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lcvf:EnergyMember 2026-03-31 0001215880 lcvf:C000117003Member lcvf:NetCashMember 2026-03-31 0001215880 lcvf:C000117003Member lcvf:IndustrialsMember 2026-03-31 0001215880 lcvf:C000117003Member us-gaap:HealthCareMember 2026-03-31 0001215880 lcvf:C000117003Member lcvf:UtilitiesMember 2026-03-31 0001215880 lcvf:C000117003Member lcvf:MaterialsMember 2026-03-31 0001215880 lcvf:C000117003Member lcvf:RealEstateInvestmentTrustMember 2026-03-31 iso4217:USD shares pure false N-1A N-CSR NEIMAN FUNDS 0001215880 Neiman Large Cap Value Fund No-Load Shares NEIMX 2026-03-31 This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331_zEHGqu0YfCq8">annual shareholder report</span> contains important information about the Neiman Large Cap Value Fund ("Fund") for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zsHERo81cETH"><span class="NoBreak">https://www.neimanfunds.com/#Literature</span></span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_z3Y0Kd6tnoEb"><span class="NoBreak">1-877-385-2720</span></span>. https://www.neimanfunds.com/#Literature 1-877-385-2720 <strong><span class="Bold">This report describes changes to the Fund that occurred during the reporting period.</span></strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">No-Load Shares</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zMUIo4SgRUuB">$151</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zS0HqHAzR1Xu">1.34%</span></td> </tr></table></div> 151 0.0134 <div class="section-header"><strong>Management's Discussion of Fund Performance</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">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&amp;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&amp;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.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> No-Load Shares S&P 500® Index 10000 10000 11350 11717 12752 13357 13314 14625 10738 13605 14908 21271 17370 24599 16302 22698 18632 29480 19590 31913 24632 37594 <img alt="Ad2 Performance Graph" src="fp0098296-1_ar51.jpg" style="width: 348px; height: 250px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Year</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> No-Load Shares</td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_z2n40Gic1FRc">25.74%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210401__20260331__oef--ClassAxis__custom--C000014503Member_zPhxGSKAguGu">10.56%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90D_eoef--AvgAnnlRtrPct_c20160401__20260331__oef--ClassAxis__custom--C000014503Member_z4Udz71mkvAV">9.43%</span> </td> </tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> S&amp;P 500^® Index</td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20250401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundNoLoadSharesSampP500sup174supIndexMember_zQvfDtxYOEji">17.80%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundNoLoadSharesSampP500sup174supIndexMember_zSsDM8j3ZaXv">12.06%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20160401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundNoLoadSharesSampP500sup174supIndexMember_z0itUB9bMgs3">14.16%</span> </td> </tr></table></div> 0.2574 0.1056 0.0943 0.1780 0.1206 0.1416 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260331__oef--ClassAxis__custom--C000014503Member_zcL4ZJcs071d">$52,083,993</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260331__oef--ClassAxis__custom--C000014503Member_zCMEVwh06jPn">37</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zv4QhSheAN9G">0%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid (Net Waiver) ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zP2amI96zEBV">$354,013</span></td> </tr> </table> </div> 52083993 37 0 354013 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_981_eoef--LargestHoldingsTableTextBlock_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zW0RHDXt4HRM"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Government Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareGovernmentFundMember_zY5dC8e7qJc6">8.72%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorporationMember_zyvO3Z3xI5Yh">5.54%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Costco Wholesale Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--CostcoWholesaleCorporationMember_zkWqtegzfX5h">4.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> RTX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--RTXCorporationMember_z09tbvZtnRpe">4.22%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zN3b8zdUjSI4">3.86%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorporationMember_zn5iwDEILD9">3.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zlZ3LphiyZSl">3.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zmTEH3Q7HHH6">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Sempra Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--SempraEnergyMember_z9IAqWIVJAt3">3.04%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorporationMember_zGnOemBqilhk">2.95%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z6m0N45uUt28">30.81%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zp42WnE869Mk">12.37%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--FinancialsMember_z1zL88Bh7KRi">11.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--EnergyMember_znQ40Ot7NRTh">11.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--NetCashMember_zMI0so4k8QAl">9.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zPRL3DQLY4uf">8.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_zMLwM2FQF5b7">7.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zq6XafDgLmpe">3.04%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--MaterialsMember_zc4CJdnHrMi2">2.93%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trust </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__oef--IndustrySectorAxis__custom--RealEstateInvestmentTrustMember_zpwkoRFo2Cqd">2.22%</span></td> </tr> </table><img alt="Af Image" src="fp0098296-1_ar52.jpg" style="width: 348px; height: 550px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 41px"></td><td></td></tr><tr><td><p>*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Government Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareGovernmentFundMember_zY5dC8e7qJc6">8.72%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorporationMember_zyvO3Z3xI5Yh">5.54%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Costco Wholesale Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--CostcoWholesaleCorporationMember_zkWqtegzfX5h">4.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> RTX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--RTXCorporationMember_z09tbvZtnRpe">4.22%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zN3b8zdUjSI4">3.86%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorporationMember_zn5iwDEILD9">3.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zlZ3LphiyZSl">3.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zmTEH3Q7HHH6">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Sempra Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--SempraEnergyMember_z9IAqWIVJAt3">3.04%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000014503Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorporationMember_zGnOemBqilhk">2.95%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0872 0.0554 0.0459 0.0422 0.0386 0.0358 0.0351 0.0310 0.0304 0.0295 0.3081 0.1237 0.1156 0.1129 0.0920 0.0860 0.0798 0.0304 0.0293 0.0222 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"><span id="xdx_907_eoef--MaterialFundChngExpensesTextBlock_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zQin4gJp6neA">Effective <span id="xdx_903_eoef--MaterialChngDate_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zwUPJd6uTz7H">August 1, 2025</span>, 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.</span></p></div> Effective <span id="xdx_903_eoef--MaterialChngDate_c20250401__20260331__oef--ClassAxis__custom--C000014503Member_zwUPJd6uTz7H">August 1, 2025</span>, 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. 2025-08-01 Neiman Large Cap Value Fund Class A NEAMX 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 <span id="xdx_90A_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zmb5rTTUmPRI"><span class="NoBreak">https://www.neimanfunds.com/#Literature</span></span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_z9pCf0Uu61PQ"><span class="NoBreak">1-877-385-2720</span></span>. https://www.neimanfunds.com/#Literature 1-877-385-2720 <strong><span class="Bold">This report describes changes to the Fund that occurred during the reporting period.</span></strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class A</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zpOi0hZS54Wl">$151</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpenseRatioPct_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zrrdnA1C0nYa">1.34%</span></td> </tr></table></div> 151 0.0134 <div class="section-header"><strong>Management's Discussion of Fund Performance</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">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&amp;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&amp;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.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> Class A S&P 500® Index 10000 10000 10698 11717 12019 13357 12550 14625 10121 13605 14052 21271 16373 24599 15366 22698 17562 29480 18465 31913 23217 37594 <img alt="Ad2 Performance Graph" src="fp0098296-2_ar51.jpg" style="width: 348px; height: 250px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>10 Year</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Class A (with sales charge)</td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zUDOVrO1OooZ">18.49%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20210401__20260331__oef--ClassAxis__custom--C000117003Member_zgsPM7VQx9lA">9.26%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20160401__20260331__oef--ClassAxis__custom--C000117003Member_zeQukfOEuEA5">8.79%</span> </td> </tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Class A (without sales charge)</td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20250401__20260331__oef--ClassAxis__custom--C000117003Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zYDdNERVpQ15">25.74%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20210401__20260331__oef--ClassAxis__custom--C000117003Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zIO49QTIkezL">10.56%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90F_eoef--AvgAnnlRtrPct_c20160401__20260331__oef--ClassAxis__custom--C000117003Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zCDGIEtL6oNa">9.43%</span> </td> </tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> S&amp;P 500^® Index</td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20250401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundClassASampP500sup174supIndexMember_zmPZOdGHLUmR">17.80%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20210401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundClassASampP500sup174supIndexMember_zOyWjbDCkQoZ">12.06%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20160401__20260331__oef--BroadBasedIndexAxis__custom--NeimanLargeCapValueFundClassASampP500sup174supIndexMember_zeADaG8ONsd7">14.16%</span> </td> </tr></table></div> 0.1849 0.0926 0.0879 0.2574 0.1056 0.0943 0.1780 0.1206 0.1416 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260331__oef--ClassAxis__custom--C000117003Member_zIOsG9YChyfw">$52,083,993</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260331__oef--ClassAxis__custom--C000117003Member_zOV1nkMye9lT">37</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zgHGAcGj9N6B">0%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid (Net Waiver) ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zHoMJI5IlZRt">$354,013</span></td> </tr> </table> </div> 52083993 37 0 354013 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zaYOoyvEbOJJ"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Government Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareGovernmentFundMember_zXVMW4O9GJFs">8.72%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorporationMember_zEop1Izy6taK">5.54%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Costco Wholesale Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--CostcoWholesaleCorporationMember_zAtiRTk6WTgQ">4.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> RTX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--RTXCorporationMember_zsqVDpJODsY3">4.22%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_z7hPu55fLIEk">3.86%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorporationMember_zaRbophhyrZW">3.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zvk0cUB7svZI">3.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zOOs2ro6poYK">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Sempra Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--SempraEnergyMember_zSXOjgmK3f0j">3.04%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorporationMember_zgx24vlXHn5v">2.95%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zg5P5OeN897v">30.81%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z6BT7kwprNvI">12.37%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--FinancialsMember_zYvdhGpKOlMQ">11.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--EnergyMember_zf33lqrHUFBG">11.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--NetCashMember_zlMN5C3CM3zs">9.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zh1WXEXeSO9z">8.60%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--HealthCareMember_z7e7O7N3f6l8">7.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zMSxEDFlS5Vg">3.04%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--MaterialsMember_zU5uuwYq3O8Y">2.93%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trust </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__oef--IndustrySectorAxis__custom--RealEstateInvestmentTrustMember_zEESkO4O4EBm">2.22%</span></td> </tr> </table><img alt="Af Image" src="fp0098296-2_ar52.jpg" style="width: 348px; height: 550px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 41px"></td><td></td></tr><tr><td><p>*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Goldman Sachs Financial Square Government Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--GoldmanSachsFinancialSquareGovernmentFundMember_zXVMW4O9GJFs">8.72%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lam Research Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--LamResearchCorporationMember_zEop1Izy6taK">5.54%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Costco Wholesale Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--CostcoWholesaleCorporationMember_zAtiRTk6WTgQ">4.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> RTX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--RTXCorporationMember_zsqVDpJODsY3">4.22%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_z7hPu55fLIEk">3.86%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exxon Mobil Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--ExxonMobilCorporationMember_zaRbophhyrZW">3.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zvk0cUB7svZI">3.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zOOs2ro6poYK">3.10%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Sempra Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--SempraEnergyMember_zSXOjgmK3f0j">3.04%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000117003Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorporationMember_zgx24vlXHn5v">2.95%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0872 0.0554 0.0459 0.0422 0.0386 0.0358 0.0351 0.0310 0.0304 0.0295 0.3081 0.1237 0.1156 0.1129 0.0920 0.0860 0.0798 0.0304 0.0293 0.0222 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px; text-align: justify"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"><span id="xdx_909_eoef--MaterialFundChngExpensesTextBlock_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zuxJj4NgscPC">Effective <span id="xdx_90B_eoef--MaterialChngDate_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zOZJuX09XEEq">August 1, 2025</span>, 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.</span></p></div> Effective <span id="xdx_90B_eoef--MaterialChngDate_c20250401__20260331__oef--ClassAxis__custom--C000117003Member_zOZJuX09XEEq">August 1, 2025</span>, 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. 2025-08-01