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cik0001215880:S000109837Member oef:RiskLoseMoneyMember 2026-11-12 2026-11-12 0001215880 cik0001215880:S000109836Member oef:RiskLoseMoneyMember 2026-11-12 2026-11-12 0001215880 cik0001215880:S000109838Member oef:RiskLoseMoneyMember 2026-11-12 2026-11-12 0001215880 cik0001215880:S000109835Member oef:RiskLoseMoneyMember 2026-11-12 2026-11-12 iso4217:USD pure false 485BPOS 2026-11-12 0001215880 N-1A NEIMAN FUNDS 2026-11-12 Summary Section – Advisors Capital Small Cap Blend Fund Investment Objective The Advisors Capital Small Cap Blend Fund (the "Fund") seeks long-term capital appreciation. Fees and Expenses of the Fund The following table describes the expenses and fees that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0162 0.0015 0.0010 0.0187 Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. Expense Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 190 588 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover information is available. The Principal Investment Strategy of the Fund <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90A_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261112__20261112__dei--LegalEntityAxis__custom--S000109837Member_zHK9J6awpor8">Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the securities of small capitalization companies. The Fund fully includes exchange-traded funds ("ETFs") and mutual funds that have adopted an 80% small cap investment policy and proportionally includes the holdings of other funds on a look-through basis for purposes of measuring the Fund's own 80% investment policy. The Fund defines small capitalization companies as those with market capitalizations of less than $6 billion at the time of purchase. The Fund invests primarily in companies located in the United States, but may invest in foreign issuers. The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor"). The Sub-Advisor primarily employs a fund-of-funds strategy by using ETFs and mutual funds ("Underlying Funds"). Additionally, "blend" in the Fund's name is a reference to the Sub-Advisor's use of a blend of both a growth approach and a value approach to select securities for the Fund. The Underlying Funds selected typically follow an index-tracking strategy, however, the Sub-Advisor may also use actively-managed Underlying Funds. The Sub-Advisor seeks to construct a portfolio of Underlying Funds that represents various themes and sub-strategies that will produce above-average risk-adjusted returns when compared to the U.S. equity market as a whole. Underlying Funds include those that track an equity index focused on specific market capitalizations, specific investment styles (for example, growth or value), or limits on expected volatility. There are no restrictions on the type of index-tracking Underlying Funds that the Sub-Advisor may choose. The Sub-Advisor uses SEC filings, computer databases, industry publications, general and business publications, brokerage firm research reports, and other information sources to gather information used in its fundamental analysis of the economy, sectors, and Underlying Funds. When selecting Underlying Funds, the Sub-Adviser considers relative expenses, past performance, and management tenure among Underlying Funds that fit its investment strategy goals. Growth Sub-Strategy The Sub-Advisor selects Underlying Funds that have portfolios that it believes are representative of the growth selection process described as follows. The Sub-Advisor defines a growth company as one which it believes has an above-average outlook for growth in sales or earnings. The Sub-Advisor selects stocks using a two-stage process. After it identifies a universe of growth companies it selects them based on price relative to growth outlook, which is sometimes referred to as growth-at-a-reasonable price or "GARP." To assess relative value the Sub-Advisor may also consider a company's (i) competitive advantage, (ii) proven products or services, (iii) length of record of above-average earnings growth, (iv) demonstrated record potential to sustain earnings growth, (v) connection to an industry experiencing increasing demand, and (vi) ability to grow sales or earnings in good or bad economic environments. Value Sub-Strategy The Sub-Advisor selects Underlying Funds that have portfolios that are representative of the value selection process described as follows. The Sub-Advisor defines a value company as one which it believes is trading below its (i) intrinsic value or (ii) trading below the P/E ratio (price-to-earnings) average of its peers. Intrinsic value of a company is based on data such as a company's cash flow generation, and/or asset value of the underlying business. From the universe of value companies, the Sub-Advisor selects those with the largest discount to intrinsic value or lowest P/E ratio. The Fund is typically structured with 5 or more Underlying Funds. The Fund is diversified, invested in multiple industries, and the Sub-Advisor uses statistical analysis to avoid what it believes are over exposures to individual industry risk factors. The Sub-Advisor regularly reviews each of the Underlying Funds in the portfolio to confirm that each Underlying Fund continues to be consistent with the investment objective of the Fund. The Sub-Advisor primarily sells an Underlying Fund to adjust asset allocation but may also do so when a lower cost, or otherwise more attractive, Underlying Fund becomes available. Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the securities of small capitalization companies. The Fund fully includes exchange-traded funds ("ETFs") and mutual funds that have adopted an 80% small cap investment policy and proportionally includes the holdings of other funds on a look-through basis for purposes of measuring the Fund's own 80% investment policy. Common Stock Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund's performance. You could lose money by investing in the Fund. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as COVID-19); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. You could lose money by investing in the Fund. Foreign Risk. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. These risks include adverse political, social and economic developments, differing auditing and legal standards, war, expropriation and nationalization, as well as currency exchange rate risk. Growth Investing Risk. If the Sub-Advisor's perceptions of a company's growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund's return. Limited History of Operations Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. Management Risk. The Sub-Advisor's implementation of the Fund's strategy may fail to produce the intended results. Although the Sub-Advisor has managed similar strategies, the Sub-Advisor has not managed them in a mutual fund. Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times. Financial sector companies are often subject to extensive governmental regulation and the potential for additional burdensome regulation. Industrial sector companies may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general as well as technological developments and introduction of new products. Information technology companies face intense competition and potentially rapid product obsolescence. Small-Capitalization Companies Risk. The stocks of small-capitalization companies may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small-capitalization companies may experience higher failure rates (bankruptcy) than do larger companies. The trading volume of securities of small-capitalization companies are normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Underlying Funds Risk. The Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by the Underlying Funds. These expenses would be in addition to the advisory fee and other expenses that the Fund bears in connection with its own operations. Investment in an ETF carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of any underlying index. Value Investing Risk. Value investing attempts to identify companies selling at a discount to their intrinsic value or other measure of value. Value investing is subject to the risk that a company's value may never be fully realized by the market or that a company judged by the Sub-Advisor to be undervalued may actually be appropriately priced. Performance History Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. Performance data current to the most recent month end may be obtained by calling 1-888-247-3841. Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. 1-888-247-3841 Summary Section – Advisors Capital Large/Mid Cap Value Fund Investment Objective The Advisors Capital Large/Mid Cap Value Fund (the "Fund") seeks long-term capital appreciation. Fees and Expenses of the Fund The following table describes the expenses and fees that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0162 0.0015 0.0010 0.0187 Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. Expense Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 190 588 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover information is available. The Principal Investment Strategy of the Fund <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_902_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261112__20261112__dei--LegalEntityAxis__custom--S000109836Member_znnjTNnHZgvg">Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the securities of large and mid capitalization companies. The Fund fully includes exchange-traded funds ("ETFs") and mutual funds that have adopted an 80% large and/or mid cap investment policy and proportionally includes the holdings of other funds on a look-through basis for purposes of measuring the Fund's own 80% investment policy. The Fund defines mid and large capitalization companies as those with market capitalizations of more than $6 billion at the time of purchase. The Fund invests primarily in companies located in the United States, but may invest in foreign issuers. The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor"). The Sub-Advisor primarily employs a fund-of-funds strategy by using ETFs and mutual funds ("Underlying Funds"). The Underlying Funds selected typically follow an index-tracking strategy, however, the Sub-Advisor may also use actively managed Underlying Funds. The Sub-Advisor seeks to construct a portfolio of Underlying Funds that represents various themes and sub-strategies that will produce above-average risk-adjusted returns when compared to the U.S. equity market as a whole. Underlying Funds include those that track an equity index focused on specific market capitalizations, specific investment styles (for example, large cap value), or limits on expected volatility. There are no restrictions on the type of index-tracking Underlying Funds that the Sub-Advisor may choose. The Sub-Advisor uses SEC filings, computer databases, industry publications, general and business publications, brokerage firm research reports, and other information sources to gather information used in its fundamental analysis of the economy, sectors and Underlying Funds. When selecting Underlying Funds, the Sub-Adviser considers relative expenses, past performance, and management tenure among Underlying Funds that fit its investment strategy goals. Value Strategy The Sub-Advisor selects Underlying Funds that have portfolios that are representative of the value selection process described as follows. The Sub-Advisor defines a value company as one which it believes is trading below its (i) intrinsic value or (ii) trading below the P/E ratio (price-to-earnings) average of its peers. Intrinsic value of a company is based on data such as a company's cash flow generation, and/or asset value of the underlying business. From the universe of value companies, the Sub-Advisor selects those with the largest discount to intrinsic value or lowest P/E ratio. The Fund is typically structured with 5 or more Underlying Funds. The Fund is diversified, invested in multiple industries, and the Sub-Advisor uses statistical analysis to avoid what it believes are over exposures to individual industry risk factors. The Sub-Advisor regularly reviews each of the Underlying Funds in the portfolio to confirm that each Underlying Fund continues to be consistent with the investment objective of the Fund. The Sub-Advisor primarily sells an Underlying Fund to adjust asset allocation but may also do so when a lower cost, or otherwise more attractive, Underlying Fund becomes available. Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the securities of large and mid capitalization companies. The Fund fully includes exchange-traded funds ("ETFs") and mutual funds that have adopted an 80% large and/or mid cap investment policy and proportionally includes the holdings of other funds on a look-through basis for purposes of measuring the Fund's own 80% investment policy. Common Stock Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund's performance. You could lose money by investing in the Fund. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as COVID-19); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. You could lose money by investing in the Fund. Foreign Risk. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. These risks include adverse political, social and economic developments, differing auditing and legal standards, war, expropriation and nationalization. Large Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Limited History of Operations Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. Management Risk. The Sub-Advisor's implementation of the Fund's strategy may fail to produce the intended results. Although the Sub-Advisor has managed similar strategies, the Sub-Advisor has not managed them in a mutual fund. Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times. Financial sector companies are often subject to extensive governmental regulation and the potential for additional burdensome regulation. Industrial sector companies may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general as well as technological developments and introduction of new products. Information technology companies face intense competition and potentially rapid product obsolescence. Mid-Capitalization Companies Risk. The stocks of mid-capitalization companies may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Mid-capitalization companies may experience higher failure rates (bankruptcy) than do larger companies. The trading volume of securities of mid-capitalization companies are normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Underlying Funds Risk. The Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by the Underlying Funds. These expenses would be in addition to the advisory fee and other expenses that the Fund bears in connection with its own operations. Investment in an ETF carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of any underlying index. Value Investing Risk. Value investing attempts to identify companies selling at a discount to their intrinsic value or other measure of value. Value investing is subject to the risk that a company's value may never be fully realized by the market or that a company judged by the Sub-Advisor to be undervalued may actually be appropriately priced. Performance History Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. Performance data current to the most recent month end may be obtained by calling 1-888-247-3841. Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. 1-888-247-3841 Summary Section – Advisors Capital VG Diversified Equity Fund Investment Objective Advisors Capital VG Diversified Equity Fund (the "Fund") seeks capital appreciation. Fees and Expenses of the Fund The following table describes the expenses and fees that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0162 0.0015 0.0005 0.0182 Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. Expense Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 185 573 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover information is available. The Principal Investment Strategy of the Fund <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_901_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261112__20261112__dei--LegalEntityAxis__custom--S000109838Member_z1JZTncokKSk" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in shares of equity exchange traded funds ("ETFs"). The Fund expects to invest primarily in ETFs that are part of the Vanguard® family of funds (together these and other ETFs "Underlying Funds"). The Fund fully includes Underlying Funds if they have adopted an 80% equity securities investment policy and proportionally includes the holdings of other Underlying Funds on a look-through basis for purposes of measuring the Fund's own 80% equity investment policy. The Fund invests in companies located in the United States as well as in foreign issuers, including those in emerging markets. The Fund considers an emerging market country to include any country that is (a) generally recognized to be an emerging market country by International Bank for Reconstruction and Development (commonly known as the "World Bank"); (b) classified by the United Nations as a developing country; or (c) included in an emerging markets index. The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor"). The Sub-Advisor primarily employs a fund-of-funds strategy by using ETFs and mutual funds. The Underlying Funds selected typically follow an index-tracking strategy, however, the Sub-Advisor may also use actively managed Underlying Funds. The Sub-Advisor seeks to construct a portfolio of Underlying Funds that represents various themes and sub-strategies that will produce above-average risk-adjusted returns when compared to the U.S. equity market as a whole. Underlying Funds include those that track an equity index focused on specific market capitalizations, specific investment styles (for example, large cap value), or regions (for example, emerging markets). There are no restrictions on the type of index-tracking Underlying Funds that the Sub-Advisor may choose. However, the Sub-Advisor expects that the Fund will allocate approximately 60-80% of its assets to US issuers and up to 40% to foreign issuers. The Sub-Advisor uses SEC filings, computer databases, industry publications, general and business publications, brokerage firm research reports, and other information sources to gather information used in its fundamental analysis of the economy, sectors and Underlying Funds. When selecting Underlying Funds, the Sub-Adviser considers relative expenses, past performance, and management tenure among Underlying Funds that fit its investment strategy goals. When selecting Vanguard® Underlying Funds, the Sub-Advisor utilizes information provided by Vanguard® Capital Management, LLC and or its affiliates as an input into its decision-making process. However, the Fund is not endorsed or recommended by Vanguard® or any of its affiliates. The Fund is typically structured with 5 or more Underlying Funds. The Fund is diversified, invested in multiple industries, and the Sub-Advisor uses statistical analysis to avoid what it believes are over exposures to individual industry risk factors. The Sub-Advisor regularly reviews each of the Underlying Funds in the portfolio to confirm that each Underlying Fund continues to be consistent with the investment objective of the Fund. The Sub-Advisor primarily sells an Underlying Fund to adjust asset allocation but may also do so when a lower cost, or otherwise more attractive, Underlying Fund becomes available. Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in shares of equity exchange traded funds ("ETFs"). The Fund expects to invest primarily in ETFs that are part of the Vanguard® family of funds (together these and other ETFs "Underlying Funds"). The Fund fully includes Underlying Funds if they have adopted an 80% equity securities investment policy and proportionally includes the holdings of other Underlying Funds on a look-through basis for purposes of measuring the Fund's own 80% equity investment policy. Common Stock Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Emerging Markets Risk. Foreign issuer risks are more pronounced in emerging market countries, which are generally those with per capita income less than half that of the U.S. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board ("PCAOB") inspection, investigation, and enforcement. Foreign Risk. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. These risks include adverse political, social and economic developments, differing auditing and legal standards, war, expropriation and nationalization, as well as currency exchange rate risk. General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund's performance. You could lose money by investing in the Fund. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as COVID-19); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. You could lose money by investing in the Fund. Large Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Limited History of Operations Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. Management Risk. The Sub-Advisor's implementation of the Fund's strategy may fail to produce the intended results. Although the Sub-Advisor has managed similar strategies, the Sub-Advisor has not managed them in a mutual fund. Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times. Financial sector companies are often subject to extensive governmental regulation and the potential for additional burdensome regulation. Industrial sector companies may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general as well as technological developments and introduction of new products. Information technology companies face intense competition and potentially rapid product obsolescence. Small-and Mid-Capitalization Companies Risk. The stocks of small- and mid-capitalization companies may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small-and mid-capitalization companies may experience higher failure rates (bankruptcy) than do larger companies. The trading volume of securities of small-and mid-capitalization companies are normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Underlying Funds Risk. The Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by the Underlying Funds. These expenses would be in addition to the advisory fee and other expenses that the Fund bears in connection with its own operations. Investment in an ETF carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of any underlying index. Performance History Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. Performance data current to the most recent month end may be obtained by calling 1-888-247-3841. Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. 1-888-247-3841 Summary Section – Advisors Capital AF Capital Appreciation Fund Investment Objective The Advisors Capital AF Capital Appreciation Fund (the "Fund") seeks capital appreciation. Fees and Expenses of the Fund The following table describes the expenses and fees that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0162 0.0015 0.0045 0.0222 Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. Expense Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 225 694 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover information is available. The Principal Investment Strategy of the Fund Under normal circumstances, the Fund invests primarily in shares of American Funds® equity exchange traded funds ("ETFs") and or equity mutual funds ("Underlying American Funds") that are managed by Capital Research and Management Company ("Capital Research"). The Fund invests primarily in companies located in the United States, but may invest in foreign issuers including those in emerging markets. The Fund considers an emerging market country to include any country that is (a) generally recognized to be an emerging market country by International Bank for Reconstruction and Development (commonly known as the "World Bank"); (b) classified by the United Nations as a developing country; or (c) included in an emerging markets index. The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor"). The Sub-Advisor primarily employs a fund-of-funds strategy by using ETFs and mutual funds ("Underlying Funds"). The Underlying Funds selected typically follow an index-tracking strategy or active management strategy. The Sub-Advisor seeks to construct a portfolio of Underlying Funds that represents various themes and sub-strategies that will produce above-average risk-adjusted returns when compared to the U.S. equity market as a whole. Underlying Funds include those that track an equity index focused on specific market capitalizations, specific investment styles (for example, large cap value), or regions (for example, European Union countries). There are no restrictions on the type of index-tracking or actively managed Underlying Funds that the Sub-Advisor may choose. However, the Sub-Advisor expects that the Fund will allocate approximately 50-80% of its assets to US issuers and up to 50% to foreign issuers. The Sub-Advisor uses SEC filings, computer databases, industry publications, general and business publications, brokerage firm research reports, and other information sources to gather information used in its fundamental analysis of the economy, sectors and Underlying Funds. When selecting Underlying Funds, the Sub-Adviser considers relative expenses, past performance, and management tenure among Underlying Funds that fit its investment strategy goals. When selecting Underlying American Funds, the Sub-Advisor utilizes information provided by Capital Research as an input into its decision-making process. However, the Fund is not endorsed or recommended by Capital Research, American Funds® or any of their affiliates. Value Strategy Sub-Strategy The Sub-Advisor may select Underlying Funds that have portfolios that are representative of the value selection process described as follows. The Sub-Advisor defines a value company as one which it believes is trading below its (i) intrinsic value or (ii) trading below the P/E ratio (price-to-earnings) average of its peers. Intrinsic value of a company is based on data such as a company's cash flow generation, and/or asset value of the underlying business. From the universe of value companies, the Sub-Advisor selects those with the largest discount to intrinsic value or lowest P/E ratio. The Fund is typically structured with 5 or more Underlying Funds. The Fund is diversified, invested in multiple industries, and the Sub-Advisor uses statistical analysis to avoid what it believes are over exposures to individual industry risk factors. The Sub-Advisor regularly reviews each of the Underlying Funds in the portfolio to confirm that each Underlying Fund continues to be consistent with the investment objective of the Fund. The Sub-Advisor primarily sells an Underlying Fund to adjust asset allocation but may also do so when a lower cost, or otherwise more attractive, Underlying Fund becomes available. Common Stock Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Emerging Markets Risk. Foreign issuer risks are more pronounced in emerging market countries, which are generally those with per capita income less than half that of the U.S. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board ("PCAOB") inspection, investigation, and enforcement. Foreign Risk. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. These risks include adverse political, social and economic developments, differing auditing and legal standards, war, expropriation and nationalization, as well as currency exchange rate risk. General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund's performance. You could lose money by investing in the Fund. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as COVID-19); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. You could lose money by investing in the Fund. Large Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Limited History of Operations Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences. Management Risk. The Sub-Advisor's implementation of the Fund's strategy may fail to produce the intended results. Although the Sub-Advisor has managed similar strategies, the Sub-Advisor has not managed them in a mutual fund. Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times. Financial sector companies are often subject to extensive governmental regulation and the potential for additional burdensome regulation. Industrial sector companies may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general as well as technological developments and introduction of new products. Information technology companies face intense competition and potentially rapid product obsolescence. Small-and Mid-Capitalization Companies Risk. The stocks of small- and mid-capitalization companies may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small-and mid-capitalization companies may experience higher failure rates (bankruptcy) than do larger companies. The trading volume of securities of small-and mid-capitalization companies are normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Underlying Funds Risk. The Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) that may be paid by the Underlying Funds. These expenses would be in addition to the advisory fee and other expenses that the Fund bears in connection with its own operations. Investment in an ETF carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of any underlying index. Value Investing Risk. Value investing attempts to identify companies selling at a discount to their intrinsic value or other measure of value. Value investing is subject to the risk that a company's value may never be fully realized by the market or that a company judged by the Sub-Advisor to be undervalued may actually be appropriately priced. Performance History Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. Performance data current to the most recent month end may be obtained by calling 1-888-247-3841. Past performance (before and after taxes) of the Fund is no guarantee of how it will perform in the future. Past performance provides some indication of the risks of investing in the Fund. There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus. 1-888-247-3841 The Fund may incur 12b-1 fees of up to 0.25%. There are no current plans to increase these fees, however, if the 12b-1 fee is increased, shareholders will be given advanced written notice. Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. The Fund may incur 12b-1 fees of up to 0.25%. There are no current plans to increase these fees, however, if the 12b-1 fee is increased, shareholders will be given advanced written notice. Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. The Fund may incur 12b-1 fees of up to 0.25%. There are no current plans to increase these fees, however, if the 12b-1 fee is increased, shareholders will be given advanced written notice. Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year. The Fund may incur 12b-1 fees of up to 0.25%. There are no current plans to increase these fees, however, if the 12b-1 fee is increased, shareholders will be given advanced written notice. Acquired Fund Fees and Expenses are estimated for the Fund's first fiscal year.