# EDGAR Filing Document

**Accession Number:** 0001215880
**File Stem:** 0001413042-26-000462
**Filing Date:** 2026-5
**Character Count:** 303010
**Document Hash:** ec054894c1c193768e101c5ce99af2cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000462.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001413042-26-000462

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21290
- **FILM NUMBER:** 261042751

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |
| Investment Company Act file number 811-21290 |
| **<u>Neiman Funds</u>** |
| (Exact name of registrant as specified in charter) |
| <u>305 Spindrift Drive, Williamsville, NY 14221</u> |
| (Address of principal executive offices) (Zip code) |
| Daniel Neiman |
| <u>305 Spindrift Drive, Williamsville, NY 14221</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (858) 336-0832** |
| **Date of fiscal year end: September 30** |
| **Date of reporting period: March 31, 2026** |

---

**Item 1. Reports to Stockholders.**

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital Total Return - Equity Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital Total Return - Equity Fund | $93 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $317562385 |
| Number of Portfolio Holdings | 53 |
| Portfolio Turnover Rate (%) | 14% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-4_sa61.jpg)

\* Net Cash represents Cash, Cash Equivalents and Other Assets in Excess of Liabilities.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital Small/Mid Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital Small/Mid Cap Fund | $89 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $114555089 |
| Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate (%) | 9% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-6_sa61.jpg)

\* Net Cash represents Cash, Cash Equivalents and Other Assets in Excess of Liabilities.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital Tactical Fixed Income Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital Tactical Fixed Income Fund | $93 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $195059448 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate (%) | 0% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-5_sa61.jpg)

\* Net Cash represents Cash, Cash Equivalents and Other Assets in Excess of Liabilities.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital Active All Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital Active All Cap Fund | $92 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $262689390 |
| Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate (%) | 0% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-3_sa61.jpg)

\* Net Cash represents Cash, Cash Equivalents and Other Assets in Excess of Liabilities.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital Growth Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital Growth Fund | $90 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $130869814 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate (%) | 10% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-7_sa71.jpg)

\* Net Cash represents Cash, Cash Equivalents and Liabilities in Excess of Other Assets.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](advisorscapitallogo.jpg)

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

### Semi-Annual Shareholder Report

### March 31, 2026
This semi-annual shareholder report contains important information about the Advisors Capital International Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.

**What were the Fund costs for the last six months?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment<sup>+</sup>**  |
| Advisors Capital International Fund | $93 | 1.87% |

---

<sup>+</sup> Annualized.

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $46301936 |
| Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate (%) | 12% |

---

**What did the Fund invest in?**

**Sectors (% of net assets)**

![Af Image](fp0098491-8_sa71.jpg)

\* Net Cash represents Cash, Cash Equivalents and Other Assets in Excess of Liabilities.

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

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| |
|:---|
| **Item 2. Code of Ethics.** |
| Not applicable. |
| **Item 3. Audit Committee Financial Expert.** |
| Not applicable. |
| **Item 4. Principal Accountant Fees and Services.** |
| Not applicable. |
| **Item 5. Audit Committee of Listed Companies.** |
| Not applicable. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |  |
| **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Aircraft Engines & Engine Parts** | **Aircraft Engines & Engine Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 26900 | Honeywell International Inc. |  | $&nbsp;&nbsp;&nbsp;&nbsp; 6080207 | 1.91% |
| **Auto Controls for Regulating Residential & Commercial Environments** | **Auto Controls for Regulating Residential & Commercial Environments** | **Auto Controls for Regulating Residential & Commercial Environments** | **Auto Controls for Regulating Residential & Commercial Environments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Trane Technologies PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5834360 | 1.84% |
| **Beverages** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30200 | PepsiCo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689758 | 1.48% |
| **Biological Products, (No Diagnostic Substances)** | **Biological Products, (No Diagnostic Substances)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14500 | Amgen Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5101825 | 1.61% |
| **Computer & Office Equipment** | **Computer & Office Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | International Business Machines Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6059750 | 1.91% |
| **Computer Communications Equipment** | **Computer Communications Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7371050 | 2.32% |
| **Electric Services** | **Electric Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 75600 | NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7021728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 49800 | The Southern Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806696 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11828424 | 3.72% |
| **Electronic Computers** | **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 46800 | Apple Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 11877372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38800 | Dell Technologies Inc. - Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6368244 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18245616 | 5.75% |
| **Farm Machinery & Equipment** | **Farm Machinery & Equipment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9200 | Deere & Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5182360 | 1.63% |
| **Finance Services** | **Finance Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | American Express Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2722320 | 0.86% |
| **Fire, Marine & Casualty Insurance** | **Fire, Marine & Casualty Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7900 | Berkshire Hathaway Inc. - Class B \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3785680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21500 | Chubb Ltd. (Switzerland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7007495 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10793175 | 3.40% |
| **Guided Missiles & Space Vehicles & Parts** | **Guided Missiles & Space Vehicles & Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9800 | Lockheed Martin Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5923022 | 1.86% |
| **Industrials Inorganic Chemicals** | **Industrials Inorganic Chemicals** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9400 | Linde PLC (United Kingdom) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660144 | 1.47% |
| **Insurance Agents, Brokers & Service** | **Insurance Agents, Brokers & Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10100 | Aon PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3260078 | 1.03% |
| **Measuring & Controlling Devices, NEC** | **Measuring & Controlling Devices, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12900 | Thermo Fisher Scientific Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6340737 | 2.00% |
| **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16500 | Eaton Corporation PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5901555 | 1.86% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8530640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 85100 | Truist Financial Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3912047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 79800 | Wells Fargo & Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6352878 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18795565 | 5.92% |
| **Natural Gas Transmission** | **Natural Gas Transmission** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;125000 | The Williams Companies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9097500 | 2.86% |
| **Petroleum Refining** | **Petroleum Refining** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 42700 | Chevron Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8834630 | 2.78% |
| **Pharmaceutical Preparations** | **Pharmaceutical Preparations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38800 | Abbott Laboratories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3983596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24700 | Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6037668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34300 | Zoetis Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4054603 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14075867 | 4.43% |
| **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32600 | QUALCOMM Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4198228 | 1.32% |
| **Radiotelephone Communications** | **Radiotelephone Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25700 | T-Mobile US, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397771 | 1.70% |
| **Retail - Eating & Drinking Places** | **Retail - Eating & Drinking Places** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Starbucks Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4927450 | 1.55% |
| **Retail - Family Clothing Stores** | **Retail - Family Clothing Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 29200 | Ross Stores, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6325596 | 1.99% |
| **Retail - Lumber & Other Building Materials Dealers** | **Retail - Lumber & Other Building Materials Dealers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400 | The Home Depot, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393796 | 1.70% |
| **Retail - Retail Stores, NEC** | **Retail - Retail Stores, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8800 | Ulta Beauty, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4599848 | 1.45% |
| **Retail - Variety Stores** | **Retail - Variety Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6200 | Costco Wholesale Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177866 | 1.95% |
| **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18400 | CME Group Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5434440 | 1.71% |
| **Security Brokers, Dealers & Flotation Companies** | **Security Brokers, Dealers & Flotation Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5300 | BlackRock, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5097063 | 1.60% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 37300 | Broadcom Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 11544723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34500 | NVIDIA Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6016800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400 | Texas Instruments Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3183896 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20745419 | 6.53% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 54000 | eBay Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4915080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12900 | MasterCard Incorporated - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6445614 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11360694 | 3.58% |
| **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48300 | Alphabet, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 13889148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10400 | Meta Platforms, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5950152 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19839300 | 6.25% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32900 | Microsoft Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 12178593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 41900 | Oracle Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6163909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18500 | Salesforce, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3453395 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21795897 | 6.86% |
| **Services - Video Tape Rental** | **Services - Video Tape Rental** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Netflix, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4807500 | 1.51% |
| **Sugar & Confectionery Products** | **Sugar & Confectionery Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | The Hershey Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3742020 | 1.18% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | Stryker Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4403106 | 1.39% |
| **Wholesale - Drugs, Proprietaries & Druggists' Sundries** | **Wholesale - Drugs, Proprietaries & Druggists' Sundries** | **Wholesale - Drugs, Proprietaries & Druggists' Sundries** | **Wholesale - Drugs, Proprietaries & Druggists' Sundries** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500 | McKesson Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5624840 | 1.77% |
| **Wholesale - Electronic Parts & Equipment, NEC** | **Wholesale - Electronic Parts & Equipment, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18800 | TE Connectivity Ltd. (Switzerland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3929576 | 1.24% |
| **Total for Common Stocks (Cost - $229,448,168)** | **Total for Common Stocks (Cost - $229,448,168)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 304598353 | 95.92% |
| **REAL ESTATE INVESTMENT TRUSTS** | **REAL ESTATE INVESTMENT TRUSTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 41700 | Prologis, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5511906 | 1.73% |
| **Total for Real Estate Investment Trusts (Cost $4,933,151)** | **Total for Real Estate Investment Trusts (Cost $4,933,151)** | **Total for Real Estate Investment Trusts (Cost $4,933,151)** | **Total for Real Estate Investment Trusts (Cost $4,933,151)** |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 5820710 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5820710 | 1.83% |
| **Total for Money Market Funds (Cost $5,820,710)** | **Total for Money Market Funds (Cost $5,820,710)** |  |  |  |
|  | **Total Investments (Cost - $240,202,029)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 315930969 | 99.49% |
|  | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631416 | 0.51% |
|  | **Net Assets** |  | $317562385 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** | **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** | **Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Owens Corning |  | $&nbsp;&nbsp;&nbsp;&nbsp; 3679480 | 3.21% |
| **Ball & Roller Bearings** | **Ball & Roller Bearings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16300 | RBC Bearings Incorporated \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8852856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 39000 | The Timken Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3922230 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12775086 | 11.15% |
| **Glass Containers** | **Glass Containers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;103200 | Stevanato Group S.p.A. (Italy) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419000 | 1.24% |
| **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** | **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** | **Industrial & Commercial Fans & Blowers & Air Purifying Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30700 | Donaldson Company, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2605509 | 2.27% |
| **Investment Advice** | **Investment Advice** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13900 | Evercore Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34504 | PJT Partners Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820899 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8970188 | 7.83% |
| **Laboratory Analytical Instruments** | **Laboratory Analytical Instruments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;238800 | Avantor, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872192 | 1.63% |
| **Miscellaneous Food Preparations & Kindred Products** | **Miscellaneous Food Preparations & Kindred Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;163200 | Utz Brands, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292544 | 1.13% |
| **Operative Builders** | **Operative Builders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24700 | Toll Brothers, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370809 | 2.94% |
| **Plastic Foam Products** | **Plastic Foam Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21200 | Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2907156 | 2.54% |
| **Real Estate Agents & Managers (For Others)** | **Real Estate Agents & Managers (For Others)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17900 | FirstService Corporation (Canada) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2487026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15800 | Jones Lang LaSalle Incorporated \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808256 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7295282 | 6.37% |
| **Retail - Auto Dealers & Gasoline Stations** | **Retail - Auto Dealers & Gasoline Stations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Casey's General Stores, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8734320 | 7.63% |
| **Security Brokers, Dealers & Flotation Companies** | **Security Brokers, Dealers & Flotation Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;104100 | Virtu Financial, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4578318 | 4.00% |
| **Services - Computer Processing & Data Preparation** | **Services - Computer Processing & Data Preparation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;172000 | QXO, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3340240 | 2.92% |
| **Services - Detective, Guard & Armored Car Services** | **Services - Detective, Guard & Armored Car Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14500 | Allegion PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2106705 | 1.84% |
| **Services - Medical Laboratories** | **Services - Medical Laboratories** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;135000 | Castle Biosciences, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314250 | 2.89% |
| **Services - Miscellaneous Amusement & Recreation** | **Services - Miscellaneous Amusement & Recreation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7100 | Madison Square Garden Sports Corp. - Class A \* | Madison Square Garden Sports Corp. - Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281940 | 1.99% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13100 | AppFolio, Inc. - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 40300 | Guidewire Software, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6027268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48300 | nCino, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 56600 | Procore Technologies, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | ServiceTitan, Inc. - Class A \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094180 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14138624 | 12.34% |
| **State Commercial Banks** | **State Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 69800 | Coastal Financial Corporation \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5311780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | Wintrust Financial Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806220 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7118000 | 6.21% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;105400 | AtriCure, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3007062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32300 | Solventum Corp. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2109190 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5116252 | 4.47% |
| **Television Broadcasting Stations** | **Television Broadcasting Stations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 53300 | Atlanta Braves Holdings, Inc. - Series C \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275910 | 1.99% |
| **Title Insurance** | **Title Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31900 | First American Financial Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923251 | 1.68% |
| **Transportation Services** | **Transportation Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 55300 | GXO Logistics, Inc. \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2867305 | 2.50% |
| **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** | **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** | **Wholesale - Hardware & Plumbing & Heating Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11200 | Watsco, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4074448 | 3.56% |
| **Wholesale - Miscellaneous Durable Goods** | **Wholesale - Miscellaneous Durable Goods** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16100 | Pool Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257513 | 2.84% |
| **Total for Common Stocks (Cost - $96,259,996)** | **Total for Common Stocks (Cost - $96,259,996)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 111314322 | 97.17% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 2880740 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2880740 | 2.52% |
| **Total for Money Market Funds (Cost $2,880,740)** | **Total for Money Market Funds (Cost $2,880,740)** |  |  |  |
|  | **Total Investments (Cost - $99,140,736)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 114195062 | 99.69% |
|  | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360027 | 0.31% |
|  | **Net Assets** |  | $114555089 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Fixed Income** | **Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;366900 | iShares 5-10 Year Investment Grade Corporate Bond ETF | iShares 5-10 Year Investment Grade Corporate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp;19526418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;533000 | iShares 10+ Year Investment Grade Corporate Bond ETF | iShares 10+ Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26452790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;379900 | iShares Broad USD Investment Grade Corporate ETF | iShares Broad USD Investment Grade Corporate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19462277 |  |
| 1665200 | State Street SPDR® Portfolio High Yield Bond ETF | State Street SPDR® Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 38832464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;233500 | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19322125 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 123596074 | 63.36% |
| **Target Maturity Fixed Income** | **Target Maturity Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;623000 | iShares iBonds Dec 2029 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 14490980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;442600 | iShares iBonds Dec 2030 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9688514 |  |
| 1161600 | iShares iBonds Dec 2031 Term Corporate ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 24312288 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48491782 | 24.86% |
| **US Fund Preferred Stock** | **US Fund Preferred Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;805300 | Invesco Variable Rate Preferred ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 19311094 | 9.90% |
| **Total for Exchange Traded Funds (Cost - $190,241,351)** | **Total for Exchange Traded Funds (Cost - $190,241,351)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 191398950 | 98.12% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 3371242 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371242 | 1.73% |
| **Total for Money Market Funds (Cost $3,371,242)** | **Total for Money Market Funds (Cost $3,371,242)** |  |  |  |
|  | **Total Investments (Cost - $193,612,593)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 194770192 | 99.85% |
|  | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289256 | 0.15% |
|  | **Net Assets** |  | $195059448 | 100.00% |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;159400 | iShares Core S&P 500 ETF (a) |  | $104121674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;196100 | iShares Core S&P Mid-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 13242633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;554900 | State Street SPDR® Portfolio S&P 1500 Composite Stock Market ETF | State Street SPDR® Portfolio S&P 1500 Composite Stock Market ETF | &nbsp;&nbsp;&nbsp;&nbsp; 43870394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;118500 | Vanguard Growth Index Fund ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 51759615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;231600 | Vanguard Value Index Fund ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 45439920 |  |
| **Total for Exchange Traded Funds (Cost - $217,181,962)** | **Total for Exchange Traded Funds (Cost - $217,181,962)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 258434236 | 98.38% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 2834713 | Goldman Sachs Financial Square Government Fund |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834713 | 1.08% |
| **Total for Money Market Funds (Cost $2,834,713)** | **Total for Money Market Funds (Cost $2,834,713)** |  |  |  |
|  | **Total Investments (Cost - $220,016,675)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 261268949 | 99.46% |
|  | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420441 | 0.54% |
|  | **Net Assets** |  | $262689390 | 100.00% |
| (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at | (a) Additional information, including current Prospectus and Annual Report, is available at |
| <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> | <u>https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs.</u> |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** | **Advisors Capital Growth Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;350800 | Fidelity Enhanced Large Cap Growth ETF |  | $&nbsp;&nbsp;&nbsp;&nbsp;13151492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 22500 | Invesco QQQ Trust, Series 1 |  | &nbsp;&nbsp;&nbsp;&nbsp; 12986550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50600 | iShares Russell Mid-Cap Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6482872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;851700 | Schwab U.S. Large-Cap Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 24810021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 52100 | SoFi Select 500 ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6503122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;200300 | State Street SPDR® Portfolio S&P 500® Growth ETF | State Street SPDR® Portfolio S&P 500® Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19611373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 56800 | Vanguard Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 24809672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;177500 | Vanguard Russell 1000 Growth ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 19469975 |  |
| **Total for Exchange Traded Funds (Cost - $127,682,395)** | **Total for Exchange Traded Funds (Cost - $127,682,395)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 127825077 | 97.68% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| 3065194 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3065194 | 2.34% |
| **Total for Money Market Funds (Cost $3,065,194)** | **Total for Money Market Funds (Cost $3,065,194)** |  |  |  |
|  | **Total Investments (Cost - $130,747,589)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 130890271 | 100.02% |
|  | **Liabilities in Excess of Other Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20457) | -0.02% |
|  | **Net Assets** |  | $130869814 | 100.00% |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** | **Advisors Capital International Fund** |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | MTU Aero Engines Holding AG - ADR |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31500 | Saab AB - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031625 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674991 | 3.62% |
| **Air & Gas Compressors** | **Air & Gas Compressors** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 101200 | Atlas Copco AB - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782132 | 3.85% |
| **Airports, Flying Fields & Airport Terminal Services** | **Airports, Flying Fields & Airport Terminal Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12100 | Central North Airport Group - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1388233 | 3.00% |
| **Auto Manufacturers** | **Auto Manufacturers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50100 | BYD Company Limited - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682863 | 1.47% |
| **Banks- Regional** | **Banks- Regional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | DBS Group Holdings Ltd - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 70900 | PT Bank Central Asia Tbk - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682767 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686679 | 3.64% |
| **Beverages** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11900 | LVMH Moet Hennessy Louis Vuitton SA - ADR | LVMH Moet Hennessy Louis Vuitton SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299956 | 2.81% |
| **Commercial Banks, NEC** | **Commercial Banks, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | The Toronto-Dominion Bank (Canada) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839790 | 1.81% |
| **Diagnostics & Research** | **Diagnostics & Research** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48500 | Sonic Healthcare LTD - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689922 | 1.49% |
| **Discount Stores** | **Discount Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24600 | Wal-Mart de Mexico SA - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800238 | 1.73% |
| **Drug Manufacturers - General** | **Drug Manufacturers - General** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 56700 | Santen Pharmaceutical Co. Ltd - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630504 | 1.36% |
| **Drug Manufacturers - Specialty & Generic** | **Drug Manufacturers - Specialty & Generic** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33500 | Merck KGaA - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844535 | 1.82% |
| **Electrical Supplies** | **Electrical Supplies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 42556 | Rexel SA - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1662237 | 3.59% |
| **Entertainment** | **Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 60100 | Universal Music Group N.V. - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576960 | 1.25% |
| **Financial Data & Stock Exchanges** | **Financial Data & Stock Exchanges** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 35600 | Deutsche Boerse AG - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036672 | 2.24% |
| **Gold and Silver Ores** | **Gold and Silver Ores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | Agnico Eagle Mines Limited (Canada) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2983806 | 6.44% |
| **Grocery Stores** | **Grocery Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 | Seven & I Holdings Co. Ltd. - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040270 | 2.25% |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33300 | Compass Group PLC. - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925740 | 2.00% |
| **Insurance Agents, Brokers & Service** | **Insurance Agents, Brokers & Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | Aon PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1807568 | 3.90% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34100 | UBS Group AG (Switzerland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332287 | 2.88% |
| **Oil & Gas Field Services, NEC** | **Oil & Gas Field Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 44500 | Core Laboratories Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | SLB Limited |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181970 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929125 | 4.17% |
| **Radio Broadcasting** | **Radio Broadcasting** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16500 | Tencent Holdings Ltd. - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043130 | 2.25% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 43770 | Disco Corporation - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17200 | Tokyo Electron Limited - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2102184 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3881435 | 8.38% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | Accenture PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | Alibaba Group Holding Limited - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 33800 | RELX PLC - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120470 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665593 | 5.76% |
| **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** | **Services - Computer Programming, Data Processing, Etc.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | Flutter Entertainment PLC \* (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530140 | 1.14% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | SAP SE - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359541 | 0.78% |
| **Specialty Chemicals** | **Specialty Chemicals** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 93200 | Fuchs SE - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23600 | Givaudan SA - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600316 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586372 | 5.59% |
| **Specialty Business Services** | **Specialty Business Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14300 | Intertek Group PLC - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698990 | 1.51% |
| **Specialty Industrial Machinery** | **Specialty Industrial Machinery** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21800 | Schneider Electric SE - ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186574 | 2.56% |
| **Total for Common Stocks (Cost - $37,630,516)** | **Total for Common Stocks (Cost - $37,630,516)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 38566283 | 83.29% |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |  |  |  |
| **Foreign Equity** | **Foreign Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 44200 | Franklin FTSE India ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Vanguard Developed Markets Index Fund ETF Shares | Vanguard Developed Markets Index Fund ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5062320 |  |
| **Total for Exchange Traded Funds (Cost - $6,601,417)** | **Total for Exchange Traded Funds (Cost - $6,601,417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6530644 | 14.10% |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 919488 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919488 | 1.99% |
| **Total for Money Market Funds (Cost $919,488)** | **Total for Money Market Funds (Cost $919,488)** |  |  |  |
|  | **Total Investments (Cost - $45,151,421)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 46016415 | 99.38% |
|  | **Other Assets in Excess of Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285521 | 0.62% |
|  | **Net Assets** |  | $&nbsp;&nbsp;&nbsp;&nbsp;46301936 | 100.00% |
| **SUMMARY OF INVESTMENTS BY COUNTRY/REGION\*\*\*** | **SUMMARY OF INVESTMENTS BY COUNTRY/REGION\*\*\*** |  |  |  |
|  |  |  | **Fair Value** | **Percentage** |
| Australia |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689922 | 1.53% |
| Canada |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3823596 | 8.48% |
| China |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682863 | 1.51% |
| France |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4148767 | 9.20% |
| Germany |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3870170 | 8.58% |
| Hong Kong |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933896 | 4.29% |
| India |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468324 | 3.26% |
| Indonesia |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682767 | 1.51% |
| Ireland |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992065 | 6.63% |
| Japan |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5552209 | 12.31% |
| Mexico |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188471 | 4.85% |
| Netherlands |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576960 | 1.28% |
| Singapore |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003912 | 2.23% |
| Sweden |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2813757 | 6.24% |
| Switzerland |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2932603 | 6.50% |
| United Kingdom | United Kingdom |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2745200 | 6.09% |
| Global Developed Markets (ETF) | Global Developed Markets (ETF) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5062320 | 11.23% |
| USA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929125 | 4.28% |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;45096927 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |  |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |
| \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. | \*\*\* Excludes money market funds. |  |
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |  |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Advisors Capital Funds** | | |
| **Statements of Assets and Liabilities** | **Total Return -** | **Small/Mid** |
| **&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 (Unaudited)** | **Equity Fund** | **Cap Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $315930969 | $114195062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 318548207 | &nbsp;&nbsp;&nbsp;&nbsp;114890844 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 286838 | 104824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 985822 | 335755 |
| Net Assets | $317562385 | $114555089 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $248897386 | $107439935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 68664999 | &nbsp;&nbsp;&nbsp;&nbsp; 7115154 |
| Net Assets | $317562385 | $114555089 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.36 |
| \* Investments at Identified Cost | $240202029 | $99140736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp; 23017966 | &nbsp;&nbsp;&nbsp;&nbsp; 11053528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the six month period ended March 31, 2026 (Unaudited)** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $2,152 and $1,374, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 2731978 | $&nbsp;&nbsp;&nbsp;&nbsp; 456272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456272 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962469 | &nbsp;&nbsp;&nbsp;&nbsp; 1081160 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624888) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781161 | &nbsp;&nbsp;&nbsp;&nbsp; (2612301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (6107010) | &nbsp;&nbsp;&nbsp;&nbsp; (8983402) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (2325849) | &nbsp;&nbsp;&nbsp;&nbsp;(11595703) |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;(2556340) | $(12220591) |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Funds** | | |
| **Statements of Assets and Liabilities** | **Tactical Fixed** | **Active** |
| **&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 (Unaudited)** | **Income** | **All Cap** |
|  | **Fund** | **Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $194770192 | $261268949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;195701138 | &nbsp;&nbsp;&nbsp;&nbsp;263467177 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 161322 | 203831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 641690 | 777787 |
| Net Assets | $195059448 | $262689390 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $194338607 | $222672335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720841 | &nbsp;&nbsp;&nbsp;&nbsp; 40017055 |
| Net Assets | $195059448 | $262689390 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.25 |
| \* Investments at Identified Cost | $193612593 | $220016675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp; 20607347 | &nbsp;&nbsp;&nbsp;&nbsp; 17220179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the six month period ended March 31, 2026 (Unaudited)** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $0 and $0, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 4939902 | $&nbsp;&nbsp;&nbsp;&nbsp; 1637016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 4939902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637016 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 1475185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1702837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398808 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; 3237065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (761792) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (3936714) | &nbsp;&nbsp;&nbsp;&nbsp; (5782989) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (3936712) | &nbsp;&nbsp;&nbsp;&nbsp; (5782987) |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; (699647) | $&nbsp;&nbsp;&nbsp;&nbsp;(6544779) |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| **Advisors Capital Funds** | | |
| **Statements of Assets and Liabilities** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 (Unaudited)** | **Growth** | **International** |
|  | **Fund** | **Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value\* | $130890271 | $46016415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;131605662 | &nbsp;&nbsp;&nbsp;&nbsp; 46419504 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees Payable | 96412 | 31528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 735848 | 117568 |
| Net Assets | $130869814 | $46301936 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $130929394 | $45744714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557222 |
| Net Assets | $130869814 | $46301936 |
| Net Asset Value, Offering Price and Redemption Price per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.56 |
| \* Investments at Identified Cost | $130747589 | $45151421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp; 12156783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the six month period March 31, 2026 (Unaudited)** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $0 and $53,990, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 378598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297636 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1046306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359512 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (667708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61876) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (10914004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481976) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (10148093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (727873) |
| Net Increase (Decrease) in Net Assets from Operations | $(10815801) | $&nbsp;&nbsp;&nbsp;&nbsp; (789749) |
| \*\* Commencement of Operations. |  |  |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Funds** | | | | |
| **Statements of Changes in Net Assets** | **Total Return - Equity Fund** | **Total Return - Equity Fund** | **Small/Mid Cap Fund** | **Small/Mid Cap Fund** |
|  | (Unaudited) |  | (Unaudited) |  |
|  | 10/1/2025 | 10/1/2024 | 10/1/2025 | 10/1/2024 |
|  | to | to | to | to |
|  | 3/31/2026 | 9/30/2025 | 3/31/2026 | 9/30/2025 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; (230491) | $&nbsp;&nbsp;&nbsp;&nbsp; (370295) | $&nbsp;&nbsp;&nbsp;&nbsp; (624888) | $(1041845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3781161 | &nbsp;&nbsp;&nbsp;&nbsp; (1268625) | &nbsp;&nbsp;&nbsp;&nbsp; (2612301) | &nbsp;&nbsp;&nbsp;&nbsp; 1176519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (6107010) | 36492710 | (8983402) | 8212914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | (2556340) | 34853790 | (12220591) | 8347588 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 45522244 | 101935414 | &nbsp;&nbsp;&nbsp;&nbsp; 24944210 | &nbsp;&nbsp;&nbsp;&nbsp; 45718719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(34911233) | &nbsp;&nbsp;&nbsp;&nbsp;(46380225) | &nbsp;&nbsp;&nbsp;&nbsp;(10187533) | &nbsp;&nbsp;&nbsp;&nbsp;(13555538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase from Shareholder Activity | 10611011 | 55644832 | &nbsp;&nbsp;&nbsp;&nbsp; 14756677 | &nbsp;&nbsp;&nbsp;&nbsp; 32163181 |
| Net Increase (Decrease) in Net Assets | 8054671 | 90408944 | &nbsp;&nbsp;&nbsp;&nbsp; 2536086 | &nbsp;&nbsp;&nbsp;&nbsp; 40510769 |
| Net Assets at Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;309507714 | &nbsp;&nbsp;&nbsp;&nbsp;219098770 | &nbsp;&nbsp;&nbsp;&nbsp;112019003 | &nbsp;&nbsp;&nbsp;&nbsp; 71508234 |
| Net Assets at End of Period | $317562385 | $309507714 | $114555089 | $112019003 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3233653 | 8110782 | &nbsp;&nbsp;&nbsp;&nbsp; 2246530 | &nbsp;&nbsp;&nbsp;&nbsp; 4203936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2475873) | &nbsp;&nbsp;&nbsp;&nbsp; (3695179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(919922) | &nbsp;&nbsp;&nbsp;&nbsp; (1224376) |
| Net Increase (Decrease) in Shares | 757780 | 4422763 | &nbsp;&nbsp;&nbsp;&nbsp; 1326608 | &nbsp;&nbsp;&nbsp;&nbsp; 2979560 |
| Shares Outstanding Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 22260186 | &nbsp;&nbsp;&nbsp;&nbsp; 17837423 | &nbsp;&nbsp;&nbsp;&nbsp; 9726920 | &nbsp;&nbsp;&nbsp;&nbsp; 6747360 |
| Shares Outstanding End of Period | 23017966 | 22260186 | &nbsp;&nbsp;&nbsp;&nbsp; 11053528 | &nbsp;&nbsp;&nbsp;&nbsp; 9726920 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Funds** | | | | |
| **Statements of Changes in Net Assets** | **Tactical Fixed Income Fund** | **Tactical Fixed Income Fund** | **Active All Cap Fund** | **Active All Cap Fund** |
|  | (Unaudited) |  | (Unaudited) |  |
|  | 10/1/2025 | 10/1/2024 | 10/1/2025 | 10/1/2024 |
|  | to | to | to | to |
|  | 3/31/2026 | 9/30/2025 | 3/31/2026 | 9/30/2025 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp;3237065 | $&nbsp;&nbsp;&nbsp;&nbsp;4499892 | $&nbsp;&nbsp;&nbsp;&nbsp; (761792) | $&nbsp;&nbsp;&nbsp;&nbsp; (752129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1142329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (3936714) | (100527) | (5782989) | 26729889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | (699647) | 5273989 | (6544779) | 27120089 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; (5473012) | &nbsp;&nbsp;&nbsp;&nbsp; (3477292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2588) |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp; 41256620 | &nbsp;&nbsp;&nbsp;&nbsp; 86670742 | &nbsp;&nbsp;&nbsp;&nbsp; 52666383 | &nbsp;&nbsp;&nbsp;&nbsp;119667501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp; 5471179 | &nbsp;&nbsp;&nbsp;&nbsp; 3477292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(16348487) | &nbsp;&nbsp;&nbsp;&nbsp;(28404718) | &nbsp;&nbsp;&nbsp;&nbsp;(23713486) | &nbsp;&nbsp;&nbsp;&nbsp;(30224042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp; 30379312 | &nbsp;&nbsp;&nbsp;&nbsp; 61743316 | &nbsp;&nbsp;&nbsp;&nbsp; 29618463 | &nbsp;&nbsp;&nbsp;&nbsp; 89446044 |
| Net Increase (Decrease) in Net Assets | 24206653 | 63540013 | 22407488 | 116563545 |
| Net Assets at Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;170852795 | &nbsp;&nbsp;&nbsp;&nbsp;107312782 | &nbsp;&nbsp;&nbsp;&nbsp;240281902 | &nbsp;&nbsp;&nbsp;&nbsp;123718357 |
| Net Assets at End of Period | $195059448 | $170852795 | $262689390 | $240281902 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 4270798 | &nbsp;&nbsp;&nbsp;&nbsp; 9137490 | &nbsp;&nbsp;&nbsp;&nbsp; 3322364 | &nbsp;&nbsp;&nbsp;&nbsp; 8498474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1690604) | &nbsp;&nbsp;&nbsp;&nbsp; (2992627) | &nbsp;&nbsp;&nbsp;&nbsp; (1491666) | &nbsp;&nbsp;&nbsp;&nbsp; (2177487) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3152493 | &nbsp;&nbsp;&nbsp;&nbsp; 6519168 | &nbsp;&nbsp;&nbsp;&nbsp; 1872166 | &nbsp;&nbsp;&nbsp;&nbsp; 6321172 |
| Shares Outstanding Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 17454854 | &nbsp;&nbsp;&nbsp;&nbsp; 10935686 | &nbsp;&nbsp;&nbsp;&nbsp; 15348013 | &nbsp;&nbsp;&nbsp;&nbsp; 9026841 |
| Shares Outstanding End of Period | &nbsp;&nbsp;&nbsp;&nbsp; 20607347 | &nbsp;&nbsp;&nbsp;&nbsp; 17454854 | &nbsp;&nbsp;&nbsp;&nbsp; 17220179 | &nbsp;&nbsp;&nbsp;&nbsp; 15348013 |
| The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Funds** | | | | |
| **Statements of Changes in Net Assets** | **Growth Fund** | **Growth Fund** | **International Fund** | **International Fund** |
|  | (Unaudited) |  | (Unaudited) |  |
|  | 10/1/2025 | 11/1/2024\* | 10/1/2025 | 11/1/2024\* |
|  | to | to | to | to |
|  | 3/31/2026 | 9/30/2025 | 10/31/2026 | 9/30/2025 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; (667708) | $&nbsp;&nbsp;&nbsp;&nbsp; (326795) | $&nbsp;&nbsp;&nbsp;&nbsp; (61876) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (10914004) | 11056686 | (481976) | 1346970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | (10815801) | 10759692 | (789749) | 1499419 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 58977418 | 79816357 | &nbsp;&nbsp;&nbsp;&nbsp; 19606134 | 29571275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5002243) | &nbsp;&nbsp;&nbsp;&nbsp; (2865609) | &nbsp;&nbsp;&nbsp;&nbsp; (2167399) | &nbsp;&nbsp;&nbsp;&nbsp; (1417740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | 53975175 | 76954219 | &nbsp;&nbsp;&nbsp;&nbsp; 17591179 | 28153535 |
| Net Increase (Decrease) in Net Assets | 43159374 | 87710440 | &nbsp;&nbsp;&nbsp;&nbsp; 16648982 | 29652954 |
| Net Assets at Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 87710440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 29652954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net Assets at End of Period | $130869814 | $87710440 | $46301936 | $29652954 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 5079084 | 7769948 | &nbsp;&nbsp;&nbsp;&nbsp; 1790657 | 2913618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135430) |
| Net Increase (Decrease) in Shares | 4650775 | 7506008 | &nbsp;&nbsp;&nbsp;&nbsp; 1608063 | 2778188 |
| Shares Outstanding Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 7506008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 2778188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Shares Outstanding End of Period | 12156783 | 7506008 | &nbsp;&nbsp;&nbsp;&nbsp; 4386251 | 2778188 |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| The accompanying notes are an integral part of these financial statements. |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | **Advisors Capital Total Return - Equity Fund** | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |  |
|  | (Unaudited) |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to |  | to | to | to | to | to |  |
|  | 3/31/2026 |  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 13.90 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 12.28 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.63 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.44 | $&nbsp;&nbsp;&nbsp;&nbsp;10.62 | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |  |
| Net Investment Income (Loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; (2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.10) |  | 1.62 | 2.67 | 1.19 | (2.18) | 0.62 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 13.80 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 13.90 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.28 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.63 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.44 | $&nbsp;&nbsp;&nbsp;&nbsp;10.62 |  |
| Total Return (c) | (0.72)% | \*\* | 13.23% | 27.75% | 14.10% | (20.53)% | 6.20% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $317562 |  | $309508 | $219099 | $127693 | $76419 | $24635 |  |
| Ratio of Expenses to Average Net Assets | 1.87% | \*\*\* | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.15)% | \*\*\* | -0.14% | 0.15% | 0.18% | (0.30)% | (0.39)% | \*\*\* |
| Portfolio Turnover Rate | 14.13% | \*\* | 12.59% | 19.01% | 12.70% | 18.84% | 19.32% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |
| (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. | (d) Less than +/- $0.005. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Small/Mid Cap Fund** | **Advisors Capital Small/Mid Cap Fund** | | | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |  |
|  | (Unaudited) |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to |  | to | to | to | to | to |  |
|  | 3/31/2026 |  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 11.52 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 10.60 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.56 | $&nbsp;&nbsp;&nbsp;&nbsp; 7.40 | $&nbsp;&nbsp;&nbsp;&nbsp;10.48 | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |  |
| Net Investment Income (Loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | (1.10) |  | 1.05 | 2.14 | 1.24 | (2.98) | 0.56 |  |
| Total from Investment Operations | (1.16) |  | 0.92 | 2.04 | 1.16 | (3.08) | 0.48 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 10.36 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 11.52 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.60 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.56 | $&nbsp;&nbsp;&nbsp;&nbsp; 7.40 | $&nbsp;&nbsp;&nbsp;&nbsp;10.48 |  |
| Total Return (c) | (10.07)% | \*\* | 8.68% | 23.83% | 15.68% | (29.39)% | 4.80% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $114555 |  | $112019 | $71508 | $49539 | $39652 | $13485 |  |
| Ratio of Expenses to Average Net Assets | 1.87% | \*\*\* | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (1.08)% | \*\*\* | (1.18)% | (1.04)% | (0.98)% | (1.11)% | (1.32)% | \*\*\* |
| Portfolio Turnover Rate | 9.15% | \*\* | 8.24% | 8.26% | 14.64% | 14.66% | 13.22% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |  |  |  |  |  |  |  |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | **Advisors Capital Tactical Fixed Income Fund** | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |  |
|  | (Unaudited) |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 10/1/2024 | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021\* |  |
|  | to |  | to | to | to | to | to |  |
|  | 3/31/2026 |  | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 9.79 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 9.81 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.16 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | 0.17 |  | 0.32 | 0.31 | 0.21 | 0.15 | 0.03 |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | (0.20) |  | (0.05) | 0.70 | 0.06 | (1.41) | 0.13 |  |
| Total from Investment Operations | (0.03) |  | 0.27 | 1.01 | 0.27 | (1.26) | 0.16 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 9.47 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 9.79 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.81 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.16 |  |
| Total Return (c) | (0.29)% | \*\* | 2.96% | 11.29% | 3.05% | (12.41)% | 1.60% | \*\* |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $195059 |  | $170853 | $107313 | $68290 | $40773 | $10406 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* | 1.87% | 1.87% | 1.93% | 1.95% | 1.99% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | 3.55% | \*\*\* | 3.39% | 3.29% | 2.27% | 1.60% | 0.54% | \*\*\* |
| Portfolio Turnover Rate | 0.00% | \*\* | 45.38% | 49.35% | 56.70% | 80.56% | 0.00% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |  |  |  |  |  |  |  |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |  |  |  |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |  |  |  |
| Operations due to share transactions for the period. |  |  |  |  |  |  |  |  |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |
| reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. | reinvestment of dividends and distributions, if any. |  |  |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the |
| underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. | underlying investment security holdings. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Advisors Capital Active All Cap Fund** | **Advisors Capital Active All Cap Fund** | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |
|  | (Unaudited) |  |  |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 10/1/2024 | 10/1/2023 | 11/9/2022\* |  |
|  | to |  | to | to | to |  |
|  | 3/31/2026 |  | 9/30/2025 | 9/30/2024 | 9/30/2023 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 15.66 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 13.71 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | (0.05) |  | (0.06) | (0.02) | 0.02 |  |
| Net Gain on Investments (Realized and Unrealized) (b) | (0.32) |  | 2.01 | 3.32 | 0.42 |  |
| Total from Investment Operations | (0.37) |  | 1.95 | 3.30 | 0.44 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp; 15.25 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 15.66 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.71 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 |  |
| Total Return (c) | (2.37)% | \*\* | 14.23% | 31.71% | 4.22% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets - End of Period (Thousands) | $262689 |  | $240282 | $123718 | $34409 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* | 1.87% | 1.87% | 1.92% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (0.59)% | \*\*\* | (0.44)% | (0.15)% | 0.25% | \*\*\* |
| Portfolio Turnover Rate | 0.00% | \*\* | 7.44% | 1.97% | 7.84% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |  |  |  |  |  |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to |
| reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses |
| in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. | in the Statement of Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. | assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of |
| dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. | dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. |
| (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. | (g) Less than +/- $0.005. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital Growth Fund** | | | | |
| **Financial Highlights** |  |  |  |  |
|  | (Unaudited) |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 11/1/2024\* |  |
|  | to |  | to |  |
|  | 3/31/2026 |  | 9/30/2025 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.69 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | (0.07) |  | (0.10) |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | (0.85) |  | 1.80 |  |
| Total from Investment Operations | (0.92) |  | 1.70 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.77 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.69 |  |
| Total Return (c) | (7.87)% | \*\* | 16.97% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets - End of Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp; 130870 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87710 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* | 1.87% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (1.19)% | \*\*\* | (1.04)% | \*\*\* |
| Portfolio Turnover Rate | 9.68% | \*\* | 6.74% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts |
| necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile |
| with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions |
| for the period. | for the period. | for the period. | for the period. | for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an |
| investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the |
| declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, |
| November 18, 2024. | November 18, 2024. | November 18, 2024. | November 18, 2024. | November 18, 2024. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Advisors Capital International Fund** | **Advisors Capital International Fund** | | | |
| **Financial Highlights** |  |  |  |  |
|  | (Unaudited) |  |  |  |
| Selected data for a share outstanding throughout the period: | 10/1/2025 |  | 11/1/2024\* |  |
|  | to |  | to |  |
|  | 3/31/2026 |  | 9/30/2025 |  |
| Net Asset Value - Beginning of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.67 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |  |
| Net Investment Income (Loss) (a) (e) | (0.02) |  | 0.07 |  |
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | (0.05) |  | 0.60 |  |
| Total from Investment Operations | (0.07) |  | 0.67 |  |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net Asset Value - End of Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.56 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.67 |  |
| Total Return (c) | (0.64)% | \*\* | 6.70% | \*\* (f) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets - End of Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46302 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29653 |  |
| Ratio of Expenses to Average Net Assets (d) | 1.87% | \*\*\* | 1.87% | \*\*\* |
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (0.32)% | \*\*\* | 0.72% | \*\*\* |
| Portfolio Turnover Rate | 12.10% | \*\* | 9.56% | \*\* |
| \* Commencement of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| \*\* Not Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| \*\*\* Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. | (a) Per share amounts were calculated using the average shares method. |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts |
| necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile | necessary to reconcile the change in net asset value for the period, and may not reconcile |
| with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions | with the aggregate gains and losses in the Statement of Operations due to share transactions |
| for the period. | for the period. | for the period. | for the period. | for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an | (c) Total return represents the rate that the investor would have earned or lost on an |
| investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. | investment in the Fund assuming reinvestment of dividends and distributions, if any. |
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. | (d) These ratios exclude the impact of expenses of the underlying investment security holdings. |
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the | (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the |
| declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. | declaration of dividends by the underlying investment security holdings. |
| (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, | (f) Total return was determined beginning from the Commencement of Investment Operations, |
| November 18, 2024. | November 18, 2024. | November 18, 2024. | November 18, 2024. | November 18, 2024. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** |
| **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** | **ADVISORS CAPITAL FUNDS** |
| **MARCH 31, 2026** | **MARCH 31, 2026** | **MARCH 31, 2026** | **MARCH 31, 2026** | **MARCH 31, 2026** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| 1.) ORGANIZATION |  |  |  |  |
| The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The Advisors Capital Growth Fund ("Growth Fund") and the Advisors Capital International Fund ("International Fund") were organized as a diversified series of the Trust, on September 17, 2024, commenced operations on November 1, 2024, and investment operations commenced on November 18, 2024. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, Active All Cap Fund, Growth Fund and International Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. |
| 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES |  |  |  |
| Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. |
| *SEGMENT REPORTING* |  |  |  |  |
| Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor and Sub-Advisor to make investment decisions, and the results of the operations, as shown in the Statements of Operations and the Financial Highlights for each Fund is the information utilized for its day-to-day management. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Managing Member of the Advisor is deemed to be the Chief Operating Decision Maker. |
| *SECURITY VALUATION* |  |  |  |  |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. |
| *FEDERAL INCOME TAXES* |  |  |  |  |
| The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. |
| The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six month period ended March 31, 2026, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six month period ended March 31, 2026, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six month period ended March 31, 2026, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six month period ended March 31, 2026, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six month period ended March 31, 2026, the Funds did not incur any interest or penalties. |
| In December 2023, the FASB issued Accounting Standards Update 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. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. As part of its assessment, management noted that foreign withholding taxes were approximately 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.12%, of the net assets of Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial. | In December 2023, the FASB issued Accounting Standards Update 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. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. As part of its assessment, management noted that foreign withholding taxes were approximately 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.12%, of the net assets of Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial. | In December 2023, the FASB issued Accounting Standards Update 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. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. As part of its assessment, management noted that foreign withholding taxes were approximately 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.12%, of the net assets of Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial. | In December 2023, the FASB issued Accounting Standards Update 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. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. As part of its assessment, management noted that foreign withholding taxes were approximately 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.12%, of the net assets of Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial. | In December 2023, the FASB issued Accounting Standards Update 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. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. As part of its assessment, management noted that foreign withholding taxes were approximately 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.12%, of the net assets of Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial. |
| *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* |  |  |  |
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. |
| *USE OF ESTIMATES* |  |  |  |  |
| The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *OTHER* |  |  |  |  |
| The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. | The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and regulations. |
| *FUND OF FUND STRUCTURE* |  |  |  |  |
| Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | Tactical Fixed Income Fund, Active All-Cap Fund and Growth Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. |
| *EXPENSES* |  |  |  |  |
| Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. |
| 3.) SECURITIES VALUATIONS |  |  |  |  |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| *FAIR VALUE MEASUREMENTS* |  |  |  |  |
| A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks, including ADRs, ETFs and REITs)*. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Advisor's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. |
| *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. |
| The following tables summarize the inputs used to value each Fund's assets measured at fair value as of March 31, 2026: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of March 31, 2026: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of March 31, 2026: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of March 31, 2026: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of March 31, 2026: |
| **Total Return - Equity Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $304598353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $304598353 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511906 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820710 |
| Total | $315930969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $315930969 |
| **Small/Mid Cap Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $111314322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $111314322 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880740 |
| Total | $114195062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $114195062 |
| **Tactical Fixed Income Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $191398950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $191398950 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371242 |
| Total | $194770192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $194770192 |
| **Active All Cap Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $258434236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $258434236 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834713 |
| Total | $261268949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $261268949 |
| **Growth Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $127825077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $127825077 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065194 |
| Total | $130890271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $130890271 |
| **International Fund:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;38566283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;38566283 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530644 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919488 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;46016415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;46016415 |
| The Funds did not hold any level 3 assets during the six month period ended March 31, 2026. | The Funds did not hold any level 3 assets during the six month period ended March 31, 2026. | The Funds did not hold any level 3 assets during the six month period ended March 31, 2026. | The Funds did not hold any level 3 assets during the six month period ended March 31, 2026. | The Funds did not hold any level 3 assets during the six month period ended March 31, 2026. |
| The Funds did not invest in derivative instruments during the six month period ended March 31, 2026. | The Funds did not invest in derivative instruments during the six month period ended March 31, 2026. | The Funds did not invest in derivative instruments during the six month period ended March 31, 2026. | The Funds did not invest in derivative instruments during the six month period ended March 31, 2026. | The Funds did not invest in derivative instruments during the six month period ended March 31, 2026. |
| 4.) MANAGEMENT AGREEMENT |  |  |  |  |
| Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. | Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets (excluding Growth Fund and International Fund). The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. |
| During the six month period ended March 31, 2026, the Advisor earned management fees in the amounts of $2,566,417, $936,620, $1,475,185, $2,078,112, $906,426 and $311,449 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At March 31, 2026, $439,897, $157,342, $264,088, $361,954, $177,142 and $61,752, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the six month period ended March 31, 2026, the Advisor earned management fees in the amounts of $2,566,417, $936,620, $1,475,185, $2,078,112, $906,426 and $311,449 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At March 31, 2026, $439,897, $157,342, $264,088, $361,954, $177,142 and $61,752, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the six month period ended March 31, 2026, the Advisor earned management fees in the amounts of $2,566,417, $936,620, $1,475,185, $2,078,112, $906,426 and $311,449 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At March 31, 2026, $439,897, $157,342, $264,088, $361,954, $177,142 and $61,752, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the six month period ended March 31, 2026, the Advisor earned management fees in the amounts of $2,566,417, $936,620, $1,475,185, $2,078,112, $906,426 and $311,449 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At March 31, 2026, $439,897, $157,342, $264,088, $361,954, $177,142 and $61,752, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. | During the six month period ended March 31, 2026, the Advisor earned management fees in the amounts of $2,566,417, $936,620, $1,475,185, $2,078,112, $906,426 and $311,449 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. At March 31, 2026, $439,897, $157,342, $264,088, $361,954, $177,142 and $61,752, was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. |
| 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN |  |  |
| The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. | The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. |
| During the six month period ended March 31, 2026, there was $396,052, $144,540, $227,652, $320,696, $139,880 and $48,063 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of March 31, 2026, the Funds had an accrued liability of $286,838, $104,824, $161,322, $203,831, $96,412 and $31,528 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the six month period ended March 31, 2026, there was $396,052, $144,540, $227,652, $320,696, $139,880 and $48,063 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of March 31, 2026, the Funds had an accrued liability of $286,838, $104,824, $161,322, $203,831, $96,412 and $31,528 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the six month period ended March 31, 2026, there was $396,052, $144,540, $227,652, $320,696, $139,880 and $48,063 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of March 31, 2026, the Funds had an accrued liability of $286,838, $104,824, $161,322, $203,831, $96,412 and $31,528 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the six month period ended March 31, 2026, there was $396,052, $144,540, $227,652, $320,696, $139,880 and $48,063 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of March 31, 2026, the Funds had an accrued liability of $286,838, $104,824, $161,322, $203,831, $96,412 and $31,528 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | During the six month period ended March 31, 2026, there was $396,052, $144,540, $227,652, $320,696, $139,880 and $48,063 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively. As of March 31, 2026, the Funds had an accrued liability of $286,838, $104,824, $161,322, $203,831, $96,412 and $31,528 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, Active All Cap Fund, Growth Fund and International Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. |
| 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS |  |  |  |
| Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). | Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assists in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). |
| In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $2,000 per Fund for a total of $12,000, in CCO fees for the six month period ended March 31, 2026, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $2,000 per Fund for a total of $12,000, in CCO fees for the six month period ended March 31, 2026, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $2,000 per Fund for a total of $12,000, in CCO fees for the six month period ended March 31, 2026, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $2,000 per Fund for a total of $12,000, in CCO fees for the six month period ended March 31, 2026, by the Advisor. | In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer ("CCO"), of the Trust. In his capacity as the CCO of the Funds, Mr. Neiman was paid $2,000 per Fund for a total of $12,000, in CCO fees for the six month period ended March 31, 2026, by the Advisor. |
| The Trustees who are not interested persons of the Funds were each paid $6,000 for a total of $18,000, in Trustees fees for the six month period ended March 31, 2026, for the Funds included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $6,000 for a total of $18,000, in Trustees fees for the six month period ended March 31, 2026, for the Funds included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $6,000 for a total of $18,000, in Trustees fees for the six month period ended March 31, 2026, for the Funds included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $6,000 for a total of $18,000, in Trustees fees for the six month period ended March 31, 2026, for the Funds included in this report. Under the Management Agreement, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $6,000 for a total of $18,000, in Trustees fees for the six month period ended March 31, 2026, for the Funds included in this report. Under the Management Agreement, the Advisor pays these fees. |
| 7.) INVESTMENTS |  |  |  |  |
| For the six month period ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the six month period ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the six month period ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the six month period ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: | For the six month period ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: |
|  | Total Return - | Small/Mid | Tactical Fixed | Active All |
|  | Equity Fund | Cap Fund | Income Fund | Cap Fund |
| Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49877330 | $&nbsp;&nbsp;&nbsp;&nbsp; 22652215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26777461 | $&nbsp;&nbsp;&nbsp;&nbsp;26516568 |
| Sales | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44435906 | $&nbsp;&nbsp;&nbsp;&nbsp; 10363610 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
|  | Growth | International |  |  |
|  | Fund | Fund |  |  |
| Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62653633 | $&nbsp;&nbsp;&nbsp;&nbsp; 21299781 |  |  |
| Sales | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10605841 | $&nbsp;&nbsp;&nbsp;&nbsp; 4558064 |  |  |
| There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. |
| 8.) CONTROL OWNERSHIP |  |  |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of March 31, 2026, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of March 31, 2026, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of March 31, 2026, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of March 31, 2026, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of March 31, 2026, Charles Schwab, National Financial Services, LLC ("NFS"), and Pershing, LLC, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Charles Schwab, NFS or Pershing, LLC, owned or controlled 25% or more of the voting securities of each Fund. |
|  | Charles Schwab | NFS | Pershing, LLC |  |
| Total Return - Equity Fund | 27.90% | 41.81% | 28.43% |  |
| Small/Mid Cap Fund | 32.03% | 39.03% | 26.27% |  |
| Tactical Fixed Income Fund | \* | 42.73% | 30.72% |  |
| Active All Cap Fund | 25.96% | 41.94% | 26.91% |  |
| Growth Fund | 25.33% | 44.35% | 25.61% |  |
| International Fund | 26.71% | 41.80% | 27.37% |  |
| \* Less than 25% |  |  |  |  |
| 9.) TAX MATTERS |  |  |  |  |
| For federal income tax purposes, at March 31, 2026 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at March 31, 2026 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at March 31, 2026 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at March 31, 2026 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at March 31, 2026 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: |
|  | Total Return - | Small Mid | Tactical Fixed | Active All |
|  | Equity Fund | Cap Fund | Income Fund | Cap Fund |
| Cost of Investments | $240202029 | $&nbsp;&nbsp;&nbsp;&nbsp; 99140736 | $&nbsp;&nbsp;&nbsp;&nbsp; 193612593 | $220016675 |
| Gross Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;81968141 | $&nbsp;&nbsp;&nbsp;&nbsp; 28348282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900518 | $&nbsp;&nbsp;&nbsp;&nbsp;42535730 |
| Gross Unrealized Depreciation | <u>&nbsp;&nbsp;&nbsp;&nbsp; (6239201)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp; (13293956)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1742919)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp; (1283456)</u> |
| Net Unrealized Appreciation |  |  |  |  |
| (Depreciation) on Investments | $&nbsp;&nbsp;&nbsp;&nbsp;75728940 | $&nbsp;&nbsp;&nbsp;&nbsp; 15054326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157599 | $&nbsp;&nbsp;&nbsp;&nbsp;41252274 |
|  | Growth | International |  |  |
|  | Fund | Fund |  |  |
| Cost of Investments | $130747589 | $&nbsp;&nbsp;&nbsp;&nbsp; 45151421 |  |  |
| Gross Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp; 5347355 | $&nbsp;&nbsp;&nbsp;&nbsp; 4793996 |  |  |
| Gross Unrealized Depreciation | <u>&nbsp;&nbsp;&nbsp;&nbsp; (5204673)</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3929002)</u> |  |  |
| Net Unrealized Appreciation |  |  |  |  |
| (Depreciation) on Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864994 |  |  |
| The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: | The tax character of distributions were as follows: |
| <u>Total Return - Equity Fund</u> |  |  |  |  |
|  | Six Months Ended |  | Fiscal Year Ended |  |
|  | March 31, 2026 |  | September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89678 |  |
| <u>Small/Mid Cap Fund</u> |  |  |  |  |
|  | Six Months Ended |  | Fiscal Year Ended |  |
|  | March 31, 2026 |  | September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| <u>Tactical Fixed Income Fund</u> |  |  |  |  |
|  | Six Months Ended |  | Fiscal Year Ended |  |
|  | March 31, 2026 |  | September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; 5473012 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 3477292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; 5473012 |  | $&nbsp;&nbsp;&nbsp;&nbsp; 3477292 |  |
| <u>Active All Cap Fund</u> |  |  |  |  |
|  | Six Months Ended |  | Fiscal Year Ended |  |
|  | March 31, 2026 |  | September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666196 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666196 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |  |
| <u>Growth Fund</u> |  |  |  |  |
|  | Six Months Ended |  | November 1, 2024\* |  |
|  | March 31, 2026 |  | to September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3471 |  |
| <u>International Fund</u> |  |  |  |  |
|  | Six Months Ended |  | November 1, 2024\* |  |
|  | March 31, 2026 |  | to September 30, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152448 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152448 |  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. | \* Commencement of Operations. |
| 10.) CONCENTRATION OF SECTOR RISK | 10.) CONCENTRATION OF SECTOR RISK |  |  |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, Total Return - Equity Fund and Small/Mid had 27.96% and 27.07% of the value of their net assets invested in stocks within the Information Technology sector and Industrials sector respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, Total Return - Equity Fund and Small/Mid had 27.96% and 27.07% of the value of their net assets invested in stocks within the Information Technology sector and Industrials sector respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, Total Return - Equity Fund and Small/Mid had 27.96% and 27.07% of the value of their net assets invested in stocks within the Information Technology sector and Industrials sector respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, Total Return - Equity Fund and Small/Mid had 27.96% and 27.07% of the value of their net assets invested in stocks within the Information Technology sector and Industrials sector respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, Total Return - Equity Fund and Small/Mid had 27.96% and 27.07% of the value of their net assets invested in stocks within the Information Technology sector and Industrials sector respectively. |
| 11.) SUBSEQUENT EVENTS | 11.) SUBSEQUENT EVENTS |  |  |  |
| Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |

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| |
|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment<br> Companies.** |
| None. |
| **Item 9. Proxy Disclosures for Open-End Management Investment Companies.** |
| Not applicable. |
| **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management<br> Investment Companies.** |
| See Item 7. |

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| |
|:---|
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| RENEWAL OF INVESTMENT ADVISORY AGREEMENT (Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund) |
| At a meeting of the Board of Trustees held on November 11, 2025, the Board of Trustees considered the renewal of the management agreement (the "Agreement") between the Trust and AC Funds, LLC (the "Adviser"), on behalf of Advisors Capital Total Return - Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund and Advisors Capital Active All Cap Fund (the "Funds"). Legal Counsel directed the Board's attention to the memorandum provided and explained that, in consideration of the approval of the Agreement, the Board should review as much information as is reasonably necessary to evaluate the terms of the contract and determine whether it is fair to the Funds and their shareholders. Legal Counsel also explained that the Adviser had provided information to the Trustees necessary for evaluation of approval of the Agreement. Legal Counsel reminded the Board that the management agreements with the Adviser and Advisors Capital Growth Fund and Advisors Capital International Fund were not being renewed as they were both still within the initial two-year period. |
| In reviewing the Agreement, the Board of Trustees received materials from the Adviser addressing the following factors: (i) the nature, extent and quality of the services provided by the Adviser to the Funds; (ii) the investment performance of the Funds and the Adviser; (iii) the cost of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationships with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; and (v) whether the fee level reflects these economies of scale for the benefit of each Fund's shareholders. |
| In considering the nature, extent, and quality of the services to be provided by the Adviser, the Trustees reviewed the responsibilities of the Adviser under the Agreement including a description of the services provided by the Adviser and those services delegated to the Sub-Adviser of the Funds. The Board reviewed and discussed qualifications of the personnel who perform services for the Funds, including the team of individuals that primarily monitor and execute the investment process. The Trustees also considered a certification from the Adviser certifying that it has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and that it has adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics. In reaching their conclusions, the Trustees considered that the Adviser delegates day-to-day investment decisions of the Funds to a sub-adviser and provides management and operational oversight of the Sub-Adviser. The Trustees then discussed the Adviser's compliance policies, including systems in place to monitor compliance with each Fund's investment restrictions and concluded that such practices were adequate. The Trustees also considered the coordination of services for the Funds among the Adviser and the service providers and the Adviser's interactions with the Independent Trustees; and the efforts of the Adviser to promote the Funds and grow their assets. The Trustees noted the Adviser's commitment to retain qualified personnel and to maintain its resources and systems to serve the Funds. The Trustees acknowledged that the Adviser reported no material compliance issues, material litigation, nor any SEC examinations since the last renewal of the Agreement. The Trustees reviewed and discussed the Adviser's Form ADV and discussed the professionalism and the overall quality of their presentation. After reviewing the foregoing information and further information in the materials provided by the Adviser, the Trustees concluded that, considering all the facts and circumstances, the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Funds. |
| As to the performance of the Funds, a report included information regarding the performance of each Fund compared to a group of funds of similar style and objective as represented by the relevant Morningstar category ("Peer Group"). Performance data was through the period ended September 30, 2025. A report also included comparative performance information for comparable major indexes. The Trustees noted that the Adviser delegated investment selection to the Sub-Adviser such that the Sub-Adviser is responsible for each Fund's performance, but the Board agreed to address performance with the Adviser. |
| The Board reviewed each Fund's performance in relation to the applicable Fund's Peer Group average, Morningstar category average and the comparative index for certain periods for each Fund, as detailed in the Report. The Trustees discussed with representatives of the Adviser the factors underlying the performance of the Funds over the one-year and since-inception periods, noting the relative performance of each Fund over the trailing one-year and since-inception periods. The Trustees observed that the Total Return - Equity Fund performed well on an absolute basis but underperformed its benchmark Index and category average for the one-period and since-inception periods. The Trustees acknowledged that the Total Return - Equity Fund invests at least 80% of its assets in dividend-paying common stock of U.S. companies, seeks total returns of income and long-term capital appreciation, and typically maintains a dividend yield greater than the S&P 500. The Trustees noted that the Adviser had explained that as result of these investment restrictions, the Fund was unable to invest in a number of the top performing companies which hindered performance compared to the benchmark index. The Trustees turned to the Small/Mid Cap Fund, noting that the Fund outperformed its benchmark index and category average for the one-year period. The Trustees observed that the Fund trailed the benchmark index for the since inception period but outperformed the category average. The Trustees noted that the Small/Mid Cap Fund had changed its benchmark index to the S&P 500 to align with regulatory requirements and acknowledged that large and mega cap companies have generally driven the S&P 500 performance since the Fund's inception. The Trustees agreed that they believed the Sub-Adviser should maintain the focus of its strategy in pursuit of long-term returns. The Trustees noted that the Tactical Fixed Income Fund slightly underperformed its benchmark Index and category average for the trailing one-year and since-inception periods. The Trustees noted that the Adviser changed the Tactical Fixed Income Fund's benchmark index to the Bloomberg US Intermediate Corporate Bond Index. The Trustees acknowledged that the Adviser explained the underperformance was largely due to issues with short-term duration bonds in the Fund's portfolio. After further discussion, the Trustees agreed that the Sub-Adviser should maintain the focus of its strategy in pursuit of long-term returns. The Trustees observed that the Active All Cap Fund had favorable absolute performance over the one-year and since inception periods. The Trustees noted that the Active All Cap Fund slightly trailed the S&P 500 benchmark index and category average for the one-year and since inception periods but significantly outperformed the S&P 500 Equal Weighted Index over the same periods. The Trustees expressed satisfaction with the Fund's absolute performance during its fiscal year, concluding that the Fund was performing as designed. The Trustees then compared that performance of the Funds to the other accounts of the Sub-Adviser that follow a somewhat similar strategy. The Trustees noted that the lesser regulatory burdens on the other accounts makes a performance comparison tenuous. The Trustees noted the Adviser's explanations, on behalf of the Sub-Adviser, for the recent and longer-term performance of each Fund and concluded, after careful review of the investment process that each Fund's performance was consistent with its strategy and performance was acceptable. |
| With regard to the cost of the services provided and the profits to be realized by the Adviser from the relationship with the Funds, the Trustees noted that the Adviser was responsible under the Agreement for paying most of the operating expenses of the Funds under a quasi-unitary fee structure that limits operating expenses. After further discussion, the Trustees concluded that the Adviser had sufficient financial resources to honor its fee commitment based on the current and projected asset sizes of the Funds. The Trustees observed that the Adviser earned a small profit from advising each of the Fund's under the Agreement. The Trustees then discussed the Adviser's financial condition and found it satisfactory, acknowledging the strong operating efficiencies of the Sub-Adviser. The Trustees reviewed the fee split between the Adviser and Sub-Adviser in relation to the responsibilities of each. After further discussion the trustees agreed that excessive profitably was not a concern at this time. |
| Turning to the level of fees, the Trustees reviewed the management fee of each Fund compared to its respective Morningstar category and noted that the management fee was above both the category average management fees for each of the Funds. The Trustees acknowledged that the Adviser was responsible under the Agreement for paying most of the operating expenses of the Funds under a quasi-unitary fee structure, and thus the comparison to a traditional mutual fund management fee structure was not completely informative. The Trustees observed that, while the fees for each Fund were higher than the category averages, they appeared reasonable when compared to the range of fees and expenses, highlighting that Total Return - Equity Fund and Active All Cap Fund were both below the high for category while Small/Mid Cap Fund and Tactical Fixed Income were slightly above the range. The Trustees note that the total expenses of Small/Mid Cap Fund and Tactical Fixed Income were below the high for the respective category, which is a more informative comparison since the Adviser bears almost all Fund expenses. The Trustees commented that the Sub-Adviser collected lower management fees from separately managed accounts ("SMAs") that mirror the Funds' investment strategies but acknowledged that SMAs have fewer regulatory requirements and management requirements than mutual funds which informs the lower SMA management fees. The Trustees also noted that total expenses for each Fund were within the range of reasonable fees as compared to the respective category. |
| The Trustees discussed and considered information regarding whether they believed the Funds had reached the sizes that the Adviser benefited from economies of scale. The Trustees discussed whether the Funds had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Board considered the increased assets in the Funds and discussed whether the Funds' shareholders experienced benefits from the fact that the Adviser was obligated to pay certain of the Funds' operating expenses. After further discussion the Trustees agreed that, at current asset levels, the fees were reasonable, and the quasi-unitary fee structure indirectly provided the benefits of economies of scale to shareholders despite the relatively small size of the Funds. The Trustees agreed that as the Funds continued to grow, they would revisit the issue and that the Adviser had stated it would consider further reductions and limitations of each Fund's management fee as assets increased. |
| It was the Board's consensus (including a majority of the Independent Trustees) that the fees to be paid to the Adviser pursuant to the Agreement are reasonable, that the overall arrangement provided under the terms of the Agreement was a reasonable business arrangement, and that the approval of the renewal of the Agreement was in the best interest of each Fund's shareholders. |
| RENEWAL OF SUB-ADVISORY AGREEMENT (Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund, and Active All Cap Fund) |
| At a meeting of the Board of Trustees held on November 11, 2025, the Board of Trustees considered the approval of the continuation of the sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and the Sub-Adviser, with respect to the Advisors Capital Total Return - Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, and Advisors Capital Active All Cap Fund (the "Funds"). He reviewed the memorandum provided by Thompson Hine LLP and explained that, in consideration of the approval of the Sub-Advisory Agreement, the Board should review as much information as is reasonably necessary to evaluate the terms of the contract and determine whether it is fair to each Fund and its shareholders. Legal Counsel reminded the Board that with respect to the Sub-Advisory Agreement, the Board should consider whether the split of fees between the Adviser and Sub-Adviser is fair or balanced based on their respective duties. |
| In reviewing the continuation of the Agreement, the Board of Trustees received materials from the Sub-Adviser addressing the following factors: (i) the investment performance of the Sub-Adviser; (ii) the nature, extent and quality of the services provided by the Sub-Adviser to the Funds; (iii) the cost of the services to be provided and the profits to be realized by the Sub-Adviser and its affiliates from the relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; and (v) whether the fee levels reflect these economies of scale to the benefit of shareholders. |
| The Trustees reviewed the background and investment management experience of the Sub-Adviser's professional staff, the firm's history, and financial industry experience. The Trustees reviewed the performance of the Funds and found them satisfactory, noting that they had discussed each Fund's performance in depth when discussing the renewal of the advisory agreement. The Trustees reviewed the investment strategy the Sub-Adviser uses in managing each Fund and discussed the investment advisory services rendered by the Sub-Adviser to each Fund. They observed that these services included investment decisions and trade executions, conducted by a team of portfolio managers. As for the nature, extent and quality of the services provided by the Sub-Adviser, the Trustees analyzed the Sub-Adviser's experience and capabilities. The Board reviewed and discussed with the Sub-Adviser's Form ADV and reviewed the information provided to the Board regarding the investment personnel of the Sub-Adviser. The Trustees also considered a certification from the Sub-Adviser certifying that it has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and that it has adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics. The Trustees then reviewed the Sub-Adviser's financial information and discussed the firm's ability to meet its obligations under the Agreement, expressing satisfaction with its operational efficiencies. The Trustees concluded that the nature and extent of the services provided by the Sub-Adviser were consistent with their expectations and that the Sub-Adviser has the resources to continue to provide quality services to each Fund. |
| The Board then considered fees charged to Sub-Adviser clients with investment strategies similar to those employed for the Funds. The Trustees noted that while other client fees were lower they were not genuinely comparable because of the lower regulatory burden for such client accounts when compared to the Funds as well as the portfolio management burden imposed by the daily shareholder activity. As to the cost of the services to be provided and the profits to be realized by the Sub-Adviser, the Trustees observed that the Sub-Adviser earned a reasonable profit from sub-advising each Fund. The Trustees then discussed the Sub-Adviser's financial condition and found it satisfactory. |
| Turning to the level of sub-adviser fees, the Adviser has contractually agreed to pay the Sub-Adviser a per-Fund fee equal to an annual fee of 1.00% of each Fund's average daily net assets up to $25 million, 1.25% of each Fund's average daily net assets over $25 million and up to $2 billion, 1.20% of each Fund's average daily net assets over $2 billion. Legal counsel noted the breakpoints favor the Sub-Adviser and would slightly improve the Sub-Adviser's profitability with no effect to shareholders. The Trustees noted that the Sub-Adviser intends to consider the breakpoints in its fees as the Funds grow. The Trustees reviewed and accepted this payment schedule as a reasonable fee split between the Adviser and Sub-Adviser based on their relative responsibilities. |
| As for economies of scale, the Trustees discussed and considered information regarding whether economies of scale had been realized with respect to the management of the Funds, whether the Funds had appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Trustees noted that, as the Funds' assets increase, they will revisit the economies of scale, acknowledging that the economies of scale issue largely resides at the Adviser level. The Trustees agreed that, at current asset levels, they did not see any immediate need for further fee concessions from the Adviser to the Sub-Adviser. |
| It was the Board's consensus (including a majority of the independent Trustees) that the fee to be paid to Sub-Adviser pursuant to the Sub-Advisory Agreement was reasonable, that the overall arrangement provided under the terms of the Sub-Advisory Agreement was a reasonable business arrangement, and that the approval of continuation of the Sub-Advisory Agreement was in the best interest of each Fund's shareholders.  |

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| |
|:---|
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The Registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)). |
| (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Code of Ethics. Not Applicable. |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

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| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Neiman Funds |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| President |
| Date: <u>5/28/2026</u> |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| President (Principal Executive Officer) |
| Date: <u>5/28/2026</u> |
| By: <u>/s/ Daniel Neiman</u> |
| Daniel Neiman |
| Chief Financial Officer (Principal Financial Officer) |
| Date: <u>5/28/2026</u> |

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## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Daniel Neiman, certify that: | I, Daniel Neiman, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Neiman Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>5/28/2026</u> | <u>/s/Daniel Neiman</u> |
|  |  | Daniel Neiman |
|  |  | President (Principal Executive Officer) |

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Daniel Neiman, certify that: | I, Daniel Neiman, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Neiman Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>5/28/2026</u> | <u>/s/Daniel Neiman</u> |
|  |  | Daniel Neiman |
|  |  | Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

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| | | |
|:---|:---|:---|
|  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: | Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: | Daniel Neiman, President and Chief Financial Officer of Neiman Funds (the "Registrant"), certify to the best of his knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
|  | Chief Financial Officer (Principal Financial Officer) | Chief Financial Officer (Principal Financial Officer) |
|  | Neiman Funds |  |
|  | <u>/s/Daniel Neiman</u> |  |
|  | Daniel Neiman |  |
|  | Date: <u>5/28/2026</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Neiman Funds and will be retained by Neiman Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Neiman Funds and will be retained by Neiman Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Neiman Funds and will be retained by Neiman Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |

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