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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR Something changed! This happens often.

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-99999

(Exact name of registrant as specified in charter)

100 F St. NE, Washington, DC 20549

(Address of principal executive offices) (Zip code)

John Smith, Secretary

100 F St. NE

Washington, DC 20549

(Name and address of agent for service)

Registrant's telephone number, including area code:

| 999-999-9999 |

Date of fiscal year end: | October 31, 2032
Date of reporting period: | October 31, 2032

Item 1. Reports to Stockholders.

Annual Shareholder Report

Fictitious Market Fund , Class A [ FAKE ]

This annual shareholder report contains important information about the Fictitious Market Fund (“Fund”) for the period of November 1, 2031 to October 31, 2032. You can find additional information about the Fund at www.fictitiouscompany.com/fake . You can also request this information by contacting us at 1-800-555-5555 or by emailing info@fictitiouscompany.com .

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

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

Fund/Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Fictitious Market Fund, Class A | $ 50 | 0.52 %

Management’s Discussion of Fund Performance.

Summary of Results

Fictitious Market Fund (Class A) returned 11.95% (excluding sales loads) for the 12 months ended October 31, 2032. The Fund outperformed its benchmark (the XYZ Additional Index), which returned -18.44% as well as the overall equity market. This outperformance is largely the result of our portfolio holding less inflation and interest–rate sensitive investments than our benchmark. However, the fund was still susceptible to some of the overall market losses that occurred during the period.

During the period, the Fund focused on undervalued investments, which insulated the Fund from some losses resulting from a market correct associated with certain overpriced investments that dominate the more common market indices.

In addition, the Fund also allocated greater investments to the U.S. as volatility increased worldwide resulting, in part, from Russia’s investment in Ukraine. This greater domestic focus also led to outperformance because, although interest rates and inflation rates are rising in the U.S., they are rising at a faster pace outside the U.S.

The Fund also had a significant focus on technology and while technology dragged toward the end of the fiscal year, it outperformed the overall market for a substantial portion of the year.

Top Contributors | Top Detractors
| Technology |  | Healthcare
| Consumer Cyclicals |  | Industrials
| Consumer Non-cyclicals |  | Financials

Keep in mind that 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.

Note: Prior to 12/31/2024, the fund’s investment focus was on domestic equity securities. Beginning in 2025, the fund focused on equity securities from around the world.

Average Annual Total Returns

| 1 Year | 5 Years | 10 Years
Class A (with sales load) | -16.95% | 6.17% | 10.35%
Class A (without sales load) | -11.95% | 7.19% | 10.85%
XYZ Broad-based Index (reflects no deduction for fees, expenses, or taxes) | -16.89% | 9.80% | 12.41%
XYZ Additional Index (reflects no deduction for fees, expenses, or taxes) | -18.44% | 5.64% | 10.10%

Visit www.fictitiouscompany.com/fake for more recent performance information.

Fund Statistics

Fund's Net Assets: | $ 789 mil.
Number of Investments: | 123
Total Advisory Fees Paid: | $ 4.2 mil.
Annual Portfolio Turnover: | 62 %
Beta (vs. XYZ Broad-based Index) | 0.87
Weighted median market capitalization: | $35.2 bil.

Graphical Representation of Holdings

| Industry Sector | % of Total Exposure |
| TECHNOLOGY | 42.35
| CONSUMER CYCLICALS | 17.79
| HEALTHCARE | 14.27
| INDUSTRIALS | 7.43
| CONSUMER NON-CYCLICALS | 4.52
| FINANCIALS | 3.76
| ENERGY | 3.72
| NOT CLASSIFIED - NON EQUITY | 3.22
| BASIC MATERIALS | 1.51

Material Fund Changes.

This is a summary of certain changes and planned changes to the Fund since November 1, 2031. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by March 1, 2033 at www.fictitiouscompany.com/fake or upon request at 1-800-555-5555 or by emailing information@fictitiouscompany.com .

After receiving shareholder approval, on March 1, 2032 , the fund changed its classification from diversified to non-diversified. This means the Fund has the flexibility to invest a larger portion of its assets in a smaller number of companies. This also means that the Fund may be more susceptible to adverse developments affecting those companies and may be susceptible to greater losses.

It is also expected that as of March 1, 2033, the fund will reduce its maximum sales load for new sales of class A shares from 5% to 4%.

Changes in and Disagreements with Accountants.

The Fund’s auditor prior to December 1, 2031 , ABC LLP, declined to stand for re-election. During the fiscal year ended November 1, 2031, the Fund’s adviser and ABC LLP had disagreements about the accounting treatment (both valuation and custody) for the Fund's holdings of certain foreign entities.

Availability of Additional Information about the Fund.

Additional information is available at www.fictitiouscompany.com/fake , including its:

· Prospectus | · Holdings | · Fund Commentary
· Financial Information | · Proxy Voting information | · Updated Performance

Important Notice Regarding Delivery of Shareholder Documents.

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 555-555 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

These data tables are here during editing, in an actual filing they could be hidden:

Date | Fictitious Market Fund Class A | XYZ Broad-based Index | XYZ Additional Index
10/31/2022 | 9,500 | 10,000 | 10,000
10/31/2023 | 13,021 | 12,893 | 13,653
10/31/2024 | 13,894 | 14,963 | 14,791
10/31/2025 | 14,822 | 15,619 | 14,872
10/31/2026 | 15,416 | 16,283 | 15,526
10/31/2027 | 18,804 | 20,180 | 19,891
10/31/2028 | 18,318 | 21,518 | 20,283
10/31/2029 | 19,210 | 24,416 | 21,306
10/31/2030 | 17,191 | 26,899 | 21,306
10/31/2031 | 30,225 | 38,749 | 32,092
10/31/2032 | 26,613 | 32,205 | 26,173

Collected - Investment Country | Weight
UNITED STATES | 46.92
CANADA | 8.21
CHINA | 7.80
GERMANY | 7.35
UNITED KINGDOM | 6.84
IRELAND | 5.94
NETHERLANDS | 5.82
JAPAN | 5.72
SWITZERLAND | 4.18
URUGUAY | 1.22