Neiman Funds
11/29/2024 | Press release | Distributed by Public on 11/29/2024 12:38
Annual Report by Investment Company Form N CSR
| 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 |
| Neiman Funds |
| (Exact name of registrant as specified in charter) |
| 305 Spindrift Drive, Williamsville, NY 14221 |
| (Address of principal executive offices) (Zip code) |
| Daniel Neiman |
| 305 Spindrift Drive, Williamsville, NY 14221 |
| (Name and address of agent for service) |
| Registrant's telephone number, including area code: (858) 336-0832 |
| Date of fiscal year end: September 30 |
| Date of reporting period: September 30, 2024 |
Item 1. Reports to Stockholders.
Advisors Capital Active All Cap Fund
TICKER: ACALX
Annual Shareholder Report
September 30, 2024
This annual shareholder reportcontains important information about the Advisors Capital Active All Cap Fund ("Fund") for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
| Advisors Capital Active All Cap Fund | $217 | 1.87% |
Management's Discussion of Fund Performance
The Advisors Capital Active All Cap Fund's strategy had strong absolute performance during the Fund's fiscal year. While the broad stock markets were strong, there was a clear dichotomy between growth and value, large cap versus small cap and the top 10 stocks versus the rest of the market. Growth continued to outperform value during the fiscal year which resulted in our Vanguard Growth ETF having the strongest performance of all positions in the Fund's strategy. Large cap stocks also continued to outperform both mid cap and small cap issues. This led to the weakest contributors to performance in the Active All Cap strategy coming from the Schwab U.S. Small-Cap ETF and the iShares Core S&P Mid-Cap ETF. The other trend that continued in the fiscal year is that the top 10 largest companies in the stock market outperformed the rest of the market by a meaningful amount. This was the result of stronger revenue and earnings growth from the largest companies relative to the rest of the market.
How did the Fund perform since Inception?
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns
| 1 Year |
Inception (12/01/2022) |
|
| Advisors Capital Active All Cap Fund | 31.71% | 18.88% |
| S&P 500 Index | 36.35% | 22.67% |
Fund Statistics
| Net Assets ($) | $123,718,357 |
| Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate (%) | 2% |
| Total Advisory Fees Paid ($) | $1,253,343 |
1
What did the Fund invest in?
Top Holdings (% of net assets)
| iShares Core S&P 500 ETF | 40.14% |
| Vanguard Value Index Fund ETF | 17.12% |
| SPDR® Portfolio S&P 1500 Composite Stock Market ETF | 15.05% |
| Vanguard Growth Index Fund ETF | 14.00% |
| iShares Core S&P Mid-Cap ETF | 8.02% |
| Schwab U.S. Small-Cap ETF | 5.03% |
| Goldman Sachs Financial Square Government Fund - Class I | 0.73% |
Security Type (% of net assets)
|
* |
Net Cash represents Cash Equivalents and Liabilities in Excess of Other Assets. |
Availability of Additional Information about the Fund
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.advisorscapfunds.com/literature.
Important Notice Regarding Delivery of Shareholder Documents
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.
2
Advisors Capital Total Return - Equity Fund
TICKER: ACUSX
Annual Shareholder Report
September 30, 2024
This annual shareholder reportcontains important information about the Advisors Capital Total Return - Equity Fund ("Fund") for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.
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)
| Fund | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
| Advisors Capital Total Return - Equity Fund | $213 | 1.87% |
Management's Discussion of Fund Performance
While the broad stock markets were strong during the fiscal year, the "Magnificent 7" trend of the largest 7 companies outperforming the rest of the market not only continued, but picked up steam during the year. These companies have a significant weight in the S&P 500 Index with the largest 3 companies making up more than 20% of the index, the top 7 making up more than 30% of the index and the top 10 accounting for more than 34%. The Advisors Capital Total Return - Equity Fund's strategy is a diversified portfolio that focuses on quality companies that return capital to shareholders. Companies in the portfolio must exhibit strong balance sheets, positive free cash flow and strong returns on invested capital and equity. In terms of return of capital, at least 80% of companies must pay cash dividends and the rest of the companies in the portfolio must have repurchased their shares on a net basis over the past 3 years. The strategy also maintains a dividend yield that is greater than the S&P 500 Index. New positions that have been added to the portfolio over the past six months have been positive contributors to performance. These new companies include Berkshire Hathaway, Amgen, Southern Company, Stryker and T-Mobile. The companies that have been the largest contributors to performance over the past year are Broadcom, Trane, Oracle, Eaton and Costco. The first four were helped by artificial intelligence and the increased demand from datacenters, while Costco continues to prove that it is one of the dominant retailers in the country. The companies that have been the weakest contributors to performance over the past year are Chevron, Pfizer, Ulta Beauty and Adobe. Each of these companies have disappointed shareholders to some degree, but we continue to expect each of them to perform better in the future.
How did the Fund perform since Inception?
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns
| 1 Year |
Inception (03/19/2021) |
|
| Advisors Capital Total Return - Equity Fund | 27.75% | 6.04% |
| S&P 500 3% Capped Index* | 35.65% | 12.82% |
| S&P 500 Index | 36.35% | 13.29% |
| * |
Index performance provided for any time period prior to April 19, 2024 is considered back-tested. |
Fund Statistics
| Net Assets ($) | $219,098,770 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover Rate (%) | 19% |
| Total Advisory Fees Paid ($) | $2,806,112 |
1
What did the Fund invest in?
Top Holdings (% of net assets)
| Microsoft Corporation | 5.66% |
| Apple Inc. | 4.20% |
| Alphabet, Inc. - Class A | 4.05% |
| Broadcom, Inc. | 3.94% |
| iShares 0-3 Month Treasury Bond ETF | 2.97% |
| Accenture PLC - Class A | 2.94% |
| Thermo Fisher Scientific Inc. | 2.43% |
| Lockheed Martin Corporation | 2.37% |
| JPMorgan Chase & Co. | 2.36% |
| Oracle Corp. | 2.29% |
Sectors (% of net assets)
|
* |
Net Cash represents Cash Equivalents and Liabilities in Excess of Other Assets. |
Availability of Additional Information about the Fund
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.advisorscapfunds.com/literature.
Important Notice Regarding Delivery of Shareholder Documents
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.
Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2023. Prior to January 30, 2024, the Fund was known as the Advisors Capital US Dividend Fund. However, its Principal Investment Strategy did not change.
2
Advisors Capital Tactical Fixed Income Fund
TICKER: ACTIX
Annual Shareholder Report
September 30, 2024
This annual shareholder reportcontains important information about the Advisors Capital Tactical Fixed Income Fund ("Fund") for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
| Advisors Capital Tactical Fixed Income Fund | $198 | 1.87% |
Management's Discussion of Fund Performance
For the fiscal year ending September 30, 2024, the Advisors Capital Tactical Fixed Income Fund had an exceptionally strong year. During the period, interest rates declined and credit spread tightened simultaneously resulting in a double-digit return in fixed income. The total return generated was a result of both the interest earned/accrued during the year as well as price appreciation due to market yields on bonds declining. This return is a bit of a catch-up for the previous year when interest rates rose, resulting in a much lower return for fixed income.
Regarding positioning, our overweight exposure to variable/floating rate coupon preferreds contributed positively to performance. We were also overweight short high-yield which also enhanced performance. Additionally, our focus on corporate bonds rather than treasuries / government-related debt contributed to performance as well due to corporate bonds generating a credit spread versus treasuries, by definition, having no credit spread. It is worth mentioning that the higher yield environment of the last few years has led to the creation of numerous ETFs that own corporate bonds maturing in a specific year such as 2029, 2030, or 2031. We are selectively utilizing some of these more precise ETFs to gain exposure to bonds with duration that we find particularly compelling. We will continue to be flexible and will adjust our interest rate (duration) and credit spread exposure as we deem best suited to the credit environment.
During the year, our benchmark changed to the more widely recognized Bloomberg U.S. Aggregate Index from the Bloomberg U.S. Intermediate Corporate Bond Index. The U.S. Aggregate Index has a significantly higher duration of more than six years currently, versus the Intermediate Corporate Bond Index currently just over four years. Consequently, we increased the duration of the Advisors Capital Tactical Fixed Income Fund to get closer to that of the benchmark.
How did the Fund perform since Inception?
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns
| 1 Year |
Inception (03/19/2021) |
|
| Advisors Capital Tactical Fixed Income Fund | 11.29% | 0.58% |
| Bloomberg US Aggregate Bond Index(A) | 11.57% | -0.59% |
| Bloomberg US Intermediate Corporate Bond Index | 11.90% | 1.17% |
| (A) |
The Fund has selected the Bloomberg US Aggregate Bond Index as its broad measure of market performance to comply with the recent regulatory changes. |
Fund Statistics
| Net Assets ($) | $107,312,782 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate (%) | 49% |
| Total Advisory Fees Paid ($) | $1,433,286 |
1
What did the Fund invest in?
Top Holdings (% of net assets)
| iShares 10+ Year Investment Grade Corporate Bond ETF | 20.02% |
| iShares Broad USD Investment Grade Corporate ETF | 13.47% |
| iShares iBonds Dec 2031 Term Corporate ETF | 12.50% |
| SPDR® Bloomberg Short Term High Yield Bond ETF | 10.07% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 10.05% |
| Invesco Variable Rate Preferred ETF | 10.01% |
| Vanguard Intermediate-Term Corporate Bond Index Fund ETF | 9.97% |
| iShares iBonds Dec 2029 Term Corporate ETF | 7.47% |
| iShares iBonds Dec 2030 Term Corporate ETF | 4.99% |
| Goldman Sachs Financial Square Government Fund - Class I | 1.56% |
Security Type (% of net assets)
|
* |
Net Cash represents Cash, Cash Equivalents and Liabilities in Excess of Other Assets. |
Availability of Additional Information about the Fund
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.advisorscapfunds.com/literature.
Important Notice Regarding Delivery of Shareholder Documents
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.
2
Advisors Capital Small/Mid Cap Fund
TICKER: ACSMX
Annual Shareholder Report
September 30, 2024
This annual shareholder reportcontains important information about the Advisors Capital Small/Mid Cap Fund ("Fund") for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.advisorscapfunds.com/literature. You can also request this information by contacting us at 1-888-247-3841.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
| Advisors Capital Small/Mid Cap Fund | $209 | 1.87% |
Management's Discussion of Fund Performance
For the fiscal year ended September 30, 2024, the Advisors Capital Small/Mid Cap Fund (the "Fund") registered gains in three of the four calendar quarters. Although earnings estimates for Small and Midcap stocks generally declined over the period, the asset class benefited from prospects of the Federal Reserve beginning to cut interest rates as well as a resilient US economy, and attractive valuation for the asset class. Declining market interest rates helped the Fund's interest-sensitive sectors, Real Estate and Financials, post the strongest results. Our holding in PJT Partners, an investment bank, contributed 3.17 percentage points to the Fund's return, while Jones Lang LaSalle, a real estate services firm, added 2.55 percentage points to the Fund's performance. Also, Guidewire Software, an insurance enterprise software provider, more than doubled in price over the 12-month period, adding 3.08 percentage points to the Fund's result.
Fox Factory Holding Corp detracted most from the Fund's return, subtracting 1.54 percentage points. Demand for the company's high-performance suspension products, primarily for mountain bikes and off-road vehicles, normalized after surging during the pandemic era. Excess inventories accumulated during the Covid period penalized our Health Care position in Stevanato, a manufacturer of glass vials and prefilled syringes used to administer drugs like the popular GLP-1s. Stevanato reduced the Fund's return by 1.42 percentage points. Another Health Care company, Atricure, a provider of specialized devices for cardiothoracic surgeons, reduced the Fund's return by 0.95 percentage points. Analysts fear intensifying competition from Medtronic will negatively impact earnings.
How did the Fund perform since Inception?
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns
| 1 Year |
Inception (03/19/2021) |
|
| Advisors Capital Small/Mid Cap Fund | 23.83% | 1.66% |
| S&P 500 Index(A) | 36.35% | 13.29% |
| CRSP US Small Cap Index | 27.41% | 4.05% |
| Russell 2500TM Index | 26.17% | 3.24% |
| (A) |
The Fund has selected the S&P 500 Index as its broad measure of market performance to comply with the recent regulatory changes. |
Fund Statistics
| Net Assets ($) | $71,508,234 |
| Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate (%) | 8% |
| Total Advisory Fees Paid ($) | $966,942 |
1
What did the Fund invest in?
Top Holdings (% of net assets)
| PJT Partners Inc. - Class A | 6.40% |
| RBC Bearings Incorporated | 5.53% |
| Coastal Financial Corporation | 5.32% |
| Guidewire Software, Inc. | 4.94% |
| Owens Corning | 4.71% |
| Watsco, Inc. | 4.40% |
| Pool Corporation | 4.37% |
| Casey's General Stores, Inc. | 4.31% |
| Avantor, Inc. | 4.01% |
| Jones Lang LaSalle Incorporated | 3.96% |
Sectors (% of net assets)
|
* |
Net Cash represents Cash Equivalents and Liabilities in Excess of Other Assets. |
Availability of Additional Information about the Fund
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit https://www.advisorscapfunds.com/literature.
Important Notice Regarding Delivery of Shareholder Documents
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-888-247-3841 and we will begin sending you separate copies of these materials within 30 days after we receive your request.
2
| 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. | ||||||||
| 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. | ||||||||
| 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. | ||||||||
| FYE 9/30/2024 | FYE 9/30/2023 | |||||||
| Audit Fees | $55,200 | $54,000 | ||||||
| Audit-Related Fees | $0 | $0 | ||||||
| Tax Fees | $12,000 | $12,000 | ||||||
| All Other Fees | $1,000 | $1,000 | ||||||
| Nature of Tax Fees: Preparation of Excise Tax Statement and 1120 RIC. | ||||||||
| 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) (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. | ||||||||
|
(g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant, the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. |
||||||||
| Non-Audit Fees | FYE 9/30/2024 | FYE 9/30/2023 | ||||||
| Registrant | $13,000 | $13,000 | ||||||
| Registrant's Investment Adviser | $0 | $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. | ||||||||
| (i) Not applicable. | ||||||||
| (j) Not applicable. | ||||||||
| Item 5. Audit Committee of Listed Companies. | ||||||||
| Not applicable. |
| Item 6. Investments | ||||||
| Advisors Capital Total Return - Equity Fund | ||||||
| Schedule of Investments | ||||||
| September 30, 2024 | ||||||
| Shares | Fair Value | % of Net Assets | ||||
| COMMON STOCKS | ||||||
| Aircraft Engines & Engine Parts | ||||||
| 20,300 | Honeywell International Inc. | $ 4,196,213 | 1.92% | |||
| Auto Controls for Regulating Residential & Commercial Environments | ||||||
| 9,200 | Trane Technologies PLC (Ireland) | 3,576,316 | 1.63% | |||
| Ball & Roller Bearings | ||||||
| 24,400 | The Timken Company | 2,056,676 | 0.94% | |||
| Beverages | ||||||
| 20,400 | PepsiCo, Inc. | 3,469,020 | 1.58% | |||
| Biotechnology | ||||||
| 9,400 | Amgen Inc. | 3,028,774 | 1.38% | |||
| Electric Services | ||||||
| 51,900 | NextEra Energy, Inc. | 4,387,107 | ||||
| 25,300 | The Southern Company | 2,281,554 | ||||
| 6,668,661 | 3.04% | |||||
| Electromedical & Electrotherapeutic Apparatus | ||||||
| 24,300 | Medtronic PLC (Ireland) | 2,187,729 | 1.00% | |||
| Electronic Computers | ||||||
| 39,500 | Apple Inc. | 9,203,500 | 4.20% | |||
| Entertainment | ||||||
| 210,000 | Universal Music Group N.V. ADR | 2,711,100 | 1.24% | |||
| Farm Machinery & Equipment | ||||||
| 9,100 | Deere & Company | 3,797,703 | 1.73% | |||
| Fire, Marine & Casualty Insurance | ||||||
| 8,900 | Berkshire Hathaway, Inc. Class B * | 4,096,314 | 1.87% | |||
| Guided Missiles & Space Vehicles & Parts | ||||||
| 8,900 | Lockheed Martin Corporation | 5,202,584 | 2.37% | |||
| Hospital & Medical Service Plans | ||||||
| 7,800 | UnitedHealth Group Incorporated | 4,560,504 | 2.08% | |||
| Insurance Agents, Brokers & Service | ||||||
| 10,300 | Aon PLC - Class A (Ireland) | 3,563,697 | 1.63% | |||
| Investment Advice | ||||||
| 28,100 | Blackstone Inc. | 4,302,953 | 1.96% | |||
| Measuring & Controlling Devices, NEC | ||||||
| 8,600 | Thermo Fisher Scientific Inc. | 5,319,702 | 2.43% | |||
| Miscellaneous Industrial & Commercial Machinery & Equipment | ||||||
| 13,600 | Eaton Corporation PLC (Ireland) | 4,507,584 | 2.06% | |||
| National Commercial Banks | ||||||
| 24,500 | JPMorgan Chase & Co. | 5,166,070 | ||||
| 78,100 | Truist Financial Corporation | 3,340,337 | ||||
| 62,500 | Wells Fargo & Company | 3,530,625 | ||||
| 12,037,032 | 5.49% | |||||
| Natural Gas Transmission | ||||||
| 101,500 | The Williams Companies, Inc. | 4,633,475 | 2.11% | |||
| Petroleum Refining | ||||||
| 32,300 | Chevron Corporation | 4,756,821 | 2.17% | |||
| Pharmaceutical Preparations | ||||||
| 31,800 | Abbott Laboratories | 3,625,518 | ||||
| 25,700 | Johnson & Johnson | 4,164,942 | ||||
| 69,500 | Pfizer, Inc. | 2,011,330 | ||||
| 20,100 | Zoetis Inc. - Class A | 3,927,138 | ||||
| 13,728,928 | 6.27% | |||||
| Radio & TV Broadcasting & Communications Equipment | ||||||
| 24,000 | QUALCOMM Incorporated | 4,081,200 | 1.86% | |||
| Radiotelephone Communications | ||||||
| 16,300 | T-Mobile US, Inc. | 3,363,668 | 1.54% | |||
| Retail - Family Clothing Stores | ||||||
| 22,400 | Ross Stores, Inc. | 3,371,424 | 1.54% | |||
| Retail - Lumber & Other Building Materials Dealers | ||||||
| 11,400 | The Home Depot, Inc. | 4,619,280 | 2.11% | |||
| Retail - Retail Stores, NEC | ||||||
| 5,600 | Ulta Beauty, Inc. * | 2,179,072 | 0.99% | |||
| Retail - Variety Stores | ||||||
| 4,500 | Costco Wholesale Corp. | 3,989,340 | 1.82% | |||
| Security & Commodity Brokers, Dealers, Exchanges & Services | ||||||
| 14,400 | CME Group Inc. | 3,177,360 | 1.45% | |||
| Security Brokers, Dealers & Flotation Companies | ||||||
| 4,700 | BlackRock, Inc. | 4,462,697 | 2.04% | |||
| Semiconductors & Related Devices | ||||||
| 50,000 | Broadcom Inc. | 8,625,000 | ||||
| 20,000 | NVIDIA Corp. | 2,428,800 | ||||
| 15,600 | Texas Instruments Incorporated | 3,222,492 | ||||
| 14,276,292 | 6.52% | |||||
| Services - Business Services, NEC | ||||||
| 18,200 | Accenture PLC - Class A (Ireland) | 6,433,336 | ||||
| 9,900 | MasterCard Incorporated - Class A | 4,888,620 | ||||
| 11,321,956 | 5.17% | |||||
| Services - Computer Programming, Data Processing, Etc. | ||||||
| 53,500 | Alphabet, Inc. - Class A | 8,872,975 | 4.05% | |||
| Services - Miscellaneous Amusement & Recreation | ||||||
| 27,000 | The Walt Disney Company | 2,597,130 | 1.19% | |||
| Services - Prepackaged Software | ||||||
| 6,600 | Adobe, Inc. * | 3,417,348 | ||||
| 28,800 | Microsoft Corporation | 12,392,640 | ||||
| 29,400 | Oracle Corporation | 5,009,760 | ||||
| 20,819,748 | 9.50% | |||||
| Surgical & Medical Instruments & Apparatus | ||||||
| 9,100 | Stryker Corporation | 3,287,466 | 1.50% | |||
| Wholesale - Drugs, Proprietaries & Druggists' Sundries | ||||||
| 6,300 | McKesson Corporation | 3,114,846 | 1.42% | |||
| Wholesale - Electronic Parts & Equipment, NEC | ||||||
| 27,000 | TE Connectivity Ltd. (Switzerland) | 4,076,730 | 1.86% | |||
| Wholesale - Miscellaneous Durable Goods | ||||||
| 5,700 | Pool Corporation | 2,147,760 | 0.98% | |||
| Total for Common Stocks (Cost - $162,205,507) | 207,364,230 | 94.64% | ||||
| EXCHANGE TRADED FUNDS | ||||||
| Fixed Income | ||||||
| 64,700 | iShares 0-3 Month Treasury Bond ETF | 6,516,584 | 2.97% | |||
| Total for Exchange Traded Funds (Cost - $6,507,571) | ||||||
| REAL ESTATE INVESTMENT TRUSTS | ||||||
| 32,200 | Prologis, Inc. | 4,066,216 | 1.86% | |||
| Total for Real Estate Investment Trusts (Cost $3,890,712) | ||||||
| MONEY MARKET FUNDS | ||||||
| 1,398,260 | Goldman Sachs Financial Square Government Fund | 1,398,260 | 0.64% | |||
| Class I 4.78% ** | ||||||
| Total for Money Market Funds (Cost $1,398,260) | ||||||
| Total Investments (Cost - $174,002,050) | 219,345,290 | 100.11% | ||||
| Liabilities in Excess of Other Assets | (246,520) | -0.11% | ||||
| Net Assets | $ 219,098,770 | 100.00% | ||||
| * Non-Income Producing Securities. | ||||||
| ** The rate shown represents the 7-day yield at September 30, 2024. | ||||||
| ADR - American Depositary Receipt. | ||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Small/Mid Cap Fund | ||||||
| Schedule of Investments | ||||||
| September 30, 2024 | ||||||
| Shares | Fair Value | % of Net Assets | ||||
| COMMON STOCKS | ||||||
| Abrasive, Asbestos & Miscellaneous Nonmetallic Mineral Products | ||||||
| 19,100 | Owens Corning | $ 3,371,532 | 4.72% | |||
| Ball & Roller Bearings | ||||||
| 13,200 | RBC Bearings Incorporated * | 3,951,816 | ||||
| 24,500 | The Timken Company | 2,065,105 | ||||
| 6,016,921 | 8.41% | |||||
| Glass Containers | ||||||
| 93,400 | Stevanato Group S.p.A. (Italy) | 1,868,000 | 2.61% | |||
| Industrial & Commercial Fans & Blowers & Air Purifying Equipment | ||||||
| 16,800 | Donaldson Company, Inc. | 1,238,160 | 1.73% | |||
| Investment Advice | ||||||
| 8,600 | Evercore Inc. - Class A | 2,178,724 | ||||
| 34,300 | PJT Partners Inc. - Class A | 4,573,562 | ||||
| 6,752,286 | 9.44% | |||||
| Laboratory Analytical Instruments | ||||||
| 110,800 | Avantor, Inc. * | 2,866,396 | 4.01% | |||
| Miscellaneous Food Preparations & Kindred Products | ||||||
| 74,200 | Utz Brands, Inc. - Class A | 1,313,340 | 1.84% | |||
| Motorcycles, Bicycles & Parts | ||||||
| 23,900 | Fox Factory Holding Corp. * | 991,850 | 1.39% | |||
| National Commercial Banks | ||||||
| 15,300 | Pinnacle Financial Partners, Inc. | 1,498,941 | 2.10% | |||
| Real Estate Agents & Managers (For Others) | ||||||
| 13,000 | FirstService Corporation (Canada) | 2,371,980 | ||||
| 10,500 | Jones Lang LaSalle Incorporated * | 2,833,005 | ||||
| 5,204,985 | 7.28% | |||||
| Retail - Auto Dealers & Gasoline Stations | ||||||
| 8,200 | Casey's General Stores, Inc. | 3,080,822 | 4.31% | |||
| Security Brokers, Dealers & Flotation Companies | ||||||
| 66,600 | Virtu Financial, Inc. - Class A | 2,028,636 | 2.84% | |||
| Services - Computer Processing & Data Preparation | ||||||
| 55,000 | QXO, Inc. | 867,350 | 1.21% | |||
| Services - Detective, Guard & Armored Car Services | ||||||
| 10,500 | Allegion PLC (Ireland) | 1,530,270 | 2.14% | |||
| Services - Management Consulting Services | ||||||
| 7,600 | FTI Consulting, Inc. * | 1,729,456 | 2.42% | |||
| Services - Medical Laboratories | ||||||
| 69,000 | Castle Biosciences, Inc. * | 1,967,880 | 2.75% | |||
| Services - Miscellaneous Amusement & Recreation | ||||||
| 5,700 | Madison Square Garden Sports Corp. - Class A * | 1,187,082 | 1.66% | |||
| Services - Prepackaged Software | ||||||
| 6,900 | AppFolio, Inc. - Class A * | 1,624,260 | ||||
| 38,900 | Bentley Systems, Incorporated - Class B | 1,976,509 | ||||
| 19,300 | Guidewire Software, Inc. * | 3,530,742 | ||||
| 33,300 | nCino, Inc. * | 1,051,947 | ||||
| 33,800 | Procore Technologies, Inc. * | 2,086,136 | ||||
| 10,269,594 | 14.36% | |||||
| State Commercial Banks | ||||||
| 70,500 | Coastal Financial Corporation * | 3,806,295 | 5.32% | |||
| Surgical & Medical Instruments & Apparatus | ||||||
| 48,400 | AtriCure, Inc. * | 1,357,136 | ||||
| 17,000 | Solventum Corp. * | 1,185,240 | ||||
| 2,542,376 | 3.56% | |||||
| Television Broadcasting Stations | ||||||
| 37,600 | Atlanta Braves Holdings, Inc. - Series C * | 1,496,480 | 2.09% | |||
| Title Insurance | ||||||
| 24,400 | First American Financial Corporation | 1,610,644 | 2.25% | |||
| Transportation Services | ||||||
| 26,300 | GXO Logistics, Inc. * | 1,369,441 | 1.92% | |||
| Wholesale - Hardware & Plumbing & Heating Equipment & Supplies | ||||||
| 6,400 | Watsco, Inc. | 3,148,032 | 4.40% | |||
| Wholesale - Miscellaneous Durable Goods | ||||||
| 8,300 | Pool Corporation | 3,127,440 | 4.37% | |||
| Total for Common Stocks (Cost - $55,059,395) | 70,884,209 | 99.13% | ||||
| MONEY MARKET FUNDS | ||||||
| 737,625 | Goldman Sachs Financial Square Government Fund | 737,625 | 1.03% | |||
| Class I 4.78% ** | ||||||
| Total for Money Market Funds (Cost $737,625) | ||||||
| Total Investments (Cost - $55,797,020) | 71,621,834 | 100.16% | ||||
| Liabilities in Excess of Other Assets | (113,600) | -0.16% | ||||
| Net Assets | $ 71,508,234 | 100.00% | ||||
| * Non-Income Producing Securities. | ||||||
| ** The rate shown represents the 7-day yield at September 30, 2024. | ||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Tactical Fixed Income Fund | ||||||
| Schedule of Investments | ||||||
| September 30, 2024 | ||||||
| Shares | Fair Value | % of Net Assets | ||||
| EXCHANGE TRADED FUNDS | ||||||
| Fixed Income | ||||||
| 248,500 | iShares 0-5 Year High Yield Corporate Bond ETF | $ 10,789,870 | ||||
| 400,900 | iShares 10+ Year Investment Grade Corporate Bond ETF | 21,484,231 | ||||
| 275,000 | iShares Broad USD Investment Grade Corporate ETF | 14,459,500 | ||||
| 419,700 | SPDR® Bloomberg Short Term High Yield Bond ETF | 10,807,275 | ||||
| 127,800 | Vanguard Intermediate-Term Corporate Bond Index Fund ETF | 10,703,250 | ||||
| 68,244,126 | 63.59% | |||||
| Target Maturity Fixed Income | ||||||
| 340,900 | iShares iBonds Dec 2029 Term Corporate ETF | 8,014,559 | ||||
| 241,300 | iShares iBonds Dec 2030 Term Corporate ETF | 5,349,621 | ||||
| 631,900 | iShares iBonds Dec 2031 Term Corporate ETF | 13,408,918 | ||||
| 26,773,098 | 24.95% | |||||
| US Fund Preferred Stock | ||||||
| 439,100 | Invesco Variable Rate Preferred ETF | 10,740,386 | 10.01% | |||
| Total for Exchange Traded Funds (Cost - $100,562,770) | 105,757,610 | 98.55% | ||||
| MONEY MARKET FUNDS | ||||||
| 1,679,070 | Goldman Sachs Financial Square Government Fund | 1,679,070 | 1.57% | |||
| Class I 4.78% ** | ||||||
| Total for Money Market Funds (Cost $1,679,070) | ||||||
| Total Investments (Cost - $102,241,840) | 107,436,680 | 100.12% | ||||
| Liabilities in Excess of Other Assets | (123,898) | -0.12% | ||||
| Net Assets | $ 107,312,782 | 100.00% | ||||
| ** The rate shown represents the 7-day yield at September 30, 2024. | ||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Active All Cap Fund | ||||||
| Schedule of Investments | ||||||
| September 30, 2024 | ||||||
| Shares | Fair Value | % of Net Assets | ||||
| EXCHANGE TRADED FUNDS | ||||||
| Equity | ||||||
| 86,100 | iShares Core S&P 500 ETF (a) | $ 49,664,202 | ||||
| 159,300 | iShares Core S&P Mid-Cap ETF | 9,927,576 | ||||
| 120,800 | Schwab U.S. Small-Cap ETF | 6,221,200 | ||||
| 265,700 | SPDR® Portfolio S&P 1500 Composite Stock Market ETF | 18,614,942 | ||||
| 45,100 | Vanguard Growth Index Fund ETF | 17,315,243 | ||||
| 121,300 | Vanguard Value Index Fund ETF | 21,175,341 | ||||
| Total for Exchange Traded Funds (Cost - $102,613,130) | 122,918,504 | 99.36% | ||||
| MONEY MARKET FUNDS | ||||||
| 906,823 | Goldman Sachs Financial Square Government Fund - | 906,823 | 0.73% | |||
| Class I 4.78% ** | ||||||
| Total for Money Market Funds (Cost $906,823) | ||||||
| Total Investments (Cost - $103,519,953) | 123,825,327 | 100.09% | ||||
| Liabilities in Excess of Other Assets | (106,970) | -0.09% | ||||
| Net Assets | $123,718,357 | 100.00% | ||||
| (a) Additional information, including current Prospectus and Annual Report, is available at | ||||||
| https://www.blackrock.com/us/individual/resources/regulatory-documents#etfs. | ||||||
| ** The rate shown represents the 7-day yield at September 30, 2024. | ||||||
| The accompanying notes are an integral part of these financial statements. |
| Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. | ||||
| Advisors Capital Funds | ||||
| Statements of Assets and Liabilities | Total Return - | Small/Mid | ||
| September 30, 2024 | Equity Fund | Cap Fund | ||
| Assets: | ||||
| Investment at Fair Value* | $ 219,345,290 | $ 71,621,834 | ||
| Receivable for Fund Shares Sold | 129,466 | 9,775 | ||
| Dividends Receivable | 49,545 | 11,565 | ||
| Total Assets | 219,524,301 | 71,643,174 | ||
| Liabilities: | ||||
| Payable for Fund Shares Redeemed | 7,800 | - | ||
| Management Fees Payable | 285,502 | 92,560 | ||
| Distribution Fees Payable | 132,229 | 42,380 | ||
| Total Liabilities | 425,531 | 134,940 | ||
| Net Assets | $ 219,098,770 | $ 71,508,234 | ||
| Net Assets Consist of: | ||||
| Paid In Capital | $ 182,695,314 | $ 61,242,290 | ||
| Total Distributable Earnings | 36,403,456 | 10,265,944 | ||
| Net Assets | $ 219,098,770 | $ 71,508,234 | ||
| Net Asset Value, Offering Price and Redemption Price per Share | $ 12.28 | $ 10.60 | ||
| * Investments at Identified Cost | $ 174,002,050 | $ 55,797,020 | ||
| Shares Outstanding (Unlimited number of shares | 17,837,423 | 6,747,360 | ||
| authorized without par value) | ||||
| Statements of Operations | ||||
| For the fiscal year ended September 30, 2024 | ||||
| Investment Income: | ||||
| Dividends (Net of foreign withholding tax of $2,082 and $2,891, respectively) | $ 3,492,012 | $ 496,191 | ||
| Total Investment Income | 3,492,012 | 496,191 | ||
| Expenses: | ||||
| Management Fees (Note 4) | 2,806,112 | 966,942 | ||
| Distribution Fees (Note 5) | 433,251 | 149,219 | ||
| Total Expenses | 3,239,363 | 1,116,161 | ||
| Net Investment Income (Loss) | 252,649 | (619,970) | ||
| Realized and Unrealized Gain (Loss) on Investments: | ||||
| Net Realized Loss on Investments | (2,794,042) | (1,960,604) | ||
| Net Change in Net Unrealized Appreciation on Investments | 44,346,758 | 15,777,522 | ||
| Net Realized and Unrealized Gain on Investments | 41,552,716 | 13,816,918 | ||
| Net Increase in Net Assets from Operations | $ 41,805,365 | $ 13,196,948 | ||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Funds | |||
| Statements of Assets and Liabilities | Tactical Fixed | Active | |
| September 30, 2024 | Income | All Cap | |
| Fund | Fund | ||
| Assets: | |||
| Investment at Fair Value* | $ 107,436,680 | $ 123,825,327 | |
| Cash | 1,000 | - | |
| Receivable for Fund Shares Sold | 71,402 | 90,153 | |
| Dividends Receivable | 6,196 | 6,063 | |
| Total Assets | 107,515,278 | 123,921,543 | |
| Liabilities: | |||
| Payable for Fund Shares Redeemed | 5,950 | 7,350 | |
| Management Fees Payable | 141,826 | 158,978 | |
| Distribution Fees Payable | 54,720 | 36,858 | |
| Total Liabilities | 202,496 | 203,186 | |
| Net Assets | $ 107,312,782 | $ 123,718,357 | |
| Net Assets Consist of: | |||
| Paid In Capital | $ 102,215,979 | $ 103,607,886 | |
| Total Distributable Earnings | 5,096,803 | 20,110,471 | |
| Net Assets | $ 107,312,782 | $ 123,718,357 | |
| Net Asset Value, Offering Price and Redemption Price per Share | $ 9.81 | $ 13.71 | |
| * Investments at Identified Cost | $ 102,241,840 | $ 103,519,953 | |
| Shares Outstanding (Unlimited number of shares | 10,935,686 | 9,026,841 | |
| authorized without par value) | |||
| Statements of Operations | |||
| For the fiscal year ended September 30, 2024 | |||
| Investment Income: | |||
| Dividends (Net of foreign withholding tax of $0 and $0, respectively) | $ 4,563,611 | $ 1,331,630 | |
| Total Investment Income | 4,563,611 | 1,331,630 | |
| Expenses: | |||
| Management Fees (Note 4) | 1,433,286 | 1,253,343 | |
| Distribution Fees (Note 5) | 221,186 | 193,475 | |
| Total Expenses | 1,654,472 | 1,446,818 | |
| Net Investment Income (Loss) | 2,909,139 | (115,188) | |
| Realized and Unrealized Gain (Loss) on Investments: | |||
| Net Realized Gain (Loss) on Investments | 481,408 | (45,128) | |
| Net Change in Net Unrealized Appreciation on Investments | 6,227,285 | 20,017,047 | |
| Net Realized and Unrealized Gain on Investments | 6,708,693 | 19,971,919 | |
| Net Increase in Net Assets from Operations | $ 9,617,832 | $ 19,856,731 | |
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Funds | |||||||
| Statements of Changes in Net Assets | Total Return - Equity Fund | Small/Mid Cap Fund | |||||
| 10/1/2023 | 10/1/2022 | 10/1/2023 | 10/1/2022 | ||||
| to | to | to | to | ||||
| 9/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
| From Operations: | |||||||
| Net Investment Income (Loss) | $ 252,649 | $ 197,663 | $ (619,970) | $ (458,390) | |||
| Net Realized Loss on Investments | (2,794,042) | (3,706,616) | (1,960,604) | (2,148,440) | |||
| Net Change in Unrealized Appreciation on Investments | 44,346,758 | 14,963,426 | 15,777,522 | 9,089,054 | |||
| Net Increase in Net Assets from Operations | 41,805,365 | 11,454,473 | 13,196,948 | 6,482,224 | |||
| From Distributions to Shareholders: | (281,669) | - | - | - | |||
| From Capital Share Transactions: | |||||||
| Proceeds From Sale of Shares | 76,770,780 | 62,322,022 | 19,427,707 | 13,273,718 | |||
| Shares Issued on Reinvestment of Dividends | 281,577 | - | - | - | |||
| Cost of Shares Redeemed | (27,170,716) | (22,502,095) | (10,655,631) | (9,868,415) | |||
| Net Increase from Shareholder Activity | 49,881,641 | 39,819,927 | 8,772,076 | 3,405,303 | |||
| Net Increase in Net Assets | 91,405,337 | 51,274,400 | 21,969,024 | 9,887,527 | |||
| Net Assets at Beginning of Year | 127,693,433 | 76,419,033 | 49,539,210 | 39,651,683 | |||
| Net Assets at End of Year | $219,098,770 | $127,693,433 | $ 71,508,234 | $49,539,210 | |||
| Share Transactions: | |||||||
| Issued | 6,986,854 | 6,512,223 | 2,083,454 | 1,620,145 | |||
| Reinvested | 26,242 | - | - | - | |||
| Redeemed | (2,429,515) | (2,311,031) | (1,122,763) | (1,188,332) | |||
| Net Increase in Shares | 4,583,581 | 4,201,192 | 960,691 | 431,813 | |||
| Shares Outstanding Beginning of Year | 13,253,842 | 9,052,650 | 5,786,669 | 5,354,856 | |||
| Shares Outstanding End of Year | 17,837,423 | 13,253,842 | 6,747,360 | 5,786,669 | |||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Funds | |||||||
| Statements of Changes in Net Assets | Tactical Fixed Income Fund | Active All Cap Fund | |||||
| 10/1/2023 | 10/1/2022 | 10/1/2023 | 11/9/2022* | ||||
| to | to | to | to | ||||
| 9/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
| From Operations: | |||||||
| Net Investment Income (Loss) | $ 2,909,139 | $ 1,360,700 | $ (115,188) | $ 31,381 | |||
| Net Realized Gain (Loss) on Investments | 481,408 | (1,583,502) | (45,128) | (7,048) | |||
| Net Change in Unrealized Appreciation on Investments | 6,227,285 | 1,471,333 | 20,017,047 | 288,327 | |||
| Net Increase in Net Assets from Operations | 9,617,832 | 1,248,531 | 19,856,731 | 312,660 | |||
| From Distributions to Shareholders: | (1,899,793) | (589,215) | (53,770) | (5,150) | |||
| From Capital Share Transactions: | |||||||
| Proceeds From Sale of Shares | 44,841,302 | 39,417,002 | 75,709,263 | 35,442,058 | |||
| Shares Issued on Reinvestment of Dividends | 1,899,334 | 589,215 | 53,755 | 5,150 | |||
| Cost of Shares Redeemed | (15,435,725) | (13,148,739) | (6,256,281) | (1,346,059) | |||
| Net Increase from Shareholder Activity | 31,304,911 | 26,857,478 | 69,506,737 | 34,101,149 | |||
| Net Increase in Net Assets | 39,022,950 | 27,516,794 | 89,309,698 | 34,408,659 | |||
| Net Assets at Beginning of Period | 68,289,832 | 40,773,038 | 34,408,659 | - | |||
| Net Assets at End of Period | $107,312,782 | $68,289,832 | $123,718,357 | $34,408,659 | |||
| Share Transactions: | |||||||
| Issued | 4,817,372 | 4,337,494 | 6,215,584 | 3,429,023 | |||
| Reinvested | 204,449 | 65,834 | 4,626 | 554 | |||
| Redeemed | (1,644,653) | (1,446,087) | (495,428) | (127,518) | |||
| Net Increase in Shares | 3,377,168 | 2,957,241 | 5,724,782 | 3,302,059 | |||
| Shares Outstanding Beginning of Period | 7,558,518 | 4,601,277 | 3,302,059 | - | |||
| Shares Outstanding End of Period | 10,935,686 | 7,558,518 | 9,026,841 | 3,302,059 | |||
| * Commencement of Operations. | |||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Total Return - Equity Fund | ||||||||||
| Financial Highlights | ||||||||||
| Selected data for a share outstanding throughout the period: | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021* | ||||||
| to | to | to | to | |||||||
| 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 | |||||||
| Net Asset Value - Beginning of Period | $ 9.63 | $ 8.44 | $ 10.62 | $ 10.00 | ||||||
| Net Investment Income (Loss) (a) | 0.02 | 0.02 | (0.03) | (0.02) | ||||||
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 2.65 | 1.17 | (2.15) | 0.64 | ||||||
| Total from Investment Operations | 2.67 | 1.19 | (2.18) | 0.62 | ||||||
| Distributions (From Net Investment Income) | (0.02) | - | - | - | ||||||
| Distributions (From Capital Gains) | - | - | - | - | ||||||
| Total Distributions | (0.02) | - | - | - | ||||||
| Net Asset Value - End of Period | $ 12.28 | $ 9.63 | $ 8.44 | $ 10.62 | ||||||
| Total Return (c) | 27.75% | 14.10% | (20.53)% | 6.20% | ** | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets - End of Period (Thousands) | $ 219,099 | $127,693 | $ 76,419 | $ 24,635 | ||||||
| Ratio of Expenses to Average Net Assets | 1.87% | 1.93% | 1.95% | 1.99% | *** | |||||
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.15% | 0.18% | (0.30)% | (0.39)% | *** | |||||
| Portfolio Turnover Rate | 19.01% | 12.70% | 18.84% | 19.32% | ** | |||||
| * Commencement of Operations. | ||||||||||
| ** Not Annualized. | ||||||||||
| *** Annualized. | ||||||||||
| (a) Per share amounts were calculated using the average shares method. | ||||||||||
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | ||||||||||
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | ||||||||||
| Operations due to share transactions for the period. | ||||||||||
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||||
| reinvestment of dividends and distributions, if any. | ||||||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Small/Mid Cap Fund | ||||||||||
| Financial Highlights | ||||||||||
| Selected data for a share outstanding throughout the period: | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021* | ||||||
| to | to | to | to | |||||||
| 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 | |||||||
| Net Asset Value - Beginning of Period | $ 8.56 | $ 7.40 | $ 10.48 | $ 10.00 | ||||||
| Net Investment Loss (a) | (0.10) | (0.08) | (0.10) | (0.08) | ||||||
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 2.14 | 1.24 | (2.98) | 0.56 | ||||||
| Total from Investment Operations | 2.04 | 1.16 | (3.08) | 0.48 | ||||||
| Distributions (From Net Investment Income) | - | - | - | - | ||||||
| Distributions (From Capital Gains) | - | - | - | - | ||||||
| Total Distributions | - | - | - | - | ||||||
| Net Asset Value - End of Period | $ 10.60 | $ 8.56 | $ 7.40 | $ 10.48 | ||||||
| Total Return (c) | 23.83% | 15.68% | (29.39)% | 4.80% | ** | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets - End of Period (Thousands) | $ 71,508 | $ 49,539 | $ 39,652 | $ 13,485 | ||||||
| Ratio of Expenses to Average Net Assets | 1.87% | 1.93% | 1.95% | 1.99% | *** | |||||
| Ratio of Net Investment Loss to Average Net Assets | (1.04)% | (0.98)% | (1.11)% | (1.32)% | *** | |||||
| Portfolio Turnover Rate | 8.26% | 14.64% | 14.66% | 13.22% | ** | |||||
| * Commencement of Operations. | ||||||||||
| ** Not Annualized. | ||||||||||
| *** Annualized. | ||||||||||
| (a) Per share amounts were calculated using the average shares method. | ||||||||||
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | ||||||||||
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | ||||||||||
| Operations due to share transactions for the period. | ||||||||||
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||||
| reinvestment of dividends and distributions, if any. | ||||||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Tactical Fixed Income Fund | ||||||||||
| Financial Highlights | ||||||||||
| Selected data for a share outstanding throughout the period: | 10/1/2023 | 10/1/2022 | 10/1/2021 | 3/19/2021* | ||||||
| to | to | to | to | |||||||
| 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 | |||||||
| Net Asset Value - Beginning of Period | $ 9.03 | $ 8.86 | $ 10.16 | $ 10.00 | ||||||
| Net Investment Income (a) (e) | 0.31 | 0.21 | 0.15 | 0.03 | ||||||
| Net Gain (Loss) on Investments (Realized and Unrealized) (b) | 0.70 | 0.06 | (1.41) | 0.13 | ||||||
| Total from Investment Operations | 1.01 | 0.27 | (1.26) | 0.16 | ||||||
| Distributions (From Net Investment Income) | (0.23) | (0.10) | - | - | ||||||
| Distributions (From Capital Gains) | - | - | (0.04) | - | ||||||
| Total Distributions | (0.23) | (0.10) | (0.04) | - | ||||||
| Net Asset Value - End of Period | $ 9.81 | $ 9.03 | $ 8.86 | $ 10.16 | ||||||
| Total Return (c) | 11.29% | 3.05% | (12.41)% | 1.60% | ** | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets - End of Period (Thousands) | $107,313 | $ 68,290 | $ 40,773 | $ 10,406 | ||||||
| Ratio of Expenses to Average Net Assets (d) | 1.87% | 1.93% | 1.95% | 1.99% | *** | |||||
| Ratio of Net Investment Income to Average Net Assets (d) (e) | 3.29% | 2.27% | 1.60% | 0.54% | *** | |||||
| Portfolio Turnover Rate | 49.35% | 56.70% | 80.56% | 0.00% | ** | |||||
| * Commencement of Operations. | ||||||||||
| ** Not Annualized. | ||||||||||
| *** Annualized. | ||||||||||
| (a) Per share amounts were calculated using the average shares method. | ||||||||||
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the | ||||||||||
| change in net asset value for the period, and may not reconcile with the aggregate gains and losses in the Statement of | ||||||||||
| Operations due to share transactions for the period. | ||||||||||
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | ||||||||||
| reinvestment of dividends and distributions, if any. | ||||||||||
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings listed in the Schedule of | ||||||||||
| Investments. | ||||||||||
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the | ||||||||||
| underlying investment security holdings listed on the Schedule of Investments. | ||||||||||
| The accompanying notes are an integral part of these financial statements. |
| Advisors Capital Active All Cap Fund | ||||||
| Financial Highlights | ||||||
| Selected data for a share outstanding throughout the period: | 10/1/2023 | 11/9/2022* | ||||
| to | to | |||||
| 9/30/2024 | 9/30/2023 | |||||
| Net Asset Value - Beginning of Period | $ 10.42 | $ 10.00 | ||||
| Net Investment Income (Loss) (a) (e) | (0.02) | 0.02 | ||||
| Net Gain on Investments (Realized and Unrealized) (b) | 3.32 | 0.42 | ||||
| Total from Investment Operations | 3.30 | 0.44 | ||||
| Distributions (From Net Investment Income) | (0.01) | (0.02) | ||||
| Distributions (From Capital Gains) | - | - | ||||
| Total Distributions | (0.01) | (0.02) | ||||
| Net Asset Value - End of Period | $ 13.71 | $ 10.42 | ||||
| Total Return (c) | 31.71% | 4.22% | ** | (f) | ||
| Ratios/Supplemental Data | ||||||
| Net Assets - End of Period (Thousands) | $ 123,718 | $ 34,409 | ||||
| Ratio of Expenses to Average Net Assets (d) | 1.87% | 1.92% | *** | |||
| Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | (0.15)% | 0.25% | *** | |||
| Portfolio Turnover Rate | 1.97% | 7.84% | ** | |||
| * Commencement of Operations. | ||||||
| ** Not Annualized. | ||||||
| *** Annualized. | ||||||
| (a) Per share amounts were calculated using the average shares method. | ||||||
| (b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to | ||||||
| reconcile the change in net asset value for the period, and may not reconcile with the aggregate gains and losses | ||||||
| in the Statement of Operations due to share transactions for the period. | ||||||
| (c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | ||||||
| assuming reinvestment of dividends and distributions, if any. | ||||||
| (d) These ratios exclude the impact of expenses of the underlying investment security holdings listed in the | ||||||
| Schedule of Investments. | ||||||
| (e) Recognition of the net investment income/(loss) by the Fund is affected by the timing of the declaration of | ||||||
| dividends by the underlying investment security holdings listed on the Schedule of Investments. | ||||||
| (f) Total return was determined beginning from the Commencement of Investment Operations, December 1, 2022. | ||||||
| The accompanying notes are an integral part of these financial statements. |
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||
| ADVISORS CAPITAL FUNDS | |||||||||
| SEPTEMBER 30, 2024 | |||||||||
| 1.) ORGANIZATION | |||||||||
| The Advisors Capital Funds (each a "Fund" and collectively the "Funds") are series of Neiman Funds (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated January 3, 2003, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. Advisors Capital Total Return - Equity Fund ("Total Return - Equity Fund"), Advisors Capital Small/Mid Cap Fund ("Small/Mid Cap Fund"), and Advisors Capital Tactical Fixed Income Fund ("Tactical Fixed Income Fund") were each organized as diversified series of the Trust, on February 1, 2021, and commenced operations on March 19, 2021. Prior to January 30, 2024, the Advisors Capital Total Return - Equity Fund was known as the Advisors Capital US Dividend Fund. The Advisors Capital Active All Cap Fund ("Active All Cap Fund") was organized as a diversified series of the Trust, on November 9, 2022, commenced operations on November 9, 2022, and investment operations commenced on December 1, 2022. The investment advisor to the Funds is AC Funds, LLC (the "Advisor"). The sub-advisor to the Funds is Advisors Capital Management, LLC (the "Sub-Advisor"). The investment objective of Total Return - Equity Fund, Small/Mid Cap Fund, and Active All Cap Fund is to seek long-term capital appreciation. The investment objective of Tactical Fixed Income Fund is total return with capital preservation as a secondary objective. | |||||||||
| 2.) SIGNIFICANT ACCOUNTING POLICIES | |||||||||
| The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the significant accounting policies described in this section. | |||||||||
| SECURITY VALUATION | |||||||||
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | |||||||||
| FEDERAL INCOME TAXES | |||||||||
| The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | |||||||||
| The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the Fiscal Year Ended September 30, 2024, the Funds did not incur any interest or penalties. | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | |||||||||
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. | |||||||||
| 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. | |||||||||
| OTHER | |||||||||
|
The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income, if any, is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on the sale of investment securities. Long-term capital gain distributions received are recorded as capital gain distributions from investment companies, and short-term capital gain distributions received are recorded as dividend income. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. |
|||||||||
| FUND OF FUND STRUCTURE | |||||||||
| Tactical Fixed Income Fund and Active All-Cap Fund invest in portfolios of exchange traded funds ("ETFs"). The shares of many ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any ETFs purchased by the Funds will not change. For further information on how each Fund values the ETFs, see Note 3. | |||||||||
| EXPENSES | |||||||||
|
Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual Fund based on each Fund's relative net assets or by another appropriate method. |
|||||||||
| 3.) SECURITIES VALUATIONS | |||||||||
|
The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
|||||||||
|
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
|||||||||
|
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
|||||||||
|
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
|||||||||
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. |
|||||||||
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
|||||||||
| FAIR VALUE MEASUREMENTS | |||||||||
|
A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. |
|||||||||
|
Equity securities (common stocks, including ADRs, ETFs and REITs). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when a Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price an equity security is generally valued at the last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices are not available or, in the opinion of Fund management including as informed by the 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 of Trustees (the "Trustees" or the "Board"). Such securities are categorized in level 2 or level 3, when appropriate. |
|||||||||
|
Money market funds. Money market funds are valued at NAV provided by the funds and are classified in level 1 of the fair value hierarchy. |
|||||||||
|
The following tables summarize the inputs used to value each Fund's assets measured at fair value as of September 30, 2024: |
|||||||||
| Total Return - Equity Fund: | |||||||||
| Valuation Inputs of Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | $ 207,364,230 | $ - | $ - | $ 207,364,230 | |||||
| Exchange Traded Funds | 6,516,584 | - | - | 6,516,584 | |||||
| Real Estate Investment Trusts | 4,066,216 | - | - | 4,066,216 | |||||
| Money Market Funds | 1,398,260 | - | - | 1,398,260 | |||||
| Total | $ 219,345,290 | $ - | $ - | $ 219,345,290 | |||||
| Small/Mid Cap Fund: | |||||||||
| Valuation Inputs of Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | $ 70,884,209 | $ - | $ - | $ 70,884,209 | |||||
| Money Market Funds | 737,625 | - | - | 737,625 | |||||
| Total | $ 71,621,834 | $ - | $ - | $ 71,621,834 | |||||
| Tactical Fixed Income Fund: | |||||||||
| Valuation Inputs of Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Exchange Traded Funds | $ 105,757,610 | $ - | $ - | $ 105,757,610 | |||||
| Money Market Funds | 1,679,070 | - | - | 1,679,070 | |||||
| Total | $ 107,436,680 | $ - | $ - | $ 107,436,680 | |||||
| Active All Cap Fund: | |||||||||
| Valuation Inputs of Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Exchange Traded Funds | $ 122,918,504 | $ - | $ - | $ 122,918,504 | |||||
| Money Market Funds | 906,823 | - | - | 906,823 | |||||
| Total | $ 123,825,327 | $ - | $ - | $ 123,825,327 | |||||
| The Funds did not hold any level 3 assets during the fiscal year ended September 30, 2024. | |||||||||
| The Funds did not invest in derivative instruments during the fiscal year ended September 30, 2024. | |||||||||
| 4.) MANAGEMENT AGREEMENT | |||||||||
|
Each Fund has entered into an investment advisory agreement ("Management Agreement") with the Advisor. The Advisor manages the investment portfolio of each Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of each Fund. The investment advisor also pays all operating expenses of the Funds, with the exception of Rule 12b-1 fees, acquired fund fees and expenses, brokerage fees and commissions, borrowing costs (such as interest and dividends on securities sold short, if any), taxes and extraordinary expenses. Effective September 1, 2023, the Advisor receives a per-Fund fee equal to an annual fee of 1.62% of each Fund's average daily net assets. Prior to September 1, 2023, the Advisor received a per-Fund fee equal to an annual fee of 1.69% of each Fund's average daily net assets. The Sub-Adviser of the Funds has responsibility for providing investment ideas and recommendations for the assets of the Funds, subject to the supervision of the Advisor. As full compensation for all services rendered, including investment ideas and recommendations for the assets of the Funds, the Advisor pays the Sub-Adviser a sub-advisor fee. |
|||||||||
|
During the fiscal year ended September 30, 2024, the Advisor earned management fees in the amounts of $2,806,112, $966,942, $1,433,286, and $1,253,343 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, respectively. At September 30, 2024, $285,502, $92,560, $141,826, and $158,978 was due to the Advisor from Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, respectively. |
|||||||||
| 5.) DISTRIBUTION AND SHAREHOLDER SERVICING PLAN | |||||||||
|
The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows each Fund to pay distribution and other fees ("Rule 12b-1 Fees") for the sale and distribution of the Fund's shares and for services provided to shareholders by the Distributor or other service providers. The Plan permits the Funds to pay the Rule 12b-1 Fees as compensation for services and expenses in connection with the distribution of each Fund's shares. The Distributor must authorize all payments made under the plan and may pay any or all amounts received under the Plan to other persons for any distribution, promotional or shareholder support services. Up to 0.25% of the Rule 12b-1 Fee may be characterized as a shareholder servicing fee. Each Fund pays an annual Rule 12b-1 Fee up to 0.25% of its average daily net assets. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. |
|||||||||
|
During the fiscal year ended September 30, 2024, there was $433,251, $149,219, $221,186 and $193,475 of 12b-1 fees incurred by the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, respectively. As of September 30, 2024, the Funds had an accrued liability of $132,229, $42,380, $54,720 and $36,858 for the Total Return - Equity Fund, Small/Mid Cap Fund, Tactical Fixed Income Fund and Active All Cap Fund, respectively, which represents 12b-1 fees accrued and available for payment for qualified expenses under the Plan. |
|||||||||
| 6.) RELATED PARTY TRANSACTIONS | |||||||||
|
Neiman Funds Management LLC ("Neiman"), acts as Administrative Service Consultant to the Trust and monitors the performance of the Funds' outside service providers (other than the Sub-Advisor which is monitored by the Advisor), assist in the review of regulatory filings, financial statement preparation, and board meeting materials pursuant to an administrative service consultant agreement. For its services Neiman Funds Management LLC receives a monthly fee from the Advisor equal to an annual rate of 0.05% of each Fund's assets under $100 million, 0.03% of the next $100 million of each Fund's average daily net assets, and 0.02% of the average daily net assets of each Fund thereafter (subject to a minimum monthly fee of $1,000 for each Fund). |
|||||||||
|
In addition, Daniel Neiman of Neiman serves as an officer, including the Chief Compliance Officer, of the Trust. Mr. Neiman is compensated by the Advisor for serving as the Chief Compliance Officer for the Funds. |
|||||||||
|
The Trustees who are not interested persons of the Funds were paid a total of $7,000, in Trustees fees for the fiscal year ended September 30, 2024, for the Trust. Under the Management Agreement, the Advisor pays these fees. |
|||||||||
| 7.) INVESTMENTS | |||||||||
|
For the fiscal year ended September 30, 2024, purchases and sales of investment securities other than U.S. Government obligations and short-term investments were as follows: |
|||||||||
| Total Return - | Small/Mid | Tactical Fixed | Active All | ||||||
| Equity Fund | Cap Fund | Income Fund | Cap Fund | ||||||
| Purchases | $ 85,176,369 | $ 13,540,371 | $ 74,589,144 | $ 71,196,569 | |||||
| Sales | $ 32,083,343 | $ 4,855,873 | $ 42,832,054 | $ 1,500,544 | |||||
|
There were no purchases or sales of U.S. Government obligations. |
|||||||||
| 8.) CONTROL OWNERSHIP | |||||||||
|
The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended ("1940 Act"). As of September 30, 2024, Pershing, LLC, National Financial Services, LLC ("NFS"), and Charles Schwab, each held for the benefit of its customers, accounts in excess of 25% of the voting shares of each fund noted below. The Funds do not know whether any underlying accounts of Pershing, LLC, NFS or Charles Schwab owned or controlled 25% or more of the voting securities of each Fund. |
|||||||||
| Pershing, LLC | NFS | Charles Schwab | |||||||
| Total Return - Equity Fund | 30.61% | 40.52% | 28.04% | ||||||
| Small/Mid Cap Fund | 32.38% | 34.28% | 32.81% | ||||||
| Tactical Fixed Income Fund | 33.31% | 42.27% | - | ||||||
| Active All Cap Fund | 30.14% | 40.89% | 27.61% | ||||||
| 9.) TAX MATTERS | |||||||||
|
For federal income tax purposes, at September 30, 2024 the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: |
|||||||||
| Total Return - | Small Mid | Tactical Fixed | Active All | ||||||
| Equity Fund | Cap Fund | Income Fund | Cap Fund | ||||||
| Cost of Investments | $ 174,568,282 | $ 55,988,185 | $ 102,360,584 | $ 103,535,340 | |||||
| Gross Unrealized Appreciation | $ 47,778,699 | $ 19,231,989 | $ 5,265,304 | $ 20,307,041 | |||||
| Gross Unrealized Depreciation | (3,001,691) | (3,598,340) | (189,208) | (17,054) | |||||
| Net Unrealized Appreciation | |||||||||
| (Depreciation) on Investments | $ 44,777,008 | $ 15,633,649 | $ 5,076,096 | $ 20,289,987 | |||||
|
The tax character of distributions were as follows: |
|||||||||
| Fiscal Year Ended | Fiscal Year Ended | ||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Total Return - Equity Fund | |||||||||
| Ordinary Income | $ 281,669 | $ - | |||||||
| Long-term Capital Gain | - | - | |||||||
| $ 281,669 | $ - | ||||||||
| Fiscal Year Ended | Fiscal Year Ended | ||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Small/Mid Cap Fund | |||||||||
| Ordinary Income | $ - | $ - | |||||||
| Long-term Capital Gain | - | - | |||||||
| $ - | $ - | ||||||||
| Fiscal Year Ended | Fiscal Year Ended | ||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Tactical Fixed Income Fund | |||||||||
| Ordinary Income | $ 1,899,793 | $ 589,215 | |||||||
| Long-term Capital Gain | - | - | |||||||
| $ 1,899,793 | $ 589,215 | ||||||||
| Fiscal Year Ended | November 9, 2022 | ||||||||
| September 30, 2024 | to September 30, 2023 | ||||||||
| Active All Cap Fund | |||||||||
| Ordinary Income | $ 53,770 | $ 5,150 | |||||||
| Long-term Capital Gain | - | - | |||||||
| $ 53,770 | $ 5,150 | ||||||||
|
As of September 30, 2024 the components of distributable earnings on a tax basis were as follows: |
|||||||||
| Total Return - Equity Fund | Small/Mid Cap Fund | ||||||||
| Undistributed Ordinary Income | $ 64,759 | $ - | |||||||
| Accumulated Capital and Other Losses | (8,438,311) | (5,367,705) | |||||||
| Unrealized Appreciation - Net | 44,777,008 | 15,633,649 | |||||||
| $ 36,403,456 | $ 10,265,944 | ||||||||
| Tactical Fixed Income Fund | Active All Cap Fund | ||||||||
| Undistributed Ordinary Income | $ 2,058,264 | $ 2,588 | |||||||
| Accumulated Capital and Other Losses | (2,037,557) | (182,104) | |||||||
| Unrealized Appreciation - Net | 5,076,096 | 20,289,987 | |||||||
| $ 5,096,803 | $ 20,110,471 | ||||||||
| As of September 30, 2024 accumulated capital and other losses include the following: | |||||||||
| Total Return - Equity Fund | |||||||||
| Post-October Losses | $945,916 | ||||||||
| Short Term Capital Loss Carryforward | $4,888,295 | ||||||||
| Long Term Capital Loss Carryforward | $2,604,100 | ||||||||
| Small/Mid Cap Fund | |||||||||
| Deferred Late Year Ordinary Losses | $499,669 | ||||||||
| Post-October Losses | $825,952 | ||||||||
| Short Term Capital Loss Carryforward | $1,099,910 | ||||||||
| Long Term Capital Loss Carryforward | $2,942,174 | ||||||||
| Tactical Fixed Income Fund | |||||||||
| Short Term Capital Loss Carryforward | $1,435,672 | ||||||||
| Long Term Capital Loss Carryforward | $601,885 | ||||||||
| Active All Cap Fund | |||||||||
| Deferred Late Year Ordinary Losses | $145,315 | ||||||||
| Post-October Losses | $32,001 | ||||||||
| Short Term Capital Loss Carryforward | $4,788 | ||||||||
|
Under current tax law, post-October capital losses incurred after October 31 of a fund's fiscal year end may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. Capital loss carryforwards have no expiration. Under current tax law, late-year ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. |
|||||||||
|
As of September 30, 2024, the primary differences between book and tax basis unrealized appreciation (depreciation) were attributable to the tax deferral of losses on wash sales. |
|||||||||
|
As of September 30, 2024, Small/Mid Cap Fund recorded reclassifications to increase (decrease) capital accounts as noted below. The adjustment was primarily related to the reclassification of net operating losses. |
|||||||||
| Paid-in Capital | ($489,397) | ||||||||
| Accumulated Deficit | $489,397 | ||||||||
| 10.) CONCENTRATION OF SECTOR RISK | |||||||||
|
If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2024, Total Return - Equity Fund had 29.11% of the value of its net assets invested in stocks within the Information Technology sector, and Small/Mid Cap Fund had 25.74% of the value of its net assets invested in stocks within the Industrials sector. |
|||||||||
| 11.) SUBSEQUENT EVENTS | |||||||||
|
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |||||||||
| To the Shareholders of Advisors Capital Funds and | |||||||||
| Board of Trustees of Neiman Funds | |||||||||
| Opinion on the Financial Statements | |||||||||
| We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Advisors Capital Total Return - Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund, and Advisors Capital Active All Cap Fund (the "Funds"), each a series of Neiman Funds, as of September 30, 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America. | |||||||||
| Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights | ||||||
| Advisors Capital Total Return - Equity Fund, Advisors Capital Small/Mid Cap Fund, Advisors Capital Tactical Fixed Income Fund | For the year ended September 30, 2024 | For the years ended September 30, 2024 and 2023 | For the years ended September 30, 2024, 2023, and 2022 and for the period March 19, 2021 (commencement of operations) through September 30, 2021 | ||||||
| Advisors Capital Active All Cap Fund | For the year ended September 30, 2024 | For the year ended September 30, 2024 and for the period November 9, 2022 (commencement of operations) through September 30, 2023 | |||||||
| Basis for Opinion | |||||||||
| These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. | |||||||||
| We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. |
| Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, 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 Funds' auditor since 2020. | |||||||||
| /s/ Cohen & Company, Ltd. | |||||||||
| COHEN & COMPANY, LTD. | |||||||||
| Milwaukee, Wisconsin | |||||||||
| November 26, 2024 |
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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
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| 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 Investment Companies. |
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| See Item 7. | ||||||||
| Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. | ||||||||
| Not applicable. | ||||||||
| Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | ||||||||
| Not applicable. | ||||||||
| Item 13. Portfolio Managers of Closed-End Management Investment Companies. | ||||||||
| Not applicable. | ||||||||
| Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | ||||||||
| Not applicable. | ||||||||
| Item 15. Submission of Matters to a Vote of Security Holders. | ||||||||
|
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
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| 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 Companies. |
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| Not applicable. | ||||||||
| Item 18. Recovery of Erroneously Awarded Compensation. | ||||||||
| Not applicable. | ||||||||
| Item 19. Exhibits. | ||||||||
| (a)(1) Code of Ethics. Filed herewith. | ||||||||
| (a)(2) Not applicable. | ||||||||
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | ||||||||
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
| 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: /s/ Daniel Neiman | ||
| Daniel Neiman | ||
| President | ||
| Date: 11/26/2024 | ||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
| By: /s/ Daniel Neiman | ||
| Daniel Neiman | ||
| President (Principal Executive Officer) | ||
| Date: 11/26/2024 | ||
| By: /s/ Daniel Neiman | ||
| Daniel Neiman | ||
| Chief Financial Officer (Principal Financial Officer) | ||
| Date: 11/26/2024 |