# EDGAR Filing Document

**Accession Number:** 0001215880
**File Stem:** 0001413042-26-000460
**Filing Date:** 2026-5
**Character Count:** 189363
**Document Hash:** 05d6dd50e01b03eee7bc262f3952b5cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000460.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001413042-26-000460

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21290
- **FILM NUMBER:** 261042682

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

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

## Series and Classes Contracts Data

### Neiman Large Cap Value Fund (Series ID: S000005312)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014503 | No-Load Shares | NEIMX           |
| C000117003 | Class A Shares | NEAMX           |

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

---

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

---

**Item 1. Reports to Stockholders.**

![](nflogo.jpg)

### Neiman Large Cap Value Fund No-Load Shares &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TICKER: NEIMX

### Annual Shareholder Report

### March 31, 2026
This annual shareholder report contains important information about the Neiman Large Cap Value Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.neimanfunds.com/#Literature. You can also request this information by contacting us at 1-877-385-2720.

**This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| No-Load Shares | $151 | 1.34% |

---

**Management's Discussion of Fund Performance**

Management attributes the Fund's performance, in comparison to that of its benchmark, to a variety of factors. The Fund's portfolio is actively managed, meaning that stocks are added and/or removed based on management's decision if the stock fits management's value criteria. The difference between the Fund and the benchmark, the S&P 500 Index (the "Index"), is the Index is a passively managed basket of 500 different stocks. Many feel that the Index is a good indicator of the performance of the entire stock market in general. As a part of the Fund's risk mitigation strategy, investors should be aware that during market upswings, the Fund may underperform the benchmark. However, during market downturns the Fund typically outperforms the benchmark. For the period covered in this report, the Fund outperformed the S&P 500 due to the combination of holding quality stocks and being patient during market downswings. The Fund will continue to hold high quality value stocks and the continued use of buying dividend-paying companies with good balance sheets and strong cash flows even when value stocks are out of favor.

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

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

![Ad2 Performance Graph](fp0098296-1_ar51.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| No-Load Shares | 25.74% | 10.56% | 9.43% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $52083993 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid (Net Waiver) ($) | $354013 |

---

**What did the Fund invest in?**

**Top Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Financial Square Government Fund | 8.72% |
| Lam Research Corporation | 5.54% |
| Costco Wholesale Corporation | 4.59% |
| RTX Corporation | 4.22% |
| Broadcom Inc. | 3.86% |
| Exxon Mobil Corporation | 3.58% |
| Apple Inc. | 3.51% |
| Johnson & Johnson | 3.10% |
| Sempra Energy | 3.04% |
| NVIDIA Corporation | 2.95% |

---

**Sectors (% of net assets)**

![Af Image](fp0098296-1_ar52.jpg)

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

**Material Fund Changes**

Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for No-Load shares through July 31, 2026. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026.

**Availability of Additional Information about the Fund**

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-385-2720 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

![](nflogo.jpg)

### Neiman Large Cap Value Fund

### Class A
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: NEAMX* 

### Annual Shareholder Report

### March 31, 2026
This annual shareholder report contains important information about the Neiman Large Cap Value Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.neimanfunds.com/#Literature. You can also request this information by contacting us at 1-877-385-2720.

**This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class A | $151 | 1.34% |

---

**Management's Discussion of Fund Performance**

Management attributes the Fund's performance, in comparison to that of its benchmark, to a variety of factors. The Fund's portfolio is actively managed, meaning that stocks are added and/or removed based on management's decision if the stock fits management's value criteria. The difference between the Fund and the benchmark, the S&P 500 Index (the "Index"), is the Index is a passively managed basket of 500 different stocks. Many feel that the Index is a good indicator of the performance of the entire stock market in general. As a part of the Fund's risk mitigation strategy, investors should be aware that during market upswings, the Fund may underperform the benchmark. However, during market downturns the Fund typically outperforms the benchmark. For the period covered in this report, the Fund outperformed the S&P 500 due to the combination of holding quality stocks and being patient during market downswings. The Fund will continue to hold high quality value stocks and the continued use of buying dividend-paying companies with good balance sheets and strong cash flows even when value stocks are out of favor.

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

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

![Ad2 Performance Graph](fp0098296-2_ar51.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (with sales charge) | 18.49% | 9.26% | 8.79% |
| Class A (without sales charge) | 25.74% | 10.56% | 9.43% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $52083993 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid (Net Waiver) ($) | $354013 |

---

**What did the Fund invest in?**

**Top Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Financial Square Government Fund | 8.72% |
| Lam Research Corporation | 5.54% |
| Costco Wholesale Corporation | 4.59% |
| RTX Corporation | 4.22% |
| Broadcom Inc. | 3.86% |
| Exxon Mobil Corporation | 3.58% |
| Apple Inc. | 3.51% |
| Johnson & Johnson | 3.10% |
| Sempra Energy | 3.04% |
| NVIDIA Corporation | 2.95% |

---

**Sectors (% of net assets)**

![Af Image](fp0098296-2_ar52.jpg)

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

**Material Fund Changes**

Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for Class A shares through July 31, 2026. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026.

**Availability of Additional Information about the Fund**

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

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-877-385-2720 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| | | |
|:---|:---|:---|
| **Item 2. Code of Ethics.** | **Item 2. Code of Ethics.** |  |
| The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. |
| **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** |
| The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. | The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. The registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. |
| **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** |
| (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
|  | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit Fees | $15550 | $15550 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3000 | $3000 |
| All Other Fees | $750 | $750 |
| Nature of Tax Fees: includes fees for services performed with respect to tax compliance. | Nature of Tax Fees: includes fees for services performed with respect to tax compliance. | Nature of Tax Fees: includes fees for services performed with respect to tax compliance. |
| All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. | All Other Fees: Review of Semi-Annual Financials. |
| (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted preapproval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. |
| (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. |
| Non-Audit Fees |  | FYE 3/31/2026 |
| Registrant |  | $3750 |
| Registrant's Investment Adviser | Registrant's Investment Adviser | $0 |
| (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
| (i) Not applicable. |  |  |
| (j) Not applicable. |  |  |
| **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** |
| Not applicable. | Not applicable. | Not applicable. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |  |
| **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | | | |
|  |  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |  |
| **Aircraft Engines & Engine Parts** | **Aircraft Engines & Engine Parts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11400 | RTX Corporation |  | $&nbsp;&nbsp;&nbsp;&nbsp; 2199060 | 4.22% |
| **Beverages** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500 | The Coca-Cola Company |  | &nbsp;&nbsp;&nbsp;&nbsp; 1178775 | 2.26% |
| **Electronic Computers** | **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200 | Apple Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1827288 | 3.51% |
| **Fire, Marine & Casualty Insurance** | **Fire, Marine & Casualty Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 | Berkshire Hathaway Inc. - Class B \* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766720 | 1.47% |
| **Gas & Other Services Combined** | **Gas & Other Services Combined** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16300 | Sempra Energy |  | &nbsp;&nbsp;&nbsp;&nbsp; 1583871 | 3.04% |
| **Hospitals & Medical Service Plans** | **Hospitals & Medical Service Plans** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | UnitedHealth Group, Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514121 | 0.99% |
| **Metal Mining** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8864 | Southern Copper Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1525117 | 2.93% |
| **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** | **Miscellaneous Industrial & Commercial Machinery & Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | Eaton Corporation PLC (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1359146 | 2.61% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1176640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | The PNC Financial Services Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1165304 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2341944 | 4.50% |
| **Petroleum Refining** | **Petroleum Refining** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 | Chevron Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1427610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | Exxon Mobil Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1866260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Phillips 66 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1275260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 | Valero Energy Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1309524 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5878654 | 11.29% |
| **Pharmaceutical Preparations** | **Pharmaceutical Preparations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | AbbVie Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6600 | Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp; 1613304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Merck & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1202900 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3642666 | 6.99% |
| **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** | **Radio & TV Broadcasting & Communications Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | QUALCOMM Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772680 | 1.48% |
| **Railroads, Line-Haul Operating** | **Railroads, Line-Haul Operating** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | Union Pacific Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921956 | 1.77% |
| **Retail - Variety Stores** | **Retail - Variety Stores** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | Costco Wholesale Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 2391432 | 4.59% |
| **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** | **Security & Commodity Brokers, Dealers, Exchanges & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700 | CME Group Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1388145 | 2.67% |
| **Security Brokers, Dealers & Flotation Companies** | **Security Brokers, Dealers & Flotation Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16200 | The Charles Schwab Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1522476 | 2.92% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600 | Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1145304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Broadcom Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 2011815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8800 | NVIDIA Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1534720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Texas Instruments Incorporated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776560 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5468399 | 10.50% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Accenture PLC - Class A (Ireland) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793160 | 1.52% |
| **Services - Computer Processing & Data Preparation** | **Services - Computer Processing & Data Preparation** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Alphabet Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1150240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | Automatic Data Processing, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 | Meta Platforms, Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972621 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2894945 | 5.56% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | Microsoft Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1406646 | 2.70% |
| **Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics** | **Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics** | **Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | The Procter & Gamble Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909972 | 1.75% |
| **Special Industry Machinery, NEC** | **Special Industry Machinery, NEC** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13500 | Lam Research Corporation |  | &nbsp;&nbsp;&nbsp;&nbsp; 2884410 | 5.54% |
| **Tobacco Products** | **Tobacco Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Altria Group Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7100 | Philip Morris International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp; 1173914 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1965794 | 3.77% |
| **Total for Common Stocks (Cost $25,342,655)** | **Total for Common Stocks (Cost $25,342,655)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 46137377 | 88.58% |
| **REAL ESTATE INVESTMENT TRUSTS** | **REAL ESTATE INVESTMENT TRUSTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9100 | Lamar Advertising Company - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1152606 | 2.22% |
| **Total for Real Estate Investment Trusts (Cost $709,101)** | **Total for Real Estate Investment Trusts (Cost $709,101)** |  |  |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4542325 | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.53% \*\* |  | &nbsp;&nbsp;&nbsp;&nbsp; 4542325 | 8.72% |
| **Total for Money Market Funds (Cost $4,542,325)** | **Total for Money Market Funds (Cost $4,542,325)** |  |  |  |
|  | Total Investments |  | &nbsp;&nbsp;&nbsp;&nbsp; 51832308 | 99.52% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp; (Cost $30,594,081)** |  |  |  |
|  | Other Assets in Excess of Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251685 | 0.48% |
|  | Net Assets |  | $52083993 | 100.00% |
| \* Non-Income Producing Security. | \* Non-Income Producing Security. |  |  |  |
| \*\* The rate shown represents the 7-day yield at March 31, 2026. | \*\* The rate shown represents the 7-day yield at March 31, 2026. |  |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Neiman Large Cap Value Fund** | |
| **Statement of Assets and Liabilities** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at Fair Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51832308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $30,594,081) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52169364 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution and Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Compliance Officer Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85371 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52083993 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30964136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21119857 |
| Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52083993 |
| No-Load Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50819467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unlimited number of shares authorized without par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1304475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Maximum Offering Price and Redemption Price Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.96 |
| Class A Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unlimited number of shares authorized without par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Redemption Price Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering Price Per Share ($38.96/0.9425) \* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.34 |
| \* Reflects a maximum sales charge of 5.75%. |  |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | |
|:---|:---|
| **Neiman Large Cap Value Fund** | |
| **Statement of Operations** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2026** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign withholding tax of $483) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884776 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees & Accounting Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and Postage Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Officer Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Expense Waiver / Expense Reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534527 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350249 |
| Net Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change In Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8533316 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8533355 |
| Net Increase (Decrease) in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; 8883604 |
| The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| **Neiman Large Cap Value Fund** | | |
| **Statements of Changes in Net Assets** |  |  |
|  | 4/1/2025 | 4/1/2024 |
|  | to | to |
|  | 3/31/2026 | 3/31/2025 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; 350249 | $&nbsp;&nbsp;&nbsp;&nbsp; 329344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on Investments and Options Written | &nbsp;&nbsp;&nbsp;&nbsp; 8533316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 8883604 | &nbsp;&nbsp;&nbsp;&nbsp; 1757863 |
| From Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp; (302413) | &nbsp;&nbsp;&nbsp;&nbsp; (393206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (311920) | &nbsp;&nbsp;&nbsp;&nbsp; (406048) |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp;13776427 | &nbsp;&nbsp;&nbsp;&nbsp; 5016294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp;(5814104) | &nbsp;&nbsp;&nbsp;&nbsp;(8442535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; (219114) | &nbsp;&nbsp;&nbsp;&nbsp; (155151) |
| Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp; 8133774 | &nbsp;&nbsp;&nbsp;&nbsp;(3118999) |
| Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;16705458 | &nbsp;&nbsp;&nbsp;&nbsp;(1767184) |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;35378535 | &nbsp;&nbsp;&nbsp;&nbsp;37145719 |
| Net Assets at End of Year | $52083993 | $35378535 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No-Load Shares | &nbsp;&nbsp;&nbsp;&nbsp; (164294) | &nbsp;&nbsp;&nbsp;&nbsp; (273790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4949) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204254 | &nbsp;&nbsp;&nbsp;&nbsp; (104102) |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** |
| **Financial Highlights - No-Load Class** |  |  |  |  |  |
| Selected data for a share outstanding | 4/1/2025 | 4/1/2024 | 4/1/2023 | 4/1/2022 | 4/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;throughout each year: | to | to | to | to | to |
|  | 3/31/2026 | 3/31/2025 | 3/31/2024 | 3/31/2023 | 3/31/2022 |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp; 31.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.64 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.46 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.98 |
| Net Investment Income (Loss) <sup>(a)</sup> | 0.31 | 0.29 | 0.42 | 0.35 | 0.26 |
| Net Realized and Unrealized Gains (Losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on Investments and Options Written <sup>(b)</sup> | 7.70 | 1.25 | 3.35 | (2.21) | 4.37 |
| Total from Investment Operations | 8.01 | 1.54 | 3.77 | (1.86) | 4.63 |
| Distributions (From Net Investment Income) | (0.28) | (0.34) | (0.38) | (0.31) | (0.29) |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.28) | (0.34) | (0.38) | (0.96) | (5.15) |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp; 38.96 | $&nbsp;&nbsp;&nbsp;&nbsp; 31.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.64 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.46 |
| Total Return <sup>(c)</sup> | 25.74% | 5.14% | 14.29% | (6.15)% | 16.51% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $50819 | $34255 | $35985 | $29249 | $28010 |
| Before Waiver/Reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.44% | 1.46% | 1.56% | 1.64% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | 0.77% | 0.92% | 1.46% | 1.11% | 0.73% |
| After Waiver/Reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.34% <sup>(d)</sup> | 1.45% | 1.45% | 1.45% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | 0.88% | 0.93% | 1.56% | 1.30% | 0.87% |
| Portfolio Turnover Rate | 0.00% | 8.32% | 12.13% | 25.49% | 20.99% |
| (a) Based on Average Shares Outstanding. |  |  |  |  |  |
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and excludes the effects of applicable sales charges. | reinvestment of dividends and excludes the effects of applicable sales charges. | reinvestment of dividends and excludes the effects of applicable sales charges. | reinvestment of dividends and excludes the effects of applicable sales charges. | reinvestment of dividends and excludes the effects of applicable sales charges. | reinvestment of dividends and excludes the effects of applicable sales charges. |
| (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** |
| **Financial Highlights - Class A** |  |  |  |  |  |
| Selected data for a share outstanding | 4/1/2025 | 4/1/2024 | 4/1/2023 | 4/1/2022 | 4/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;throughout each year: | to | to | to | to | to |
|  | 3/31/2026 | 3/31/2025 | 3/31/2024 | 3/31/2023 | 3/31/2022 |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp; 31.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.64 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.46 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.98 |
| Net Investment Income (Loss) <sup>(a)</sup> | 0.30 | 0.28 | 0.42 | 0.34 | 0.26 |
| Net Realized and Unrealized Gains (Losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on Investments and Options Written <sup>(b)</sup> | 7.71 | 1.26 | 3.35 | (2.20) | 4.37 |
| Total from Investment Operations | 8.01 | 1.54 | 3.77 | (1.86) | 4.63 |
| Distributions (From Net Investment Income) | (0.28) | (0.34) | (0.38) | (0.31) | (0.29) |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.28) | (0.34) | (0.38) | (0.96) | (5.15) |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp; 38.96 | $&nbsp;&nbsp;&nbsp;&nbsp; 31.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.03 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.64 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.46 |
| Total Return <sup>(c)</sup> | 25.74% | 5.14% | 14.29% | (6.15)% | 16.51% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp; 1265 | $&nbsp;&nbsp;&nbsp;&nbsp; 1123 | $&nbsp;&nbsp;&nbsp;&nbsp; 1161 | $&nbsp;&nbsp;&nbsp;&nbsp; 1358 | $&nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| Before Waiver/Reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.69% | 1.71% | 1.81% | 1.89% | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | 0.51% | 0.64% | 1.19% | 0.86% | 0.48% |
| After Waiver/Reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.34% <sup>(d)</sup> | 1.45% | 1.45% | 1.45% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average Net Assets | 0.86% | 0.91% | 1.55% | 1.30% | 0.87% |
| Portfolio Turnover Rate | 0.00% | 8.32% | 12.13% | 25.49% | 20.99% |
| (a) Based on Average Shares Outstanding.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (a) Based on Average Shares Outstanding.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |  |
| (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the | (b) Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the |
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of |
| Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. | Operations due to share transactions for the period. |
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| reinvestment of dividends and excludes the effect of applicable sales charges. | reinvestment of dividends and excludes the effect of applicable sales charges. | reinvestment of dividends and excludes the effect of applicable sales charges. | reinvestment of dividends and excludes the effect of applicable sales charges. | reinvestment of dividends and excludes the effect of applicable sales charges. | reinvestment of dividends and excludes the effect of applicable sales charges. |
| (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. | (d) Effective August 1, 2025, the Adviser contractually reduced the waiver. See Note 4. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

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| | | | |
|:---|:---|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** |
| **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** | **Neiman Large Cap Value Fund** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| 1.) ORGANIZATION |  |  |  |
| Neiman Large Cap Value Fund (the "Fund") is a diversified series of the Neiman Funds (the "Trust"), an open-end management investment company. The Trust was organized in Ohio as a business trust on January 3, 2003, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. As of March 31, 2026, there are seven series authorized by the Trust. Neiman Funds Management LLC is the adviser to the Fund (the "Adviser"). The Fund currently offers No-Load Class shares and Class A shares. The Fund (No-Load shares) commenced operations on April 1, 2003. Class A shares commenced operations on August 1, 2012. The classes differ principally in their respective distribution expenses (see Note 5) and arrangements as well as their respective sales charge structure. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. No-Load shares of the Fund are offered at net asset value without an initial sales charge. Class A shares are subject to an initial maximum sales charge of 5.75% imposed at the time of purchase. The sales charge declines as the amount purchased increases, in accordance with the Fund's prospectus. The Fund's investment objective is to seek long-term capital appreciation. | Neiman Large Cap Value Fund (the "Fund") is a diversified series of the Neiman Funds (the "Trust"), an open-end management investment company. The Trust was organized in Ohio as a business trust on January 3, 2003, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. As of March 31, 2026, there are seven series authorized by the Trust. Neiman Funds Management LLC is the adviser to the Fund (the "Adviser"). The Fund currently offers No-Load Class shares and Class A shares. The Fund (No-Load shares) commenced operations on April 1, 2003. Class A shares commenced operations on August 1, 2012. The classes differ principally in their respective distribution expenses (see Note 5) and arrangements as well as their respective sales charge structure. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. No-Load shares of the Fund are offered at net asset value without an initial sales charge. Class A shares are subject to an initial maximum sales charge of 5.75% imposed at the time of purchase. The sales charge declines as the amount purchased increases, in accordance with the Fund's prospectus. The Fund's investment objective is to seek long-term capital appreciation. | Neiman Large Cap Value Fund (the "Fund") is a diversified series of the Neiman Funds (the "Trust"), an open-end management investment company. The Trust was organized in Ohio as a business trust on January 3, 2003, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. As of March 31, 2026, there are seven series authorized by the Trust. Neiman Funds Management LLC is the adviser to the Fund (the "Adviser"). The Fund currently offers No-Load Class shares and Class A shares. The Fund (No-Load shares) commenced operations on April 1, 2003. Class A shares commenced operations on August 1, 2012. The classes differ principally in their respective distribution expenses (see Note 5) and arrangements as well as their respective sales charge structure. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. No-Load shares of the Fund are offered at net asset value without an initial sales charge. Class A shares are subject to an initial maximum sales charge of 5.75% imposed at the time of purchase. The sales charge declines as the amount purchased increases, in accordance with the Fund's prospectus. The Fund's investment objective is to seek long-term capital appreciation. | Neiman Large Cap Value Fund (the "Fund") is a diversified series of the Neiman Funds (the "Trust"), an open-end management investment company. The Trust was organized in Ohio as a business trust on January 3, 2003, and may offer shares of beneficial interest in a number of separate series; each series representing a distinct fund with its own investment objectives and policies. As of March 31, 2026, there are seven series authorized by the Trust. Neiman Funds Management LLC is the adviser to the Fund (the "Adviser"). The Fund currently offers No-Load Class shares and Class A shares. The Fund (No-Load shares) commenced operations on April 1, 2003. Class A shares commenced operations on August 1, 2012. The classes differ principally in their respective distribution expenses (see Note 5) and arrangements as well as their respective sales charge structure. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. No-Load shares of the Fund are offered at net asset value without an initial sales charge. Class A shares are subject to an initial maximum sales charge of 5.75% imposed at the time of purchase. The sales charge declines as the amount purchased increases, in accordance with the Fund's prospectus. The Fund's investment objective is to seek long-term capital appreciation. |
| 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES |  |  |
| The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Fund follows the significant accounting policies described in this section: | The Fund follows the significant accounting policies described in this section: | The Fund follows the significant accounting policies described in this section: | The Fund follows the significant accounting policies described in this section: |
| *REPORTING SEGMENTS* |  |  |  |
| The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and the role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and the role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and the role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and the role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. |
| *SECURITY VALUATION* |  |  |  |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. |
| *OPTION WRITING* |  |  |  |
| When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the written option. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain; or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Effective July 31, 2024, the Fund no longer engages in writing covered call options. | When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the written option. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain; or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Effective July 31, 2024, the Fund no longer engages in writing covered call options. | When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the written option. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain; or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Effective July 31, 2024, the Fund no longer engages in writing covered call options. | When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the written option. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain; or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Effective July 31, 2024, the Fund no longer engages in writing covered call options. |
| *FEDERAL INCOME TAXES* |  |  |  |
| The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. |
| The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties. | The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties. | The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties. | The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and State tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties. |
| In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of the Fund's continued compliance with the IRC requirements of regulated investment companies and the Fund's limited exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of the Fund's continued compliance with the IRC requirements of regulated investment companies and the Fund's limited exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of the Fund's continued compliance with the IRC requirements of regulated investment companies and the Fund's limited exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of the Fund's continued compliance with the IRC requirements of regulated investment companies and the Fund's limited exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Fund's financial statements. |
| *DISTRIBUTIONS TO SHAREHOLDERS* | *DISTRIBUTIONS TO SHAREHOLDERS* |  |  |
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund. |
| *USE OF ESTIMATES* |  |  |  |
| The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *OTHER* |  |  |  |
| The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. | The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. |
| The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. |
| *EXPENSES* |  |  |  |
| Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated pro-rata to the funds in the Trust based on the total number of funds in the Trust at the time the expense was incurred or by another appropriate basis. Class specific expenses are borne by each specific class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes based on the basis of relative net assets. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated pro-rata to the funds in the Trust based on the total number of funds in the Trust at the time the expense was incurred or by another appropriate basis. Class specific expenses are borne by each specific class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes based on the basis of relative net assets. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated pro-rata to the funds in the Trust based on the total number of funds in the Trust at the time the expense was incurred or by another appropriate basis. Class specific expenses are borne by each specific class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes based on the basis of relative net assets. | Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated pro-rata to the funds in the Trust based on the total number of funds in the Trust at the time the expense was incurred or by another appropriate basis. Class specific expenses are borne by each specific class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes based on the basis of relative net assets. |
| 3.) SECURITIES VALUATIONS | 3.) SECURITIES VALUATIONS |  |  |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors; including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors; including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors; including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of observable inputs can vary from security to security and is affected by a wide variety of factors; including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| *FAIR VALUE MEASUREMENTS* | *FAIR VALUE MEASUREMENTS* |  |  |
| A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. |
| *Equity securities* (common stocks, including REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Adviser's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board. Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities* (common stocks, including REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Adviser's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board. Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities* (common stocks, including REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Adviser's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board. Such securities are categorized in level 2 or level 3, when appropriate. | *Equity securities* (common stocks, including REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid price, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the Adviser's opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Adviser may value the Fund's assets at their fair value according to policies approved by the Fund's Board. Such securities are categorized in level 2 or level 3, when appropriate. |
| *Money market funds.* Money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the fund and are classified in level 1 of the fair value hierarchy. |
| The following table summarizes the inputs used to value the Fund's assets measured at fair value as of March 31, 2026: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of March 31, 2026: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of March 31, 2026: | The following table summarizes the inputs used to value the Fund's assets measured at fair value as of March 31, 2026: |
| <u>Valuation Input of Assets</u> | Level 1 | Level 2 | Total |
| Common Stocks | $46137377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $46137377 |
| Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp; 1152606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1152606 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4542325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4542325 |
| Total | $51832308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $51832308 |
| Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal year ended March 31, 2026. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal year ended March 31, 2026. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal year ended March 31, 2026. | Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal year ended March 31, 2026. |
| The Fund did not invest in derivative instruments during the fiscal year ended March 31, 2026. | The Fund did not invest in derivative instruments during the fiscal year ended March 31, 2026. | The Fund did not invest in derivative instruments during the fiscal year ended March 31, 2026. | The Fund did not invest in derivative instruments during the fiscal year ended March 31, 2026. |
| 4.) INVESTMENT ADVISORY AGREEMENT | 4.) INVESTMENT ADVISORY AGREEMENT |  |  |
| The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with Neiman Funds Management LLC. Under the terms of the Investment Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with Neiman Funds Management LLC. Under the terms of the Investment Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with Neiman Funds Management LLC. Under the terms of the Investment Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. | The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with Neiman Funds Management LLC. Under the terms of the Investment Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. |
| The Adviser earns an annual management fee of 1.00% of the Fund's average daily net assets. For the fiscal year ended March 31, 2026, the Adviser earned management fees totaling $399,378 before the waiver of management fees and reimbursement of expenses described below. Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for No-Load Class shares and at 1.29% of its average daily net assets for Class A shares through July 31, 2026. Prior to August 1, 2025, the Adviser contractually agreed to waive management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.45% of its average daily net assets for No-Load Class, and at 1.45% of its average daily net assets for Class A Shares. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026. | The Adviser earns an annual management fee of 1.00% of the Fund's average daily net assets. For the fiscal year ended March 31, 2026, the Adviser earned management fees totaling $399,378 before the waiver of management fees and reimbursement of expenses described below. Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for No-Load Class shares and at 1.29% of its average daily net assets for Class A shares through July 31, 2026. Prior to August 1, 2025, the Adviser contractually agreed to waive management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.45% of its average daily net assets for No-Load Class, and at 1.45% of its average daily net assets for Class A Shares. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026. | The Adviser earns an annual management fee of 1.00% of the Fund's average daily net assets. For the fiscal year ended March 31, 2026, the Adviser earned management fees totaling $399,378 before the waiver of management fees and reimbursement of expenses described below. Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for No-Load Class shares and at 1.29% of its average daily net assets for Class A shares through July 31, 2026. Prior to August 1, 2025, the Adviser contractually agreed to waive management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.45% of its average daily net assets for No-Load Class, and at 1.45% of its average daily net assets for Class A Shares. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026. | The Adviser earns an annual management fee of 1.00% of the Fund's average daily net assets. For the fiscal year ended March 31, 2026, the Adviser earned management fees totaling $399,378 before the waiver of management fees and reimbursement of expenses described below. Effective August 1, 2025, the Adviser has contractually agreed to waive management fees and reimburse expenses, without recoupment, to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.29% of its average daily net assets for No-Load Class shares and at 1.29% of its average daily net assets for Class A shares through July 31, 2026. Prior to August 1, 2025, the Adviser contractually agreed to waive management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, indirect expenses (such as expenses of other investment companies in which the Fund invests) and extraordinary expenses) at 1.45% of its average daily net assets for No-Load Class, and at 1.45% of its average daily net assets for Class A Shares. The fee waiver will automatically terminate on July 31, 2026, unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver or expense reimbursement before July 31, 2026. |
| For the fiscal year ended March 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amounts of $40,972 and $4,393 with no recapture provision for No Load and Class A, respectively. The Fund owed the Adviser $44,540 at March 31, 2026. Certain officers and directors of the Adviser are also officers and/or Trustees of the Trust. | For the fiscal year ended March 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amounts of $40,972 and $4,393 with no recapture provision for No Load and Class A, respectively. The Fund owed the Adviser $44,540 at March 31, 2026. Certain officers and directors of the Adviser are also officers and/or Trustees of the Trust. | For the fiscal year ended March 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amounts of $40,972 and $4,393 with no recapture provision for No Load and Class A, respectively. The Fund owed the Adviser $44,540 at March 31, 2026. Certain officers and directors of the Adviser are also officers and/or Trustees of the Trust. | For the fiscal year ended March 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amounts of $40,972 and $4,393 with no recapture provision for No Load and Class A, respectively. The Fund owed the Adviser $44,540 at March 31, 2026. Certain officers and directors of the Adviser are also officers and/or Trustees of the Trust. |
| 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN |  |
| The Trust, with respect to the Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows the Fund to pay distribution and other fees ("12b-1 fees") for the sale and distribution of the Fund's Class A shares and for services provided to shareholders by Arbor Court Capital LLC (the "Distributor") or the Adviser. The Plan permits the Fund to pay the Distributor and the Adviser 12b-1 fees as compensation for their services and expenses in connection with the distribution of Fund shares. The Distributor must approve all payments made under the Plan and may pay any or all amounts received under the Plan to other persons, including the Adviser, for distribution, promotional or shareholder support services. Up to 0.25% of the 12b-1 fee may be used as a shareholder servicing fee. The Class A shares pay an annual 12b-1 fee equal to 0.25% of its average daily net assets. During the fiscal year ended March 31, 2026, there was $3,057 of 12b-1 fees incurred by Class A shares. As of March 31, 2026, the Fund had an accrued liability of $854 which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | The Trust, with respect to the Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows the Fund to pay distribution and other fees ("12b-1 fees") for the sale and distribution of the Fund's Class A shares and for services provided to shareholders by Arbor Court Capital LLC (the "Distributor") or the Adviser. The Plan permits the Fund to pay the Distributor and the Adviser 12b-1 fees as compensation for their services and expenses in connection with the distribution of Fund shares. The Distributor must approve all payments made under the Plan and may pay any or all amounts received under the Plan to other persons, including the Adviser, for distribution, promotional or shareholder support services. Up to 0.25% of the 12b-1 fee may be used as a shareholder servicing fee. The Class A shares pay an annual 12b-1 fee equal to 0.25% of its average daily net assets. During the fiscal year ended March 31, 2026, there was $3,057 of 12b-1 fees incurred by Class A shares. As of March 31, 2026, the Fund had an accrued liability of $854 which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | The Trust, with respect to the Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows the Fund to pay distribution and other fees ("12b-1 fees") for the sale and distribution of the Fund's Class A shares and for services provided to shareholders by Arbor Court Capital LLC (the "Distributor") or the Adviser. The Plan permits the Fund to pay the Distributor and the Adviser 12b-1 fees as compensation for their services and expenses in connection with the distribution of Fund shares. The Distributor must approve all payments made under the Plan and may pay any or all amounts received under the Plan to other persons, including the Adviser, for distribution, promotional or shareholder support services. Up to 0.25% of the 12b-1 fee may be used as a shareholder servicing fee. The Class A shares pay an annual 12b-1 fee equal to 0.25% of its average daily net assets. During the fiscal year ended March 31, 2026, there was $3,057 of 12b-1 fees incurred by Class A shares. As of March 31, 2026, the Fund had an accrued liability of $854 which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. | The Trust, with respect to the Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows the Fund to pay distribution and other fees ("12b-1 fees") for the sale and distribution of the Fund's Class A shares and for services provided to shareholders by Arbor Court Capital LLC (the "Distributor") or the Adviser. The Plan permits the Fund to pay the Distributor and the Adviser 12b-1 fees as compensation for their services and expenses in connection with the distribution of Fund shares. The Distributor must approve all payments made under the Plan and may pay any or all amounts received under the Plan to other persons, including the Adviser, for distribution, promotional or shareholder support services. Up to 0.25% of the 12b-1 fee may be used as a shareholder servicing fee. The Class A shares pay an annual 12b-1 fee equal to 0.25% of its average daily net assets. During the fiscal year ended March 31, 2026, there was $3,057 of 12b-1 fees incurred by Class A shares. As of March 31, 2026, the Fund had an accrued liability of $854 which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. |
| 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS | 6.) RELATED PARTY TRANSACTIONS |
| During the fiscal year ended March 31, 2026, certain owners of the Adviser earned financial benefits from the sale of Fund shares through Peak Brokerage Services, LLC ("Peak"), a FINRA registered broker/dealer. During fiscal year ended March 31, 2026, Peak earned $1,087 from the sale of the Fund's Class A shares, a portion of which was paid to owners of the Adviser. Additionally, during the year ended March 31, 2026, Peak earned $1,932 associated with trailing commissions of the Fund's Class A, which are paid from available class specific accrued 12b-1 fees. A portion of these fees were paid to owners of the Adviser. | During the fiscal year ended March 31, 2026, certain owners of the Adviser earned financial benefits from the sale of Fund shares through Peak Brokerage Services, LLC ("Peak"), a FINRA registered broker/dealer. During fiscal year ended March 31, 2026, Peak earned $1,087 from the sale of the Fund's Class A shares, a portion of which was paid to owners of the Adviser. Additionally, during the year ended March 31, 2026, Peak earned $1,932 associated with trailing commissions of the Fund's Class A, which are paid from available class specific accrued 12b-1 fees. A portion of these fees were paid to owners of the Adviser. | During the fiscal year ended March 31, 2026, certain owners of the Adviser earned financial benefits from the sale of Fund shares through Peak Brokerage Services, LLC ("Peak"), a FINRA registered broker/dealer. During fiscal year ended March 31, 2026, Peak earned $1,087 from the sale of the Fund's Class A shares, a portion of which was paid to owners of the Adviser. Additionally, during the year ended March 31, 2026, Peak earned $1,932 associated with trailing commissions of the Fund's Class A, which are paid from available class specific accrued 12b-1 fees. A portion of these fees were paid to owners of the Adviser. | During the fiscal year ended March 31, 2026, certain owners of the Adviser earned financial benefits from the sale of Fund shares through Peak Brokerage Services, LLC ("Peak"), a FINRA registered broker/dealer. During fiscal year ended March 31, 2026, Peak earned $1,087 from the sale of the Fund's Class A shares, a portion of which was paid to owners of the Adviser. Additionally, during the year ended March 31, 2026, Peak earned $1,932 associated with trailing commissions of the Fund's Class A, which are paid from available class specific accrued 12b-1 fees. A portion of these fees were paid to owners of the Adviser. |
| Also, Daniel Neiman, in his role as Chief Compliance Officer of the Fund, received $4,000 for his services during the fiscal year ended March 31, 2026. Mr. Neiman is a control person of the Adviser and President of the Trust. The Fund owed the Chief Compliance Officer $1,012 at March 31, 2026. | Also, Daniel Neiman, in his role as Chief Compliance Officer of the Fund, received $4,000 for his services during the fiscal year ended March 31, 2026. Mr. Neiman is a control person of the Adviser and President of the Trust. The Fund owed the Chief Compliance Officer $1,012 at March 31, 2026. | Also, Daniel Neiman, in his role as Chief Compliance Officer of the Fund, received $4,000 for his services during the fiscal year ended March 31, 2026. Mr. Neiman is a control person of the Adviser and President of the Trust. The Fund owed the Chief Compliance Officer $1,012 at March 31, 2026. | Also, Daniel Neiman, in his role as Chief Compliance Officer of the Fund, received $4,000 for his services during the fiscal year ended March 31, 2026. Mr. Neiman is a control person of the Adviser and President of the Trust. The Fund owed the Chief Compliance Officer $1,012 at March 31, 2026. |
| 7.) PURCHASES AND SALES OF SECURITIES | 7.) PURCHASES AND SALES OF SECURITIES |  |  |
| For the fiscal year ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $5,360,820 and $106, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $5,360,820 and $106, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $5,360,820 and $106, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. | For the fiscal year ended March 31, 2026, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $5,360,820 and $106, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively. |
| 8.) CONTROL OWNERSHIP |  |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. and National Financial Services LLC for the benefit of their customers, owned, in the aggregate, 25.63% and 66.47%, respectively, of the Fund between the No Load Class and Class A, and therefore may be deemed to control the Fund. The Trust does not know whether any underlying accounts held at Charles Schwab & Co. or National Financial Services LLC, owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. and National Financial Services LLC for the benefit of their customers, owned, in the aggregate, 25.63% and 66.47%, respectively, of the Fund between the No Load Class and Class A, and therefore may be deemed to control the Fund. The Trust does not know whether any underlying accounts held at Charles Schwab & Co. or National Financial Services LLC, owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. and National Financial Services LLC for the benefit of their customers, owned, in the aggregate, 25.63% and 66.47%, respectively, of the Fund between the No Load Class and Class A, and therefore may be deemed to control the Fund. The Trust does not know whether any underlying accounts held at Charles Schwab & Co. or National Financial Services LLC, owned or controlled 25% or more of the voting securities of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. and National Financial Services LLC for the benefit of their customers, owned, in the aggregate, 25.63% and 66.47%, respectively, of the Fund between the No Load Class and Class A, and therefore may be deemed to control the Fund. The Trust does not know whether any underlying accounts held at Charles Schwab & Co. or National Financial Services LLC, owned or controlled 25% or more of the voting securities of the Fund. |
| 9.) TAX MATTERS |  |  |  |
| For Federal income tax purposes, the cost of investments owned at March 31, 2026, was $30,633,609. | For Federal income tax purposes, the cost of investments owned at March 31, 2026, was $30,633,609. | For Federal income tax purposes, the cost of investments owned at March 31, 2026, was $30,633,609. | For Federal income tax purposes, the cost of investments owned at March 31, 2026, was $30,633,609. |
| At March 31, 2026, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At March 31, 2026, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At March 31, 2026, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: | At March 31, 2026, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments on a tax basis was as follows: |
| <u>Appreciation</u> | <u>Depreciation</u> | <u>Net Appreciation (Depreciation)</u> |  |
| $21419881 | ($221182) | $21198699 |  |
| The tax character of distributions for the No-Load Class was as follows: | The tax character of distributions for the No-Load Class was as follows: | The tax character of distributions for the No-Load Class was as follows: | The tax character of distributions for the No-Load Class was as follows: |
|  | Year Ended | Year Ended |  |
|  | <u>March 31, 2026</u> | <u>March 31, 2025</u> |  |
| Ordinary Income: | $&nbsp;&nbsp;&nbsp;&nbsp; 302413 | $&nbsp;&nbsp;&nbsp;&nbsp; 393206 |  |
| Long-term Capital Gain: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; 302413 | $&nbsp;&nbsp;&nbsp;&nbsp; 393206 |  |
| The tax character of distributions for the Class A was as follows: | The tax character of distributions for the Class A was as follows: | The tax character of distributions for the Class A was as follows: | The tax character of distributions for the Class A was as follows: |
|  | Year Ended | Year Ended |  |
|  | <u>March 31, 2026</u> | <u>March 31, 2025</u> |  |
| Ordinary Income: | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12842 |  |
| Long-term Capital Gain: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12842 |  |
| As of March 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: | As of March 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: | As of March 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: | As of March 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: |
| Undistributed Ordinary Income |  | $&nbsp;&nbsp;&nbsp;&nbsp; 153929 |  |
| Other Accumulated Gains (Losses) | Other Accumulated Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232771) |  |
| Unrealized Appreciation (Depreciation) - Net | Unrealized Appreciation (Depreciation) - Net | &nbsp;&nbsp;&nbsp;&nbsp; 21198699 |  |
|  |  | $21119857 |  |
| As of March 31, 2026, the differences between book basis and tax basis unrealized appreciation are attributable to the tax deferral of losses on wash sales. As of March 31, 2026, other accumulated losses are attributable to losses on straddles from options of $22,740 and an available capital loss carryforward of $210,031, which for federal tax purposes is short-term with no expiration. During the fiscal year ended March 31, 2026, the Fund utilized $39 of available short-term capital loss carryforward. | As of March 31, 2026, the differences between book basis and tax basis unrealized appreciation are attributable to the tax deferral of losses on wash sales. As of March 31, 2026, other accumulated losses are attributable to losses on straddles from options of $22,740 and an available capital loss carryforward of $210,031, which for federal tax purposes is short-term with no expiration. During the fiscal year ended March 31, 2026, the Fund utilized $39 of available short-term capital loss carryforward. | As of March 31, 2026, the differences between book basis and tax basis unrealized appreciation are attributable to the tax deferral of losses on wash sales. As of March 31, 2026, other accumulated losses are attributable to losses on straddles from options of $22,740 and an available capital loss carryforward of $210,031, which for federal tax purposes is short-term with no expiration. During the fiscal year ended March 31, 2026, the Fund utilized $39 of available short-term capital loss carryforward. | As of March 31, 2026, the differences between book basis and tax basis unrealized appreciation are attributable to the tax deferral of losses on wash sales. As of March 31, 2026, other accumulated losses are attributable to losses on straddles from options of $22,740 and an available capital loss carryforward of $210,031, which for federal tax purposes is short-term with no expiration. During the fiscal year ended March 31, 2026, the Fund utilized $39 of available short-term capital loss carryforward. |
| 11.) CONCENTRATION OF SECTOR RISK | 11.) CONCENTRATION OF SECTOR RISK |  |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, the Fund had 30.81% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, the Fund had 30.81% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, the Fund had 30.81% of the value of its net assets invested in stocks within the Information Technology sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2026, the Fund had 30.81% of the value of its net assets invested in stocks within the Information Technology sector. |
| 12.) SUBSEQUENT EVENTS |  |  |  |
| Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |

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|:---|
| **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| To the Shareholders of Neiman Large Cap Value Fund and |
| Board of Trustees of Neiman Funds |
| <u>Opinion on the Financial Statements</u> |
| We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Neiman Large Cap Value Fund (the "Fund"), a series of Neiman Funds, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. |
| <u>Basis for Opinion</u> |
| These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
| We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. |
| Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. |
| We have served as the Fund's auditor since 2004. |
| /s/ Cohen & Company, Ltd. |
| COHEN & COMPANY, LTD. |
| Greenwood Village, Colorado |
| May 22, 2026 |

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

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|:---|
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| At a meeting held on March 10, 2026, the Board of Trustees (the "Board" or the "Trustees") considered the continuance of the Management Agreement between the Trust and the Adviser (the "Management Agreement" or "Agreement"), on behalf of the Large Cap Value. Legal Counsel reviewed the memorandum provided by Thompson Hine LLP and explained that, in consideration of the continuance of the Agreement, the Board should review as much information as is reasonably necessary to evaluate the terms of the contract and determine whether it is fair to the Fund and its shareholders. Legal Counsel also explained that the Adviser has provided information to the Trustees for evaluation of the continuance of the Agreement. |
| In renewing the Management Agreement, the Board received materials from the Adviser (the "Report") addressing the following factors: (i) the investment performance of the Fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser to the Fund; (iii) the cost of the services provided and the profits realized by the Adviser and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grows; and (v) whether the fee level reflects these economies of scale for the benefit of shareholders. |
| As to the performance of the Fund, the Report included information regarding the performance of the Fund as compared to funds of similar style and objective as represented by the Morningstar US Large Value category; and a sub-set of this Morningstar group that reflected funds of similar size. The performance data was through the quarter ended December 31, 2025, and both Fund share classes had the same performance. The Report also included comparative performance information for the Fund's benchmark index, the S&P 500 Index. The report indicated that the Fund outperformed the S&P 500 Index and Morningstar category for the one-year period and while slightly lagging the Morningstar category for the 3-, 5-, and 10-year periods. The Board observed the Fund trailed the S&P 500 Index for the 3-year period while modestly lagging the index in the 5- and 10-year periods. The Adviser reminded the Trustees that long term performance measures were tempered by the Fund's prior use of a covered call strategy, which caused the Fund to underperform in strong market conditions. The Adviser also explained the Fund's portfolio is focused on value stocks which makes a pure comparison to the S&P 500 Index less appropriate. The Trustees concluded that the Fund's long-term performance was consistent with their expectations relative to the Morningstar category and as well as consistent with their expectation compared to the S&P 500 Index after taking into account the portfolio composition, and lack of expenses for the S&P 500 Index as compared to the Fund. After further discussion, the Trustees concluded Fund performance was acceptable. |
| As to the nature, extent and quality of the services provided by the Adviser, the Trustees analyzed the Adviser's experience and capabilities. The representative of the Adviser summarized the information provided to the Board. The Trustees reviewed the Adviser's financial condition and the portfolio manager's background and investment management experience. They observed that there were no changes in the personnel managing the Fund nor in the business or organization of the Adviser. The representative of the Adviser reviewed and discussed with the Board the Adviser's Form ADV and the Rule 17j-1 Code of Ethics certifications. The representative of the Adviser also discussed the compliance services provided to the Fund by the Adviser. The Trustees discussed the quality of the Adviser's compliance efforts. The Adviser also provided to the Trustees a recent profit and loss statement and financial stability letter, which led the Trustees to conclude that the Adviser has sufficient financial resources. The Trustees further discussed the Adviser's financial condition and determined it was satisfactory in relation to the Adviser's obligations to the Fund. After reviewing the foregoing and further information from the Adviser, the Board concluded that the quality, extent, and nature of the services being provided by the Adviser were satisfactory. |
| As to the cost of the services to be provided and the profits to be realized by the Adviser from the relationship with the Fund, it was noted that the Adviser is waiving a portion of its management fee under an expense limitation agreement. Materials submitted by the Adviser represented that the adviser charged a 1.0% management fee but that the Adviser has waived fees to limit the Fund's operating expense (with certain exclusions) to 1.29% of its average daily net assets for shares of the No-Load Class and 1.29% of its average daily net assets for Class A Shares. In addition, materials submitted by the Adviser showed reasonable profitability for the twelve-month period ended December 31, 2025. Counsel indicated that the Board should evaluate the profitability information against the management fee in making its determination. The Trustees then reviewed the Adviser's profitability analysis on a pre- and post-indirect expenses basis. The Trustees noted the gross profit margin did not include any imputed portfolio manager or support personnel expense, which would significantly reduce profits to a loss. The Trustees noted that even after backing out the marketing element of indirect expenses for which the Adviser is not engaged under the Management Agreement, gross profits were still reasonable and the Adviser would be considered unprofitable or only slightly profitable after imputed portfolio manager and support personnel costs. The Trustees then reviewed the indirect fees received by the partial owners of the Adviser, for the period of January 1, 2025, through December 31, 2025, in their capacity as Registered Representatives with Peak Brokerage Services, LLC (Peak) and/or Registered Representatives in their Peak branch office(s). It was noted that they have received approximately $1,395, collectively, in sales charges and trailer fees related to the Fund. The Trustees concluded that these fees were reasonable, accepted the report, and concluded the fees did not materially change their profitability analysis. The Trustees concluded there were no material indirect benefits to the Adviser or its affiliates. In total, the Trustees concluded the Adviser's profits are not excessive and excessive profitability is not a current concern. |
| Turning to the level of the management fee and expenses, the Trustees were presented with a comparative analysis of advisory fees and expense ratios drawn from the Morningstar Large Cap Value category; and a sub-set of this Morningstar group that reflected funds of a similar size and class structure. The Trustees noted that each class of the Fund had a net expense ratio (which includes any acquired fund fees and expenses) of 1.30%, which was slightly higher than the average net expense ratio (which includes any acquired fund fees and expenses) for the Morningstar sub-set, but within the range of reasonable expenses. The Trustees also noted that the management fee of 1.00% was above the average of the Morningstar category, but within the range of reasonable fees. The Trustees also recognized that the Adviser is capped the Fund's expense ratio, and therefore, the net management fee may be substantially less than the gross management fee depending on the net assets of the Fund. After further discission and having considered the comparative data as described above, the Trustees concluded that the Fund's management fee and expense ratios were reasonable. |
| As for potential economies of scale, the Trustees discussed and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Trustees agreed they would revisit the issue of economies of scale with the Adviser as Fund assets continued to grow to the point that a further assessment of any realized economies of scale can be made. Again, the Trustees noted that the Adviser has contractually agreed to waive management fees and reimburse expenses to the extent necessary to limit annual operating expenses of the Fund and noted that as the Fund grows the expense ratios should decrease. |
| The Trustees reported that after further consideration (including a majority of the independent Trustees), they were satisfied with the performance of the Fund. They concluded that the nature and extent of services provided by the Adviser was consistent with the Board's expectations. The Trustees concluded that the Adviser had sufficient resources and had provided quality advisory services to the Fund, agreed that that the management fee was reasonable, and that the Adviser was not overly profitable. The Trustees agreed that the fee waiver for the Fund capped the expenses and that additional economies of scale would not be a material consideration until the Fund is substantially larger but noted that the Adviser was committed to revisiting the issue of reducing fees as economies of scale are realized. It was the consensus of the Trustees, including the independent Trustees, that renewal of the Agreement would be in the best interest of the Fund. |

---

---

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

---

---

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

---

## Ex-99.Code

**THE NEIMAN FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

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

This code of ethics (this "Code") for Neiman Funds (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

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

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

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

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

* accountability for adherence to this Code.

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

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

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

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

------

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

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:<br>

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

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

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

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

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

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

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

------

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

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

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

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

* Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.<br>
 

* Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.<br>
 

* Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.<br>
 

* It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. 

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

Each Covered Officer must:

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

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

* not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and<br>
 

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

------

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

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

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

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

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

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

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

* if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;<br>
 

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

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

**V.** 

**Other Policies and Procedures**

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

------

**VI.** 

**Amendments**

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

**VII.** 

**Confidentiality**

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

**VIII.** 

**Internal Use**

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

Date: July 22, 2003

## Ex-99.Cert

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

---

---

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

---

## Exhibit 99.906

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

---