sector, gold and minerals mining company Barrick Mining (+112.2%) was the top contributor.

On the negative side, in Health Care, life sciences company Illumina (-42.3%) delivered solid earnings but suggested caution regarding government funding going forward. Pharmaceutical sales and data services provider IQVIA (-30.5%) continued to disappoint on operating margin as customers were scrutinizing service budgets.

In the Information Technology sector, the Fund did not own top performing companies Cloudflare and Seagate Technology. Among stocks held in the Fund, software company Elastic (-15.7%) was the primary detractor, as revenue generation lagged expectations.

Markets remain intensely focused on whether the unprecedented AI-led valuation surge is sustainable, with history suggesting caution. Fiscal spending, fintech productivity, and resilient consumer demand are pushing growth expectations higher, but trade and inflation uncertainty leaves significant room for surprises. We continue to see opportunities in equity markets and expect favorable returns to companies that can effectively navigate the uncertainty and deliver unexpectedly good earnings.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if687c0af27528f881a726218.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund - with load** | **MSCI USA Mid Cap Index** | **S&P 500<sup>®</sup> Index** |
| **09/30/15** | $10000 | $9574 | $10000 | $10000 |
| **09/30/16** | $10915 | $10451 | $11312 | $11543 |
| **09/30/17** | $12237 | $11716 | $13038 | $13691 |
| **09/30/18** | $13353 | $12784 | $14920 | $16143 |
| **09/30/19** | $14189 | $13584 | $15273 | $16830 |
| **09/30/20** | $14021 | $13424 | $16255 | $19380 |
| **09/30/21** | $18298 | $17519 | $22758 | $25194 |
| **09/30/22** | $15894 | $15217 | $18276 | $21296 |
| **09/30/23** | $16794 | $16079 | $20298 | $25900 |
| **09/30/24** | $20336 | $19470 | $26325 | $35315 |
| **09/30/25** | $24447 | $23406 | $28469 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Equity Opportunity Fund |  |  |  |
| Without Load | 20.22% | 11.76% | 9.35% |
| With Load | 15.11% | 10.80% | 8.88% |
| MSCI USA Mid Cap Index | 8.14% | 11.86% | 11.03% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $76096257 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $438799 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e6427c64e3b67099f5cb574.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib87d9f9d6c88ebc43be034aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.5% |
| Health Care | 4.1% |
| Materials | 5.4% |
| Consumer Discretionary | 6.0% |
| Energy | 6.2% |
| Communications | 6.7% |
| Utilities | 7.1% |
| Real Estate | 8.4% |
| Financials | 15.2% |
| Industrials | 18.9% |
| Technology | 20.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Arista Networks, Inc. | 4.0% |
| Coherent Corp. | 3.9% |
| ROBLOX Corporation - Class A | 3.8% |
| Adtalem Global Education, Inc. | 3.8% |
| Cadence Design Systems, Inc. | 3.7% |
| WEC Energy Group, Inc. | 3.5% |
| Barrick Mining Corporation | 3.4% |
| Quanta Services, Inc. | 3.3% |
| MetLife, Inc. | 3.2% |
| Cboe Global Markets, Inc. | 3.2% |

---

# Material Fund Changes
Effective June 27, 2025, the Fund changed its fiscal year end from December 31st to September 30th of each year.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Equity Opportunity Fund - Class A (ATGAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://equityopportunityfund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATGAX

#### Cantor Fitzgerald Equity Opportunity Fund

#### Institutional (ATGYX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Equity Opportunity Fund for the period of January 1, 2025 to September 30, 2025. You can find additional information about the Fund at**https://equityopportunityfund.cantorassetmanagement.com/**. You can also request this information by contacting us at (833) 764-2266. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $96 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Opportunity Fund, Institutional Shares, returned 18.93%, net of fees for the nine months to end the fiscal year on September 30, 2025, outpacing the MSCI USA Mid Cap Index return of 8.62%.

The Fund's holdings in the Communication Services and Materials sectors were the most significant contributors to positive relative performance, while its positioning in Health Care and Information Technology (IT) sectors were lagging.

The Fund's two holdings in the Communication Services sector were both strong contributors to performance for the nine-month period. Roblox (+140.4%), a platform for 3-D content development, saw surging bookings and growth in daily active users. Take-Two Interactive (+39.8%), an interactive gaming and entertainment solutions company, saw positive reaction to the upcoming schedule of game releases. In the Materials sector, gold and minerals mining company Barrick Mining (+112.2%) was the top contributor.

On the negative side, in Health Care, life sciences company Illumina (-42.3%) delivered solid earnings but suggested caution regarding government funding going forward. Pharmaceutical sales and data services provider IQVIA (-30.5%) continued to disappoint on operating margin as customers were scrutinizing service budgets.

In the Information Technology sector, the Fund did not own top performing companies Cloudflare and Seagate Technology. Among stocks held in the Fund, software company Elastic (-15.7%) was the primary detractor, as revenue generation lagged expectations.

Markets remain intensely focused on whether the unprecedented AI-led valuation surge is sustainable, with history suggesting caution. Fiscal spending, fintech productivity, and resilient consumer demand are pushing growth expectations higher, but trade and inflation uncertainty leaves significant room for surprises. We continue to see opportunities in equity markets and expect favorable returns to companies that can effectively navigate the uncertainty and deliver unexpectedly good earnings.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idb146d49dbfdf767273a2fa0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Opportunity Fund** | **MSCI USA Mid Cap Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10946 | $11312 | $11543 |
| **Sep-2017** | $12310 | $13038 | $13691 |
| **Sep-2018** | $13473 | $14920 | $16143 |
| **Sep-2019** | $14356 | $15273 | $16830 |
| **Sep-2020** | $14231 | $16255 | $19380 |
| **Sep-2021** | $18629 | $22758 | $25194 |
| **Sep-2022** | $16231 | $18276 | $21296 |
| **Sep-2023** | $17200 | $20298 | $25900 |
| **Sep-2024** | $20891 | $26325 | $35315 |
| **Sep-2025** | $25181 | $28469 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Equity Opportunity Fund | 20.54% | 12.09% | 9.68% |
| MSCI USA Mid Cap Index | 8.14% | 11.86% | 11.03% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $76096257 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $438799 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia1900ece808d3cc897c5be97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i95481b3e292df09354150881.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.5% |
| Health Care | 4.1% |
| Materials | 5.4% |
| Consumer Discretionary | 6.0% |
| Energy | 6.2% |
| Communications | 6.7% |
| Utilities | 7.1% |
| Real Estate | 8.4% |
| Financials | 15.2% |
| Industrials | 18.9% |
| Technology | 20.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Arista Networks, Inc. | 4.0% |
| Coherent Corp. | 3.9% |
| ROBLOX Corporation - Class A | 3.8% |
| Adtalem Global Education, Inc. | 3.8% |
| Cadence Design Systems, Inc. | 3.7% |
| WEC Energy Group, Inc. | 3.5% |
| Barrick Mining Corporation | 3.4% |
| Quanta Services, Inc. | 3.3% |
| MetLife, Inc. | 3.2% |
| Cboe Global Markets, Inc. | 3.2% |

---

# Material Fund Changes
Effective June 27, 2025, the Fund changed its fiscal year end from December 31st to September 30th of each year.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Equity Opportunity Fund - Institutional (ATGYX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://equityopportunityfund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATGYX

#### Cantor Fitzgerald High Income Fund

#### Class A (ATPAX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald High Income Fund for the period of January 1, 2025 to September 30, 2025. You can find additional information about the Fund at**https://highincomefund.cantorassetmanagement.com/**. You can also request this information by contacting us at (833) 764-2266. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the period January 1, 2025 through September 30, 2025, the Cantor Fitzgerald High Income Fund (the "Fund") Class A Shares (ATPAX) generated a 5.14% total return, underperforming the 7.2% return of the Bloomberg U.S. Corporate High Yield Index (the "High Yield Index or Index"). The underperformance of ATPAX in the period may be attributed to the Fund's focus on higher quality credits and shorter duration, among other factors. The major drivers of performance for the U.S. Corporate High Yield market were primarily high starting yields, resilient company fundamentals, and tightening credit spreads. Performance was generally positive, with high yield bonds outperforming U.S. Treasuries, particularly in the first half of 2025, but was accompanied by increased volatility due to shifting interest rate expectations and policy uncertainty.

Although High Yield bonds saw a quick, knee-jerk reaction to proposed tariffs announced in early April, the Index recovered quickly. Supply/demand dynamics in the High Yield market provided a strong bid for bonds from yield-hungry investors, as a large portion of the new issues were related to refinance activity. Performance over the period was strong across credit quality, with CCC-rated issues leading the market higher, up 8.1%, compared to BB's (+7.4%) and B-rated bonds returning 6.8%.

With an underweight position in the Communication sector (4.9% vs. 15.3%) during the period and the Fund's positions in the sector producing lower returns than those in the Index (8.8% vs. 9.7%), the Communication sector detracted about 26 basis points from performance. Additionally, an overweight position in the Consumer Cyclical sector (23.9% vs. 19.7%) detracted from performance as positions in the portfolio (+5.9%) and the Index (+6.8%) both trailed the overall High Yield market (+7.2%). However, the Fund benefitted from its slightly overweight position in the Other Industrials sector (3.1% vs. 1.1%), as its lone position in the sector (Tutor Perini Corp. 11.875% due 2029) was up 9.8%, adding 8 basis points in incremental return.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i40a8d87899002be10f81c9ee.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **09/30/15** | $10000 | $9597 | $10000 | $10000 |
| **09/30/16** | $10577 | $10150 | $10519 | $11273 |
| **09/30/17** | $11200 | $10749 | $10527 | $12274 |
| **09/30/18** | $11226 | $10773 | $10399 | $12649 |
| **09/30/19** | $11774 | $11299 | $11470 | $13453 |
| **09/30/20** | $12346 | $11848 | $12271 | $13890 |
| **09/30/21** | $13201 | $12669 | $12161 | $15457 |
| **09/30/22** | $11996 | $11512 | $10385 | $13271 |
| **09/30/23** | $12987 | $12463 | $10452 | $14635 |
| **09/30/24** | $14424 | $13843 | $11662 | $16939 |
| **09/30/25** | $15178 | $14566 | $11998 | $18194 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald High Income Fund |  |  |  |
| Without Load | 5.23% | 4.22% | 4.26% |
| With Load | 0.96% | 3.38% | 3.83% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50592930 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $230882 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i930939faf9a9e68e282f42ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 97.1% |
| Money Market Funds | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia111e18c0a54a8cf81e5404b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 1.0% |
| Materials | 2.0% |
| Health Care | 2.0% |
| Money Market Funds | 2.9% |
| Financials | 5.6% |
| Consumer Staples | 6.4% |
| Communications | 8.6% |
| Technology | 9.3% |
| Energy | 12.6% |
| Real Estate | 12.9% |
| Consumer Discretionary | 17.4% |
| Industrials | 18.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tutor Perini Corporation 144A | 3.3% |
| Venture Global LNG, Inc. 144A | 3.2% |
| TransDigm, Inc. 144A | 3.1% |
| Century Communities, Inc. | 3.0% |
| US Foods, Inc. 144A | 2.9% |
| Transocean Titan Financing Ltd. 144A | 2.9% |
| Elastic NV 144A | 2.8% |
| ROBLOX Corp 144A | 2.8% |
| Rithm Capital Corp 144A | 2.5% |
| RHP Hotel Properties LP / RHP Finance Corp 144A | 2.5% |

---

# Material Fund Changes
Effective June 27, 2025, the Fund changed its fiscal year end from December 31st to September 30th of each year.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald High Income Fund - Class A (ATPAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://highincomefund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATPAX

#### Cantor Fitzgerald High Income Fund

#### Institutional (ATPYX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald High Income Fund for the period of January 1, 2025 to September 30, 2025. You can find additional information about the Fund at**https://highincomefund.cantorassetmanagement.com/**. You can also request this information by contacting us at (833) 764-2266. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $77 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the period January 1, 2025 through September 30, 2025, the Cantor Fitzgerald High Income Fund (the "Fund") Institutional Class (ATPYX) generated a 5.30% total return, underperforming the 7.2% return of the Bloomberg U.S. Corporate High Yield Index (the "High Yield Index or Index"). The underperformance of ATPYX in the period may be attributed to the Fund's focus on higher quality credits and shorter duration, among other factors. The major drivers of performance for the U.S. Corporate High Yield market were primarily high starting yields, resilient company fundamentals, and tightening credit spreads. Performance was generally positive, with high yield bonds outperforming U.S. Treasuries, particularly in the first half of 2025, but was accompanied by increased volatility due to shifting interest rate expectations and policy uncertainty.

Although High Yield bonds saw a quick, knee-jerk reaction to proposed tariffs announced in early April, the Index recovered quickly. Supply/demand dynamics in the High Yield market provided a strong bid for bonds from yield-hungry investors, as a large portion of the new issues were related to refinance activity. Performance over the period was strong across credit quality, with CCC-rated issues leading the market higher, up 8.1%, compared to BB's (+7.4%) and B-rated bonds returning 6.8%.

With an underweight position in the Communication sector (4.9% vs. 15.3%) during the period and the Fund's positions in the sector producing lower returns than those in the Index (8.8% vs. 9.7%), the Communication sector detracted about 26 basis points from performance. Additionally, an overweight position in the Consumer Cyclical sector (23.9% vs. 19.7%) detracted from performance as positions in the portfolio (+5.9%) and the Index (+6.8%) both trailed the overall High Yield market (+7.2%). However, the Fund benefitted from its slightly overweight position in the Other Industrials sector (3.1% vs. 1.1%), as its lone position in the sector (Tutor Perini Corp. 11.875% due 2029) was up 9.8%, adding 8 basis points in incremental return.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i734f82cdedd299fdec1a496c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald High Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10586 | $10519 | $11273 |
| **Sep-2017** | $11246 | $10527 | $12274 |
| **Sep-2018** | $11294 | $10399 | $12649 |
| **Sep-2019** | $11855 | $11470 | $13453 |
| **Sep-2020** | $12456 | $12271 | $13890 |
| **Sep-2021** | $13330 | $12161 | $15457 |
| **Sep-2022** | $12151 | $10385 | $13271 |
| **Sep-2023** | $13197 | $10452 | $14635 |
| **Sep-2024** | $14687 | $11662 | $16939 |
| **Sep-2025** | $15485 | $11998 | $18194 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald High Income Fund | 5.43% | 4.45% | 4.47% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50592930 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $230882 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad51fe618c86c328deece1ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 97.1% |
| Money Market Funds | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if23e3059c2acff9beb0c9da0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 1.0% |
| Materials | 2.0% |
| Health Care | 2.0% |
| Money Market Funds | 2.9% |
| Financials | 5.6% |
| Consumer Staples | 6.4% |
| Communications | 8.6% |
| Technology | 9.3% |
| Energy | 12.6% |
| Real Estate | 12.9% |
| Consumer Discretionary | 17.4% |
| Industrials | 18.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tutor Perini Corporation 144A | 3.3% |
| Venture Global LNG, Inc. 144A | 3.2% |
| TransDigm, Inc. 144A | 3.1% |
| Century Communities, Inc. | 3.0% |
| US Foods, Inc. 144A | 2.9% |
| Transocean Titan Financing Ltd. 144A | 2.9% |
| Elastic NV 144A | 2.8% |
| ROBLOX Corp 144A | 2.8% |
| Rithm Capital Corp 144A | 2.5% |
| RHP Hotel Properties LP / RHP Finance Corp 144A | 2.5% |

---

# Material Fund Changes
Effective June 27, 2025, the Fund changed its fiscal year end from December 31st to September 30th of each year.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald High Income Fund - Institutional (ATPYX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://highincomefund.cantorassetmanagement.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATPYX

#### Cantor Fitzgerald International Equity Fund

#### Class A (CFIOX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald International Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://InternationalEquityFund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $139 | 1.24% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald International Equity Fund, Class A shares, climbed 24.20%, net of fees, for the year ending September 30, 2025, outpacing the MSCI All-Country World Index ex-US return of 16.45%.

Outperformance was largely due to stock selection in Developed Europe, led by Spanish and Italian banks. Spain-based Banco Santander (+109%) and CaixaBank (+86%) were the two lead contributors in the region. Developed Americas was the second largest contributor, due to outperformance by Canada-based gold mine operator Kinross Gold (+166%), which was also the top individual performer in the Fund.

Emerging Asia was the main detracting region. Thai holdings were the biggest drag, namely hospital operator Bumrungrad (-34% until sold) and convenience store operator CP ALL (-10%). South Korea was the second largest detractor but mostly due to stocks not held. In addition, the overweight to Thailand and Indonesia was a negative, partially mitigated by positive impact of an underweight to India.

Three sectors generated over 300bp of positive stock selection each - Industrials, Materials, and Financials. In Industrials, Rolls Royce (+128%), a UK based aerospace engine manufacturer, and Mitsubishi Heavy Industries (+80%), a manufacturer of power turbines and defense equipment, led.

The Health Care sector was the largest detractor from excess return for the past year. Bumrungrad, a Thailand- based hospital operator and Dr Reddys (-11% until sold), an India based manufacturer of generic pharmaceuticals, were the largest underperformers. The Communication Services sector had the second worst relative return, due to Brazilian telecom company TIM S.A. (-32% until sold) and not owning Tencent and SoftBank Group.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie90c2bac8b2ff9e1d1f68766.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald International Equity Fund** | **Cantor Fitzgerald International Equity Fund - with load** | **MSCI ACWI ex USA Index** |
| **12/15/23** | $10000 | $9425 | $10000 |
| **12/31/23** | $10370 | $9774 | $10227 |
| **01/31/24** | $10240 | $9651 | $10125 |
| **02/29/24** | $10430 | $9830 | $10381 |
| **03/31/24** | $10960 | $10330 | $10706 |
| **04/30/24** | $10620 | $10009 | $10514 |
| **05/31/24** | $11040 | $10405 | $10819 |
| **06/30/24** | $10930 | $10302 | $10808 |
| **07/31/24** | $11160 | $10518 | $11059 |
| **08/31/24** | $11550 | $10886 | $11373 |
| **09/30/24** | $11810 | $11131 | $11680 |
| **10/31/24** | $11350 | $10697 | $11107 |
| **11/30/24** | $11280 | $10631 | $11006 |
| **12/31/24** | $11161 | $10519 | $10793 |
| **01/31/25** | $11537 | $10874 | $11227 |
| **02/28/25** | $12055 | $11362 | $11383 |
| **03/31/25** | $12289 | $11582 | $11357 |
| **04/30/25** | $12645 | $11918 | $11767 |
| **05/31/25** | $13265 | $12502 | $12306 |
| **06/30/25** | $13732 | $12943 | $12724 |
| **07/31/25** | $13641 | $12857 | $12687 |
| **08/31/25** | $14180 | $13364 | $13128 |
| **09/30/25** | $14668 | $13824 | $13601 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 15, 2023)** |
| Cantor Fitzgerald International Equity Fund |  |  |
| Without Load | 24.20% | 23.80% |
| With Load | 17.06% | 19.78% |
| MSCI ACWI ex USA Index | 16.45% | 18.69% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $27263092 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 87% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idd2c648916016ff28134a94e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.4% |
| Exchange-Traded Funds | 1.5% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Sector Chart](i51b1d1489457260bb1fc1112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Malaysia | 1.8% |
| Thailand | 1.8% |
| Taiwan Province Of China | 2.1% |
| Switzerland | 2.1% |
| Luxembourg | 2.2% |
| Hong Kong | 2.2% |
| Singapore | 2.8% |
| Taiwan | 3.4% |
| United States | 4.6% |
| Korea (Republic Of) | 4.6% |
| Germany | 5.7% |
| Canada | 5.8% |
| Spain | 6.2% |
| Italy | 7.3% |
| China | 7.7% |
| France | 8.7% |
| United Kingdom | 10.0% |
| Japan | 20.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinross Gold Corporation | 3.7% |
| Rolls-Royce Holdings plc | 3.6% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.4% |
| Banco Santander S.A. | 3.2% |
| Fidelity Investments Money Market Government Portfolio, Class I | 3.1% |
| GEA Group AG | 3.1% |
| Intesa Sanpaolo SpA | 3.0% |
| CaixaBank S.A. | 3.0% |
| Mitsubishi Heavy Industries Ltd | 2.9% |
| DBS Group Holdings Ltd. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald International Equity Fund - Class A (CFIOX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://InternationalEquityFund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CFIOX

#### Cantor Fitzgerald International Equity Fund

#### Founders Class (CFIJX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald International Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://InternationalEquityFund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Founders Class | $89 | 0.79% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald International Equity Fund, Founders shares, climbed 24.72%, net of fees, for the year ending September 30, 2025, outpacing the MSCI All-Country World Index ex-US return of 16.45%.

Outperformance was largely due to stock selection in Developed Europe, led by Spanish and Italian banks. Spain-based Banco Santander (+109%) and CaixaBank (+86%) were the two lead contributors in the region. Developed Americas was the second largest contributor, due to outperformance by Canada-based gold mine operator Kinross Gold (+166%), which was also the top individual performer in the Fund.

Emerging Asia was the main detracting region. Thai holdings were the biggest drag, namely hospital operator Bumrungrad (-34% until sold) and convenience store operator CP ALL (-10%). South Korea was the second largest detractor but mostly due to stocks not held. In addition, the overweight to Thailand and Indonesia was a negative, partially mitigated by positive impact of an underweight to India.

Three sectors generated over 300bp of positive stock selection each - Industrials, Materials, and Financials. In Industrials, Rolls Royce (+128%), a UK based aerospace engine manufacturer, and Mitsubishi Heavy Industries (+80%), a manufacturer of power turbines and defense equipment, led.

The Health Care sector was the largest detractor from excess return for the past year. Bumrungrad, a Thailand- based hospital operator and Dr Reddys (-11% until sold), an India based manufacturer of generic pharmaceuticals, were the largest underperformers. The Communication Services sector had the second worst relative return, due to Brazilian telecom company TIM S.A. (-32% until sold) and not owning Tencent and SoftBank Group.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2031fb60ea9800b6377b318.jpg)

---

| | | |
|:---|:---|:---|
| | **Cantor Fitzgerald International Equity Fund** | **MSCI ACWI ex USA Index** |
| **12/15/23** | $10000 | $10000 |
| **12/31/23** | $10380 | $10227 |
| **01/31/24** | $10240 | $10125 |
| **02/29/24** | $10440 | $10381 |
| **03/31/24** | $10970 | $10706 |
| **04/30/24** | $10640 | $10514 |
| **05/31/24** | $11070 | $10819 |
| **06/30/24** | $10960 | $10808 |
| **07/31/24** | $11190 | $11059 |
| **08/31/24** | $11590 | $11373 |
| **09/30/24** | $11860 | $11680 |
| **10/31/24** | $11400 | $11107 |
| **11/30/24** | $11330 | $11006 |
| **12/31/24** | $11212 | $10793 |
| **01/31/25** | $11600 | $11227 |
| **02/28/25** | $12122 | $11383 |
| **03/31/25** | $12357 | $11357 |
| **04/30/25** | $12726 | $11767 |
| **05/31/25** | $13350 | $12306 |
| **06/30/25** | $13830 | $12724 |
| **07/31/25** | $13738 | $12687 |
| **08/31/25** | $14291 | $13128 |
| **09/30/25** | $14792 | $13601 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 15, 2023)** |
| Cantor Fitzgerald International Equity Fund | 24.72% | 24.38% |
| MSCI ACWI ex USA Index | 16.45% | 18.69% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $27263092 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 87% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie336049dd8bf6b3dc846c113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.4% |
| Exchange-Traded Funds | 1.5% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Sector Chart](ia4ee892382128a741738a25c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Malaysia | 1.8% |
| Thailand | 1.8% |
| Taiwan Province Of China | 2.1% |
| Switzerland | 2.1% |
| Luxembourg | 2.2% |
| Hong Kong | 2.2% |
| Singapore | 2.8% |
| Taiwan | 3.4% |
| United States | 4.6% |
| Korea (Republic Of) | 4.6% |
| Germany | 5.7% |
| Canada | 5.8% |
| Spain | 6.2% |
| Italy | 7.3% |
| China | 7.7% |
| France | 8.7% |
| United Kingdom | 10.0% |
| Japan | 20.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinross Gold Corporation | 3.7% |
| Rolls-Royce Holdings plc | 3.6% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.4% |
| Banco Santander S.A. | 3.2% |
| Fidelity Investments Money Market Government Portfolio, Class I | 3.1% |
| GEA Group AG | 3.1% |
| Intesa Sanpaolo SpA | 3.0% |
| CaixaBank S.A. | 3.0% |
| Mitsubishi Heavy Industries Ltd | 2.9% |
| DBS Group Holdings Ltd. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald International Equity Fund - Founders Class (CFIJX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://InternationalEquityFund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CFIJX

#### Cantor Fitzgerald International Equity Fund

#### Institutional Class (CFIKX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald International Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://InternationalEquityFund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $111 | 0.99% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald International Equity Fund, Institutional shares, climbed 24.52%, net of fees, for the year ending September 30, 2025, outpacing the MSCI All-Country World Index ex-US return of 16.45%.

Outperformance was largely due to stock selection in Developed Europe, led by Spanish and Italian banks. Spain-based Banco Santander (+109%) and CaixaBank (+86%) were the two lead contributors in the region. Developed Americas was the second largest contributor, due to outperformance by Canada-based gold mine operator Kinross Gold (+166%), which was also the top individual performer in the Fund.

Emerging Asia was the main detracting region. Thai holdings were the biggest drag, namely hospital operator Bumrungrad (-34% until sold) and convenience store operator CP ALL (-10%). South Korea was the second largest detractor but mostly due to stocks not held. In addition, the overweight to Thailand and Indonesia was a negative, partially mitigated by positive impact of an underweight to India.

Three sectors generated over 300bp of positive stock selection each - Industrials, Materials, and Financials. In Industrials, Rolls Royce (+128%), a UK based aerospace engine manufacturer, and Mitsubishi Heavy Industries (+80%), a manufacturer of power turbines and defense equipment, led.

The Health Care sector was the largest detractor from excess return for the past year. Bumrungrad, a Thailand- based hospital operator and Dr Reddys (-11% until sold), an India based manufacturer of generic pharmaceuticals, were the largest underperformers. The Communication Services sector had the second worst relative return, due to Brazilian telecom company TIM S.A. (-32% until sold) and not owning Tencent and SoftBank Group.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic65e5e7b2a2e1a020d68e5f5.jpg)

---

| | | |
|:---|:---|:---|
| | **Cantor Fitzgerald International Equity Fund** | **MSCI ACWI ex USA Index** |
| **12/15/23** | $10000 | $10000 |
| **12/31/23** | $10370 | $10227 |
| **01/31/24** | $10240 | $10125 |
| **02/29/24** | $10440 | $10381 |
| **03/31/24** | $10970 | $10706 |
| **04/30/24** | $10630 | $10514 |
| **05/31/24** | $11050 | $10819 |
| **06/30/24** | $10950 | $10808 |
| **07/31/24** | $11170 | $11059 |
| **08/31/24** | $11570 | $11373 |
| **09/30/24** | $11830 | $11680 |
| **10/31/24** | $11370 | $11107 |
| **11/30/24** | $11310 | $11006 |
| **12/31/24** | $11183 | $10793 |
| **01/31/25** | $11570 | $11227 |
| **02/28/25** | $12090 | $11383 |
| **03/31/25** | $12324 | $11357 |
| **04/30/25** | $12691 | $11767 |
| **05/31/25** | $13313 | $12306 |
| **06/30/25** | $13782 | $12724 |
| **07/31/25** | $13690 | $12687 |
| **08/31/25** | $14241 | $13128 |
| **09/30/25** | $14730 | $13601 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 15, 2023)** |
| Cantor Fitzgerald International Equity Fund | 24.52% | 24.09% |
| MSCI ACWI ex USA Index | 16.45% | 18.69% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $27263092 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 87% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icc9feaf4f6de647f45189345.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.4% |
| Exchange-Traded Funds | 1.5% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Sector Chart](i47f2af4fbd5fe72c0c636933.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Malaysia | 1.8% |
| Thailand | 1.8% |
| Taiwan Province Of China | 2.1% |
| Switzerland | 2.1% |
| Luxembourg | 2.2% |
| Hong Kong | 2.2% |
| Singapore | 2.8% |
| Taiwan | 3.4% |
| United States | 4.6% |
| Korea (Republic Of) | 4.6% |
| Germany | 5.7% |
| Canada | 5.8% |
| Spain | 6.2% |
| Italy | 7.3% |
| China | 7.7% |
| France | 8.7% |
| United Kingdom | 10.0% |
| Japan | 20.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinross Gold Corporation | 3.7% |
| Rolls-Royce Holdings plc | 3.6% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.4% |
| Banco Santander S.A. | 3.2% |
| Fidelity Investments Money Market Government Portfolio, Class I | 3.1% |
| GEA Group AG | 3.1% |
| Intesa Sanpaolo SpA | 3.0% |
| CaixaBank S.A. | 3.0% |
| Mitsubishi Heavy Industries Ltd | 2.9% |
| DBS Group Holdings Ltd. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald International Equity Fund - Institutional Class (CFIKX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://InternationalEquityFund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CFIKX

#### Cantor Fitzgerald Large Cap Focused Fund

#### Class A (FICGX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Large Cap Focused Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://largecapfocusedfund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $132 | 1.17% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Large Cap Focused Fund – Class A shares posted a net of fee return of 24.86% for the year ending September 30, 2025, outpacing the S&P 500 Index return of 17.60%. After a tariff panic induced low set on April 7, 2025, the market has rallied over 38%, largely on the strength of the mega-capitalization Magnificent 7 companies Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.

Fund outperformance was largely a function of stock selection in Information Technology (IT) and Health Care. IT holding AppLovin (+439.9%), a vertically integrated advertising company focused on mobile-gaming platforms, provided the largest positive relative performance for the fiscal year. While not owning NVIDIA (+54%) and carrying underweight positions to several other mega-capitalization companies was a headwind to relative performance. Within Health Care, Fund holdings in late-stage contract research organization Medpace Holdings (53.0%) and pharmaceutical wholesaler McKesson Corp. (+56.8%) were top contributors.

In the Industrials sector, Comfort Systems (+66.6), and IT company Arista Networks (+50.3%) were the other strongest performers in the Fund.

On the negative side, Financials and cash holdings delivered the most negative relative performance. Insurance companies Arch Capital Group (-14.8%) and Progressive Corp. (-10.2%) were the primary headwinds to performance in the sector.

Additional headwinds to relative performance during the fiscal year, we find Manhattan Associates (-38.6%) and Adobe (-31.9%) in the IT sector, and Health Care companies Globus Medical (-34.1%) and Waters Corp. (-21.2%).

S&P 500 index earnings are projected to rise 10.8% in 2025 and 14.1% in 2026, though valuations remain stretched at 22.4 times forward earnings, with tech leaders trading at multiples that now surpass the dot-com era. In the U.S., GDP growth of more than 3.5% has defied tariff fears, though inflation above 3% is expected to persist.

We appreciate the confidence you have placed in Cantor Fitzgerald Asset Management.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i732593a14b883ccf837b866b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald Large Cap Focused Fund** | **Cantor Fitzgerald Large Cap Focused Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **09/30/15** | $10000 | $9425 | $10000 |
| **09/30/16** | $10650 | $10037 | $11543 |
| **09/30/17** | $13223 | $12463 | $13691 |
| **09/30/18** | $16293 | $15356 | $16143 |
| **09/30/19** | $15314 | $14434 | $16830 |
| **09/30/20** | $19223 | $18118 | $19380 |
| **09/30/21** | $27233 | $25667 | $25194 |
| **09/30/22** | $20843 | $19644 | $21296 |
| **09/30/23** | $26444 | $24923 | $25900 |
| **09/30/24** | $34452 | $32472 | $35315 |
| **09/30/25** | $43015 | $40542 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Large Cap Focused Fund - Class A | Cantor Fitzgerald Large Cap Focused Fund - Class A | Cantor Fitzgerald Large Cap Focused Fund - Class A | Cantor Fitzgerald Large Cap Focused Fund - Class A |
| Without Load | 24.86% | 17.48% | 15.71% |
| With Load | 17.65% | 16.10% | 15.02% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $604809285 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $3070834 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i846a4337b0cd237ac3599ce7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| Money Market Funds | 3.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iaf3f8d04b0518c4d813496ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Energy | 2.2% |
| Consumer Staples | 3.1% |
| Money Market Funds | 3.6% |
| Consumer Discretionary | 6.8% |
| Industrials | 8.5% |
| Health Care | 9.5% |
| Financials | 12.9% |
| Communications | 19.6% |
| Technology | 33.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 4.5% |
| Broadcom, Inc. | 4.5% |
| KLA Corporation | 3.9% |
| AppLovin Corporation, Class A | 3.9% |
| Apple, Inc. | 3.8% |
| Fidelity Investments Money Market Funds, Institutional | 3.6% |
| Parker-Hannifin Corporation | 3.4% |
| Alphabet, Inc., Class A | 3.4% |
| Meta Platforms, Inc., Class A | 3.3% |
| Costco Wholesale Corporation | 3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Large Cap Focused Fund - Class A (FICGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://largecapfocusedfund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FICGX

#### Cantor Fitzgerald Large Cap Focused Fund

#### Class R6 (FICIX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Large Cap Focused Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://largecapfocusedfund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $89 | 0.79% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Large Cap Focused Fund – Class R6 shares posted a net of fee return of 25.25% for the year ending September 30, 2025, outpacing the S&P 500 Index return of 17.60%. After a tariff panic induced low set on April 7, 2025, the market has rallied over 38%, largely on the strength of the mega-capitalization Magnificent 7 companies Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.

Fund outperformance was largely a function of stock selection in Information Technology (IT) and Health Care. IT holding AppLovin (+439.9%), a vertically integrated advertising company focused on mobile-gaming platforms, provided the largest positive relative performance for the fiscal year. While not owning NVIDIA (+54%) and carrying underweight positions to several other mega-capitalization companies was a headwind to relative performance. Within Health Care, Fund holdings in late-stage contract research organization Medpace Holdings (53.0%) and pharmaceutical wholesaler McKesson Corp. (+56.8%) were top contributors.

In the Industrials sector, Comfort Systems (+66.6), and IT company Arista Networks (+50.3%) were the other strongest performers in the Fund.

On the negative side, Financials and cash holdings delivered the most negative relative performance. Insurance companies Arch Capital Group (-14.8%) and Progressive Corp. (-10.2%) were the primary headwinds to performance in the sector.

Additional headwinds to relative performance during the fiscal year, we find Manhattan Associates (-38.6%) and Adobe (-31.9%) in the IT sector, and Health Care companies Globus Medical (-34.1%) and Waters Corp. (-21.2%).

S&P 500 index earnings are projected to rise 10.8% in 2025 and 14.1% in 2026, though valuations remain stretched at 22.4 times forward earnings, with tech leaders trading at multiples that now surpass the dot-com era. In the U.S., GDP growth of more than 3.5% has defied tariff fears, though inflation above 3% is expected to persist.

We appreciate the confidence you have placed in Cantor Fitzgerald Asset Management.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6331c9680462f8421c16155b.jpg)

---

| | | |
|:---|:---|:---|
| | **Cantor Fitzgerald Large Cap Focused Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10700 | $11543 |
| **Sep-2017** | $13333 | $13691 |
| **Sep-2018** | $16507 | $16143 |
| **Sep-2019** | $15573 | $16830 |
| **Sep-2020** | $19617 | $19380 |
| **Sep-2021** | $27879 | $25194 |
| **Sep-2022** | $21411 | $21296 |
| **Sep-2023** | $27278 | $25900 |
| **Sep-2024** | $35651 | $35315 |
| **Sep-2025** | $44653 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Large Cap Focused Fund | 25.25% | 17.88% | 16.14% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $604809285 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $3070834 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i177123770320a79fa849cc4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| Money Market Funds | 3.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i713a95a5da30c75d2b8c2810.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Energy | 2.2% |
| Consumer Staples | 3.1% |
| Money Market Funds | 3.6% |
| Consumer Discretionary | 6.8% |
| Industrials | 8.5% |
| Health Care | 9.5% |
| Financials | 12.9% |
| Communications | 19.6% |
| Technology | 33.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 4.5% |
| Broadcom, Inc. | 4.5% |
| KLA Corporation | 3.9% |
| AppLovin Corporation, Class A | 3.9% |
| Apple, Inc. | 3.8% |
| Fidelity Investments Money Market Funds, Institutional | 3.6% |
| Parker-Hannifin Corporation | 3.4% |
| Alphabet, Inc., Class A | 3.4% |
| Meta Platforms, Inc., Class A | 3.3% |
| Costco Wholesale Corporation | 3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Large Cap Focused Fund - Class R6 (FICIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://largecapfocusedfund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FICIX

#### Cantor Fitzgerald Large Cap Focused Fund

#### Institutional Class (FICHX)

#### Annual Shareholder Report - September 30, 2025
![Image](ie81601cc7c6379d2fb6ae7ed.jpg)

# Fund Overview
This annual shareholder report contains important information about Cantor Fitzgerald Large Cap Focused Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://largecapfocusedfund.cantorassetmanagement.com**. You can also request this information by contacting us at (855)-922-6867.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $97 | 0.86% |

---

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Large Cap Focused Fund – Institutional posted a net of fee return of 25.31% for the year ending September 30, 2025, outpacing the S&P 500 Index return of 17.60%. After a tariff panic induced low set on April 7, 2025, the market has rallied over 38%, largely on the strength of the mega-capitalization Magnificent 7 companies Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.

Fund outperformance was largely a function of stock selection in Information Technology (IT) and Health Care. IT holding AppLovin (+439.9%), a vertically integrated advertising company focused on mobile-gaming platforms, provided the largest positive relative performance for the fiscal year. While not owning NVIDIA (+54%) and carrying underweight positions to several other mega-capitalization companies was a headwind to relative performance. Within Health Care, Fund holdings in late-stage contract research organization Medpace Holdings (53.0%) and pharmaceutical wholesaler McKesson Corp. (+56.8%) were top contributors.

In the Industrials sector, Comfort Systems (+66.6), and IT company Arista Networks (+50.3%) were the other strongest performers in the Fund.

On the negative side, Financials and cash holdings delivered the most negative relative performance. Insurance companies Arch Capital Group (-14.8%) and Progressive Corp. (-10.2%) were the primary headwinds to performance in the sector.

Additional headwinds to relative performance during the fiscal year, we find Manhattan Associates (-38.6%) and Adobe (-31.9%) in the IT sector, and Health Care companies Globus Medical (-34.1%) and Waters Corp. (-21.2%).

S&P 500 index earnings are projected to rise 10.8% in 2025 and 14.1% in 2026, though valuations remain stretched at 22.4 times forward earnings, with tech leaders trading at multiples that now surpass the dot-com era. In the U.S., GDP growth of more than 3.5% has defied tariff fears, though inflation above 3% is expected to persist.

We appreciate the confidence you have placed in Cantor Fitzgerald Asset Management.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if78dc84b2fa88e6ee545d16b.jpg)

---

| | | |
|:---|:---|:---|
| | **Cantor Fitzgerald Large Cap Focused Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10693 | $11543 |
| **Sep-2017** | $13323 | $13691 |
| **Sep-2018** | $16487 | $16143 |
| **Sep-2019** | $15541 | $16830 |
| **Sep-2020** | $19562 | $19380 |
| **Sep-2021** | $27773 | $25194 |
| **Sep-2022** | $21312 | $21296 |
| **Sep-2023** | $27139 | $25900 |
| **Sep-2024** | $35438 | $35315 |
| **Sep-2025** | $44408 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Large Cap Focused Fund | 25.31% | 17.82% | 16.08% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $604809285 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $3070834 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i229657debe03674b1a858575.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| Money Market Funds | 3.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i56e17dfae6b8964516f6d19e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Energy | 2.2% |
| Consumer Staples | 3.1% |
| Money Market Funds | 3.6% |
| Consumer Discretionary | 6.8% |
| Industrials | 8.5% |
| Health Care | 9.5% |
| Financials | 12.9% |
| Communications | 19.6% |
| Technology | 33.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 4.5% |
| Broadcom, Inc. | 4.5% |
| KLA Corporation | 3.9% |
| AppLovin Corporation, Class A | 3.9% |
| Apple, Inc. | 3.8% |
| Fidelity Investments Money Market Funds, Institutional | 3.6% |
| Parker-Hannifin Corporation | 3.4% |
| Alphabet, Inc., Class A | 3.4% |
| Meta Platforms, Inc., Class A | 3.3% |
| Costco Wholesale Corporation | 3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i07d684ec18dc148aea194ba1.jpg)

#### Cantor Fitzgerald Large Cap Focused Fund - Institutional Class (FICHX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://largecapfocusedfund.cantorassetmanagement.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FICHX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 applicable.

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not
 applicable.

(f) See
 Item 19(a)(1)

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

(a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) Douglas Barnard is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Barnard is independent for purposes of this Item.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | 2025 | 2024 |
| Cantor Select Portfolios Trust | $85500 | $42000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees - The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | 2025 | 2024 |
| Cantor Select Portfolios Trust | $20000 | $8000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

![(FRONT COVER)](ca001_v1.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Cantor Fitzgerald Equity Dividend Plus Fund** |  |
| Schedule of Investments | 2 |
| Statement of Assets and Liabilities | 17 |
| Statement of Operations | 18 |
| Statements of Changes in Net Assets | 20 |
| Financial Highlights | 26 |
| **Cantor Fitzgerald Equity Opportunity Fund** |  |
| Schedule of Investments | 5 |
| Statement of Assets and Liabilities | 17 |
| Statements of Operations | 18 |
| Statements of Changes in Net Assets | 20 |
| Financial Highlights | 28 |
| **Cantor Fitzgerald High Income Fund** |  |
| Schedule of Investments | 8 |
| Statement of Assets and Liabilities | 17 |
| Statements of Operations | 18 |
| Statements of Changes in Net Assets | 20 |
| Financial Highlights | 30 |
| **Cantor Fitzgerald International Equity Fund** |  |
| Schedule of Investments | 11 |
| Statement of Assets and Liabilities | 17 |
| Statement of Operations | 18 |
| Statements of Changes in Net Assets | 20 |
| Financial Highlights | 32 |
| **Cantor Fitzgerald Large Cap Focused Fund** |  |
| Schedule of Investments | 15 |
| Statement of Assets and Liabilities | 17 |
| Statement of Operations | 18 |
| Statements of Changes in Net Assets | 20 |
| Financial Highlights | 35 |
| **Cantor Select Portfolios Trust** |  |
| Notes to Financial Statements | 38 |
| Opinion Letter | 56 |
| Additional Information | 58 |

---

Cantor Select Portfolios Trust \| 1

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 94.2%** | **Shares** | **Value** |
| **Communications - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 28000 | $790720 |
| &nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 35000 | 1099700 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 27000 | 1186650 |
|  |  | 3077070 |
| **Consumer Discretionary - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co, Inc. | 19000 | 1436780 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 9000 | 1247400 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 1400 | 567266 |
|  |  | 3251446 |
| **Consumer Staples - 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 56000 | 1025360 |
| &nbsp;&nbsp;&nbsp;Dollar General Corporation <sup>(a)</sup> | 9000 | 930150 |
| &nbsp;&nbsp;&nbsp;J M Smucker Company (The) | 13500 | 1466100 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation | 11000 | 1367740 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 32000 | 1999040 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. <sup>(a)</sup> | 7500 | 1216500 |
| &nbsp;&nbsp;&nbsp;Sysco Corporation | 9500 | 782230 |
| &nbsp;&nbsp;&nbsp;Target Corporation | 13000 | 1166100 |
|  |  | 9953220 |
| **Energy - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation <sup>(a)</sup> | 8400 | 1304436 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 12000 | 1135080 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corporation | 27500 | 964150 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation <sup>(a)</sup> | 15000 | 1691250 |
| &nbsp;&nbsp;&nbsp;Shell PLC - ADR <sup>(a)</sup> | 22250 | 1591543 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 17000 | 584290 |
|  |  | 7270749 |
| **Financials - 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 8100 | 2554983 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 7100 | 584827 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 10500 | 1089270 |
| &nbsp;&nbsp;&nbsp;State Street Corporation | 7500 | 870075 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. (The) <sup>(a)</sup> | 1500 | 418830 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corporation | 39000 | 1783080 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 34500 | 1667385 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 24500 | 2053590 |
|  |  | 11022040 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 94.2% (Continued)** | **Shares** | **Value** |
| **Health Care - 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | 24000 | $1082400 |
| &nbsp;&nbsp;&nbsp;CVS Health Corporation | 39000 | 2940210 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson <sup>(a)</sup> | 9800 | 1817116 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 17000 | 1619080 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 10700 | 898051 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 54000 | 1375920 |
|  |  | 9732777 |
| **Industrials - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric Company <sup>(a)</sup> | 16000 | 2098880 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation - Class B | 2600 | 1297946 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 21000 | 1560930 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 22000 | 1837660 |
|  |  | 6795416 |
| **Materials - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 90000 | 736200 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 13400 | 824636 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 22000 | 1078880 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 9000 | 945990 |
|  |  | 3585706 |
| **Real Estate - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. <sup>(a)</sup> | 14000 | 979860 |
| **Technology - 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. <sup>(a)</sup> | 30000 | 2052600 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. <sup>(a)</sup> | 34300 | 2813629 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 16000 | 1055040 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company <sup>(a)</sup> | 78000 | 1915680 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 48000 | 1307040 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. <sup>(a)</sup> | 8800 | 1616824 |
|  |  | 10760813 |
| **Utilities - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corporation | 11800 | 1460250 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Company <sup>(a)</sup> | 5500 | 508035 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 33000 | 1428900 |
|  |  | 3397185 |
| **Total Common Stocks** (Cost $55,020,959) |  | 69826282 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 7.3%** | **Shares** | **Value** |
| Fidelity Investments Money Market Government Portfolio - Class I, 4.03% <sup>(b)</sup> (Cost $5,442,958) | 5442958 | $5442958 |
| **Total Investments at Value - 101.5%** (Cost $60,463,917) |  | $75269240 |
| **Liabilities in Excess of Other Assets - (1.5%)** |  | (1051299) |
| **Net Assets - 100.0%** |  | $74217941 |

---

ADR - American Depositary Receipt. <br>PLC - Public Limited Company

(a) Security,
 or a portion of the security, covers a written call option. The total value of securities as of September 30, 2025 was $12,922,143.

(b) The rate shown
 is the 7-day effective yield as of September 30, 2025.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **SCHEDULE OF OPEN OPTION CONTRACTS** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**COVERED WRITTEN CALL OPTIONS<sup>(c)</sup>** | <br>**Contracts<sup>(d)</sup>** |<br>**Notional Value** |<br>**Strike Price** | **Expiration**<br>**Date** | **Value of**<br>**Options** |
| Chevron Corp. | 37 | $574573 | $170.00 | 03/23/26 | $13875 |
| Cisco Systems Inc. | 161 | 1101562 | 70.00 | 01/20/26 | 48783 |
| Corning, Inc. | 183 | 1501149 | 70.00 | 03/23/26 | 290055 |
| Dollar General Corp. | 90 | 930150 | 120.00 | 11/24/25 | 3690 |
| Emerson Electric Co. | 68 | 892024 | 140.00 | 12/22/25 | 23800 |
| Exxon Mobil Corporation | 70 | 789250 | 125.00 | 04/20/26 | 19950 |
| Hewlett Packard Enterprise Co. | 409 | 1004504 | 23.00 | 02/23/26 | 125154 |
| Johnson & Johnson | 51 | 945642 | 175.00 | 01/20/26 | 73389 |
| National Fuel Gas Co. | 55 | 508035 | 90.00 | 01/20/26 | 32065 |
| Philip Morris International, Inc. | 52 | 843440 | 175.00 | 03/23/26 | 37960 |
| Shell PLC | 222 | 1587966 | 80.00 | 01/20/26 | 11766 |
| Texas Instruments Inc. | 46 | 845158 | 230.00 | 01/19/26 | 7590 |
| Travelers Cos., Inc./The | 15 | 418830 | 270.00 | 01/19/26 | 29250 |
| Ventas, Inc. | 140 | 979860 | 72.50 | 02/23/26 | 39900 |
| **Total Covered Written Call Options** |  |  |  |  |  |
| (Premiums received $534,760) |  |  |  |  | $757227 |

---

(c) Each
 option contract is exchange traded.

(d) Each option contract
 allows the holder of the option to purchase or sell 100 shares of the underlying security.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS – 90.2%** | **Shares** | **Value** |
| **Communications - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX Corporation - Class A <sup>(a)</sup> | 21030 | $2913076 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 8440 | 2180558 |
|  |  | 5093634 |
| **Consumer Discretionary - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(a)</sup> | 18500 | 2857325 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. | 13550 | 1716514 |
|  |  | 4573839 |
| **Energy - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 10000 | 1360200 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corporation | 14000 | 2383640 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 15000 | 950250 |
|  |  | 4694090 |
| **Financials - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) | 9000 | 980640 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 10000 | 2452500 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 6000 | 1621140 |
| &nbsp;&nbsp;&nbsp;First Horizon Corporation | 90000 | 2034900 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 53000 | 915310 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 30000 | 2471100 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corporation | 4000 | 538400 |
| &nbsp;&nbsp;&nbsp;State Street Corporation | 5000 | 580050 |
|  |  | 11594040 |
| **Health Care - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services Inc <sup>(a)</sup> | 30630 | 905423 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(a)</sup> | 33130 | 2229318 |
|  |  | 3134741 |
| **Industrials - 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aerovironment, Inc. <sup>(a)</sup> | 5000 | 1574450 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 20000 | 1697600 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 22100 | 2411773 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2850 | 2351763 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 6000 | 2486520 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 5000 | 1747650 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 4450 | 1242796 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 6000 | 885000 |
|  |  | 14397552 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS – 90.2% (Continued)** | **Shares** | **Value** |
| **Materials - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 80000 | $2621600 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 6000 | 836580 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Company | 2000 | 615240 |
|  |  | 4073420 |
| **Technology - 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 21090 | 3073024 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC - ADR <sup>(a)</sup> | 8520 | 1205495 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 7980 | 2803054 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>(a)</sup> | 27450 | 2956914 |
| &nbsp;&nbsp;&nbsp;Elastic N.V. <sup>(a)</sup> | 28500 | 2407965 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc. <sup>(a)</sup> | 64000 | 1321600 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A <sup>(a)</sup> | 8000 | 1925840 |
|  |  | 15693892 |
| **Utilities - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CMS Energy Corporation | 5000 | 366300 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 5000 | 502600 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 6000 | 367020 |
| &nbsp;&nbsp;&nbsp;DTE Energy Company | 3000 | 424290 |
| &nbsp;&nbsp;&nbsp;Entergy Corporation | 6000 | 559140 |
| &nbsp;&nbsp;&nbsp;Exelon Corporation | 11000 | 495110 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 23440 | 2685990 |
|  |  | 5400450 |
| **Total Common Stocks** (Cost $40,970,031) |  | 68655658 |
| **REITS - 8.4%** | **Shares** | **Value** |
| **REITS - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 6000 | 1153920 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 20000 | 1929800 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 10000 | 1019400 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 70000 | 2282700 |
|  |  | 6385820 |
| **Total REITS** (Cost $5,593,965) |  | 6385820 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.5%** | **Shares** | **Value** |
| Fidelity Investments Money Market Government Portfolio - Class I, 4.03% <sup>(b)</sup> (Cost $1,126,675) | 1126675 | $1126675 |
| **Total Investments at Value - 100.1%** (Cost $47,690,671) |  | $76168153 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (71896) |
| **Net Assets - 100.0%** |  | $76096257 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt. |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

(a) Non-income producing security.

(b) The rate shown is the 7-day effective
 yield as of September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 96.7%** | **Par Value** | **Value** |
| **Communications - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AppLovin Corp, 5.50%, due 12/01/2034 | $750000 | $774185 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. - 144A, 6.38%, due 11/01/2028 <sup>(a)</sup> | 850000 | 846553 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. - 144A, 6.88%, due 06/30/2033 <sup>(a)</sup> | 500000 | 509590 |
| &nbsp;&nbsp;&nbsp;Maxim Crane Works Holdings Capital, LLC - 144A, 11.50%, due 09/01/2028 <sup>(a)</sup> | 750000 | 794896 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp - 144A, 3.88%, due 05/01/2030 <sup>(a)</sup> | 1500000 | 1430782 |
|  |  | 4356006 |
| **Consumer Discretionary - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Co. - 144A, 7.38%, due 10/15/2028 <sup>(a)</sup> | 1000000 | 1036835 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc. - 144A, 7.75%, due 10/15/2033 <sup>(a)(b)</sup> | 500000 | 503898 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.69%, due 01/15/2027 | 870000 | 885503 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. - 144A, 8.25%, due 07/15/2030 <sup>(a)</sup> | 750000 | 793409 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc., 6.75%, due 06/01/2027 | 1500000 | 1499600 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co, 6.10%, due 08/19/2032 | 750000 | 768276 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands Inc - 144A, 4.13%, due 11/15/2029 <sup>(a)(b)</sup> | 500000 | 473608 |
| &nbsp;&nbsp;&nbsp;Light & Wonder International Inc - 144A, 7.50%, due 09/01/2031 <sup>(a)</sup> | 500000 | 519979 |
| &nbsp;&nbsp;&nbsp;Penn National Gaming, Inc. - 144A, 5.63%, due 01/15/2027 <sup>(a)</sup> | 276000 | 275831 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. - 144A, 6.00%, due 02/01/2033 <sup>(a)</sup> | 1000000 | 1025482 |
| &nbsp;&nbsp;&nbsp;Vail Resorts Inc - 144A, 6.50%, due 05/15/2032 <sup>(a)</sup> | 1000000 | 1033949 |
|  |  | 8816370 |
| **Consumer Staples - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. / Safeway, Inc. / New - 144A, 6.25%, due 03/15/2033 <sup>(a)</sup> | 750000 | 767025 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. - 144A, 4.25%, due 08/01/2029 <sup>(a)</sup> | 1000000 | 971387 |
| &nbsp;&nbsp;&nbsp;US Foods, Inc. - 144A, 4.75%, due 02/15/2029 <sup>(a)</sup> | 1500000 | 1477568 |
|  |  | 3215980 |
| **Energy - 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc. - 144A, 6.88%, due 03/01/2028 <sup>(a)</sup> | 750000 | 754133 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. - 144A, 9.63%, due 06/15/2033 <sup>(a)</sup> | 500000 | 528104 |
| &nbsp;&nbsp;&nbsp;Global Partners LP / GLP Finance Corp - 144A, 7.13%, due 07/01/2033 <sup>(a)</sup> | 500000 | 512492 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. - 144A, 8.88%, due 08/15/2031 <sup>(a)</sup> | 500000 | 465655 |
| &nbsp;&nbsp;&nbsp;Transocean Titan Financing Ltd. - 144A, 8.38%, due 02/01/2028 <sup>(a)</sup> | 1416667 | 1451519 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP / USA Compression - 144A, 7.13%, due 03/15/2029 <sup>(a)</sup> | 1000000 | 1031324 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. - 144A, 9.88%, due 02/01/2032 <sup>(a)</sup> | 1500000 | 1633084 |
|  |  | 6376311 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 96.7% (Continued)** | **Par Value** | **Value** |
| **Financials - 5.7%** | | |
| &nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure - 144A, 7.00%, due 06/15/2032 <sup>(a)</sup> | $1000000 | $1046522 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp - 144A, 8.00%, due 07/15/2030 <sup>(a)</sup> | 1250000 | 1279688 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 7.25%, due 02/02/2033 | 500000 | 533547 |
|  |  | 2859757 |
| **Health Care - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;IQVIA Inc - 144A, 6.50%, due 05/15/2030 <sup>(a)</sup> | 1000000 | 1033488 |
| **Industrials - 18.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc. - 144A, 5.88%, due 06/01/2029 <sup>(a)</sup> | 500000 | 504161 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd. - 144A, 5.50%, due 04/20/2026 <sup>(a)</sup> | 500000 | 500221 |
| &nbsp;&nbsp;&nbsp;Genesee & Wyoming, Inc. - 144A, 6.25%, due 04/15/2032 <sup>(a)</sup> | 750000 | 762107 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp / JetBlue Loyalty, L.P. - 144A, 9.88%, due 09/20/2031 <sup>(a)</sup> | 750000 | 760704 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - 144A, 4.00%, due 06/15/2029 <sup>(a)</sup> | 750000 | 722241 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. - 144A, 6.88%, due 12/15/2030 <sup>(a)</sup> | 1500000 | 1554203 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. - 144A, 7.75%, due 07/15/2028 <sup>(a)</sup> | 1000000 | 1034398 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corporation - 144A, 11.88%, due 04/30/2029 <sup>(a)</sup> | 1500000 | 1679957 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. - 144A, 4.38%, due 04/15/2026 <sup>(a)</sup> | 1000000 | 998464 |
| &nbsp;&nbsp;&nbsp;Watco Cos LLC / Watco Finance Corp - 144A, 7.13%, due 08/01/2032 <sup>(a)</sup> | 1000000 | 1035069 |
|  |  | 9551525 |
| **Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. - 144A, 6.75%, due 04/15/2030 <sup>(a)</sup> | 1000000 | 1015905 |
| **Real Estate - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC - 144A, 6.75%, due 05/15/2028 <sup>(a)</sup> | 1100000 | 1110011 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp/The - 144A, 5.38%, due 08/01/2028 <sup>(a)</sup> | 1230000 | 1225144 |
| &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services Inc - 144A, 5.00%, due 07/15/2032 <sup>(a)</sup> | 1000000 | 963541 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - 144A, 5.25%, due 03/15/2028 <sup>(a)</sup> | 1000000 | 998262 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp - 144A, 4.50%, due 02/15/2029 <sup>(a)</sup> | 1265000 | 1240615 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co Inc - 144A, 4.63%, due 12/01/2029 <sup>(a)</sup> | 1000000 | 990151 |
|  |  | 6527724 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 96.7% (Continued)** | **Par Value** | **Value** |
| **Technology - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. - 144A, 9.00%, due 09/30/2029 <sup>(a)</sup> | $750000 | $777905 |
| &nbsp;&nbsp;&nbsp;Coherent Corp - 144A, 5.00%, due 12/15/2029 <sup>(a)</sup> | 1250000 | 1232755 |
| &nbsp;&nbsp;&nbsp;Elastic NV - 144A, 4.13%, due 07/15/2029 <sup>(a)</sup> | 1500000 | 1439854 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. - 144A, 6.50%, due 06/01/2032 <sup>(a)</sup> | 750000 | 775378 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp - 144A, 3.88%, due 02/01/2029 <sup>(a)</sup> | 500000 | 473909 |
|  |  | 4699801 |
| **Utilities - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP - 144A, 3.88%, due 10/15/2026 <sup>(a)</sup> | 500000 | 492823 |
| **Total Corporate Bonds** (Cost $47,763,082) |  | 48945690 |
| **MONEY MARKET FUNDS - 2.9%** | **Shares** | **Value** |
| Fidelity Investments Money Market Government Portfolio - Class I, 4.03% <sup>(c)</sup> (Cost $1,467,963) | 1467963 | 1467963 |
| **Total Investments at Value - 99.6%** (Cost $49,231,045) |  | $50413653 |
| **Other Assets in Excess of Liabilities - 0.4%** |  | 179277 |
| **Net Assets - 100.0%** |  | $50592930 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| NV | - Naamioze Vennootschap |

---

(a) Security exempt from registration
 under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally
 to qualified institutional buyers. As of September 30, 2025, the total market value of 144A securities is $44,484,579 or 87.9% of net
 assets.

(b) Perpetual maturity.

(c) The rate shown is the 7-day effective
 yield as of September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 89.9%** | **Shares** | **Value** |
| **Canada- 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 7260 | $580001 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corporation | 40510 | 1006674 |
|  |  | 1586675 |
| **China- 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BYD Company Ltd. - H Shares | 48400 | 684162 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | 21000 | 637860 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp - Class B <sup>(a)</sup> | 109600 | 761761 |
|  |  | 2083783 |
| **France- 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AXA SA <sup>(a)</sup> | 11770 | 564532 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 16690 | 523582 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain S.A. | 6530 | 707662 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | 4190 | 562718 |
|  |  | 2358494 |
| **Germany- 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE | 1674 | 704423 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | 11290 | 834842 |
|  |  | 1539265 |
| **Hong Kong- 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellry Group Ltd. <sup>(a)</sup> | 304200 | 607949 |
| **Italy- 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Assicurazioni Generali SpA | 15780 | 620265 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 31360 | 548776 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 125520 | 830988 |
|  |  | 2000029 |
| **Japan- 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Insurance Co. Ltd. | 71600 | 563298 |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp | 15536 | 583045 |
| &nbsp;&nbsp;&nbsp;Kao Corporation <sup>(a)</sup> | 13600 | 592786 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd | 30500 | 798271 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | 18500 | 621982 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp | 34500 | 566347 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | 24800 | 517754 |
| &nbsp;&nbsp;&nbsp;Sony Corporation <sup>(a)</sup> | 25500 | 733145 |
| &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. | 25500 | 28283 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 25400 | 714677 |
|  |  | 5719588 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 89.9% (Continued)** | **Shares** | **Value** |
| **Korea (Republic Of)- 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coway Company Ltd. <sup>(a)</sup> | 8600 | $603317 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 7800 | 643482 |
|  |  | 1246799 |
| **Luxembourg- 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro.eu S.A. <sup>(a)</sup> | 60170 | 590667 |
| **Malaysia- 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | 159100 | 500212 |
| **Singapore- 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 19470 | 772413 |
| **Spain- 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander S.A. | 83030 | 871499 |
| &nbsp;&nbsp;&nbsp;CaixaBank S.A. | 76180 | 804751 |
|  |  | 1676250 |
| **Switzerland- 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Novartis A.G. | 4470 | 574904 |
| **Taiwan - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co Ltd <sup>(a)</sup> | 80000 | 571530 |
| **Thailand- 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CP All Plc. | 345000 | 502468 |
| **United Kingdom- 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 7090 | 641007 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc | 59980 | 964160 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 9510 | 562138 |
|  |  | 2167305 |
| **Total Common Stocks** (Cost $19,529,823) |  | 24498331 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **DEPOSITARY RECEIPTS - 5.4%** | **Shares** | **Value** |
| **Energy - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP PLC - ADR | 16040 | $552738 |
| **Technology - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3320 | 927243 |
| **Total Depositary Receipts** (Cost $1,037,124) |  | 1479981 |
| **EXCHANGE-TRADED FUNDS - 1.5%** | **Shares** | **Value** |
| **Equity - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI India ETF | 7860 | 409192 |
| **Total Exchange-Traded Funds** (Cost $431,252) |  | 409192 |
| **MONEY MARKET FUNDS - 3.1%** | **Shares** | **Value** |
| Fidelity Investments Money Market Government Portfolio - Class I, 4.03%<sup>(b)</sup> (Cost $837,395) | 837395 | 837395 |
| **Total Investments at Value – 99.9%** (Cost $21,835,594) |  | $27224899 |
| **Other Assets in Excess of Liabilities - 0.1%** |  | 38193 |
| **Net Assets - 100.0%** |  | $27263092 |

---

---

| |
|:---|
| ADR – American Depositary Receipt |
| A.S. – Anonim Sirketi |
| PLC – Public Limited Company |
| S.A. – Societe anonyme |

---

(a) Non-income producing security.

(b) The rate shown is the 7-day effective
 yield as of September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Allocation** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;30.5% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;Technology | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Communications | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;(0.1%) |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD LARGE CAP FOCUSED FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.0%** | **Shares** | **Value** |
| **Communications - 19.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 85340 | $20746155 |
| &nbsp;&nbsp;&nbsp;AppLovin Corporation - Class A <sup>(a)</sup> | 32550 | 23388477 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 3300 | 17817591 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 27040 | 19857635 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 14510 | 17396329 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A <sup>(a)</sup> | 267230 | 8596789 |
| &nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 93200 | 10671400 |
|  |  | 118474376 |
| **Consumer Discretionary - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 159070 | 14467417 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 184000 | 13956400 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 88610 | 12807689 |
|  |  | 41231506 |
| **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 20220 | 18716239 |
| **Energy - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 64120 | 7229530 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation | 31500 | 6071310 |
|  |  | 13300840 |
| **Financials - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Company | 52700 | 17504832 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. <sup>(a)</sup> | 139110 | 12621449 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 49740 | 12198735 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 125050 | 11938524 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 48360 | 15254195 |
| &nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 35470 | 8759317 |
|  |  | 78277052 |
| **Health Care - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 50050 | 9280271 |
| &nbsp;&nbsp;&nbsp;McKesson Corporation | 20490 | 15829345 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. <sup>(a)</sup> | 32852 | 16891184 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 18900 | 7401996 |
| &nbsp;&nbsp;&nbsp;Waters Corporation <sup>(a)</sup> | 26700 | 8004927 |
|  |  | 57407723 |
| **Industrials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 22100 | 18236478 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 29000 | 12478990 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD LARGE CAP FOCUSED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.0%** | **Shares** | **Value** |
| **Industrials - 8.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corporation | 27410 | $20780891 |
|  |  | 51496359 |
| **Technology - 33.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 28900 | 10194475 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 57670 | 14169519 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 90678 | 23089339 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 128030 | 18655251 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 82160 | 27105406 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 41990 | 14749407 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>(a)</sup> | 173080 | 7620712 |
| &nbsp;&nbsp;&nbsp;KLA Corporation | 21970 | 23696842 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 52720 | 27306324 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)</sup> | 124660 | 11431322 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A <sup>(a)</sup> | 35140 | 10468557 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A <sup>(a)</sup> | 56390 | 13574765 |
|  |  | 202061919 |
| **Total Common Stocks** (Cost $331,651,541) |  | $580966014 |
| **MONEY MARKET FUNDS - 3.6%** | **Shares** | **Value** |
| Fidelity Investments Money Market Funds - Institutional, 4.03% <sup>(b)</sup> (Cost $21,581,920) | 21581920 | 21581920 |
| **Total Investments at Value - 99.6%** (Cost $353,233,461) |  | $602547934 |
| **Other Assets in Excess of Liabilities - 0.4%** |  | 2261351 |
| **Net Assets - 100.0%** |  | $604809285 |

---

(a) Non-income producing security.

(b) The rate shown is the 7-day effective
 yield as of September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald**<br>**Equity Dividend Plus**<br>**Fund** | **Cantor Fitzgerald**<br>**Equity Opportunity**<br>**Fund** | **Cantor Fitzgerald**<br>**High Income**<br>**Fund** | **Cantor Fitzgerald**<br>**International Equity**<br>**Fund** | **Cantor Fitzgerald**<br>**Large Cap Focused**<br>**Fund** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $60463917 | $47690671 | $49231045 | $21835594 | $353233461 |
| &nbsp;&nbsp;&nbsp;At value | $75269240 | $76168153 | $50413653 | $27224899 | $602547934 |
| &nbsp;&nbsp;&nbsp;Dividends & interest receivable | 158976 | 85842 | 785229 | 63952 | 98748 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 2194 | 50 | 4118 | 194 | 3086171 |
| &nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  | 14314 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 55792 | 44552 | 76250 | 48329 | 111119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 75486202 | 76298597 | 51279250 | 27351688 | 605843972 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (premiums received $534,760, $0, $0, $0 and $0, respectively | 757227 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 373341 |  | 505000 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Advisor | 32702 | 131125 | 16025 |  | 306699 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 2500 | 24278 | 92526 |  | 438194 |
| &nbsp;&nbsp;&nbsp;Distributions payable |  |  | 26241 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees - Class A | 22 | 1768 | 431 |  | 13286 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees - Institutional Class | 9263 | 896 | 57 | 6412 | 3636 |
| &nbsp;&nbsp;&nbsp;Accrued 12b-1 fees - Class A | 11 | 9635 | 3462 | 54 | 84972 |
| &nbsp;&nbsp;&nbsp;Payable to administrator | 22481 | 2476 | 4348 | 26678 | 89520 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 70714 | 32162 | 38230 | 55452 | 98380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1268261 | 202340 | 686320 | 88596 | 1034687 |
| **NET ASSETS** | $74217941 | $76096257 | $50592930 | $27263092 | $604809285 |
| **NET ASSETS CONSISTS OF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $55873196 | $45770933 | $59158334 | $21781741 | $333720597 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (losses) | 18344745 | 30325324 | (8565404) | 5481351 | 271088688 |
| **Net Assets** | $74217941 | $76096257 | $50592930 | $27263092 | $604809285 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $25406 | $43290632 | $21171842 | $17866 | $342252545 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, no par value | 920 | 1046336 | 2568152 | 1238 | 24173890 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $27.62 | $41.37 | $8.24 | $14.43 | $14.16 |
| &nbsp;&nbsp;&nbsp;Sales Charge | 5.75% | 5.75% | 4.00% | 5.75% | 5.75% |
| &nbsp;&nbsp;&nbsp;Offering price per share, equal to net asset value per share/(1-sales charge) | $29.31 | $43.89 | $8.58 | $15.31 | $15.02 |
| &nbsp;&nbsp;&nbsp;**Class F:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $— | $— | $12792994 | $— |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, |  |  |  | 884533 |  |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $— | $— | $— | $14.46 | $— |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $74192536 | $32805625 | $29421088 | $14452232 | $261463247 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, no par value | 2706995 | 657609 | 3564666 | 1000324 | 17214261 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $27.41 | $49.89 | $8.25 | $14.45 | $15.19 |
| &nbsp;&nbsp;&nbsp;**Class R6:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $— | $— | $— | $1093493 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, |  |  |  |  | 70666 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $— | $— | $— | $— | $15.47 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF OPERATIONS** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Cantor Fitzgerald**<br>**Equity Dividend Plus**<br>**Fund** | **Cantor Fitzgerald**<br>**Equity Opportunity**<br>**Fund** | **Cantor Fitzgerald**<br>**Equity Opportunity**<br>**Fund** |
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Period Ended**<br>**September 30, 2025<sup>(a)</sup>** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2141764 | $758420 | $1437155 |
| &nbsp;&nbsp;&nbsp;Interest | 238830 | 43467 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  | (4200) | (7200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 2380594 | 797687 | 1429955 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisor fees | 423128 | 438799 | 922917 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 42 | 76927 | 173566 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees | 74537 | 39630 | 61778 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 67583 | 19910 | 163073 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 21542 | 20846 | 28400 |
| &nbsp;&nbsp;&nbsp;Printing and mailing expense | 4749 | 6985 | 29317 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 15678 | 10233 | 127411 |
| &nbsp;&nbsp;&nbsp;Registration fees | 36860 | 28600 | 64794 |
| &nbsp;&nbsp;&nbsp;Compliance services fees | 15386 | 4157 | 8265 |
| &nbsp;&nbsp;&nbsp;Legal fees | 14342 | 10781 | 330927 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 31726 | 16473 | 7638 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 28762 | 11700 | 14645 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class A | 5 | 16171 | 523 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Institutional Class | 22910 | 13460 |  |
| &nbsp;&nbsp;&nbsp;Others fees | 893 | 2302 | 24453 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **758143** | **716974** | **1957707** |
| &nbsp;&nbsp;&nbsp;Fees reduced by the Advisor | (113306) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 644837 | 716974 | 1957707 |
| **NET INVESTMENT INCOME (LOSS)** | 1735757 | 80713 | (527752) |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND WRITTEN OPTION CONTRACTS** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 4717828 | 4199067 | 18919322 |
| &nbsp;&nbsp;&nbsp;Written options contracts | 327672 |  |  |
|  | 5045500 | 4199067 | 18919322 |
| Net change in unrealized appreciation (depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | (2653167) | 8181865 | (8573574) |
| &nbsp;&nbsp;&nbsp;Written options contracts | (145785) |  |  |
|  | (2798952) | 8181865 | (8573574) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND WRITTEN OPTION CONTRACTS** | 2246548 | 12380932 | 10345748 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3982305** | $**12461645** | $**9817996** |

---

<sup>(a)</sup> The Cantor Fitzgerald Equity Opportunity Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January 1, 2025 through September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF OPERATIONS (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cantor Fitzgerald**<br>**High Income**<br>**Fund** | **Cantor Fitzgerald**<br>**High Income**<br>**Fund** | **Cantor Fitzgerald**<br>**International Equity**<br>**Fund** | **Cantor Fitzgerald**<br>**Large Cap Focused**<br>**Fund** |
|  | **For the**<br>**Period Ended**<br>**September 30, 2025<sup>(a)</sup>** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2025** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $— | $— | $491262 | $4166141 |
| &nbsp;&nbsp;&nbsp;Interest | 2669655 | 4956625 | 17037 | 643735 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  |  | (57033) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 2669655 | 4956625 | 451266 | 4809876 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisor fees | 271139 | 510491 | 122513 | 3221190 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 34879 | 67303 | 35 | 794285 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees | 46560 | 66819 | 81624 | 288994 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 24768 | 142809 | 72116 | 238399 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 19538 | 20900 | 19468 | 20537 |
| &nbsp;&nbsp;&nbsp;Printing and mailing expense | 3200 | 20793 | 1744 | 100325 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 10523 | 99482 | 15445 | 15623 |
| &nbsp;&nbsp;&nbsp;Registration fees | 19625 | 66570 | 36500 | 66250 |
| &nbsp;&nbsp;&nbsp;Compliance services fees | 3675 | 8261 | 11939 | 42900 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7692 | 255847 | 5818 | 10836 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 15185 | 5074 | 40740 | 36719 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7370 | 10795 | 27375 | 91200 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class A | 8690 | 458 |  | 288286 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Institutional Class | 18250 |  | 1558 | 177004 |
| &nbsp;&nbsp;&nbsp;Others fees | 1180 | 5107 | 5114 | 11375 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **492274** | **1280709** | **441989** | **5403923** |
| &nbsp;&nbsp;&nbsp;Fees reduced by the Advisor | (40257) | (435475) | (312949) | (150356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 452017 | 845234 | 129040 | 5253567 |
| **NET INVESTMENT INCOME (LOSS)** | 2217638 | 4111391 | 322226 | (443691) |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | (114272) | (491921) | (167540) | 28321056 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (11492) |  |
|  | (114272) | (491921) | (179032) | 28321056 |
| Net change in unrealized appreciation from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 741997 | 976206 | 3722804 | 88111496 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency translations |  |  | 1799 |  |
|  | 741997 | 976206 | 3724603 | 88111496 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY** | 627725 | 484285 | 3545571 | 116432552 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**2845363** | $**4595676** | $**3867797** | $**115988861** |

---

<sup>(a)</sup> The Cantor Fitzgerald High Income Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January 1, 2025 through September 30, 2025.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cantor Fitzgerald Equity Dividend** | **Cantor Fitzgerald Equity Dividend** | | | |
|  | **Plus Fund** | **Plus Fund** | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Period Ended**<br>**September 30,**<br>**2025 <sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year Ended**<br>**December 31,**<br>**2023** |
| **OPERATIONS** |  |  |  |  |  |
| Net investment income (loss) | $1735757 | $1582463 | $80713 | $(527752) | $173690 |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 4717828 | 4877066 | 4199067 | 18919322 | (898526) |
| &nbsp;&nbsp;&nbsp;Written options contracts | 327672 | 614376 |  |  |  |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | (2653167) | 7059872 | 8181865 | (8573574) | 14413404 |
| &nbsp;&nbsp;&nbsp;Written options contracts | (145785) | (228042) |  |  |  |
| Net increase in net assets resulting from operations | 3982305 | 13905735 | 12461645 | 9817996 | 13688568 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |
| Distributed earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1446) | (8) |  | (10266418) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6902218) | (3660549) |  | (7193448) |  |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | (110279) |  |
|  | (6903664) | (3660557) |  | (17570145) |  |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 41799 | 14 | 48032 | 950069 (c) | 2711892 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | 110414 | 58114 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | 70805 | 129777 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | 2013998 | 5443207 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 15184777 | 1216424 | 776656 | 511465 (d) |  |
|  | 15226576 | 1216438 | 824688 | 3656751 | 8342990 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1446 | 6 |  | 9383125 |  |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | 103918 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6694208 | 3523390 |  | 6572517 |  |
|  | 6695654 | 3523396 |  | 16059560 |  |
| Payments for shares redeemed |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18606) |  | (7071919) | (23597814) | (14817808) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | (1858440) (c) | (2413028) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (229667) (c) | (853168) |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | (22647068) (d) | (16658620) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8034088) | (6911509) | (8711627) | (2950830) |  |
|  | (8052694) | (6911509) | (15783546) | (51283819) | (34742624) |
| Net increase (decrease) in net assets from capital share transactions | 13869536 | (2171675) | (14958858) | (31567508) | (26399634) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 10948177 | 8073503 | (2497213) | (39319657) | (12711066) |
| **NET ASSETS** |  |  |  |  |  |
| Beginning of period/year | 63269764 | 55196261 | 78593470 | 117913127 | 130624193 |
| End of period/year | $74217941 | $63269764 | $76096257 | $78593470 | $117913127 |

---

(a) The Cantor Fitzgerald Equity Opportunity
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, shares of Aquila Opportunity Growth Fund were reorganized into shares of Cantor Fitzgerald Equity Opportunity Fund. See notes
 to the financial statements.

(c) Includes exchanges from Aquila Opportunity
 Growth Fund Class C and Class I to Cantor Fitzgerald Equity Opportunity Fund Class A upon conversion of shares on November 22, 2024.

(d) Includes exchanges from Aquila Opportunity
 Growth Fund Class Y to Cantor Fitzgerald Equity Opportunity Fund Institutional Class upon conversion of shares on November 22, 2024.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cantor Fitzgerald Equity Dividend** | **Cantor Fitzgerald Equity Dividend** | | | |
|  | **Plus Fund** | **Plus Fund** | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Period Ended**<br>**September 30,**<br>**2025 <sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year Ended**<br>**December 31,**<br>**2023** |
| **CAPITAL SHARE ACTIVITY** |  |  |  |  |  |
| Shares sold: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1561 |  | 1333 | 56274 (c) | 72561 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | 4339 | 2495 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | 1628 | 3288 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | 41037 | 126665 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 573538 | 46785 | 17015 | 753060 (d) |  |
|  | 575099 | 46785 | 18348 | 856338 | 205009 |
| Shares reinvested: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 54 | 0 (e) |  | 259145 |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | 17 |  |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | 2061 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 251898 | 132754 |  | 150970 |  |
|  | 251952 | 132754 |  | 412193 |  |
| Shares redeemed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (699) |  | (197715) | (557557) | (399273) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | (103847) (c) | (103616) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (5218) (c) | (21214) |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  | (1195422) (d) | (389405) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (304136) | (264972) | (200294) | (74931) |  |
|  | (304835) | (264972) | (398009) | (1936975) | (913508) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 522216 | (85433) | (379661) | (668444) | (708499) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period/year | 2185699 | 2271132 | 2083606 | 2752050 | 3460549 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period/year | 2707915 | 2185699 | 1703945 | 2083606 | 2752050 |

---

(a) The Cantor Fitzgerald Equity Opportunity
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, shares of Aquila Opportunity Growth Fund were reorganized into shares of Cantor Fitzgerald Equity Opportunity Fund. See notes
 to the financial statements.

(c) Includes exchanges of 33,646 shares
 from Aquila Opportunity Growth Fund Class C and 11,789 shares from Aquila Opportunity Growth Fund Class I to 33,418 shares of Cantor Fitzgerald
 Equity Opportunity Fund Class A upon conversion on November 22, 2024.

(d) Includes exchanges of 743,262 shares
 from Aquila Opportunity Growth Fund Class Y to Cantor Fitzgerald Equity Opportunity Fund Institutional Class upon conversion on November
 22, 2024.

(e) Represents less than one share.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald International Fund** | **Cantor Fitzgerald International Fund** |
|  | **Period Ended**<br>**September 30,**<br>**2025 <sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2024<sup>(b)</sup>** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2025** | **Period Ended**<br>**September 30,**<br>**2024 <sup>(c)</sup>** |
| **OPERATIONS** |  |  |  |  |  |
| Net investment income | $2217638 | $4111391 | $4382117 | $322226 | $218611 |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | (114272) | (491921) | (3670772) | (167540) | 2775 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | (11492) | (4778) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions and foreign currency translations | 741997 | 976206 | 7662642 | 3724603 | 1667046 |
| Net increase in net assets resulting from operations | 2845363 | 4595676 | 8373987 | 3867797 | 1883654 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |
| Distributed earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1364479) | (1521986) | (1501842) | (197) |  |
| &nbsp;&nbsp;&nbsp;Class C |  | (37307) | (43925) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (23304) | (30069) |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | (2377096) | (3006909) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (945928) | (228661) |  | (4266) |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  | (259972) |  |
|  | (2310407) | (4188354) | (4582745) | (264435) |  |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 258130 | 1034020 (d) | 3094440 | 2434 | 10282 |
| &nbsp;&nbsp;&nbsp;Class C |  | 94776 | 218949 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 3418 | 7843 |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | 5785030 | 14789939 |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5604671 | 70737 (e) |  | 13479415 | 193228 |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  | 10029862 |
|  | 5862801 | 6987981 | 18111171 | 13481849 | 10233372 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 826883 | 1291927 | 1351964 | 197 |  |
| &nbsp;&nbsp;&nbsp;Class C |  | 34279 | 42446 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 19517 | 25216 |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | 2064432 | 2583564 |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1111767 | 196352 |  | 4265 |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  | 259972 |  |
|  | 1938650 | 3606507 | 4003190 | 264434 |  |
| Payments for shares redeemed |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5635901) | (10035574) | (9355639) | (30) |  |
| &nbsp;&nbsp;&nbsp;Class C |  | (324667) (d) | (569210) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (247363) (d) | (216025) |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | (33864641) (e) | (22385976) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (11624790) | (1771675) |  | (303549) |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  | (1900000) |  |
|  | (17260691) | (46243920) | (32526850) | (2203579) |  |
| Net increase (decrease) in net assets from capital share transactions | (9459240) | (35649432) | (10412489) | 11542704 | 10233372 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (8924284) | (35242110) | (6621247) | 15146066 | 12117026 |
| **NET ASSETS** |  |  |  |  |  |
| Beginning of period/year | 59517214 | 94759324 | 101380571 | 12117026 |  |
| End of period/year | $50592930 | $59517214 | $94759324 | $27263092 | $12117026 |

---

(a) The Cantor Fitzgerald High Income
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, shares of Aquila High Income Fund were reorganized into shares of Cantor Fitzgerald High Income Fund. See notes to the financial
 statements.

(c) Represents the period December 15,
 2023 through September 30, 2024.

(d) Includes exchanges from Aquila High
 Income Fund Class C and Aquila High Income Fund Class I to Cantor Fitzgerald High Income Fund Class A upon conversion of shares on November
 22, 2024.

(e) Includes exchanges from Aquila High
 Income Fund Class Y to Cantor Fitzgerald High Income Fund Institutional Class upon conversion of shares on November 22, 2024.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald International Fund** | **Cantor Fitzgerald International Fund** |
|  | **Period Ended**<br>**September 30,**<br>**2025 <sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2025** | **Period Ended**<br>**September 30,**<br>**2024 <sup>(c)</sup>** |
| **CAPITAL SHARE ACTIVITY** |  |  |  |  |  |
| Shares sold: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 31709 | 284940 (d) | 390650 | 196 | 1027 |
| &nbsp;&nbsp;&nbsp;Class C |  | 11688 | 27580 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 422 | 995 |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | 711220 | 1869993 |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 685575 | 4342522 (e) |  | 1004480 | 17984 |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  | 1002980 |
|  | 717284 | 5350792 | 2289218 | 1004676 | 1021991 |
| Shares reinvested: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 101102 | 157011 | 170936 | 17 |  |
| &nbsp;&nbsp;&nbsp;Class C |  | 4200 | 5368 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 2397 | 3192 |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | 252960 | 326344 |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 135770 | 24000 |  | 378 |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  | 23027 |  |
|  | 236872 | 440568 | 505840 | 23422 |  |
| Shares redeemed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (692351) | (1227289) | (1184456) | (2) |  |
| &nbsp;&nbsp;&nbsp;Class C |  | (146480) (d) | (72165) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (30364) (d) | (27375) |  |  |
| &nbsp;&nbsp;&nbsp;Class Y |  | (8479449) (e) | (2838986) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1421436) | (265560) |  | (22518) |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  | (141474) |  |
|  | (2113787) | (10149142) | (4122982) | (163994) |  |
| Net increase (decrease) in shares outstanding | (1159631) | (4357782) | (1327924) | 864104 | 1021991 |
| Shares outstanding, beginning of period/year | 7292449 | 11650231 | 12978155 | 1021991 |  |
| Shares outstanding, end of period/year | 6132818 | 7292449 | 11650231 | 1886095 | 1021991 |

---

(a) The Cantor Fitzgerald High Income
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, shares of Aquila High Income Fund were reorganized into shares of Cantor Fitzgerald High Income Fund. See notes to the financial
 statements.

(c) Represents the period December 15,
 2023 through September 30, 2024.

(d) Includes exchanges of 106,571 shares
 from Aquila High Income Fund Class C and 50,100 shares from Aquila High Income Fund Class I to 156,636 shares of Cantor Fitzgerald High
 Income Fund Class A upon conversion on November 22, 2024.

(e) Includes exchanges of 4,333,935 shares
 from Aquila High Income Fund Class Y to Cantor Fitzgerald High Income Fund Institutional Class upon conversion on November 22, 2024.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald Large Cap Focused Fund** | **Cantor Fitzgerald Large Cap Focused Fund** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $(443691) | $(700678) |
| Net realized gain from: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 28321056 | 22122670 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 88111496 | 77749481 |
| Net increase in net assets resulting from operations | 115988861 | 99171473 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Distributed earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (16139947) | (7975377) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6666880) | (1458359) |
| &nbsp;&nbsp;&nbsp;Class R6 | (29678) | (12110) |
|  | (22836505) | (9445846) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9928324 | 8898811 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 138718976 | 112168794 |
| &nbsp;&nbsp;&nbsp;Class R6 | 429863 | 529770 |
|  | 149077163 | 121597375 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 16071867 | 7955203 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6665109 | 1457472 |
| &nbsp;&nbsp;&nbsp;Class R6 | 29678 | 12110 |
|  | 22766654 | 9424785 |
| Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (49812977) | (52573523) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (57473005) | (20374894) |
| &nbsp;&nbsp;&nbsp;Class R6 | (134417) | (148501) |
|  | (107420399) | (73096918) |
| Net increase in net assets from capital share transactions | 64423418 | 57925242 |
| **TOTAL INCREASE IN NET ASSETS** | 157575774 | 147650869 |
| **NET ASSETS** |  |  |
| Beginning of year | 447233511 | 299582642 |
| End of year | $604809285 | $447233511 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald Large Cap Focused Fund** | **Cantor Fitzgerald Large Cap Focused Fund** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **CAPITAL SHARE ACTIVITY** |  |  |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 807623 | 836394 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10364612 | 9951195 |
| &nbsp;&nbsp;&nbsp;Class R6 | 32476 | 49793 |
|  | 11204711 | 10837382 |
| Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1296118 | 780687 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 502269 | 134453 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2197 | 1098 |
|  | 1800584 | 916238 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3997721) | (4865946) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4355143) | (1757774) |
| &nbsp;&nbsp;&nbsp;Class R6 | (10224) | (12898) |
|  | (8363088) | (6636618) |
| Net increase in shares outstanding | 4642207 | 5117002 |
| Shares outstanding, beginning of year | 36816610 | 31699608 |
| Shares outstanding, end of year | 41458817 | 36816610 |

---

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout the Period/Year: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Year**<br>**Ended**<br>**September 30,**<br>**2024** | **Period**<br>**Ended**<br>**September 30,**<br>**2023 <sup>(a)</sup>** |
| Net asset value, beginning of period/year | $29.20 | $24.33 | $26.14 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.64 | 0.81 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) <sup>(c)</sup> on investments and written option contracts | 0.82 | 5.73 | (1.90) |
| Total from investment operations | 1.46 | 6.54 | (1.64) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.94) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.09) | (0.73) |  |
| Total distributions | (3.04) | (1.67) | (0.17) |
| Net asset value at end of period/year | $27.62 | $29.20 | $24.33 |
| Total return <sup>(d)</sup> | 5.66% | 27.65% | (6.27)% <sup>(e)</sup> |
| Net assets at end of period/year | $25406 | $120 | $94 |
| Ratio of total expenses to average net assets | 1.41% | 1.43% | 1.55 % <sup>(f)</sup> |
| Ratio of net expenses to average net assets<sup>(g)</sup> | 1.24% | 1.24% | 1.24 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets<sup>(g)</sup> | 2.92% | 2.96% | 3.31 % <sup>(f)</sup> |
| Portfolio turnover rate<sup>(h)</sup> | 33% | 20% | 21 % <sup>(e)</sup> |

---

(a) Cantor
 Fitzgerald Equity Dividend Plus Fund Class A commenced on July 31, 2023.

(b) Calculated using average shares outstanding.

(c) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the
 Statements of Operations.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(e) Not annualized.

(f) Annualized.

(g) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(h) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY DIVIDEND PLUS FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout Each Period/Year: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Year**<br>**Ended**<br>**September 30,**<br>**2024** | **Period**<br>**Ended**<br>**September 30,**<br>**2023 <sup>(a)(b)</sup>** | **Year**<br>**Ended**<br>**March 31,**<br>**2023** | **Year**<br>**Ended**<br>**March 31,**<br>**2022** | **Year**<br>**Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of period/year | $28.95 | $24.30 | $25.78 | $30.38 | $28.19 | $18.28 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(c)</sup> | 0.72 | 0.72 | 0.39 | 0.63 | 0.58 | 0.59 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and written option contracts | 0.78 | 5.60 | (0.85) <sup>(g)</sup> | (3.33) | 4.03 | 9.90 |
| Total from investment operations | 1.50 | 6.32 | (0.46) | (2.70) | 4.61 | 10.49 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.94) | (0.35) | (0.63) | (0.59) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.09) | (0.73) | (0.67) | (1.27) | (1.83) |  |
| Total distributions | (3.04) | (1.67) | (1.02) | (1.90) | (2.42) | (0.58) |
| Net asset value at end of period/year | $27.41 | $28.95 | $24.30 | $25.78 | $30.38 | $28.19 |
| Total return <sup>(d)</sup> | 5.83% | 26.79% | (1.88)% <sup>(h)</sup> | (8.92)% | (17.23)% | 58.15% |
| Net assets at end of period/year (000's) | $74193 | $63270 | $55196 | $30587 | $32615 | $28517 |
| Ratio of total expenses to average net assets | 1.16% | 1.18% | 1.30 % <sup>(i)</sup> | 1.28% | 1.23% | 1.32% |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.99% | 0.99% | 1.05 % <sup>(i)</sup> | 1.12% | 1.12% | 1.10% |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 2.67% | 2.71% | 3.06 % <sup>(i)</sup> | 2.33% | 1.97% | 2.53% |
| Portfolio turnover rate <sup>(f)</sup> | 33% | 20% | 21 % <sup>(h)</sup> | 16% | 16% | 21% |

---

(a) Represents the period April 1, 2023
 through September 30, 2023. See Note 1.

(b) Effective close of business on July
 28, 2023, Institutional Class shares of Cantor FBP Appreciation & Income Opportunities Fund were reorganized into Class A shares of
 Cantor Fitzgerald Equity Dividend Plus Fund. See notes to the financial statements. The Institutional Class shares' financial highlights
 for the periods prior to July 28, 2023 reflect the performance of Cantor FBP Appreciation & Income Fund.

(c) Calculated using average shares outstanding.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

(e) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(f) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(g) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the
 Statements of Operations.

(h) Not annualized.

(i) Annualized.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY OPPORTUNITY FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Period**<br>**Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of period/year | $34.86 | $40.70 | $36.22 | $46.98 | $51.86 | $50.62 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(c)</sup> | 0.01 | (0.27) | 0.01 | (0.08) | (0.48) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 6.50 | 4.30 | 4.47 | (6.97) | 10.56 | 3.94 |
| Total from investment operations | 6.51 | 4.03 | 4.48 | (7.05) | 10.08 | 3.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (9.82) |  | (3.71) | (14.96) | (2.41) |
| Total distributions |  | (9.87) |  | (3.71) | (14.96) | (2.41) |
| Net asset value at end of period/year | $41.37 | $34.86 | $40.70 | $36.22 | $46.98 | $51.86 |
| Total return <sup>(d)</sup> | 18.67 % <sup>(h)</sup> | 9.04% | 12.37% | (15.25)% | 21.53% | 7.39% |
| Net assets at end of period/year (000's) | $43291 | $43317 | $60429 | $65619 | $86364 | $76508 |
| Ratio of net expenses to average net assets <sup>(e)(g)</sup> | 1.42 % <sup>(i)</sup> | 2.03% | 1.75% | 1.67% | 1.49% | 1.54% |
| Ratio of net investment income (loss) to average net assets <sup>(e)(g)</sup> | 0.04 % <sup>(i)</sup> | -0.65% | 0.02% | -0.19% | -0.88% | -0.63% |
| Portfolio turnover rate <sup>(f)</sup> | 17 % <sup>(h)</sup> | 44% | 107% | 102% | 99% | 69% |

---

(a) The Cantor Fitzgerald Equity Opportunity
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, Class A, Class C and Class I shares of Aquila Opportunity Growth Fund were reorganized into Class A shares of Cantor Fitzgerald
 Equity Opportunity Fund. See notes to the financial statements. The Class A shares' financial highlights for the periods prior to
 November 22, 2024 reflect the performance of Aquila Opportunity Growth Fund Class A.

(c) Calculated using average shares outstanding.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(e) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(f) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(g) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(h) Not annualized.

(i) Annualized.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD EQUITY OPPORTUNITY FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Period**<br>**Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of period/year | $41.95 | $47.12 | $41.82 | $53.42 | $57.00 | $55.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(c)</sup> | 0.09 | (0.17) | 0.14 | 0.04 | (0.37) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 7.85 | 4.93 | 5.16 | (7.93) | 11.75 | 4.34 |
| Total from investment operations | 7.94 | 4.76 | 5.30 | (7.89) | 11.38 | 4.17 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (9.82) |  | (3.71) | (14.96) | (2.41) |
| Total distributions |  | (9.93) |  | (3.71) | (14.96) | (2.41) |
| Net asset value at end of period/year | $49.89 | $41.95 | $47.12 | $41.82 | $53.42 | $57.00 |
| Total return <sup>(d)</sup> | 18.93 % <sup>(h)</sup> | 9.36% | 12.67% | (14.98)% | 21.88% | 7.71% |
| Net assets at end of period/year (000's) | $32806 | $35277 | $54301 | $59173 | $105557 | $126001 |
| Ratio of net expenses to average net assets <sup>(e)(g)</sup> | 1.17 % <sup>(i)</sup> | 1.72% | 1.45% | 1.36% | 1.19% | 1.23% |
| Ratio of net investment income (loss) to average net assets <sup>(e)(g)</sup> | 0.28 % <sup>(i)</sup> | -0.35% | 0.32% | 0.09% | -0.60% | -0.33% |
| Portfolio turnover rate <sup>(f)</sup> | 17 % <sup>(h)</sup> | 44% | 107% | 102% | 99% | 69% |

---

(a) The Cantor Fitzgerald Equity Opportunity
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, Class Y shares of Aquila Opportunity Growth Fund were reorganized into Institutional Class shares of Cantor Fitzgerald Equity
 Opportunity Fund. See notes to the financial statements. The Institutional Class shares' financial highlights for the periods prior
 to November 22, 2024 reflect the performance of Aquila Opportunity Growth Fund Class Y.

(c) Calculated using average shares outstanding.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(e) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(f) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(g) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(h) Not annualized.

(i) Annualized.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD HIGH INCOME FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Period**<br>**Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of period/year | $8.16 | $8.13 | $7.81 | $8.61 | $8.69 | $8.39 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(c)</sup> | 0.32 | 0.41 | 0.34 | 0.30 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.09 | 0.05 | 0.34 | (0.77) | 0.00 | 0.33 |
| Total from investment operations | 0.41 | 0.46 | 0.68 | (0.47) | 0.30 | 0.63 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.43) | (0.36) | (0.33) | (0.34) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04) |  |
| Total distributions | (0.33) | (0.43) | (0.36) | (0.33) | (0.38) | (0.33) |
| Net asset value at end of period/year | $8.24 | $8.16 | $8.13 | $7.81 | $8.61 | $8.69 |
| Total return <sup>(d)</sup> | 5.14 % <sup>(h)</sup> | 5.76% | 8.94% | (5.49)% | 3.57% | 7.74% |
| Net assets at end of period/year (000's) | $21172 | $25511 | $31807 | $35419 | $39082 | $39982 |
| Ratio of total expenses to average net assets | 1.29 % <sup>(i)</sup> | 1.75% | 1.42% | 1.40% | 1.18% | 1.21% |
| Ratio of net expenses to average net assets <sup>(e)(g)</sup> | 1.20 % <sup>(i)</sup> | 1.20% | 1.20% | 1.19% | 1.18% | 1.21% |
| Ratio of net investment income to average net assets <sup>(e)(g)</sup> | 5.20 % <sup>(i)</sup> | 5.04% | 4.35% | 3.69% | 3.51% | 3.60% |
| Portfolio turnover rate <sup>(f)</sup> | 21 % <sup>(h)</sup> | 33% | 34% | 9% | 118% | 347% |

---

(a) The Cantor Fitzgerald High Income
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30, 2025.

(b) Effective close of business on November
 22, 2024, Class A, Class C and Class I shares of Aquila High Income Fund were reorganized into Class A shares of Cantor Fitzgerald High
 Income Fund. See notes to the financial statements. The Class A shares' financial highlights for the periods prior to November 22,
 2024 reflect the performance of Aquila High Income Fund Class A.

(c) Calculated using average shares outstanding.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(e) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(f) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(g) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(h) Not annualized.

(i) Annualized.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD HIGH INCOME FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Period**<br>**Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(b)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of period/year | $8.17 | $8.14 | $7.81 | $8.61 | $8.69 | $8.40 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(c)</sup> | 0.33 | 0.44 | 0.36 | 0.31 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.09 | 0.04 | 0.35 | (0.77) |  | 0.32 |
| Total from investment operations | 0.42 | 0.48 | 0.71 | (0.46) | 0.32 | 0.64 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.45) | (0.38) | (0.34) | (0.36) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04) |  |
| Total distributions | (0.34) | (0.45) | (0.38) | (0.34) | (0.40) | (0.35) |
| Net asset value at end of period/year | $8.25 | $8.17 | $8.14 | $7.81 | $8.61 | $8.69 |
| Total return <sup>(d)</sup> | 5.30 % <sup>(h)</sup> | 5.97% | 9.29% | (5.30)% | 3.77% | 7.82% |
| Net assets at end of period/year (000's) | $29421 | $34007 | $61257 | $63845 | $120120 | $136978 |
| Ratio of total expenses to average net assets | 1.11 % <sup>(i)</sup> | 1.55% | 1.22% | 1.18% | 0.98% | 1.01% |
| Ratio of net expenses to average net assets <sup>(e)(g)</sup> | 1.00 % <sup>(i)</sup> | 1.00% | 1.00% | 1.00% | 0.98% | 1.01% |
| Ratio of net investment income to average net assets <sup>(e)(g)</sup> | 5.40 % <sup>(i)</sup> | 5.37% | 4.56% | 3.86% | 3.71% | 3.81% |
| Portfolio turnover rate <sup>(f)</sup> | 21 % <sup>(h)</sup> | 33% | 34% | 9% | 118% | 347% |

---

(a) The Cantor Fitzgerald High Income
 Fund's fiscal year end changed from December 31 to September 30, effective June 27, 2025. Therefore, period represented is from January
 1, 2025 through September 30,

(b) Effective close of business on November
 22, 2024, Class Y shares of Aquila High Income Fund were reorganized into Institutional Class shares of Cantor Fitzgerald High Income
 Fund. See notes to the financial statements. The Institutional Class shares' financial highlights for the periods prior to November
 22, 2024 reflect the performance of Aquila High Income Fund Class Y.

(c) Calculated using average shares outstanding.

(d) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(e) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(f) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(g) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(h) Not annualized.

(i) Annualized.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Period**<br>**Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>** |
| Net asset value, beginning of period/year | $11.81 | $10.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.97 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 1.84 | 1.63 |
| Total from investment operations | 2.81 | 1.81 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00) <sup>(i)</sup> |  |
| Total distributions | (0.19) |  |
| Net asset value at end of period/year | $14.43 | $11.81 |
| Total return <sup>(c)</sup> | 24.20% | 18.10 % <sup>(g)</sup> |
| Net assets at end of period/year (000's) | $18 | $12 |
| Ratio of total expenses to average net assets | 3.35% | 4.15 % <sup>(h)</sup> |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 1.24% | 1.24 % <sup>(h)</sup> |
| Ratio of net investment income to average net assets <sup>(d)(f)</sup> | 1.52% | 2.08 % <sup>(h)</sup> |
| Portfolio turnover rate <sup>(e)</sup> | 87% | 24 % <sup>(g)</sup> |

---

(a) Represents the period December 15,
 2023 through September 30, 2024. See Note 1.

(b) Calculated using average shares outstanding.

(c) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(d) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(e) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(f) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

(i) Amount represents less than $0.01
 per share.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Period**<br>**Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>** |
| Net asset value, beginning of period/year | $11.83 | $10.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.34 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 2.50 | 1.62 |
| Total from investment operations | 2.84 | 1.83 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00) <sup>(i)</sup> |  |
| Total distributions | (0.22) |  |
| Net asset value at end of period/year | $14.45 | $11.83 |
| Total return <sup>(c)</sup> | 24.52% | 18.30 % <sup>(g)</sup> |
| Net assets at end of period/year (000's) | $14452 | $213 |
| Ratio of total expenses to average net assets | 3.15% | 3.90 % <sup>(h)</sup> |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 0.99% | 0.99 % <sup>(h)</sup> |
| Ratio of net investment income to average net assets <sup>(d)(f)</sup> | 1.77% | 2.33 % <sup>(h)</sup> |
| Portfolio turnover rate <sup>(e)</sup> | 87% | 24 % <sup>(g)</sup> |

---

(a) Represents the period December 15,
 2023 through September 30, 2024. See Note 1.

(b) Calculated using average shares outstanding.

(c) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(d) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(e) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(f) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

(i) Amount represents less than $0.01
 per share.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD INTERNATIONAL EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout each Period/Year Presented: |

---

---

| | | |
|:---|:---|:---|
|  | **Class F** | **Class F** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Period**<br>**Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>** |
| Net asset value, beginning of period/year | $11.86 | $10.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 2.62 | 1.64 |
| Total from investment operations | 2.86 | 1.86 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00) <sup>(i)</sup> |  |
| Total distributions | (0.26) |  |
| Net asset value at end of period/year | $14.46 | $11.86 |
| Total return <sup>(c)</sup> | 24.72% | 18.60 % <sup>(g)</sup> |
| Net assets at end of period/year (000's) | $12793 | $11892 |
| Ratio of total expenses to average net assets | 2.90% | 3.70 % <sup>(h)</sup> |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 0.79% | 0.79 % <sup>(h)</sup> |
| Ratio of net investment income to average net assets <sup>(d)(f)</sup> | 1.97% | 2.53 % <sup>(h)</sup> |
| Portfolio turnover rate <sup>(e)</sup> | 87% | 24 % <sup>(g)</sup> |

---

(a) Represents the period December 15,
 2023 through September 30, 2024. See Note 1.

(b) Calculated using average shares outstanding.

(c) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(d) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(e) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(f) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

(i) Amount represents less than $0.01
 per share.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD LARGE CAP FOCUSED FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout Each Year: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Year**<br>**Ended**<br>**September 30,**<br>**2024** | **Year**<br>**Ended**<br>**September 30,**<br>**2023** | **Year**<br>**Ended**<br>**September 30,**<br>**2022 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $11.92 | $9.40 | $9.68 | $17.63 | $13.67 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(b)</sup> | (0.02) | (0.03) | 0.02 | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.89 | 2.83 | 2.33 | (2.42) | 5.37 |
| Total from investment operations | 2.87 | 2.80 | 2.35 | (2.45) | 5.33 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.63) | (0.27) | (2.63) | (5.50) | (1.37) |
| Total distributions | (0.63) | (0.28) | (2.63) | (5.50) | (1.37) |
| Net asset value at end of year | $14.16 | $11.92 | $9.40 | $9.68 | $17.63 |
| Total return <sup>(c)</sup> | 24.86% | 30.29% | 26.87% | (23.47)% | 41.67% |
| Net assets at end of year (000's) | $342253 | $310667 | $275722 | $253190 | $518096 |
| Ratio of total expenses to average net assets | 1.18% | 1.17 % <sup>(f)</sup> | 1.30% | 1.12 % <sup>(f)</sup> | 1.09 % <sup>(f)</sup> |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 1.17% | 1.17 % <sup>(f)</sup> | 1.17% | 1.11 % <sup>(f)</sup> | 1.09 % <sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | (0.19)% <sup>(g)</sup> | (0.26)% | 0.22% | (0.22)% | (0.28)% |
| Portfolio turnover rate <sup>(e)</sup> | 29% | 35% | 33% | 40% | 31% |

---

(a) Effective close of business on September
 16, 2022, Class A shares of Delaware Growth Equity Fund were reorganized into Class A shares of Cantor Growth Equity Fund. See notes to
 the financial statements. The Class A shares' financial highlights for the periods prior to September 16, 2022 reflect the performance
 of Delaware Growth Equity Fund.

(b) Calculated using average shares outstanding.

(c) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not
 reflect the impact of a sales charge.

(d) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(e) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(f) Expense ratios do not include expenses
 of the Underlying Funds in which the Fund invests.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD LARGE CAP FOCUSED FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout Each Year: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Year**<br>**Ended**<br>**September 30,**<br>**2024** | **Year**<br>**Ended**<br>**September 30,**<br>**2023** | **Year**<br>**Ended**<br>**September 30,**<br>**2022 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $12.70 | $10.01 | $10.13 | $18.18 | $14.03 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(b)</sup> | 0.01 <sup>(c)</sup> | 0.01 | 0.03 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.11 | 2.99 <sup>(d)</sup> | 2.48 | (2.54) | 5.53 |
| Total from investment operations | 3.12 | 3.00 | 2.51 | (2.55) | 5.52 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.63) | (0.27) | (2.63) | (5.50) | (1.37) |
| Total distributions | (0.63) | (0.31) | (2.63) | (5.50) | (1.37) |
| Net asset value at end of year | $15.19 | $12.70 | $10.01 | $10.13 | $18.18 |
| Total return <sup>(e)</sup> | 25.31% | 30.58% | 27.34% | (23.26)% | 41.98% |
| Net assets at end of year (000's) | $261463 | $135969 | $23777 | $5305 | $80648 |
| Ratio of total expenses to average net assets | 0.93 % <sup>(h)</sup> | 0.94 % <sup>(h)</sup> | 0.99% | 0.85 % <sup>(h)</sup> | 0.84 % <sup>(h)</sup> |
| Ratio of net expenses to average net assets <sup>(f)</sup> | 0.86 % <sup>(h)</sup> | 0.86 % <sup>(h)</sup> | 0.86% | 0.84 % <sup>(h)</sup> | 0.84 % <sup>(h)</sup> |
| Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 0.09% | 0.05% | 0.29% | (0.04)% | (0.05)% |
| Portfolio turnover rate <sup>(g)</sup> | 29% | 35% | 33% | 40% | 31% |

---

(a) Effective close of business on September
 16, 2022, Institutional Class shares of Delaware Growth Equity Fund were reorganized into Institutional Class shares of Cantor Fitzgerald
 Large Cap Focused Fund. See notes to the financial statements. The Institutional Class shares' financial highlights for the periods
 prior to September 16, 2022, reflect the performance of Delaware Growth Equity Fund.

(b) Calculated using average shares outstanding.

(c) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the
 Statements of Operations.

(d) Not annualized.

(e) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

(f) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(g) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(h) Expense ratios do not include expenses
 of the Underlying Funds in which the Fund invests.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD LARGE CAP FOCUSED FUND** |
| **FINANCIAL HIGHLIGHTS** |
| Selected Per Share Data for a Share Outstanding Throughout Each Year: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Year**<br>**Ended**<br>**September 30,**<br>**2025** | **Year**<br>**Ended**<br>**September 30,**<br>**2024** | **Year**<br>**Ended**<br>**September 30,**<br>**2023** | **Year**<br>**Ended**<br>**September 30,**<br>**2022<sup>(a)</sup>** | **Year**<br>**Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $12.93 | $10.18 | $10.26 | $18.34 | $14.13 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(b)</sup> | 0.02 <sup>(c)</sup> | 0.02 | 0.04 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.15 | 3.05 <sup>(d)</sup> | 2.51 | (2.57) | 5.57 |
| Total from investment operations | 3.17 | 3.07 | 2.55 | (2.58) | 5.58 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.63) | (0.27) | (2.63) | (5.50) | (1.37) |
| Total distributions | (0.63) | (0.32) | (2.63) | (5.50) | (1.37) |
| Net asset value at end of year | $15.47 | $12.93 | $10.18 | $10.26 | $18.34 |
| Total return <sup>(e)</sup> | 25.25% | 30.70% | 27.40% | (23.20)% | 42.12% |
| Net assets at end of year (000's) | $1093 | $597 | $84 | $38 | $1818 |
| Ratio of total expenses to average net assets | 0.84 % <sup>(h)</sup> | 0.87 % <sup>(h)</sup> | 0.92% | 0.77 % <sup>(h)</sup> | 0.76 % <sup>(h)</sup> |
| Ratio of net expenses to average net assets <sup>(f)</sup> | 0.79 % <sup>(h)</sup> | 0.79 % <sup>(h)</sup> | 0.79% | 0.76 % <sup>(h)</sup> | 0.76 % <sup>(h)</sup> |
| Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 0.16% | 0.12% | (0.42)% | 0.07% | 0.08% |
| Portfolio turnover rate <sup>(g)</sup> | 29% | 35% | 33% | 40% | 31% |

---

(a) Effective close of business on September
 16, 2022, Class R6 shares of Delaware Growth Equity Fund were reorganized into Class R6 shares of Cantor Growth Equity Fund. See notes
 to the financial statements. The Class R6 shares' financial highlights for the periods prior to September 16, 2022, reflect the performance
 of Delaware Growth Equity Fund.

(b) Calculated using average shares outstanding.

(c) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the
 Statements of Operations.

(d) Realized and unrealized gains and
 losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share 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.

(e) Total return is based on the change
 in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

(f) Ratios were determined after advisory
 fee waivers/reductions by the Advisor.

(g) Portfolio turnover is calculated on
 the basis on the Fund as a whole without distinguishing among the classes of shares.

(h) Expense ratios do not include expenses
 of the Underlying Funds in which the Fund invests.

See Accompanying Notes to Financial Statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **September 30, 2025** |

---

**1.** **Organization** 

Cantor Select Portfolios Trust ("Trust") was organized on December 16, 2021, as a Delaware statutory trust and is authorized to have multiple series or portfolios. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of five series, Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High Income Fund, Cantor Fitzgerald International Equity Fund and Cantor Fitzgerald Large Cap Focused Fund (the "Funds"), are each separate, diversified series of the Trust. Cantor Fitzgerald International Equity Fund commenced operations on December 15, 2023.

The Cantor Fitzgerald Equity Dividend Plus Fund acquired all of the assets and liabilities of the Cantor FBP Equity & Dividend Plus Fund and the Cantor FBP Appreciation & Income Opportunities Fund, each a series of Williamsburg Investment Trust in tax-free reorganizations on July 28, 2023. The Cantor Fitzgerald Large Cap Focused Fund acquired all of the assets and liabilities of the Delaware Growth Equity Fund, a series of Delaware Group Equity Funds IV, in a tax-free reorganization on September 16, 2022. The Delaware Growth Equity Fund acquired all of the assets and liabilities of the First Investors Select Growth Fund, a series of First Investors Equity Funds in a tax-free reorganization on October 4, 2019.

The Cantor Fitzgerald Equity Opportunity Fund acquired all of the assets and liabilities of the Aquila Opportunity Growth Fund, a series of Aquila Funds Trust, in a tax-free reorganization on November 22, 2024. The Cantor Fitzgerald High Income Fund acquired all of the assets and liabilities of the Aquila High Income Fund, a series of Aquila Funds Trust, in a tax-free reorganization on November 22, 2024. On June 27, 2025, the Board of Trustees (the "Board" or "Trustees") approved the change in fiscal year end from December 31 to September 30, for the Cantor Fitzgerald Equity Opportunity Fund and Cantor Fitzgerald High Income Fund.

The investment objective of Cantor Fitzgerald Equity Dividend Plus Fund is to provide above-average and growing income while also achieving long-term growth of capital.

The investment objective of the Cantor Fitzgerald Equity Opportunity Fund is to seek capital appreciation.

The investment objective of the Cantor Fitzgerald High Income Fund is to seek high current income. Capital appreciation is a secondary objective when consistent with its primary objective.

The investment objective of the Cantor Fitzgerald International Equity Fund is to seek long-term growth of capital.

The investment objective of the Cantor Fitzgerald Large Cap Focused Fund is to seek long-term growth of capital.

The Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, the Cantor Fitzgerald High Income Fund and the Cantor Fitzgerald Large Cap Focused Fund each have three total classes of shares: Class A Shares, Institutional Class Shares, and Class R6 Shares. The Cantor Fitzgerald International Equity Fund has four total classes of shares: Class A Shares, Institutional Class Shares, Class R6 Shares, and Class F Shares. Each class represents interests in the same portfolio of investments and has the same rights, but each class differs with respect to sales loads, minimum investments, and ongoing expenses. The Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald International Equity Fund and Cantor Fitzgerald Large Cap Focused Fund Class A Shares charge a 5.75% front-end sales charge, distribution and service plan fees of 0.25%, and no contingent deferred sales charge on shares redeemed. The Cantor Fitzgerald High Income Fund Class A Shares charge a 4.00% front-end sales charge, distribution and service plan fees of 0.25%, and no contingent deferred sales charge on shares redeemed. Initial investment is $1,000 minimum. Institutional Class Shares and Class R6 have no front-

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

end sales charge, no distribution or service plan fee minimum, and no contingent deferred sales charge on shares redeemed. There are no minimum investments (except for shares purchased through an automatic investment plan) for Institutional Class Shares and Class R6 Shares. Class R6 shares do not pay for any service fees, sub-accounting fees, and /or subtransfer agency fees to any brokers, dealers, or other financial intermediaries. There are no front-end sales charge, distribution or 12b-1 fees for Class F. Generally, there is a $10,000,000 minimum initial investment for Class F shares and no minimum for subsequent events. Class R6 is not offered in Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund and Cantor Fitzgerald High Income Fund.

**Operating Segments** – The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the Chief Executive Officer and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**2.** **Significant Accounting Policies** 

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Funds' significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Securities valuation** — The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks, if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Covered call options written by the Cantor Fitzgerald Equity Dividend Plus Fund are valued at the last quoted sale price or, in the absence of a sale, at the ask price on the principal exchanges on which they are traded. Investments representing shares of money market funds and other open-end investment companies are valued at their net asset value ("NAV") as reported by such companies. Options contracts listed on a securities exchange or board of trade (not including Index Options contracts or OTC Options) for which market quotations are readily available shall be valued at the last quoted sales price. In the absence of a sale, the option shall be fair valued either at the most recently quoted bid for purchased options or the most recently quoted ask for written options. Index Options contracts, which may be thinly traded, whether listed on a securities exchange or board of trade, shall be fair valued either at the most recently quoted bid for purchased options or the most recently quoted ask for written options. OTC Options (i.e. those not listed on a securities exchange or board of trade) shall be fair valued, either at the most recently quoted bid for purchased options or the most recently quoted ask for written options.

Securities will be valued at fair value when market quotations (or other market valuations such as those obtained from a pricing service) are not readily available or are deemed unreliable. The Board has designated the advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process** –The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Funds' calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the applicable Funds' holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

The following is a summary of each Funds' investments and other financial instruments based on the inputs used to value the investments and other financial instruments as of September 30, 2025 by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cantor Fitzgerald Equity Dividend Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $69826282 | $— | $— | $69826282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5442958 |  |  | 5442958 |
| **Total** | $**75269240** | $**—** | $**—** | $**75269240** |
| **Other Financial Instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Written Call Options | $(757227) | $— | $— | $(757227) |
| **Total** | $**(757227)** | $**—** | $**—** | $**(757227)** |
| **Cantor Fitzgerald Equity Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $68655658 | $— | $— | $68655658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITS | 6385820 |  |  | 6385820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1126675 |  |  | 1126675 |
| **Total** | $**76168153** | $**—** | $**—** | $**76168153** |
| **Cantor Fitzgerald High Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $48945690 | $— | $48945690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1467963 |  |  | 1467963 |
| **Total** | $**1467963** | $**48945690** | $**—** | $**50413653** |
| **Cantor Fitzgerald International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2227682 | $22270649 | $— | $24498331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositary Receipts | 1479981 |  |  | 1479981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 409192 |  |  | 409192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 837395 |  |  | 837395 |
| **Total** | $**4954250** | $**22270649** | $**—** | $**27224899** |
| **Cantor Fitzgerald Large Cap Focused Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $580966014 | $— | $— | $580966014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 21581920 |  |  | 21581920 |
| **Total** | $**602547934** | $**—** | $**—** | $**602547934** |

---

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

Refer to the Funds' Schedule of Investments for a listing of the holdings by sector type. There were no Level 3 investments held by the Funds as of or during the period/year ended September 30, 2025.

**Share valuation** — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding.

**Allocation between classes** — Class accounting investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expense relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to services fees, sub-accounting fees, and /or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

**Investment income** — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are amortized using the interest method. Withholding taxes, if any, on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's rules and tax rates.

**Distributions to shareholders** — Dividends arising from net investment income are declared and paid quarterly to shareholders of the Cantor Fitzgerald Equity Dividend Plus Fund, declared and paid annually to shareholders of the Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald International Equity Fund and the Cantor Fitzgerald Large Cap Focused Fund and declared daily and paid monthly to the shareholders of the Cantor Fitzgerald High Income Fund. Net realized short-term capital gains, if any, may be distributed throughout the year, and net realized long-term capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either temporary or permanent in nature. Dividends and distributions are recorded on the ex-dividend date.

**Investment transactions** — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investments sold are determined on a specific identification basis.

**Options transactions** — When the Funds' investment advisor believes that individual portfolio investment securities held by the Fund are approaching the top of the advisor's growth and price expectations, covered call options can be written (sold) against such securities and the Fund will receive a premium in return. The Fund writes options only for income generation and hedging purposes and not for speculation. The premiums received from writing the options are recorded as a liability and are subsequently valued daily at the closing prices on their primary exchanges. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised increase the proceeds used to calculate the realized gain or loss on the sale of the underlying security. If a closing purchase transaction is used to terminate a Funds' obligation on a call option, a gain or loss will be realized, depending upon whether the price of the closing purchase transaction is more or less than the premium previously received on the call option written.

**Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**Federal Income Tax** — The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Funds' intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Investment Transactions** 

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the period/year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | Purchases of investment | Proceeds from sales and |
| Fund | securities | maturities of investment securities |
| Cantor Fitzgerald Equity Dividend Plus Fund | $30293742 | $20047467 |
| Cantor Fitzgerald Equity Opportunity Fund | 12362772 | 27068507 |
| Cantor Fitzgerald High Income Fund | 11364905 | 11744761 |
| Cantor Fitzgerald International Equity Fund | 24443555 | 13543561 |
| Cantor Fitzgerald Large Cap Focused Fund | 161888167 | 138340481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Transactions with Related Parties** 

**INVESTMENT ADVISORY AGREEMENTS**

Cantor Fitzgerald Equity Dividend Plus Fund's, Cantor Fitzgerald International Equity Fund's and the Cantor Fitzgerald Large Cap Focused Fund's investments are managed by Cantor Fitzgerald Investment Advisors, L.P. (the "Advisor") under the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, Cantor Fitzgerald Equity Dividend Plus Fund and Cantor Fitzgerald Large Cap Focused Fund each pay the Advisor a fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.65% of its average daily net assets up to $500 million; 0.60% of the next $500 million of such assets; 0.55% of the next $1.5 billion of such assets, and 0.50% on assets in excess of $2.5 billion. For the Cantor Fitzgerald International Equity Fund, as full compensation for the investment advisory services provided to the Fund, the Advisor receives monthly compensation based on the Fund's

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

average daily net assets at the annual rate of 0.79%.

Aquila Investment Management LLC (the "Manager"), a wholly-owned subsidiary of Aquila Management Corporation, the Predecessor Funds' founder and sponsor, served as the Manager for the Aquila Opportunity Growth Fund and the Aquila High Income Fund under an Advisory and Administration Agreement with the Funds until October 18, 2024. Effective October 18, 2024, each Predecessor Funds' investments were managed by Cantor Fitzgerald Investment Advisors, L.P. under the terms of an Interim Investment Advisory Agreement with the Aquila Funds Trust.

Under the current Investment Advisory Agreement with the Trust, effective as of November 22, 2024, Cantor Fitzgerald Equity Opportunity Fund pays the Advisor a fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.80% of its average daily net assets. Prior to conversion, the Aquila Opportunity Growth Fund paid its Manager monthly compensation based on the Predecessor Funds' average daily net assets at the annual rate of 0.90% of such net asset value on net assets of the Fund up to $100,000,000, 0.85% on net assets of the Fund above $100,000,000 to $250,000,000, and 0.80% of the Funds' net assets above $250,000,000.

Under the current Investment Advisory Agreement with the Trust, effective as of November 22, 2024, Cantor Fitzgerald High Income Fund, pays the Advisor a fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.65% of its average daily net assets. Prior to conversion, the Aquila High Income Fund paid its Manager monthly compensation based on the Predecessor Funds' average daily net assets at the annual rate of 0.65%.

The Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High Income Fund, Cantor Fitzgerald Large Cap Focused Fund and Cantor Fitzgerald International Equity Fund's sub-advisor is Smith Group Asset Management, LLC (the "Sub-Advisor"). Pursuant to the sub-advisory agreement with the Advisor, the sub-advisor provides each Fund with a program of continuous supervision of the Funds' assets, including developing the composition of its portfolio, and furnishes advice and recommendations with respect to investments, investment policies, and the purchase and sale of securities. The Advisor pays a sub-advisory fee based on the Funds' daily net assets, at an annual rate of 0.35% for the Cantor Fitzgerald Equity Opportunity Fund, 0.25% for the Cantor Fitzgerald High Income Fund and Cantor Fitzgerald International Equity Fund and 0.20% for the Cantor Fitzgerald Large Cap Focused Fund.

The Advisor has entered into an Expense Limitation Agreement ("ELA") with the Trust, pursuant to which the Advisor has agreed to waive management fees and /or reimburse each Fund for expenses each Fund incurs, but only to the extent necessary to maintain each Funds' total annual operating expenses after fee waivers and/or reimbursement (exclusive of (i) brokerage fees and commissions; (ii) acquired fund fees and expenses; (iii) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor or Sub-Advisor) but inclusive of organizational costs and offering costs). The ELA shall continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by the Advisor.

During the period/year ended September 30, 2025, the Advisor earned fees in the amount of $423,128, $438,799, $271,139, $122,513 and $3,221,190 for the Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High Income Fund, Cantor Fitzgerald International Equity Fund and the Cantor Fitzgerald Large Cap Focused Fund, respectively.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Cap** | **Expiration** |
| Cantor Fitzgerald Equity Dividend Plus Fund | 1.24% Class A | January 31, 2026 |
|  | 0.99% Institutional Class |  |
| Cantor Fitzgerald Equity Opportunity Fund | 1.50% Class A | January 31, 2026 |
|  | 1.25% Institutional Class |  |
| Cantor Fitzgerald High Income Fund | 1.20% Class A | January 31, 2026 |
|  | 1.00% Institutional Class |  |
| Cantor Fitzgerald International Equity Fund | 1.24% Class A | January 31, 2026 |
|  | 0.99% Institutional Class |  |
|  | 0.79% Class F |  |
| Cantor Fitzgerald Large Cap Focused Fund | 1.17% Class A | January 31, 2026 |
|  | 0.86% Institutional Class |  |
|  | 0.79% Class R6 |  |

---

The Advisor may recoup investment advisory fees that it waived or Fund expenses that it paid under this agreement for a period of three years from the date the fees were waived or expenses paid, if the recoupment can be achieved without causing the expense ratio of the share class (after the recoupment is taken into account) to exceed (i) the expense limit in effect at the time the fees were waived or expenses paid, or (ii) the expense limit in place at the time of the recoupment.

As of September 30, 2025, the Advisor has waived/reimbursed expenses that may be recovered no later than September 30 of the years indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | 2026 | 2027 | 2028 |
| Cantor Fitzgerald Equity Dividend Plus Fund | $30999 | $114214 | $113306 |
| Cantor Fitzgerald Equity Opportunity Fund |  |  |  |
| Cantor Fitzgerald High Income Fund |  |  | 40257 |
| Cantor Fitzgerald International Equity Fund |  | 252568 | 312949 |
| Cantor Fitzgerald Large Cap Focused Fund | 456412 | 65747 | 150356 |

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**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus" or "Administrator") provides administration, fund accounting, and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities. During the period/year ended September 30, 2025, the Administrator earned fees for such services for the Funds. This can be referenced in the Statements of Operations.

Ultimus Fund Distributors, LLC ("UFD") serves as the Funds' principal underwriter and acts as the distributor of the Funds' shares. UFD is an affiliate of Ultimus. UFD is compensated by the Advisor (not the Funds) for acting as principal underwriter.

Pursuant to a distribution agreement and distribution plan, the Funds pay the distributor an annual 12b- 1 fee of 0.25% of the average daily net assets of the Class A shares of the Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

Equity Opportunity Fund, Cantor Fitzgerald International Equity Fund and Cantor Fitzgerald Large Cap Focused Fund and 0.20% of the average daily net assets of the Class A shares of the Cantor Fitzgerald High Income Fund. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board. Certain officers of the Trust are also employees of Ultimus and the Advisor and such persons are not paid by the Funds for serving in such capacities.

**COMPENSATION OF TRUSTEES**

Trustees and officers affiliated with the Advisor or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Advisor or Ultimus receives from the Trust an annual retainer of $20,000, payable quarterly, annual payment of $5,000 for audit committee chair fee, payable quarterly, and reimbursement of travel and other expenses incurred in attending meetings. The Independent Trustees received aggregate compensation of $15,678, $10,233, $10,523, $15,445 and $15,623, for the period/year ended September 30, 2025, for the Cantor Fitzgerald Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High Income Fund, Cantor International Equity Fund, and Cantor Fitzgerald Large Cap Focused Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Derivatives Transactions** 

The derivative instruments outstanding as of September 30, 2025, as disclosed in the Schedule of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Cantor Fitzgerald Equity Dividend Plus Fund.

The location on the Statements of Assets and Liabilities of the Funds' derivative positions as of September 30, 2025, is as follows:

**Cantor Fitzgerald Equity Dividend Plus Fund**

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Fair Value** |
| <br>**Type of Derivative (Risk)** | <br>**Location** | **Asset**<br>**Derivatives** | **Liability**<br>**Derivatives** |
| Call options written (Equity) | Written call options, at value | $— | $(757227) |

---

The Fund's transactions in derivative instruments during the year ended September 30, 2025 are recorded in the following locations on the Statements of Operations:

**Cantor Fitzgerald Equity Dividend Plus Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Type of Derivative (Risk)** | <br>**Location** | **Net**<br>**Realized**<br>**Gains** | <br>**Location** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Call options written (Equity) | Net realized gain (loss) from written option | $327672 | Net change in unrealized appreciation (depreciation) | $(145785) |

---

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**Offsetting of Financial Assets and Derivative Liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | Gross Amounts Not Offset in the Statement of Assets | Gross Amounts Not Offset in the Statement of Assets | |
| Liabilities: |  |  | & Liabilities | & Liabilities |  |
|  |  | Net Amounts of |  |  |  |
|  | Gross Amounts Offset in | Liabilities Presented |  |  |  |
|  | the Statement of Assets | in the Statement of |  | Cash Collateral |  |
| Description | & Liabilities <sup>(1)</sup> | Assets & Liabilities | Financial Instruments <sup>(2)</sup> | Received | Net Amount |
| Options Written | $— | $757227 | $757227 | $— | $— |

---

<sup>(1)</sup> Written options at value as presented in the Schedule of Investments.

<sup>(2)</sup> The amount is limited to the derivative liability balance and, accordingly, does not include excess collateral pledged.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Beneficial Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025 the following shareholders owned of record 25% or more of the outstanding shares of each Fund.

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| **Cantor Fitzgerald Equity Dividend Plus Fund** |  |
| UBS Financial Services (for the benefit of its customers) | 25% |
| **Cantor Fitzgerald International Equity Fund** |  |
| JP Morgan LLC (for the benefit of its customers) | 47% |
| National Financial Services LLC (for the benefit of its customers) | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Contingencies and Commitments** 

The Trust indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Trust. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Principal Investment Risks** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risk** | **Equity Dividend<br> Plus Fund** | **Equity Opportunity<br> Fund** | **High Income<br> Fund** | **International<br> Equity Fund** | **Large Cap<br> Focused Fund** |
| Active Management and Selection Risk | ✔ | | | ✔ | ✔ |
| Covered Call Option Risk | ✔ | | | | |
| Credit Risk | | | ✔ | | |
| Cybersecurity Risk | ✔ | ✔ | ✔ | ✔ | ✔ |
| Distribution Risk | ✔ | | | | |
| Dividend Strategy Risk | ✔ | | | | |
| Emerging Market Securities Risk | | ✔ | ✔ | | |
| Equity Securities Risk | ✔ | | | ✔ | ✔ |
| Foreign Securities Risk | | ✔ | ✔ | ✔ | |
| Growth Stock Risk | | | | ✔ | ✔ |
| Interest Rate Risk | | | ✔ | | |
| Investment Risk | ✔ | | ✔ | ✔ | ✔ |
| Junk Bond Risk | | | ✔ | | |
| Large Company Risk | ✔ | | | | |
| Limited History of Operations | | | | ✔ | |
| Limited Number of Securities Risk | | | | ✔ | ✔ |
| Liquidity Risk | | | | ✔ | ✔ |
| Market Risk | ✔ | | ✔ | ✔ | ✔ |
| Medium Company Size Risk | | | | ✔ | |
| Mid-Cap Company Risk | ✔ | | | | |
| Portfolio Turnover Risk | | ✔ | | | |
| Portfolio Selection Risk | | ✔ | ✔ | | |
| Prepayment of Call Risk | | | ✔ | | |
| Redemption Risk | | ✔ | ✔ | | |
| Sector Risk | | | | ✔ | ✔ |
| Small to Medium Company Size Risk | | ✔ | | | ✔ |
| Subordinated Securities Risk | | ✔ | | | |
| Tax Risk | ✔ | | | | |

---

Investments in the Funds are subject to investment risks, including the possible loss of some or the entire principal amount invested. The Funds are subject to certain risks, including the principal risks noted below, any of which may adversely affect the Funds' net asset value per shares, trading price, yield, total return, and ability to meet their investment objectives. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. The prospectus states the individual risks for each individual fund, generally, the Funds will be subject to the following principal risks:

**Active management and selection risk** — The risk that the securities selected by a funds' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Covered call option risk** – The use of options requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling securities. If the Advisor is incorrect in its price

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

expectations and the market price of a security subject to a call option rises above the exercise price of the option, the Fund will lose the opportunity for further appreciation of that security but continue to bear the risk of a decline in the value of the underlying stock.

**Credit risk** – If an issuer or obligor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Securities in the lowest category of investment grade (i.e., BBB/Baa) may be considered to have speculative characteristics.

**Cybersecurity risk** – Cybersecurity failures by and breaches of the Funds' Advisor, Transfer Agent, Custodian, Distributor or other service providers may disrupt Fund operations, interfere with the Funds' ability to calculate its NAV, prevent Fund shareholders from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to private shareholder information, or result in financial losses to the Fund and its shareholders, regulatory fines, penalties, reputational damage, or additional compliance costs. Substantial costs may be incurred in order to prevent any cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result.

**Dividend strategy risk** – The Funds' focus on dividend-paying stocks could cause it to underperform relative to funds that invest without consideration of a company's track record of paying dividends. An issuer of a stock held by the Funds may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Changes in the dividend policies or capital resources of companies in which the Fund invests may affect the Funds' ability to generate income.

**Emerging Market Securities risk** – Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

**ETF risk** – An investment in an ETF generally presents the same primary risks as an investment in a conventional investment company, including the risk that the general level of security prices owned by the ETF may decline, thereby affecting the value of the shares of the ETF. In addition, ETFs are subject to certain risks that do not apply to conventional open-end mutual funds, including the risk that the market price of an ETF's shares may trade at a discount to its net asset value, or that an active trading market for an ETF's shares may not be developed or maintained.

**Equity securities risk** – The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on negative developments in the U.S. or global economies. Stocks and other equity securities are subject to inherent market risks and fluctuations in value due to earnings and other developments affecting a particular company or industry, stock market trends and general economic conditions, investor perceptions, interest rate changes and other factors beyond the control of the Advisor. The price of a company's stock may decline if the company does not perform as expected, if it is not well managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial, or political events in one country, sector or region could have potentially adverse effects on global economies or markets. Russia's military invasion of Ukraine, the responses and sanctions by other countries, and the potential for wider conflicts, could continue to have adverse effects

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

on regional and global economies and may further strain global supply chains and negatively affect global growth and inflation. Policy changes by the U.S. government and/or Federal Reserve and political events with the U.S. and abroad, such as changes in the U.S. presidential administration and Congress, may affect investor and consumer confidence, and adversely impact the financial markets.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and the markets. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, and efforts to contain its spread, have resulted, and may continue to result in labor shortages, supply chain disruptions, lower consumer demand for certain products and services, and significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment.

**Extension risk** – During periods of rising interest rates, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down even more because their interest rates are lower than the current interest rate and they remain outstanding longer.

**Foreign Securities risk** – Foreign securities are subject to a number of additional risks, including nationalization or expropriation of assets, imposition of currency controls or restrictions, confiscatory taxation, political or financial instability, military conflicts and sanctions, terrorism, arbitrary application of laws and regulations or lack of rule of law, and other adverse economic or political developments. Lack of information and less market regulation may also affect the value of these securities. Risks are greater for investments in emerging markets. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Sanctions or other government actions against certain countries could negatively impact the Funds' investments in securities that have exposure to those countries. Circumstances that impact

**Growth stock risk** — Growth stocks (such as those in the information technology sector) reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**Interest Rate risk** – The market prices of the Funds' fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or longer duration securities. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens," the value of the security will generally go down.

**Investment risk** – Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.

Major public health issues, such as COVID-19, have at times, and may in the future impact the Fund. The COVID-19 pandemic caused substantial market volatility and global business disruption and impacted the global economy in significant and unforeseen ways. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases or the threat thereof, and the resulting financial and economic market uncertainty, could have a material adverse impact on the Fund or its investments. Moreover, changes in interest rates, travel advisories, quarantines and restrictions, disrupted supply chains and industries, impact on labor markets, reduced liquidity or a slowdown in U.S. or global economic conditions resulting from a future public health crisis may also adversely affect the Fund or its investments. COVID-19, or any other health crisis and the current or any resulting financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Funds' NAV, performance, financial condition, results of operations, ability to pay distributions, make share repurchases and portfolio liquidity, among other factors.

**Junk Bonds risk** – Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

**Large company risk** – Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a funds' value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a Fund has valued them.

**Management risk** – The Advisor's method of security selection may not be successful and the securities in the Funds' portfolio may not perform as well as the market as a whole. Value stocks are subject to the risks that they may not appreciate in value as expected or their prices may decline.

**Market risk –** The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Mid-cap company risk** – Mid-capitalization ("mid-cap") companies often involve higher risks because they may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In many instances, the securities of mid-cap companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**Portfolio Selection risk** – The value of your investment may decrease if the Sub-Advisor's judgment about the quality, relative yield, value or market trends affecting a particular market segment, security, industry, sector or region, or about interest rates or other market factors, is incorrect, or there may be imperfections, errors or limitations in the models, tools and information used by the Sub-Advisor.

**Portfolio Turnover risk –** If the Fund does a lot of trading, it may incur additional operating expenses and other costs, which would reduce performance. Trading activity could also cause shareholders to incur a higher level of taxable income or capital gains.

**Prepayment or Call risk** – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on prepaid securities. The Fund may also lose any premium it paid on prepaid securities.

**Redemption risk** – The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value or accelerate taxable gains or transaction costs, which could cause the value of your investment to decline.

**Small and Mid-Sized Companies risk** – Companies having market capitalization of middle to smaller size are comparatively less well known and may have less trading in their shares than larger companies. Compared to large companies, small-and mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories and capital resources, may be dependent upon a limited management group, experience sharper swings in market values, have limited liquidity, be harder to value or to sell at the times and prices the Advisor thinks appropriate, and offer greater potential for gain and loss. The Fund invests in companies that are highly leveraged. Leverage can magnify the impact of adverse economic, political, regulatory and other developments on a company's operations and market value.

**Subordinated Securities risk** – Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Sector Risk** 

If the Cantor Fitzgerald Large Cap Focused Fund or Cantor Fitzgerald International Equity Fund has significant investments in the securities of issuers in industries within a particular business 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 Funds' 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, or other developments may negatively impact all companies in a particular sector and, therefore, the value of the Funds' portfolio would be adversely affected. As of September 30, 2025, the Cantor Fitzgerald Large Cap Focused Fund had 33.4% of its net assets invested in the Technology sector and Cantor Fitzgerald International Equity Fund had 30.52% of its net assets invested in the Financials sector.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Distributions to Shareholders and Tax Components of Capital** 

The following table represents aggregate cost for federal tax purposes, including written options, for the Funds as of September 30, 2025 and differs from fair value by net unrealized appreciation/depreciation which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Cantor Fitzgerald Equity & Dividend Plus Fund | $59929157 | $16831640 | $(2248784) | $14582856 |
| Cantor Fitzgerald Equity Opportunity Fund | 48017171 | 28938300 | (787318) | $28150982 |
| Cantor Fitzgerald High Income Fund | 49292096 | 1282601 | (161044) | $1121557 |
| Cantor Fitzgerald International Equity Fund | 21888873 | 5547202 | (211176) | $5336026 |
| Cantor Fitzgerald Large Cap Focused Fund | 353485718 | 253303410 | (4241194) | $249062216 |

---

The tax character of fund distributions for each Fund and period ended below was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year/period ended September 30, 2025:*** | ***For the year/period ended September 30, 2025:*** | ***For the year/period ended September 30, 2025:*** | ***For the year/period ended September 30, 2025:*** | ***For the year/period ended September 30, 2025:*** |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Cantor Fitzgerald Equity & Dividend Plus Fund | $2545822 | $4357842 | $— | $6903664 |
| Cantor Fitzgerald Equity Opportunity Fund |  |  |  |  |
| Cantor Fitzgerald High Income Fund | 2284166 \* |  |  | 2284166 |
| Cantor Fitzgerald International Equity Fund | 264435 |  |  | 264435 |
| Cantor Fitzgerald Large Cap Focused Fund |  | 22836505 |  | 22836505 |

---

\* Differences in distributions between the Statement of Changes paid from book and tax on the income funds relate to the adjustments for dividends pay able for tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended September 30, 2024:*** | ***For the year ended September 30, 2024:*** | ***For the year ended September 30, 2024:*** | ***For the year ended September 30, 2024:*** | ***For the year ended September 30, 2024:*** |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Cantor Fitzgerald Equity & Dividend Plus Fund | $2260389 | $1419301 | $— | $3679690 |
| Cantor Fitzgerald International Equity Fund |  |  |  |  |
| Cantor Fitzgerald Large Cap Focused Fund | 351412 | 9094434 |  | 9445846 |

---

During the current year, the following funds had a change of fiscal year end from December 31, the tax character of dividends paid during the prior fiscal period ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended December 31, 2024:*** | ***For the year ended December 31, 2024:*** | ***For the year ended December 31, 2024:*** | ***For the year ended December 31, 2024:*** | ***For the year ended December 31, 2024:*** |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Cantor Fitzgerald Equity Opportunity Fund | $6673266 | $10896879 | $— | $17570145 |
| Cantor Fitzgerald High Income Fund | 4188354 |  |  | 4188354 |
| ***For the period ended December 31, 2023:*** | ***For the period ended December 31, 2023:*** | ***For the period ended December 31, 2023:*** | ***For the period ended December 31, 2023:*** | ***For the period ended December 31, 2023:*** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
|  | **Income** | **Capital Gains** | **Capital** | **Total** |
| Cantor Fitzgerald Equity Opportunity Fund | $— | $— | $— | $— |
| Cantor Fitzgerald High Income Fund | 4582745 |  |  | 4582745 |

---

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Cantor Fitzgerald Equity Dividend Plus Fund | $217114 | $3544775 | $— | $— | $— | $14582856 | $18344745 |
| Cantor Fitzgerald Equity Opportunity Fund | 73739 | 2100603 |  |  |  | 28150982 | 30325324 |
| Cantor Fitzgerald High Income Fund | 14563 |  |  | (9675283) | (26241) | 1121557 | (8565404) |
| Cantor Fitzgerald International Equity Fund | 257242 |  | (114261) |  |  | 5338370 | 5481351 |
| Cantor Fitzgerald Large Cap Focused Fund | 11253580 | 10772892 |  |  |  | 249062216 | 271088688 |

---

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to C-Corporation return of capital distributions, perpetual bonds and amortization, and the tax deferral of losses on wash sales.

The unrealized appreciation (depreciation) in the table above includes Cantor Fitzgerald International Equity Fund unrealized foreign currency gains of $2,344.

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post- October losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended September 30, 2025, the Cantor Fitzgerald International Equity Fund elected to defer Post-October Losses listed in the above table to October 1, 2025.

At September 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss Carry**<br>**Forward Utilized** |
| Cantor Fitzgerald Equity & Dividend Plus Fund $- | $— | $— | $— | $— |
| Cantor Fitzgerald Equity Opportunity Fund |  |  |  |  |
| Cantor Fitzgerald High Income Fund | 2853725 | 6821558 | 9675283 |  |
| Cantor Fitzgerald International Equity Fund |  |  |  |  |
| Cantor Fitzgerald Large Cap Focused Fund |  |  |  |  |

---

During the fiscal period ended September 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, and distributions in excess, resulted in reclassifications for the year ended September 30, 2025 for the Funds as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid In Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Cantor Fitzgerald Equity & Dividend Plus Fund | $250197 | $(250197) |
| Cantor Fitzgerald Equity Opportunity Fund | 80593 | (80593) |
| Cantor Fitzgerald High Income Fund |  |  |
| Cantor Fitzgerald International Equity Fund | 6269 | (6269) |
| Cantor Fitzgerald Large Cap Focused Fund | 2557066 | (2557066) |

---

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **New Accounting Pronouncement** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Subsequent Events** 

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events besides the following.

The Board has approved, effective October 1, 2025, the reduction in the expense caps under the current Expense Limitation Agreement for the Cantor Fitzgerald High Income Fund through January 31, 2027.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | | **Expense Cap** | **Expiration** |
| Cantor Fitzgerald High Income Fund | 1.00% | Class A | January 31, 2027 |
|  | 0.80% | Institutional Class |  |

---

![(LOGO)](ca002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

Cantor Select Portfolios Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and open option contracts (as applicable), of Cantor Fitzgerald Funds comprising the funds listed below (the "Funds"), each a series of Cantor Select Portfolios Trust, as of September 30, 2025, the related statements of operations and 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.

---

| | | | |
|:---|:---|:---|:---|
|  | Statements of | Statements of |  |
| Fund Name | Operations | Changes in Net Assets | Financial Highlights |
| Cantor Fitzgerald Equity Dividend Plus Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025 and 2024, the period from April 1, 2023 through September 30, 2023, and the years ended March 31, 2023, 2022, and 2021 |
| Cantor Fitzgerald Equity Opportunity Fund and Cantor Fitzgerald High Income Fund | For the period from January 1, 2025 through September 30, 2025 and the year ended December 31, 2024 | For the period from January 1, 2025 through September 30, 2025 and the year ended December 31, 2024 | For the period from January 1, 2025 through September 30, 2025 and the year ended December 31, 2024 |
| Cantor Fitzgerald International Equity Fund | For the year ended September 30, 2025 | For the year ended September 30, 2025 and the period from December 15, 2023 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025 and the period from December 15, 2023 (commencement of operations) through September 30, 2024 |
| Cantor Fitzgerald Large Cap Focused 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 |

---

Cantor Fitzgerald Equity Opportunity Fund's and Cantor Fitzgerald High Income Fund's statements of changes in net assets and financial highlights for the years ended December 31, 2023, and prior, were audited by other auditors whose report dated February 29, 2024, expressed an unqualified opinion on those statements of changes in net assets and financial highlights. Cantor Fitzgerald Large Cap Focused Fund's financial highlights for the year ended September 30, 2021 were audited by other auditors whose report dated November 17, 2021, expressed an unqualified opinion on those financial highlights.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Basis for Opinion

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.

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 brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Cantor Fitzgerald Investment Advisors, L.P. since 2016.

![(SIGNATURE)](ca003_v1.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 26, 2025

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **September 30, 2025** |

---

**Item 8 - Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9 - Proxy Disclosures**

Not applicable.

**Item 10 - Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Item 11 - Statement Regarding Basis for Approval of Investment Advisory Agreement**

In connection with the Board meeting held on June 27, 2025, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement (the "Investment Advisory Agreement") between the Trust and the Advisor, with respect to the Funds.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the Investment Advisory Agreement, the Trustees considered numerous factors, including:

*Nature, Extent and Quality of Services.* The Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement. The Trustees reviewed the services provided by the Adviser to each of the Funds including, without limitation, the quality of its investment advisory services since inception and its coordination of services among the service providers. The Trustees evaluated the Adviser's staffing, personnel, and methods of operating; the education and experience of the Adviser's personnel; the Adviser's compliance program; and the Adviser's financial condition. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., descriptions of the Adviser's business, compliance program, and ADV), the Board concluded that the nature, extent, and quality of the services provided by the Adviser were satisfactory and adequate.

*Performance.* The Trustees compared the performance of each Fund with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar category and peer group average). The Trustees noted that the Equity Dividend Plus Fund and the Cantor Fitzgerald International Equity Fund outperformed the peer group average, category average, and the primary benchmark for the one-year, five-year and ten-year periods. The Trustees noted that the Cantor Fitzgerald Large Cap Focused Fund underperformed the peer group average, category average, and the primary benchmark for the one-year period. The Trustees noted that the Adviser believed that the underperformance was attributable to the underweight of the Cantor Fitzgerald Large Cap Focused Fund in mega-cap technology holdings compared to the peer group, category, and benchmark. The Trustees noted that the Cantor Fitzgerald Equity Opportunity Fund and the Cantor Fitzgerald High Income Fund underperformed the peer group average, category average, and the primary benchmark for the one-year, five- year and ten-year periods but considered that these Funds were not managed by the Adviser until recently. The Trustees also considered the Adviser's role in supervising the investment activity of Smith Asset. The Trustees also noted that the Adviser has historically acted as a "manager of managers". The Trustees concluded that based on each Fund's investment strategy and the Adviser's presentation, the Adviser had the expertise to fulfill each Fund's investment mandate.

*Fees and Expenses.* The Trustees next considered information regarding each Fund's proposed management fee. They compared each Fund's proposed management fee to each Fund's peer group and category, as presented by the Adviser. The Trustees noted that the management fee for the Equity Dividend Plus Fund and Cantor Fitzgerald Large Cap Focused Fund is lower than the peer group average and lower than the Morningstar category average. The Trustees further noted that the management fee for the Cantor Fitzgerald Equity Opportunity Fund, the Cantor Fitzgerald High Income Fund, and the Cantor Fitzgerald International Equity Fund is slightly higher than the peer group average and the Morningstar category average. Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Adviser were not unreasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arm's length.

*Profitability*. The Trustees considered the Adviser's profitability in connection with its management of the Funds. The Trustees also took into account the services the Adviser provides under the Investment Advisory Agreement, including the Adviser's costs in managing each Fund. The Trustees considered the estimated costs of managing the Funds and information provided by the Adviser regarding its financial

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **September 30, 2025** |

---

condition. The Trustees discussed the profitability level of the Adviser, noting, among other factors and circumstances, that the level of profitability was not excessive.

*Economies of Scale*. The Trustees considered whether the Adviser would realize economies of scale with respect to its management of the Funds. The Trustees noted that the Cantor Fitzgerald Large Cap Focused Fund is expected to benefit from economies of scale over the next 12 months as adviser fees are expected to scale to lower tier expense ratio over the next 12- 24 months. The Trustees further noted that the Cantor Fitzgerald High Income Fund, the Cantor Fitzgerald Equity Opportunity Fund, the Cantor Fitzgerald International Equity Fund and the Equity Dividend Plus Fund are not expected to benefit from any meaningful economies of scale until Fund assets from each Fund reach $500 million. The Board observed that economies of scale will be considered in the future as each Fund's asset level grows.

*Conclusion.* The Trustees, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the renewal of the Investment Advisory Agreement, with the Independent Trustees having met in executive session with counsel, determined that renewal of the Investment Advisory Agreement for an additional one -year term is in the best interests of each Fund and their shareholders.

In connection with the Board meeting held on June 27, 2025, the Board, including a majority of the Independent Trustees, discussed the approval of a sub-advisory agreement between the Advisor and the Sub-Advisor, with respect to the Cantor Fitzgerald Large Cap Focused Fund, the Cantor Fitzgerald International Equity Fund, the Cantor Fitzgerald Equity Opportunity Fund, and the Cantor Fitzgerald High Income Fund (the "Sub-Advised Funds")(the "Investment Sub -Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Investment Sub-Advisory Agreement, the Trustees reviewed materials prepared by the Sub-Advisor.

In deciding on whether to approve the Investment Sub-Advisory Agreement, the Trustees considered numerous factors, including:

*Nature, Extent and Quality of Services.* The Trustees considered the responsibilities of Smith Asset under the Sub-Advisory Agreements. The Trustees evaluated since inception Smith Asset's staffing, personnel, and methods of operating; the education and experience of Smith Asset's personnel; compliance program; research and recommendations with respect to portfolio securities; procedures for formulating investment recommendations and assuring compliance with each Fund's investment objectives, policies and limitations; and financial condition. After reviewing the foregoing information and further information in the memorandum from Smith Asset (e.g., descriptions of Smith Asset's business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by Smith Asset were satisfactory and adequate for the Sub-Advised Funds.

*Performance.* The Trustees compared the performance of each Sub-Advised Fund with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar category and peer group average). The Trustees noted that the Cantor Fitzgerald International Equity Fund outperformed the peer group average, category average, and the primary benchmark for the one-year, five-year and ten-year periods. The Trustees noted that the Cantor Fitzgerald Large Cap Focused Fund underperformed the peer group average, category average, and the primary benchmark for the one-year period. The Trustees noted that the Adviser believed that the underperformance was attributable to the underweight of the Cantor Fitzgerald Large Cap Focused Fund in mega-cap technology holdings compared to the peer group, category, and benchmark. The Trustees noted that the Cantor Fitzgerald Equity Opportunity Fund and the Cantor Fitzgerald High Income Fund underperformed the peer group average, category average, and the primary benchmark for the one-year, five-year and ten-year periods but considered that these Funds were not managed by Smith Asset until recently. The Trustees concluded that based on each Fund's investment strategy and Smith Asset's presentation, Smith Asset had the expertise to fulfill each Fund's investment mandate.

*Fees and Expenses.* The Trustees first noted the sub- advisory fee for each Sub-Advised Fund under the Sub-Advisory Agreements. The Trustees noted that there were few comparable accounts managed by Smith Asset against which to compare the sub-advisory fee proposed for the Sub-Advised Funds, but the Trustees noted the advisory fee comparison presented by the Adviser. The Trustees noted that the fee charged by Smith Asset for the Cantor Fitzgerald Large Cap Focused Fund is the lowest fee rate for any mutual fund, pooled investment vehicle, or private account managed by Smith Asset in the same or similar strategy for that Fund. Following this discussion, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Smith Asset were not unreasonable in relation to the nature and quality of the services provided by Smith Asset and that they reflected charges that were within a range of what could have been negotiated at arm's length.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **September 30, 2025** |

---

*Profitability*. The Trustees considered Smith Asset's profitability in connection with its management of the Sub-Advised Funds. The Trustees also took into account the services Smith Asset provides under the Sub-Advisory Agreements, including Smith Asset's costs in managing each Fund. The Trustees considered the estimated costs of managing the Sub- Advised Funds and information provided by Smith Asset regarding its financial condition. The Trustees discussed the profitability level of Smith Asset, noting, among other factors and circumstances, that the level of profitability was not excessive.

*Economies of Scale*. The Trustees considered whether Smith Asset would realize economies of scale with respect to its management of the Sub-Advised Funds. The Board considered the extent to which economies of scale would be realized as the Sub-Advised Funds grow and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of each Sub-Advised Fund's investors. The Board noted that breakpoints may be an appropriate way for Smith Asset to share its economies of scale if the Sub-Advised Funds experience substantial asset growth; however, the Board recognized that the Sub-Advised Funds may take some time to reach an asset level where Smith Asset could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as each Sub-Advised Fund's asset level grows.

*Conclusion.* The Trustees, having requested and received such information from Smith Asset as it believed reasonably necessary to evaluate the terms of the Sub-Advisory Agreements, with the Independent Trustees having met in executive session with counsel, determined that renewal of the Sub-Advisory Agreement for an additional one-year term is in the best interests of the Sub-Advised Funds and their shareholders.

**Foreign Tax Credit (Unaudited)**

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**9/30/2025** | <br>**Foreign Taxes Paid** | <br>**Foreign Source Income** |
| Cantor Fitzgerald International Equity Fund | 0.02 | 0.18 |
| **For fiscal year ended** |  |  |
| **9/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Cantor Fitzgerald International Equity Fund | 0.02 | 0.21 |

---

Information regarding how the Funds vote proxies relating to portfolio securities for the twelve month period ended June 30 as well as a description of the policies and procedures that the Funds used to determine how to vote proxies are available without charge, upon request, by calling 1-833-764-2266 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

![(BACK COVER)](ca004_v1.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Included under Item 7

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Included under Item 7

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**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.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex_99cert.htm)

(a)(4) Change in the registrant's independent public accountant

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex_99-906cert.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.

Cantor Select Portfolios Trust

---

| | |
|:---|:---|
| By | /s/ William Ferri |
| William Ferri | William Ferri |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 12/5/2025 | Date: 12/5/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ William Ferri |
| William Ferri | William Ferri |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 12/5/2025 | Date: 12/5/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 12/5/2025 | Date: 12/5/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, William Ferri, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Cantor Fitzgerald
 Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High
 Income Fund, Cantor Fitzgerald International Equity Fund and Cantor Fitzgerald Large Cap
 Focused Fund (each a series of Cantor Select Portfolios Trust);

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ William Ferri |
|  |  | William Ferri |
|  |  | Principal Executive Officer/President |

---

Certification [Exhibit 99. CERT]

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Cantor Fitzgerald
 Equity Dividend Plus Fund, Cantor Fitzgerald Equity Opportunity Fund, Cantor Fitzgerald High
 Income Fund, Cantor Fitzgerald International Equity Fund and Cantor Fitzgerald Large Cap
 Focused Fund (each a series of Cantor Select Portfolios Trust);

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

William Ferri, Principal Executive Officer/President, and Brian Curley, Principal Financial Officer/Treasurer, of the Cantor Select Portfolios Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the year ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Cantor Select Portfolios Trust | Cantor Select Portfolios Trust | Cantor Select Portfolios Trust | Cantor Select Portfolios Trust |
| /s/ William Ferri | /s/ William Ferri | /s/ Brian Curley | /s/ Brian Curley |
| William Ferri | William Ferri | Brian Curley | Brian Curley |
| Date: | 12/5/2025 | Date: | 12/5/2025 |

---

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

## Ex-99.Code

**Code of Ethics for Senior Officers**

**Cantor Select Portfolios Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Cantor Select Portfolios Trust (the "Trust") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely, and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and their adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Cantor Select Portfolios Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _____.

Set forth below exceptions to items (3) and (4), if any:

Name: _________________

Date: _________________