# EDGAR Filing Document

**Accession Number:** 0001903606
**File Stem:** 0001580642-25-005889
**Filing Date:** 2025-9
**Character Count:** 140369
**Document Hash:** 40a691e2aee61ec923d2cb3363906ba4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005889.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005889

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23774
- **FILM NUMBER:** 251298779

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

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

## Series and Classes Contracts Data

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

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

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23773</u>

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

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

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

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

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Cantor Fitzgerald Equity Opportunity Fund

#### Class A (ATGAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](iee318a5c2f9617c2a6195838.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $72 | 1.40%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Opportunity Fund, Class A Shares, returned 8.23%, net of fees for the six months ended June 30, 2025, outpacing the MSCI USA Mid Cap Index return of 3.97%. The Fund's holdings in the Communication Services and Materials sectors were the most significant contributors to positive relative performance, while positioning in Health Care and Information Technology (IT) had the most negative effect. The best performing sectors within the index were Communication Services (+17.6%) and Financials (+9.7%) while Materials (-7.1%) and Energy (-2.8%) weighed on the market. The Fund's two holdings in the Communication Services sector were both among the top three performers for the six-month period. Roblox (+82.4%), a platform for 3-D content development, saw surging bookings and growth in daily active users. Take-Two Interactive (+31.4%), an interactive gaming and entertainment solutions company, saw positive reaction to the upcoming schedule of game releases. In the Materials sector, gold and minerals mining company Barrick Mining (+34.1%) and producer Steel Dynamics (+12.7%) were the top contributors. On the negative side in Health Care, life sciences company Illumina (-42.3%) delivered solid earnings but suggested caution regarding government funding going forward. Pharmaceutical sales and data services provider IQVIA (-30.5%) continued to disappoint on operating margin as customers were scrutinizing service budgets. Among stocks held in the Fund, software company Elastic (-15.8%) was the primary detractor, as revenue generation lagged expectations. Networking company Arista Networks (-8.0%) delivered solid earnings but investors were looking for efforts in AI. Despite recent earnings revisions pressure and tariff uncertainty, earnings trends remain positive. We continue to see opportunities in equity markets and hope to see favorable returns to companies that can effectively navigate economic policy uncertainty and deliver positive earnings.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iab4d6d883aaf96a4f110478c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund - with load** | **MSCI USA Mid Cap Index** | **S&P 500<sup>®</sup> Index** |
| **06/30/15** | $10000 | $9574 | $10000 | $10000 |
| **06/30/16** | $9949 | $9525 | $9902 | $10399 |
| **06/30/17** | $11067 | $10596 | $11595 | $12260 |
| **06/30/18** | $11770 | $11268 | $13104 | $14023 |
| **06/30/19** | $13052 | $12496 | $13944 | $15483 |
| **06/30/20** | $12234 | $11713 | $13878 | $16645 |
| **06/30/21** | $17119 | $16390 | $20900 | $23436 |
| **06/30/22** | $14884 | $14250 | $17445 | $20948 |
| **06/30/23** | $16644 | $15935 | $19617 | $25053 |
| **06/30/24** | $18890 | $18085 | $21970 | $31204 |
| **06/30/25** | $20825 | $19938 | $25099 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Equity Opportunity Fund |  |  |  |  |
| Without Load | 8.23% | 10.24% | 11.22% | 7.61% |
| With Load | 3.63% | 5.56% | 10.26% | 7.14% |
| MSCI USA Mid Cap Index | 3.97% | 14.24% | 12.58% | 9.64% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| CRSP MidCap Core Index | 7.00% | 17.56% | 13.04% | 9.98% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $72740997 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $289281 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5b88bd4c6be3ffdaadec68bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iab68363b1710146998f35f46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.4% |
| Materials | 4.1% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.7% |
| Energy | 5.8% |
| Utilities | 7.3% |
| Communications | 7.5% |
| Real Estate | 9.2% |
| Financials | 15.2% |
| Industrials | 17.5% |
| Technology | 21.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ROBLOX Corporation - Class A | 4.2% |
| DexCom, Inc. | 4.0% |
| Arista Networks, Inc. | 4.0% |
| Coherent Corporation | 3.9% |
| Cadence Design Systems, Inc. | 3.8% |
| WEC Energy Group, Inc. | 3.4% |
| MetLife, Inc. | 3.3% |
| Elastic N.V. | 3.3% |
| Take-Two Interactive Software, Inc. | 3.3% |
| Adtalem Global Education, Inc. | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iba9c9512ab205e1fd954a10b.jpg)

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

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ATGAX

#### Cantor Fitzgerald Equity Opportunity Fund

#### Institutional (ATGYX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i943d1d23131d968776c64d59.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $60 | 1.15%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Cantor Fitzgerald Equity Opportunity Fund, Institutional Shares, returned 8.37%, net of fees for the six months ended June 30, 2025, outpacing the MSCI USA Mid Cap Index return of 3.97%. The Fund's holdings in the Communication Services and Materials sectors were the most significant contributors to positive relative performance, while positioning in Health Care and Information Technology (IT) had the most negative effect. The best performing sectors within the index were Communication Services (+17.6%) and Financials (+9.7%) while Materials (-7.1%) and Energy (-2.8%) weighed on the market. The Fund's two holdings in the Communication Services sector were both among the top three performers for the six-month period. Roblox (+82.4%), a platform for 3-D content development, saw surging bookings and growth in daily active users. Take-Two Interactive (+31.4%), an interactive gaming and entertainment solutions company, saw positive reaction to the upcoming schedule of game releases. In the Materials sector, gold and minerals mining company Barrick Mining (+34.1%) and producer Steel Dynamics (+12.7%) were the top contributors. On the negative side in Health Care, life sciences company Illumina (-42.3%) delivered solid earnings but suggested caution regarding government funding going forward. Pharmaceutical sales and data services provider IQVIA (-30.5%) continued to disappoint on operating margin as customers were scrutinizing service budgets. Among stocks held in the Fund, software company Elastic (-15.8%) was the primary detractor, as revenue generation lagged expectations. Networking company Arista Networks (-8.0%) delivered solid earnings but investors were looking for efforts in AI. Despite recent earnings revisions pressure and tariff uncertainty, earnings trends remain positive. We continue to see opportunities in equity markets and hope to see returns to companies that can effectively navigate economic policy uncertainty and deliver positive earnings.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i21a89e10da89be86e357e611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald Equity Opportunity Fund** | **MSCI USA Mid Cap Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9975 | $9902 | $10399 |
| **Jun-2017** | $11132 | $11595 | $12260 |
| **Jun-2018** | $11875 | $13104 | $14023 |
| **Jun-2019** | $13207 | $13944 | $15483 |
| **Jun-2020** | $12418 | $13878 | $16645 |
| **Jun-2021** | $17427 | $20900 | $23436 |
| **Jun-2022** | $15199 | $17445 | $20948 |
| **Jun-2023** | $17048 | $19617 | $25053 |
| **Jun-2024** | $19403 | $21970 | $31204 |
| **Jun-2025** | $21446 | $25099 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald Equity Opportunity Fund | 8.37% | 10.53% | 11.55% | 7.93% |
| MSCI USA Mid Cap Index | 3.97% | 14.24% | 12.58% | 9.64% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| CRSP MidCap Core Index | 7.00% | 17.56% | 13.04% | 9.98% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $72740997 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $289281 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic08fb76fc9fb19be07b779bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i865be312546e38dc030ee069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.4% |
| Materials | 4.1% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.7% |
| Energy | 5.8% |
| Utilities | 7.3% |
| Communications | 7.5% |
| Real Estate | 9.2% |
| Financials | 15.2% |
| Industrials | 17.5% |
| Technology | 21.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ROBLOX Corporation - Class A | 4.2% |
| DexCom, Inc. | 4.0% |
| Arista Networks, Inc. | 4.0% |
| Coherent Corporation | 3.9% |
| Cadence Design Systems, Inc. | 3.8% |
| WEC Energy Group, Inc. | 3.4% |
| MetLife, Inc. | 3.3% |
| Elastic N.V. | 3.3% |
| Take-Two Interactive Software, Inc. | 3.3% |
| Adtalem Global Education, Inc. | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ifd44c108b53e4459fbb19960.jpg)

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

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ATGYX

#### Cantor Fitzgerald High Income Fund

#### Class A (ATPAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i802da6ec93ac00307945bd90.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.15%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
For the six months ended June 30, 2025, the Cantor Fitzgerald High Income Fund (the "Fund") Class A shares (ATPAX) generated a 3.37% total return, underperforming the 4.57% return of the Bloomberg U.S. Corporate High Yield Index (the "High Yield Index or Index") and the 4.02% return of the Bloomberg U.S. Aggregate Bond Index. The underperformance of ATPAX in the period may be attributed to the strategy's focus on higher quality credits and shorter duration, among other factors. After another impressive performance in 2024, where the Index rose over 8% during the year, the first half of 2025 continued a positive trend of risk-taking. The High Yield sector saw a quick, knee-jerk reaction to President Trump's proposed tariffs announced in early April, with the Index dropping over 2%, before fully recovering and closing the first half of the year strongly. During the period, supply/demand dynamics in the High Yield market kept a strong bid for bonds from yield-hungry investors. In the first half of 2025, BB-rated bonds were up about 5%, compared to B-rated issuers returning 4.4% and CCC's up 3.5%. As the Fund maintained an overweight position in the Energy sector vs. the Index (14.9% vs. 10.9%), the 7.7% decline in oil prices in the first half of 2025 detracted from Fund performance. Energy names held in the portfolio were up only 0.3% during the period, substantially trailing the overall High Yield market. Additionally, the portfolio was overweight in the Transportation sector compared to the Index (7.1% vs. 2.5%), which detracted from Fund performance, as positions in the portfolio (+2.0%) and the Index (+3.7%) both trailed the overall High Yield market (+4.6%). Finally, the Fund's weighted average duration remained at least a half-year shorter than the Index, detracting from performance during the first six months of 2025, as the Yield-to-Worst on the Index declined by over 40 basis points ("bps"). Although the Option Adjusted Spread on the Index ended only about 5 bps wider than year-end 2024, the move lower in U.S. Treasury yields across the curve by about 30-50 bps likely drove High Yield rates lower, as the market began building in future Federal Reserve rate cuts.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibdafd6cf2b8d74abd0a4c3db.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **06/30/15** | $10000 | $9600 | $10000 | $10000 |
| **06/30/16** | $10346 | $9933 | $10600 | $10162 |
| **06/30/17** | $11053 | $10611 | $10567 | $11452 |
| **06/30/18** | $11068 | $10625 | $10525 | $11752 |
| **06/30/19** | $11624 | $11159 | $11353 | $12631 |
| **06/30/20** | $11857 | $11383 | $12345 | $12635 |
| **06/30/21** | $13123 | $12599 | $12304 | $14577 |
| **06/30/22** | $11929 | $11452 | $11038 | $12709 |
| **06/30/23** | $12919 | $12403 | $10934 | $13861 |
| **06/30/24** | $14000 | $13440 | $11222 | $15308 |
| **06/30/25** | $14904 | $14308 | $11904 | $16882 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald High Income Fund |  |  |  |  |
| Without Load | 3.37% | 6.46% | 4.68% | 4.07% |
| With Load | -0.77% | 2.19% | 3.84% | 3.65% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Corporate High Yield Index | 4.57% | 10.28% | 5.97% | 5.38% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55360790 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee (net of waivers & recoupments) | $172630 |
| Portfolio Turnover | 13% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4f099adbedc7af5c6526853a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 97.8% |
| Money Market Funds | 2.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if4308683b078967e3f7dc5d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Utilities | 0.9% |
| Materials | 1.7% |
| Health Care | 1.8% |
| Money Market Funds | 2.1% |
| Communications | 5.5% |
| Consumer Staples | 5.8% |
| Financials | 10.0% |
| Real Estate | 10.0% |
| Technology | 10.2% |
| Energy | 12.9% |
| Consumer Discretionary | 16.9% |
| Industrials | 20.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rithm Capital Corporation 144A | 3.9% |
| Tutor Perini Corporation 144A | 3.1% |
| Venture Global LNG, Inc. 144A | 2.9% |
| Transocean Titan Financing Ltd. 144A | 2.9% |
| OneMain Finance Corporation | 2.8% |
| TransDigm, Inc. 144A | 2.8% |
| USA Compression Partners, L.P. / USA Compression 144A | 2.8% |
| Century Communities, Inc. | 2.7% |
| US Foods, Inc. 144A | 2.7% |
| Elastic N.V. 144A | 2.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic91c5193d1915f35c73a6402.jpg)

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

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ATPAX

#### Cantor Fitzgerald High Income Fund

#### Institutional (ATPYX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5a9b0a2bd8be3d8b8693d1d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
For the six months ended June 30, 2025, the Cantor Fitzgerald High Income Fund (the "Fund") Institutional Class (ATPYX) generated a 3.47% total return, underperforming the 4.57% return of the Bloomberg U.S. Corporate High Yield Index (the "High Yield Index or Index") and the 4.02% return of the Bloomberg U.S. Aggregate Bond Index. The underperformance of ATPYX in the period may be attributed to the strategy's focus on higher quality credits and shorter duration, among other factors. After another impressive performance in 2024, where the Index rose over 8% during the year, the first half of 2025 continued a positive trend of risk-taking. The High Yield sector saw a quick, knee-jerk reaction to President Trump's proposed tariffs announced in early April, with the Index dropping over 2%, before fully recovering and closing the first half of the year strongly. During the period, supply/demand dynamics in the High Yield market kept a strong bid for bonds from yield-hungry investors. In the first half of 2025, BB-rated bonds were up about 5%, compared to B-rated issuers returning 4.4% and CCC's up 3.5%. As the Fund maintained an overweight position in the Energy sector vs. the Index (14.9% vs. 10.9%), the 7.7% decline in oil prices in the first half of 2025 detracted from Fund performance. Energy names held in the portfolio were up only 0.3% during the period, substantially trailing the overall High Yield market. Additionally, the portfolio was overweight in the Transportation sector compared to the Index (7.1% vs. 2.5%), which detracted from Fund performance, as positions in the portfolio (+2.0%) and the Index (+3.7%) both trailed the overall High Yield market (+4.6%). Finally, the Fund's weighted average duration remained at least a half-year shorter than the Index, detracting from performance during the first six months of 2025, as the Yield-to-Worst on the Index declined by over 40 basis points ("bps"). Although the Option Adjusted Spread on the Index ended only about 5 bps wider than year-end 2024, the move lower in U.S. Treasury yields across the curve by about 30-50 bps likely drove High Yield rates lower, as the market began building in future Federal Reserve rate cuts.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaa823e28c48bc60ef87eb698.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cantor Fitzgerald High Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10378 | $10600 | $10162 |
| **Jun-2017** | $11096 | $10567 | $11452 |
| **Jun-2018** | $11133 | $10525 | $11752 |
| **Jun-2019** | $11729 | $11353 | $12631 |
| **Jun-2020** | $11960 | $12345 | $12635 |
| **Jun-2021** | $13279 | $12304 | $14577 |
| **Jun-2022** | $12096 | $11038 | $12709 |
| **Jun-2023** | $13142 | $10934 | $13861 |
| **Jun-2024** | $14251 | $11222 | $15308 |
| **Jun-2025** | $15220 | $11904 | $16882 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Cantor Fitzgerald High Income Fund | 3.47% | 6.80% | 4.94% | 4.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Corporate High Yield Index | 4.57% | 10.28% | 5.97% | 5.38% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55360790 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee (net of waivers & recoupments) | $172630 |
| Portfolio Turnover | 13% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ec108aacade11434eefefa1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 97.8% |
| Money Market Funds | 2.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i69b09ca143c6b1a35976efd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Utilities | 0.9% |
| Materials | 1.7% |
| Health Care | 1.8% |
| Money Market Funds | 2.1% |
| Communications | 5.5% |
| Consumer Staples | 5.8% |
| Financials | 10.0% |
| Real Estate | 10.0% |
| Technology | 10.2% |
| Energy | 12.9% |
| Consumer Discretionary | 16.9% |
| Industrials | 20.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rithm Capital Corporation 144A | 3.9% |
| Tutor Perini Corporation 144A | 3.1% |
| Venture Global LNG, Inc. 144A | 2.9% |
| Transocean Titan Financing Ltd. 144A | 2.9% |
| OneMain Finance Corporation | 2.8% |
| TransDigm, Inc. 144A | 2.8% |
| USA Compression Partners, L.P. / USA Compression 144A | 2.8% |
| Century Communities, Inc. | 2.7% |
| US Foods, Inc. 144A | 2.7% |
| Elastic N.V. 144A | 2.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i36e9ea61a7097715422bdd6f.jpg)

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

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ATPYX

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

**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.**

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

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

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

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

**Table of Contents**

---

| | |
|:---|:---|
| **Cantor Fitzgerald Equity Opportunity Fund** |  |
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 9 |
| Statement of Operations | 10 |
| Statement of Changes in Net Assets | 13 |
| Financial Highlights | 15 |
| **Cantor Fitzgerald High Income Fund** |  |
| Schedule of Investments | 5 |
| Statement of Assets and Liabilities | 9 |
| Statement of Operations | 10 |
| Statement of Changes in Net Assets | 13 |
| Financial Highlights | 17 |
| **Cantor Portfolio Select Trust** |  |
| Notes to Financial Statements | 19 |
| Additional Information | 31 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 5000 | AeroVironment, Inc.<sup>(a)</sup> | $1424750 |
|  | **BANKING - 3.8%** |  |
| 90000 | First Horizon Corporation | 1908000 |
| 53000 | Huntington Bancshares, Inc. | 888280 |
|  |  | 2796280 |
|  | **CONSTRUCTION MATERIALS - 0.7%** |  |
| 2000 | Vulcan Materials Company | 521640 |
|  | **CONSUMER SERVICES - 3.2%** |  |
| 18500 | Adtalem Global Education, Inc.<sup>(a)</sup> | 2353755 |
|  | **ELECTRIC UTILITIES - 7.3%** |  |
| 5000 | CMS Energy Corporation | 346400 |
| 5000 | Consolidated Edison, Inc. | 501750 |
| 6000 | Dominion Energy, Inc. | 339120 |
| 3000 | DTE Energy Company | 397380 |
| 6000 | Entergy Corporation | 498720 |
| 11000 | Exelon Corporation | 477620 |
| 8000 | FirstEnergy Corporation | 322080 |
| 23440 | WEC Energy Group, Inc. | 2442448 |
|  |  | 5325518 |
|  | **ELECTRICAL EQUIPMENT - 3.8%** |  |
| 5000 | Rockwell Automation, Inc. | 1660850 |
| 4450 | Watts Water Technologies, Inc., Class A | 1094211 |
|  |  | 2755061 |
|  | **ENGINEERING & CONSTRUCTION - 5.2%** |  |
| 2850 | Comfort Systems USA, Inc. | 1528199 |
| 6000 | Quanta Services, Inc. | 2268479 |
|  |  | 3796678 |
|  | **ENTERTAINMENT CONTENT - 7.5%** |  |
| 29020 | ROBLOX Corporation, Class A<sup>(a)</sup> | 3052904 |
| 9800 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2379930 |
|  |  | 5432834 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 30630 | BrightSpring Health Services, Inc.<sup>(a)</sup> | $722562 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.9%** |  |
| 22100 | AZZ, Inc. | 2088008 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 8.0%** |  |
| 9000 | Bank of New York Mellon Corporation (The) | 819990 |
| 10000 | Cboe Global Markets, Inc. | 2332100 |
| 6000 | CME Group, Inc. | 1653720 |
| 4000 | Northern Trust Corporation | 507160 |
| 5000 | State Street Corporation | 531700 |
|  |  | 5844670 |
|  | **INSURANCE - 3.3%** |  |
| 30000 | MetLife, Inc. | 2412600 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 19000 | Light & Wonder, Inc.<sup>(a)</sup> | 1828940 |
|  | **MACHINERY - 1.1%** |  |
| 6000 | Xylem, Inc. | 776160 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.0%** |  |
| 33130 | DexCom, Inc.<sup>(a)</sup> | 2891917 |
|  | **METALS & MINING - 2.3%** |  |
| 80000 | Barrick Mining Corp. | 1665600 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.8%** |  |
| 2550 | ConocoPhillips | $228837 |
| 10000 | Phillips 66 | 1193000 |
| 14000 | Valero Energy Corporation | 1881880 |
| 15000 | Williams Companies, Inc. (The) | 942150 |
|  |  | 4245867 |
|  | **SEMICONDUCTORS - 6.2%** |  |
| 10300 | ARM Holdings plc - ADR<sup>(a)</sup> | 1665922 |
| 32000 | Coherent Corp.<sup>(a)</sup> | 2854720 |
|  |  | 4520642 |
|  | **SOFTWARE - 9.8%** |  |
| 9000 | Cadence Design Systems, Inc.<sup>(a)</sup> | 2773350 |
| 28500 | Elastic N.V.<sup>(a)</sup> | 2403405 |
| 8000 | Workday, Inc., Class A<sup>(a)</sup> | 1920000 |
|  |  | 7096755 |
|  | **STEEL - 1.1%** |  |
| 6000 | Steel Dynamics, Inc. | 768060 |
|  | **TECHNOLOGY HARDWARE - 5.5%** |  |
| 28150 | Arista Networks, Inc.<sup>(a)</sup> | 2880027 |
| 64000 | Extreme Networks, Inc.<sup>(a)</sup> | 1148800 |
|  |  | 4028827 |
|  | **TRANSPORTATION EQUIPMENT - 2.6%** |  |
| 20000 | Allison Transmission Holdings, Inc. | 1899800 |
|  | **TOTAL COMMON STOCKS (Cost $42,396,520)** | 65196924 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **REITS — 9.2%** |  |
|  | **REITS – 9.2%** |  |
| 6000 | American Tower Corporation, A | $1326120 |
| 20000 | Crown Castle, Inc. | 2054600 |
| 10000 | Iron Mountain, Inc. | 1025700 |
| 70000 | VICI Properties, Inc. | 2282000 |
|  | **TOTAL REITS (Cost $5,705,522)** | 6688420 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |
|  | **MONEY MARKET FUNDS - 1.4%** |  |
| 985544 | Fidelity Investments Money Market Government Portfolio, Class I, 4.19% (Cost $985,544)<sup>(b)</sup> | 985544 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $49,087,586)** | $72870888 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (129891) |
|  | **NET ASSETS - 100.0%** | $72740997 |

---

---

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

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.4%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.8%** |  |  |  |
| 1500000 | TransDigm, Inc.<sup>(a)</sup> | 6.8750 | 12/15/30 | $1556382 |
|  | **AUTOMOTIVE — 1.4%** |  |  |  |
| 750000 | Ford Motor Company | 6.1000 | 08/19/32 | 748947 |
|  | **ELECTRIC UTILITIES — 0.9%** |  |  |  |
| 500000 | XPLR Infrastructure Operating Partners LP<sup>(a)</sup> | 3.8750 | 10/15/26 | 488496 |
|  | **ENGINEERING & CONSTRUCTION — 3.1%** |  |  |  |
| 1500000 | Tutor Perini Corporation<sup>(a)</sup> | 11.8750 | 04/30/29 | 1688578 |
|  | **ENTERTAINMENT CONTENT — 3.9%** |  |  |  |
| 750000 | AppLovin Corporation | 5.5000 | 12/01/34 | 761472 |
| 1500000 | ROBLOX Corporation<sup>(a)</sup> | 3.8750 | 05/01/30 | 1415058 |
|  |  |  |  | 2176530 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.9%** |  |  |  |
| 1000000 | IQVIA Inc<sup>(a)</sup> | 6.5000 | 05/15/30 | 1030982 |
|  | **HOME CONSTRUCTION — 2.7%** |  |  |  |
| 1500000 | Century Communities, Inc. | 6.7500 | 06/01/27 | 1502160 |
|  | **INTERNET MEDIA & SERVICES — 1.5%** |  |  |  |
| 850000 | Cars.com, Inc.<sup>(a)</sup> | 6.3750 | 11/01/28 | 852304 |
|  | **LEISURE FACILITIES & SERVICES — 8.0%** |  |  |  |
| 750000 | Brinker International, Inc.<sup>(a)</sup> | 8.2500 | 07/15/30 | 799341 |
| 750000 | Caesars Entertainment, Inc.<sup>(a)</sup> | 6.5000 | 02/15/32 | 769587 |
| 500000 | Light & Wonder International Inc<sup>(a)</sup> | 7.5000 | 09/01/31 | 523206 |
| 276000 | Penn National Gaming, Inc.<sup>(a)</sup> | 5.6250 | 01/15/27 | 275182 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 6.0000 | 02/01/33 | 1019277 |
| 1000000 | Vail Resorts Inc<sup>(a)</sup> | 6.5000 | 05/15/32 | 1033249 |
|  |  |  |  | 4419842 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.4% (Continued)** |  |  |  |
|  | **LEISURE PRODUCTS — 1.9%** |  |  |  |
| 1000000 | Acushnet Co.<sup>(a)</sup> | 7.3750 | 10/15/28 | $1042487 |
|  | **MACHINERY — 1.3%** |  |  |  |
| 750000 | Mueller Water Products, Inc.<sup>(a)</sup> | 4.0000 | 06/15/29 | 720029 |
|  | **OIL & GAS PRODUCERS — 6.9%** |  |  |  |
| 500000 | Cheniere Energy, Inc. | 4.6250 | 10/15/28 | 499310 |
| 500000 | Global Partners L.P. / GLP Finance Corp<sup>(a)</sup> | 7.1250 | 07/01/33 | 507007 |
| 1175000 | Global Partners, L.P. / GLP Finance Corporation | 7.0000 | 08/01/27 | 1170748 |
| 1500000 | Venture Global LNG, Inc.<sup>(a)</sup> | 9.8750 | 02/01/32 | 1619944 |
|  |  |  |  | 3797009 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 6.0%** |  |  |  |
| 250000 | Nabors Industries, Inc.<sup>(a)</sup> | 8.8750 | 08/15/31 | 185702 |
| 1583333 | Transocean Titan Financing Ltd.<sup>(a)</sup> | 8.3750 | 02/01/28 | 1608290 |
| 1500000 | USA Compression Partners, L.P. / USA Compression<sup>(a)</sup> | 7.1250 | 03/15/29 | 1537398 |
|  |  |  |  | 3331390 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 5.8%** |  |  |  |
| 1000000 | Iron Mountain, Inc.<sup>(a)</sup> | 5.2500 | 03/15/28 | 995632 |
| 1265000 | RHP Hotel Properties L.P. / RHP Finance Corp<sup>(a)</sup> | 4.5000 | 02/15/29 | 1236396 |
| 1000000 | VICI Properties, L.P. / VICI Note Company, Inc.<sup>(a)</sup> | 4.6250 | 12/01/29 | 982438 |
|  |  |  |  | 3214466 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 2.2%** |  |  |  |
| 1230000 | Howard Hughes Corporation (The)<sup>(a)</sup> | 5.3750 | 08/01/28 | 1220819 |
|  | **REAL ESTATE SERVICES — 2.0%** |  |  |  |
| 1100000 | Cushman & Wakefield US Borrower, LLC<sup>(a)</sup> | 6.7500 | 05/15/28 | 1109395 |
|  | **RETAIL - CONSUMER STAPLES — 1.4%** |  |  |  |
| 750000 | Albertsons Cos Inc<sup>(a)</sup> | 6.2500 | 03/15/33 | 773120 |
|  | **RETAIL - DISCRETIONARY — 2.9%** |  |  |  |
| 870000 | Bath & Body Works, Inc. | 6.6940 | 01/15/27 | 890012 |
| 753000 | Builders FirstSource, Inc.<sup>(a)</sup> | 5.0000 | 03/01/30 | 739161 |
|  |  |  |  | 1629173 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.4% (Continued)** |  |  |  |
|  | **SEMICONDUCTORS — 2.2%** |  |  |  |
| 1250000 | Coherent Corp<sup>(a)</sup> | 5.0000 | 12/15/29 | $1227665 |
|  | **SOFTWARE — 6.2%** |  |  |  |
| 750000 | Cloud Software Group, Inc.<sup>(a)</sup> | 9.0000 | 09/30/29 | 777394 |
| 1500000 | Elastic N.V.<sup>(a)</sup> | 4.1250 | 07/15/29 | 1433282 |
| 750000 | SS&C Technologies, Inc.<sup>(a)</sup> | 6.5000 | 06/01/32 | 778587 |
| 500000 | ZoomInfo Technologies, LLC/ZoomInfo Finance<sup>(a)</sup> | 3.8750 | 02/01/29 | 470098 |
|  |  |  |  | 3459361 |
|  | **SPECIALTY FINANCE — 10.0%** |  |  |  |
| 1000000 | Fortress Transportation and Infrastructure<sup>(a)</sup> | 7.0000 | 06/15/32 | 1032528 |
| 1500000 | OneMain Finance Corporation | 9.0000 | 01/15/29 | 1572987 |
| 750000 | Rithm Capital Corp<sup>(a)</sup> | 8.0000 | 07/15/30 | 753750 |
| 2163000 | Rithm Capital Corporation<sup>(a)</sup> | 6.2500 | 10/15/25 | 2163333 |
|  |  |  |  | 5522598 |
|  | **STEEL — 1.7%** |  |  |  |
| 1000000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 6.7500 | 04/15/30 | 966964 |
|  | **TECHNOLOGY SERVICES — 1.7%** |  |  |  |
| 1000000 | Iron Mountain Information Management Services,<sup>(a)</sup> | 5.0000 | 07/15/32 | 958869 |
|  | **TRANSPORTATION & LOGISTICS — 9.4%** |  |  |  |
| 666667 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | 5.5000 | 04/20/26 | 665137 |
| 750000 | Bristow Group, Inc.<sup>(a)</sup> | 6.8750 | 03/01/28 | 753755 |
| 750000 | Genesee & Wyoming, Inc.<sup>(a)</sup> | 6.2500 | 04/15/32 | 765280 |
| 1000000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.<sup>(a)</sup> | 9.8750 | 09/20/31 | 972881 |
| 1000000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | 04/15/26 | 993389 |
| 1000000 | Watco Cos LLC / Watco Finance Corp<sup>(a)</sup> | 7.1250 | 08/01/32 | 1045316 |
|  |  |  |  | 5195758 |
|  | **TRANSPORTATION EQUIPMENT — 4.2%** |  |  |  |
| 1250000 | Allison Transmission, Inc.<sup>(a)</sup> | 5.8750 | 06/01/29 | 1262734 |
| 1000000 | Trinity Industries, Inc.<sup>(a)</sup> | 7.7500 | 07/15/28 | 1041536 |
|  |  |  |  | 2304270 |
|  | **WHOLESALE - CONSUMER STAPLES — 4.4%** |  |  |  |
| 1000000 | Performance Food Group, Inc.<sup>(a)</sup> | 4.2500 | 08/01/29 | 964249 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.4% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES — 4.4% (Continued)** |  |  |  |
| 1500000 | US Foods, Inc.<sup>(a)</sup> | 4.7500 | 02/15/29 | $1473684 |
|  |  |  |  | 2437933 |
|  | **TOTAL CORPORATE BONDS (Cost $52,381,437)** |  |  | 53375527 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.1%** |  |  |  |
|  | **MONEY MARKET FUNDS - 2.1%** |  |  |  |
| 1178670 | Fidelity Investments Money Market Government Portfolio, Class I, 4.19% (Cost $1,178,670)<sup>(b)</sup> | Fidelity Investments Money Market Government Portfolio, Class I, 4.19% (Cost $1,178,670)<sup>(b)</sup> | Fidelity Investments Money Market Government Portfolio, Class I, 4.19% (Cost $1,178,670)<sup>(b)</sup> | 1178670 |
|  | **TOTAL INVESTMENTS - 98.5% (Cost $53,560,107)** |  |  | $54554197 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.5%** |  |  | 806593 |
|  | **NET ASSETS - 100.0%** |  |  | $55360790 |

---

---

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

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is $46,229,892 or 83.5% of net assets.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **CANTOR FITZGERALD FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald**<br>**Equity Opportunity**<br>**Fund** | **Cantor Fitzgerald**<br>**High Income**<br>**Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $49087586 | $53560107 |
| &nbsp;&nbsp;&nbsp;At value | $72870888 | $54554197 |
| &nbsp;&nbsp;&nbsp;Dividends & interest receivable | 83268 | 882124 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 86 | 209932 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 61258 | 75973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 73015500 | 55722226 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Advisor | 128576 | 23100 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 79661 | 57455 |
| &nbsp;&nbsp;&nbsp;Dividends payable |  | 247116 |
| &nbsp;&nbsp;&nbsp;Accrued 12b-1 fees - Class A | 5282 | 3319 |
| &nbsp;&nbsp;&nbsp;Payable to administrator | 22850 | 7596 |
| &nbsp;&nbsp;&nbsp;Payable for compliance services |  | 63 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 38134 | 22787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 274503 | 361436 |
| **NET ASSETS** | $72740997 | $55360790 |
| **NET ASSETS CONSISTS OF** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $49191032 | $64138188 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (losses) | 23549965 | (8777398) |
| **Net Assets** | $72740997 | $55360790 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $41077127 | $22959516 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, no par value | 1088805 | 2796495 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $37.73 | $8.21 |
| &nbsp;&nbsp;&nbsp;Sales Charge | 5.75% | 4.00% |
| &nbsp;&nbsp;&nbsp;Offering price per share, equal to net asset value per share/(1-sales charge) | $40.03 | $8.55 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $31663870 | $32401274 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding, unlimited authorization, no par value | 696523 | 3942143 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $45.46 | $8.22 |

---

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald**<br>**Equity Opportunity**<br>**Fund** | **Cantor Fitzgerald**<br>**High Income**<br>**Fund** |
|  | **For the**<br>**Six Months Ended**<br>**June 30, 2025** | **For the**<br>**Six Months Ended**<br>**June 30, 2025** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $573565 | $— |
| &nbsp;&nbsp;&nbsp;Interest |  | 1883504 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (2400) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 571165 | 1883504 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor fees | 289859 | 185003 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 50534 | 23906 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees | 30898 | 22288 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 21189 | 19718 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16613 | 8074 |
| &nbsp;&nbsp;&nbsp;Printing and mailing expense | 9165 | 6600 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 206 | 206 |
| &nbsp;&nbsp;&nbsp;Registration fees | 14800 | 10200 |
| &nbsp;&nbsp;&nbsp;Compliance services fees | 59 | 2686 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7728 | 4391 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 12214 | 13018 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7100 | 4150 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class A | 3517 | 1441 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Institutional Class | 4893 | 3299 |
| &nbsp;&nbsp;&nbsp;Others fees | 1911 | 1006 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **470686** | **305986** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 470686 | 305986 |
| &nbsp;&nbsp;&nbsp;Fees reduced by the Manager | (578) | (12373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 470108 | 293613 |
| **NET INVESTMENT INCOME** | 101057 | 1589891 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 2016951 | (230517) |
| Net change in unrealized appreciation from: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 3487685 | 553479 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 5504636 | 322962 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**5605693** | $**1912853** |

---

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** |
|  | **Six Months Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $101057 | $(527752) |
| Net realized gain from: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 2016951 | 18919322 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 3487685 | (8573574) |
| Net increase in net assets resulting from operations | 5605693 | 9817996 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Distributed earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (10266418) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (110279) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (7193448) |
|  |  | (17570145) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 44831 | 950069 (b) |
| &nbsp;&nbsp;&nbsp;Class C |  | 110414 |
| &nbsp;&nbsp;&nbsp;Class I |  | 70805 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 2013998 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 346906 | 511465 (c) |
|  | 391737 | 3656751 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 9383125 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 103918 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 6572517 |
|  |  | 16059560 |
| Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5401862) | (23597814) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1858440) (b) |
| &nbsp;&nbsp;&nbsp;Class I |  | (229667) (b) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (22647068) (c) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6448041) | (2950830) |
|  | (11849903) | (51283819) |
| Net decrease in net assets from capital share transactions | (11458166) | (31567508) |
| **TOTAL DECREASE IN NET ASSETS** | (5852473) | (39319657) |
| **NET ASSETS** |  |  |
| Beginning of period/year | 78593470 | 117913127 |
| End of period/year | $72740997 | $78593470 |

---

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

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

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

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald Equity Opportunity Fund** | **Cantor Fitzgerald Equity Opportunity Fund** |
|  | **Six Months Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **CAPITAL SHARE ACTIVITY** |  |  |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1252 | 56274 (b) |
| &nbsp;&nbsp;&nbsp;Class C |  | 4339 |
| &nbsp;&nbsp;&nbsp;Class I |  | 1628 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 41037 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8151 | 753060 (c) |
|  | 9403 | 856338 |
| Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 259145 |
| &nbsp;&nbsp;&nbsp;Class I |  | 17 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 2061 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 150970 |
|  |  | 412193 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (155165) | (557557) |
| &nbsp;&nbsp;&nbsp;Class C |  | (103847) (b) |
| &nbsp;&nbsp;&nbsp;Class I |  | (5218) (b) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (1195422) (c) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (152516) | (74931) |
|  | (307681) | (1936975) |
| Net decrease in shares outstanding | (298278) | (668444) |
| Shares outstanding, beginning of period/year | 2083606 | 2752050 |
| Shares outstanding, end of period/year | 1785328 | 2083606 |

---

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

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

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

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** |
|  | **Six Months Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **OPERATIONS** |  |  |
| Net investment income | $1589891 | $4111391 |
| Net realized loss from: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | (230517) | (491921) |
| Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | 553479 | 976206 |
| Net increase in net assets resulting from operations | 1912853 | 4595676 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Distributed earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (654027) | (1521986) |
| &nbsp;&nbsp;&nbsp;Class C |  | (37307) |
| &nbsp;&nbsp;&nbsp;Class I |  | (23304) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (2377096) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (935864) | (228661) |
|  | (1589891) | (4188354) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 243336 | 1034020 (b) |
| &nbsp;&nbsp;&nbsp;Class C |  | 94776 |
| &nbsp;&nbsp;&nbsp;Class I |  | 3418 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 5785030 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4922087 | 70737 (c) |
|  | 5165423 | 6987981 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 559647 | 1291927 |
| &nbsp;&nbsp;&nbsp;Class C |  | 34279 |
| &nbsp;&nbsp;&nbsp;Class I |  | 19517 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 2064432 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 755306 | 196352 |
|  | 1314953 | 3606507 |
| Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3479897) | (10035574) |
| &nbsp;&nbsp;&nbsp;Class C |  | (324667) (b) |
| &nbsp;&nbsp;&nbsp;Class I |  | (247363) (b) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (33864641) (c) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (7479865) | (1771675) |
|  | (10959762) | (46243920) |
| Net decrease in net assets from capital share transactions | (4479386) | (35649432) |
| **TOTAL DECREASE IN NET ASSETS** | (4156424) | (35242110) |
| **NET ASSETS** |  |  |
| Beginning of period/year | 59517214 | 94759324 |
| End of period/year | $55360790 | $59517214 |

---

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

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

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

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Cantor Fitzgerald High Income Fund** | **Cantor Fitzgerald High Income Fund** |
|  | **Six Months Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
|  | **(Unaudited)** |  |
| **CAPITAL SHARE ACTIVITY** |  |  |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 29909 | 284940 (b) |
| &nbsp;&nbsp;&nbsp;Class C |  | 11688 |
| &nbsp;&nbsp;&nbsp;Class I |  | 422 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 711220 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 602604 | 4342522 (c) |
|  | 632513 | 5350792 |
| Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 68628 | 157011 |
| &nbsp;&nbsp;&nbsp;Class C |  | 4200 |
| &nbsp;&nbsp;&nbsp;Class I |  | 2397 |
| &nbsp;&nbsp;&nbsp;Class Y |  | 252960 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 92507 | 24000 |
|  | 161135 | 440568 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (429734) | (1227289) |
| &nbsp;&nbsp;&nbsp;Class C |  | (146480) (b) |
| &nbsp;&nbsp;&nbsp;Class I |  | (30364) (b) |
| &nbsp;&nbsp;&nbsp;Class Y |  | (8479449) (c) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (917725) | (265560) |
|  | (1347459) | (10149142) |
| Net decrease in shares outstanding | (553811) | (4357782) |
| Shares outstanding, beginning of period/year | 7292449 | 11650231 |
| Shares outstanding, end of period/year | 6738638 | 7292449 |

---

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

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

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

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Ended**<br>**June 30,**<br>**2025** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period/year | $34.86 | $40.70 | $36.22 | $46.98 | $51.86 | $50.62 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(b)</sup> | 0.03 | (0.27) | 0.01 | (0.08) | (0.48) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.84 | 4.30 | 4.47 | (6.97) | 10.56 | 3.94 |
| Total from investment operations | 2.87 | 4.03 | 4.48 | (7.05) | 10.08 | 3.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (9.82) |  | (3.71) | (14.96) | (2.41) |
| Total distributions |  | (9.87) |  | (3.71) | (14.96) | (2.41) |
| Net asset value at end of period/year | $37.73 | $34.86 | $40.70 | $36.22 | $46.98 | $51.86 |
| Total return <sup>(c)</sup> | 8.23 % (g) | 9.04% | 12.37% | (15.25)% | 21.53% | 7.39% |
| Net assets at end of period/year (000's) | $41077 | $43317 | $60429 | $65619 | $86364 | $76508 |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 1.40 % (h) | 2.03% | 1.75% | 1.67% | 1.49% | 1.54% |
| Ratio of net investment income (loss) to average net assets <sup>(d)(f)</sup> | 0.18 % (h) | -0.65% | 0.02% | -0.19% | -0.88% | -0.63% |
| Portfolio turnover rate <sup>(e)</sup> | 14 % (g) | 44% | 107% | 102% | 99% | 69% |

---

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

(b) Calculated using average shares outstanding.

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

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

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

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

(g) Not annualized.

(h) Annualized.

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Six Months**<br>**Ended**<br>**June 30,**<br>**2025** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period/year | $41.95 | $47.12 | $41.82 | $53.42 | $57.00 | $55.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(b)</sup> | 0.09 | (0.17) | 0.14 | 0.04 | (0.37) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.42 | 4.93 | 5.16 | (7.93) | 11.75 | 4.34 |
| Total from investment operations | 3.51 | 4.76 | 5.30 | (7.89) | 11.38 | 4.17 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (9.82) |  | (3.71) | (14.96) | (2.41) |
| Total distributions |  | (9.93) |  | (3.71) | (14.96) | (2.41) |
| Net asset value at end of period/year | $45.46 | $41.95 | $47.12 | $41.82 | $53.42 | $57.00 |
| Total return <sup>(c)</sup> | 8.37 % (g) | 9.36% | 12.67% | (14.98)% | 21.88% | 7.71% |
| Net assets at end of period/year (000's) | $31664 | $35277 | $54301 | $59173 | $105557 | $126001 |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 1.15 % (h) | 1.72% | 1.45% | 1.36% | 1.19% | 1.23% |
| Ratio of net investment income (loss) to average net assets <sup>(d)(f)</sup> | 0.41 % (h) | -0.35% | 0.32% | 0.09% | -0.60% | -0.33% |
| Portfolio turnover rate <sup>(e)</sup> | 14 % (g) | 44% | 107% | 102% | 99% | 69% |

---

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

(b) Calculated using average shares outstanding.

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

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

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

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

(g) Not annualized.

(h) Annualized.

See Accompanying Notes to Financial Statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Ended**<br>**June 30,**<br>**2025** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period/year | $8.16 | $8.13 | $7.81 | $8.61 | $8.69 | $8.39 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.22 | 0.41 | 0.34 | 0.30 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.05 | 0.05 | 0.34 | (0.77) | 0.00 | 0.33 |
| Total from investment operations | 0.27 | 0.46 | 0.68 | (0.47) | 0.30 | 0.63 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.43) | (0.36) | (0.33) | (0.34) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04) |  |
| Total distributions | (0.22) | (0.43) | (0.36) | (0.33) | (0.38) | (0.33) |
| Net asset value at end of period/year | $8.21 | $8.16 | $8.13 | $7.81 | $8.61 | $8.69 |
| Total return <sup>(c)</sup> | 3.37 % (g) | 5.76% | 8.94% | (5.49)% | 3.57% | 7.74% |
| Net assets at end of period/year (000's) | $22960 | $25511 | $31807 | $35419 | $39082 | $39982 |
| Ratio of total expenses to average net assets | 1.19 % (h) | 1.75% | 1.42% | 1.40% | 1.18% | 1.21% |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 1.15 % (h) | 1.20% | 1.20% | 1.19% | 1.18% | 1.21% |
| Ratio of net investment income to average net assets <sup>(d)(f)</sup> | 5.47 % (h) | 5.04% | 4.35% | 3.69% | 3.51% | 3.60% |
| Portfolio turnover rate <sup>(e)</sup> | 13 % (g) | 33% | 34% | 9% | 118% | 347% |

---

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

(b) Calculated using average shares outstanding.

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

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

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

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

(g) Not annualized.

(h) Annualized.

See Accompanying Notes to Financial Statements

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Six Months**<br>**Ended**<br>**June 30,**<br>**2025** | **Year**<br>**Ended**<br>**December 31,**<br>**2024 <sup>(a)</sup>** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** | **Year**<br>**Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period/year | $8.17 | $8.14 | $7.81 | $8.61 | $8.69 | $8.40 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.23 | 0.44 | 0.36 | 0.31 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.05 | 0.04 | 0.35 | (0.77) |  | 0.32 |
| Total from investment operations | 0.28 | 0.48 | 0.71 | (0.46) | 0.32 | 0.64 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.45) | (0.38) | (0.34) | (0.36) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04) |  |
| Total distributions | (0.23) | (0.45) | (0.38) | (0.34) | (0.40) | (0.35) |
| Net asset value at end of period/year | $8.22 | $8.17 | $8.14 | $7.81 | $8.61 | $8.69 |
| Total return <sup>(c)</sup> | 3.47 % (g) | 5.97% | 9.29% | (5.30)% | 3.77% | 7.82% |
| Net assets at end of period/year (000's) | $32401 | $34007 | $61257 | $63845 | $120120 | $136978 |
| Ratio of total expenses to average net assets | 1.00 % (h) | 1.55% | 1.22% | 1.18% | 0.98% | 1.01% |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 0.95 % (h) | 1.00% | 1.00% | 1.00% | 0.98% | 1.01% |
| Ratio of net investment income to average net assets <sup>(d)(f)</sup> | 5.67 % (h) | 5.37% | 4.56% | 3.86% | 3.71% | 3.81% |
| Portfolio turnover rate <sup>(e)</sup> | 13 % (g) | 33% | 34% | 9% | 118% | 347% |

---

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

(b) Calculated using average shares outstanding.

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

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

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

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

(g) Not annualized.

(h) Annualized.

See Accompanying Notes to Financial Statements.

---

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

---

**1.** **Organization** 

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

The Cantor Fitzgerald Equity Opportunity Fund acquired all of the assets and liabilities of the Aquila Opportunity Growth Fund, a series of Aquila Funds Trust, in a tax-free reorganization on November 22, 2024. The Cantor Fitzgerald High Income Fund acquired all of the assets and liabilities of the Aquila High Income Fund, a series of Aquila Funds Trust, in a tax-free reorganization on November 22, 2024

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

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

The Cantor Fitzgerald Equity Opportunity Fund and the Cantor Fitzgerald High Income Fund each have three total classes of shares: Class A Shares, Institutional Class Shares, and Class R6 Shares. Each class represents interests in the same portfolio of investments and has the same rights, but each class differs with respect to sales loads, minimum investments, and ongoing expenses. The Cantor Fitzgerald Equity Opportunity Fund Class A Shares charge a 5.75% front-end sales charge, distribution and service plan fees of 0.25%, and no contingent deferred sales charge on shares redeemed. The Cantor Fitzgerald High Income Fund Class A Shares charge a 4.00% front-end sales charge, distribution and service plan fees of 0.25%, and no contingent deferred sales charge on shares redeemed. Initial investment is $1,000 minimum. Institutional Class Shares and Class R6 have no front-end sales charge, no distribution or service plan fee minimum, and no contingent deferred sales charge on shares redeemed. There are no minimum investments (except for shares purchased through an automatic investment plan) for Institutional Class Shares and Class R6 Shares. Class R6 shares do not pay for any service fees, sub-accounting fees, and /or subtransfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 is not currently offered in the Funds.

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

---

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

---

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

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

**Securities valuation** —The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks, if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of money market funds and other open-end investment companies are valued at their net asset value ("NAV") as reported by such companies.

Securities will be valued at fair value when market quotations (or other market valuations such as those obtained from a pricing service) are not readily available or are deemed unreliable. The Board of Trustees (the "Board" or "Trustees") has designated the advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

---

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

---

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

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

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cantor Fitzgerald Equity Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $65196924 | $— | $— | $65196924 |
| &nbsp;&nbsp;&nbsp;&nbsp;REITS | 6688420 |  |  | 6688420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 985544 |  |  | 985544 |
| **Total** | $**72870888** | $**—** | $**—** | $**72870888** |
| **Cantor Fitzgerald High Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $53375527 | $— | $53375527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1178670 |  |  | 1178670 |
| **Total** | $**1178670** | $**53375527** | $**—** | $**54554197** |

---

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

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

**Allocation between classes** — Class accounting investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expense relating to a specific class are charged directly to that class.

---

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

---

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

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

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

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

**Federal Income Tax** — The Funds have qualified and intend to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and any net realized capital gains are distributed in accordance with the Code. 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 ended December 31, 2022 through December 31, 2024 for the Aquila Opportunity Growth Fund and Aquila High Income Fund, or expected to be taken in the Cantor Fitzgerald Funds' December 31, 2025 tax returns.

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

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

---

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

---

**3.** **Investment Transactions** 

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Cantor Fitzgerald Equity**<br>**Opportunity Fund** | **Cantor Fitzgerald High**<br>**Income Fund** |
| Purchases of investment securities | $10483927 | $7311030 |
| Proceeds from sales and maturities of investment securities | $21515237 | $7762723 |

---

**4.** **Transactions with Related Parties** 

**INVESTMENT ADVISORY AGREEMENTS**

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

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

Under the current Investment Advisory Agreement with the Trust, effective as of November 22, 2024, Cantor Fitzgerald High Income Fund, pays the Advisor a fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.65% of its average daily net assets. Prior to conversion, the Aquila High Income Fund paid its Manager monthly compensation based on the Predecessor Fund's average daily net assets at the annual rate of 0.65%. For the six months ended June 30, 2025, the Advisor earned fees in the amount of $289,859 and $185,003 for the Cantor Fitzgerald Equity Opportunity Fund and Cantor Fitzgerald High Income Fund, respectively.

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Cap** | **Expiration** |
| Cantor Fitzgerald Equity Opportunity Fund | 1.50% Class A<br> 1.25% Institutional Class | January 31, 2026 |
| Cantor Fitzgerald High Income Fund | 1.20% Class A<br> 1.00% Institutional Class | January 31, 2026 |

---

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

As of June 30, 2025, the Advisor has waived/reimbursed $578 and $12,373 for the Cantor Fitzgerald Equity Opportunity and Cantor Fitzgerald High Income Fund, respectively.

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus" or "Administrator") provides administration, fund accounting, and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities. During the period ended June 30, 2025, the Administrator earned total fees of $30,898 and $22,288 respectively, for such services for the Cantor Fitzgerald Equity Opportunity Fund and the Cantor Fitzgerald High Income Fund.

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

Pursuant to a distribution agreement and distribution plan, the Funds pay the distributor an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares of the Cantor Fitzgerald Equity Opportunity Fund and 0.20% of the average daily net assets of the Class A shares of the Cantor Fitzgerald High Income Fund. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

---

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

---

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

**COMPENSATION OF TRUSTEES**

Trustees and officers affiliated with the Advisor or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Advisor or Ultimus receives from the Trust an annual retainer of $20,000, payable quarterly, annual payment of $5,000 for audit committee chair fee, payable quarterly, and reimbursement of travel and other expenses incurred in attending meetings. The Independent Trustees received aggregate compensation of $2,000, for the period ended June 30, 2025, for both the Cantor Fitzgerald Equity Opportunity Fund, and Cantor Fitzgerald High Income Fund.

**5.** **Principal Investment Risks** 

---

| | | |
|:---|:---|:---|
| <br>**Risk** | **Equity Opportunity**<br>**Fund** | **High Income**<br>**Fund** |
| Credit Risk | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Cybersecurity Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Emerging Market Securities Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Equity Securities Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | |
| Extension Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Foreign Securities Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Interest Rate Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Investment Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Junk Bond Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Market Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Portfolio Turnover Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | |
| Portfolio Selection Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Prepayment of Call Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Redemption Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |
| Small and Mid-Sized<br> Companies Risk. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ | |
| Subordinated Securities Risk. | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;✓ |

---

---

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

---

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

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

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

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

**Equity Securities risk** - Securities fluctuate in price based on changes in a company's financial condition and overall market and economic conditions. The market price of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

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

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

---

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

---

speculation. Sanctions or other government actions against certain countries could negatively impact the Fund's investments in securities that have exposure to those countries. Circumstances that impact

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

**Investment risk** - Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.

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

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

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

---

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

---

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

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

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

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

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

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

**6.** **Contingencies and Commitments** 

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

---

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

---

**7.** **Distributions to Shareholders and Tax Components of Capital** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross Unrealized | Unrealized | Unrealized |
| Fund | Aggregate Cost | Appreciation | Depreciation | Appreciation |
| Cantor Fitzgerald Equity Opportunity Fund | $73252968 | $23756012 | $(38594) | $23717418 |
| Cantor Fitzgerald High Income Fund | 53560107 | 1126078 | (242561) | 883517 |

---

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

---

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

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Tax-Exempt Income** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Cantor Fitzgerald Equity Opportunity Fund | $— | $— | $— | $(1903381) | $— | $— | $19847653 | $17944272 |
| Cantor Fitzgerald High Income Fund |  |  |  |  | (9430017) |  | 329657 | (9100360) |

---

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

Late year capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Cantor Fitzgerald Equity Opportunity Fund | $1903381 |
| Cantor Fitzgerald High Income Fund |  |

---

---

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

---

At December 31, 2024 the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss Carry**<br>**Forward Utilized** |
| Cantor Fitzgerald Equity Opportunity Fund | $— | $— | $— | $361672 |
| Cantor Fitzgerald High Income Fund | 2683106 | 6746911 | 9430017 |  |

---

During the year ended December 31, 2024, certain funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits and distributions in excess resulted in reclassifications for the year ended December 31, 2024 for the Funds as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid In Capital** | **Accumulated Earnings**<br>**(Losses)** |
| Cantor Fitzgerald Equity Opportunity Fund | $2133912 | $(2133912) |
| Cantor Fitzgerald High Income Fund | (44700) | 44700 |

---

**8.** **Subsequent Events** 

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

**CANTOR FITZGERALD FUNDS**

**ADDITONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

The Trustees of the Cantor Select Portfolios Trust received no monetary compensation during the period ended December 31, 2024, for the Cantor Fitzgerald Equity Opportunity Fund and Cantor Fitzgerald High Income Fund, for their services to the Funds. Prior to the Reorganization on November 22, 2024, the Aquila Opportunity Growth Fund and Aquila High Income Fund were allocated a portion of Trustee fees and expenses as part of the Aquila Funds Trust and the Independent Trustees were paid $127,411 and $99,482, respectively.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

*<u>Cantor Fitzgerald High Income Fund and Cantor Fitzgerald Equity Opportunity Fund - Investment Advisory Agreement with the Advisor</u>*

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

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

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

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

*Performance*. The Trustees compared the performance of each Fund with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar category and peer group average). The Trustees noted that the Equity Opportunity Fund and the High Income Fund underperformed the peer group average, category average, and the primary benchmark for the one-year, five-year and ten-year periods but considered that these Funds were not managed by the Advisor until recently. The Trustees also considered the Advisor's role in supervising the investment activity of the Sub-Advisor. The Trustees also noted that the Advisor has historically acted as a "manager of managers". The

**CANTOR FITZGERALD FUNDS** 

**ADDITONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

Trustees concluded that based on each Fund's investment strategy and the Advisor's presentation, the Advisor had the expertise to fulfill each Fund's investment mandate.

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

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

*Economies of Scale*. The Trustees considered whether the Advisor would realize economies of scale with respect to its management of the Funds. The Trustees noted that the High Income Fund and the Equity Opportunity Fund are not expected to benefit from any meaningful economies of scale until Fund assets from each Fund reach $500 million. The Board observed that economies of scale will be considered in the future as each Fund's asset level grows.

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

*<u>Cantor Fitzgerald High Income Fund and Cantor Fitzgerald Equity Opportunity Fund - Investment Sub-Advisory Agreement with the Sub-Advisor</u>*

In connection with the Board meeting held on June 27, 2025, the Board, including a majority of the Independent Trustees, discussed the approval of a sub-advisory agreement between the Advisor and the Sub-Advisor, with respect to each Fund (the "Investment Sub -Advisory Agreement").

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

**CANTOR FITZGERALD FUNDS** 

**ADDITONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

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

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

*Performance.* The Trustees compared the performance of each Fund with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar category and peer group average). The Trustees noted that the Equity Opportunity Fund and the High Income Fund underperformed the peer group average, category average, and the primary benchmark for the one-year, five-year and ten-year periods but considered that these Funds were not managed by the Sub-Advisor until recently. The Trustees concluded that based on each Fund's investment strategy and the Sub-Advisor's presentation, the Sub-Advisor had the expertise to fulfill each Fund's investment mandate.

*Fees and Expenses.* The Trustees first noted the sub-advisory fee for each Fund under the Sub-Advisory Agreements. The Trustees noted that there were few comparable accounts managed by the Sub-Advisor against which to compare the sub-advisory fee proposed for the Funds, but the Trustees noted the advisory fee comparison presented by the Advisor. Following this discussion, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Sub-Advisor were not unreasonable in relation to the nature and quality of the services provided by the Sub -Advisor and that they reflected charges that were within a range of what could have been negotiated at arm's length.

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

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

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

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

![(BACK COVER)](ca002_v1.jpg)

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

Not applicable.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

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

**SIGNATURES**

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

Cantor Select Portfolios Trust

---

| | |
|:---|:---|
| By | /s/ William Ferri |
| William Ferri | William Ferri |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 8/27/2025 | Date: 8/27/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ William Ferri |
| William Ferri | William Ferri |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 8/27/2025 | Date: 8/27/2025 |
| By | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 8/27/2025 | Date: 8/27/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, William Ferri, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Cantor Fitzgerald Equity Opportunity Fund
 and Cantor Fitzgerald High Income Fund (both a series of Cantor Select Portfolios Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 8/27/2025 | /s/ William Ferri |
|  |  | William Ferri |
|  |  | Principal Executive Officer/President |

---

Certification [Exhibit 99. CERT]

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Cantor Fitzgerald Equity Opportunity Fund
 and Cantor Fitzgerald High Income Fund (both a series of Cantor Select Portfolios Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 8/27/2025 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

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

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

---

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

---

Date: <u>8/27/2025</u> Date: <u>8/27/2025</u>

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.