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AAMA Equity Fund

(AMFEX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about AAMA Equity Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.aamafunds.com/prospectuses-and-reports.html. You can also request this information by contacting us at (800) 701-9502.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAMA Equity Fund	$130	1.16%

How did the Fund perform during the reporting period?

The AAMA Equity Fund returned 23.81% for the twelve months ended June 30, 2026. This may be compared to the S&P 500^® Index return of 22.32% and the S&P 500^® Equal Weight Index return of 19.20%. The S&P MidCap 400^® and SmallCap 600^® indices returned 25.87% and 37.49%, respectively.

The difference between the capitalization-weighted and equal-weighted indices has narrowed from January to June 2026, although large cap technology issues, led by semi-conductor companies continue to dominate recent market returns.

Relative to the Equal-Weighted S&P 500^®, The AAMA Equity Fund equity holdings experienced a 8.6% active return contribution over the last twelve months and 23.3% over the last three years. Sector allocations have impacted the active return modestly (1.70% for 1 year and 3.22% over three years). Stock selection boosted active returns by 6.89% for 1 year and 20.13% over three years. The Fund has been over-weight technology and communications companies and under-weight financial companies. The AAMA Equity Fund continues to maintain a portfolio of high-quality large cap companies. One key measure of quality is the Debt to EBITDA ratio. The Fund’s equity holdings average 2.29 times leverage, which is significantly less than the 4.00 leverage for a universe of 1100 large companies.

We appreciate your investment in our Funds and encourage you to continue to work with your Financial Advisor in allocating your portfolio to achieve your long-term investment goals and objectives.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	AAMA Equity Fund	S&P 500^® Equal Weight Index	S&P 500^® Index
Jun-2017	$10,000	$10,000	$10,000
Jun-2018	$11,285	$11,198	$11,437
Jun-2019	$12,058	$12,114	$12,629
Jun-2020	$12,469	$11,721	$13,577
Jun-2021	$16,664	$17,664	$19,115
Jun-2022	$15,232	$16,007	$17,086
Jun-2023	$17,277	$18,210	$20,434
Jun-2024	$20,109	$20,357	$25,452
Jun-2025	$22,655	$22,949	$29,311
Jun-2026	$28,048	$27,355	$35,855

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (June 30, 2017)
AAMA Equity Fund	23.81%	10.98%	12.14%
S&P 500^® Equal Weight Index	19.20%	9.14%	11.83%
S&P 500^® Index	22.32%	13.41%	15.24%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (800) 701-9502.

Fund Statistics

Net Assets$401,223,580
Number of Portfolio Holdings39
Advisory Fee $3,911,176
Portfolio Turnover0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	65.9%
Exchange-Traded Funds	23.1%
Money Market Funds	1.1%
U.S. Treasury Obligations	9.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	1.1%
Utilities	2.8%
Materials	3.9%
Consumer Discretionary	4.1%
Health Care	4.4%
Energy	5.1%
Consumer Staples	6.1%
Financials	6.6%
Communications	6.9%
U.S. Treasury Obligations	9.9%
Industrials	11.4%
Technology	14.8%
Exchange-Traded Funds	23.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	12.5%
iShares Core S&P 500 ETF	10.6%
U.S. Treasury Bills, 3.658%, due 07/23/26	6.2%
Freeport-McMoRan, Inc.	3.9%
Cisco Systems, Inc.	3.9%
U.S. Treasury Bills, 3.756%, due 09/24/26	3.7%
WW Grainger, Inc.	3.4%
Alphabet, Inc. - Class A	3.4%
Exxon Mobil Corporation	3.1%
Johnson & Johnson	3.0%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

AAMA Equity Fund (AMFEX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.aamafunds.com/prospectuses-and-reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-AMFEX

AAMA Income Fund

(AMFIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about AAMA Income Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.aamafunds.com/prospectuses-and-reports.html. You can also request this information by contacting us at (800) 701-9502.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAMA Income Fund	$84	0.83%

How did the Fund perform during the reporting period?

The AAMA Income Fund returned 2.24% over the twelve months ended June 30, 2026. This may be compared to the Bloomberg Aggregate Bond Index return of 3.79% and the Bloomberg U.S. 1-5 Year Government/Credit Index return of 3.00%.

Bond market returns over the last year were modest and both monthly and quarterly volatility remained low. Elevated inflation starting in 2020 has devastated long term bond portfolio returns. Since 2020, the cumulative total returns of the Aggregate and the Long Treasury indices are 0.09% and -32.99%, respectively. The cumulative total return for the AAMA Income Fund was 3.42% over the same period with significantly lower volatility.

Long-term interest rates were correlated with the expected trend of short-term rates until recently, as if the Federal Reserve’s (the “Fed”) decisions on short rates would automatically translate to longer-term rates. This notion, biased by correlations experienced during the 13 years of interest rate repression from 2009 and 2022, has disappeared. Long term rates are noticeably higher (and bond prices lower) than when the Fed started to reduce rates in September 2024. Bond investors are demanding higher yields in long-dated issues to compensate for higher inflation. In addition, AI related companies are starting to issue bonds to finance their AI investments, increasing the supply of bonds. The decoupling of longer yields from short-term rate trends has steepened the yield curve over the last six months. The inflation rate remains stubborn and well above the Fed’s stated target of 2%. The six-month average of the Fed’s favorite inflation index stands at 3.91%.

The AAMA Income Fund has maintained a high-quality, short-maturity portfolio over the last several years, resulting in significantly lower volatility than longer-term portfolios.

We appreciate your investment in our Funds and encourage you to continue to work with your Financial Advisor in allocating your portfolio to achieve your long-term investment goals and objectives.