# EDGAR Filing Document

**Accession Number:** 0001843263
**File Stem:** 0002000324-25-004473
**Filing Date:** 2025-11
**Character Count:** 60730
**Document Hash:** 8f94e678d343af426ca704ae00b26f57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004473.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004473

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tactical Investment Series Trust
- **CENTRAL INDEX KEY:** 0001843263

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23631
- **FILM NUMBER:** 251514192

**BUSINESS ADDRESS:**
- **STREET 1:** 1675 SOUTH STATE STREET
- **STREET 2:** SUITE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 631-470-2688

**MAIL ADDRESS:**
- **STREET 1:** 1675 SOUTH STATE STREET
- **STREET 2:** SUITE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901

## Series and Classes Contracts Data

### TFA AlphaGen Growth Fund (Series ID: S000071477)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000226693 | TFA AlphaGen Growth Fund Class I | TFAGX           |

## Nport-Ex

**TACTICAL GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 18.26%** | **Shares** | **Value** |
| **Auto Manufacturers - 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 140 | $62261 |
| **Banks - 1.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 10992 | 584335 |
| **Beverages - 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 5332 | 353618 |
| **Building Materials - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 640 | 38208 |
| **Commercial Services - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 120 | 49730 |
| **Computers - 1.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2055 | 523265 |
| **Diversified Financial Services - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 530 | 46879 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.<sup>(a)</sup> | 2700 | 71334 |
|  |  | 118213 |
| **Electric - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 140 | 46070 |
| **Healthcare - Products - 0.83%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 3178 | 310268 |
| **Insurance - 1.92%** |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 140 | 43364 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. - Bermuda | 3184 | 305027 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 740 | 372028 |
|  |  | 720419 |
| **Internet - 3.50%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 1703 | 413999 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1885 | 413889 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 469 | 344424 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 280 | 57014 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 570 | 81613 |
|  |  | 1310939 |
| **Miscellaneous Manufacturing - 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | 488 | 285988 |

---

**TACTICAL GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 18.26% (continued)** | **Shares** | **Value** |
| **Pharmaceuticals - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 841 | $194725 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 2204 | 183174 |
|  |  | 377899 |
| **Retail - 0.75%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 246 | 227705 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 380 | 54925 |
|  |  | 282630 |
| **Semiconductors - 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 320 | 51773 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3950 | 736991 |
|  |  | 788764 |
| **Software - 2.15%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A<sup>(a)</sup> | 240 | 51502 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1293 | 669709 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 460 | 83913 |
|  |  | 805124 |
| **Telecommunications - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 765 | 183126 |
| **TOTAL COMMON STOCK (Cost $5,891,778)** |  | 6840857 |
| **EXCHANGE-TRADED FUNDS - 72.69%** |  |  |
| **Alternative Fund - 1.26%** |  |  |
| &nbsp;&nbsp;&nbsp;First Trust Exchange-Traded Fund III-First Trust Long/Short Equity ETF<sup>(b)</sup> | 6739 | 471393 |
| **Asset Allocation Funds - 21.87%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion HCM Tactical Enhanced U.S. ETF | 64469 | 2416943 |
| &nbsp;&nbsp;&nbsp;HCM Defender 100 Index ETF | 39076 | 2982425 |
| &nbsp;&nbsp;&nbsp;HCM Defender 500 Index ETF | 46260 | 2793873 |
|  |  | 8193241 |
| **Commodity Funds - 0.82%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco DB Commodity Index Tracking Fund | 7200 | 162216 |
| &nbsp;&nbsp;&nbsp;SPDR Gold Shares<sup>(a)</sup> | 410 | 145743 |
|  |  | 307959 |
| **Debt Funds - 8.29%** |  |  |
| &nbsp;&nbsp;&nbsp;First Trust Emerging Markets Local Currency Bond ETF | 10477 | 307395 |
| &nbsp;&nbsp;&nbsp;First Trust Enhanced Short Maturity ETF | 1089 | 65242 |
| &nbsp;&nbsp;&nbsp;FolioBeyond Alternative Income and Interest Rate Hedge ETF<sup>(b)</sup> | 9200 | 329728 |
| &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | 16300 | 341159 |
| &nbsp;&nbsp;&nbsp;iShares 5-10 Year Investment Grade Corporate Bond ETF | 5694 | 307988 |
| &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | 3170 | 283303 |
| &nbsp;&nbsp;&nbsp;iShares Fallen Angels USD Bond ETF | 11099 | 308330 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF | 8028 | 736569 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Short Term High Yield Bond ETF | 3110 | 79616 |
| &nbsp;&nbsp;&nbsp;VanEck High Yield Muni ETF | 6800 | 346120 |
|  |  | 3105450 |

---

**TACTICAL GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 72.69% (continued)** | **Shares** | **Value** |
| **Equity Funds - 40.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | 4603 | $2763503 |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 2616 | 309656 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund | 270 | 64703 |
| &nbsp;&nbsp;&nbsp;Energy Select Sector SPDR Fund | 6700 | 598578 |
| &nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund<sup>(b)</sup> | 6800 | 366316 |
| &nbsp;&nbsp;&nbsp;First Trust Developed Markets ex-U.S. AlphaDEX Fund | 632 | 47634 |
| &nbsp;&nbsp;&nbsp;First Trust Mid Cap Growth AlphaDEX Fund | 690 | 63214 |
| &nbsp;&nbsp;&nbsp;First Trust NASDAQ Technology Dividend Index Fund | 477 | 47027 |
| &nbsp;&nbsp;&nbsp;FT Vest Laddered Buffer ETF<sup>(a)(b)</sup> | 13000 | 434460 |
| &nbsp;&nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF - August<sup>(a)</sup> | 3652 | 189575 |
| &nbsp;&nbsp;&nbsp;Health Care Select Sector SPDR Fund | 380 | 52885 |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 1230 | 189703 |
| &nbsp;&nbsp;&nbsp;Innovator ETFs Trust - Innovator IBD R 50 ETF | 1678 | 62690 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - April<sup>(a)(b)</sup> | 4200 | 221133 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - January<sup>(a)(b)</sup> | 4000 | 212764 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - July<sup>(a)(b)</sup> | 3282 | 233372 |
| &nbsp;&nbsp;&nbsp;Innovator Growth-100 Power Buffer ETF - October<sup>(a)(b)</sup> | 3700 | 210197 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - April<sup>(a)(b)</sup> | 2800 | 106015 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - January<sup>(a)(b)</sup> | 3560 | 111399 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - July<sup>(a)(b)</sup> | 2980 | 111588 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - October<sup>(a)(b)</sup> | 3360 | 110210 |
| &nbsp;&nbsp;&nbsp;Invesco China Technology ETF | 806 | 47562 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 330 | 220869 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 3450 | 225147 |
| &nbsp;&nbsp;&nbsp;iShares ESG Aware MSCI EM ETF | 1095 | 47545 |
| &nbsp;&nbsp;&nbsp;iShares Expanded Tech Sector ETF | 1920 | 241824 |
| &nbsp;&nbsp;&nbsp;iShares Future AI & Tech ETF | 1045 | 47840 |
| &nbsp;&nbsp;&nbsp;iShares Mortgage Real Estate ETF | 1980 | 43501 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Global Gold Miners ETF | 757 | 48985 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | 2300 | 218822 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Quality GARP ETF | 722 | 47392 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Broker-Dealers & Securities Exchanges ETF | 800 | 141504 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Technology ETF | 1130 | 221322 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra QQQ | 3520 | 482944 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra S&P 500 | 1150 | 128949 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 10600 | 1096040 |
| &nbsp;&nbsp;&nbsp;Schwab U.S. Large-Cap Growth ETF | 1750 | 55843 |
| &nbsp;&nbsp;&nbsp;SPDR NYSE Technology ETF | 400 | 108892 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF<sup>(b)</sup> | 24300 | 1903662 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | 390 | 91634 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Homebuilders ETF | 1380 | 152904 |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund<sup>(b)</sup> | 2610 | 735655 |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 1740 | 151745 |
| &nbsp;&nbsp;&nbsp;VanEck Africa Index ETF<sup>(a)</sup> | 1967 | 47936 |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 170 | 55481 |
| &nbsp;&nbsp;&nbsp;VanEck Uranium and Nuclear ETF | 430 | 58329 |
| &nbsp;&nbsp;&nbsp;Vanguard Growth ETF | 480 | 230213 |
| &nbsp;&nbsp;&nbsp;Vanguard Mega Cap Growth ETF | 1220 | 490952 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF<sup>(b)</sup> | 2820 | 925439 |
| &nbsp;&nbsp;&nbsp;Vanguard Value ETF | 2026 | 377829 |
|  |  | 15153382 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,268,955)** |  | 27231425 |

---

**TACTICAL GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 9.17%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class, 4.01%<sup>(c)</sup> | 693708 | $693708 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund - Institutional Class, 3.98%<sup>(c)</sup> | 41722 | 41722 |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio - Institutional Class, 4.04%<sup>(c)</sup> | 2697905 | 2697905 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $3,433,335)** |  | 3433335 |
| **INVESTMENTS AT VALUE (Cost $31,594,068) - 100.12%** |  | $37505617 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.12%)** |  | (45003) |
| **NET ASSETS - 100.00%** |  | $37460614 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is allocated to a special custody account in which the broker executing trades on behalf of the Trust maintains control of the funds to ensure the Trust fulfills its obligations relating to the facilitation of margin transactions.

<sup>(c)</sup> Rate shown represents the 7-day effective yield at September 30, 2025, is subject to change and resets daily.

**The following abbreviations are used in this portfolio:**

AI - Artificial Intelligence

DB - DBIQ Optimum Yield Diversified Commodity Index Excess Run

ESG - Environmental, Social, and Governance

ETF - Exchange-Traded Fund

FT - First Trust

GARP - Growth at Reasonable Price

HCM - Howard Capital Management

IBD - Investors Business Daily

Ltd. - Limited

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

**TFA ALPHAGEN GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 29.96%** | **Shares** | **Value** |
| **Auto Manufacturers - 1.84%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. <sup>(a)</sup> | 2020 | $898334 |
| **Computers - 0.90%** |  |  |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. - Canada<sup>(a)</sup> | 17700 | 437367 |
| **Diversified Financial Services - 0.75%** |  |  |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 7000 | 363510 |
| **Electric - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.<sup>(a)</sup> | 4300 | 480009 |
| **Healthcare - Products - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)</sup> | 6000 | 484260 |
| **Internet - 11.87%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 5600 | 1361360 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 4500 | 988065 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1810 | 1329228 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A<sup>(a)</sup> | 1710 | 393283 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 11900 | 1703842 |
|  |  | 5775778 |
| **Semiconductors - 4.60%** |  |  |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.<sup>(a)</sup> | 41000 | 296020 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10400 | 1940432 |
|  |  | 2236452 |
| **Software - 8.02%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A<sup>(a)</sup> | 1700 | 364803 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2600 | 1346670 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 12000 | 2189040 |
|  |  | 3900513 |
| **TOTAL COMMON STOCK (Cost $10,801,354)** |  | 14576223 |
| **EXCHANGE-TRADED FUNDS - 65.19%** |  |  |
| **Commodity Fund - 0.63%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR Gold Shares<sup>(a)</sup> | 860 | 305704 |
| **Equity Funds - 64.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 3400 | 402458 |
| &nbsp;&nbsp;&nbsp;Energy Select Sector SPDR Fund | 17300 | 1545582 |
| &nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 14400 | 775728 |
| &nbsp;&nbsp;&nbsp;FT Vest Laddered Buffer ETF<sup>(a)(b)</sup> | 41800 | 1396956 |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 2460 | 379406 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated ETF - Quarterly<sup>(a)(b)</sup> | 29600 | 1179853 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 720 | 481896 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 7200 | 469872 |
| &nbsp;&nbsp;&nbsp;iShares Expanded Tech Sector ETF | 8100 | 1020195 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | 4800 | 456672 |

---

**TFA ALPHAGEN GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | 4300 | 1102735 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Broker-Dealers & Securities Exchanges ETF | 3300.0 | 583704 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Technology ETF | 4700.0 | 920542 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra QQQ | 6100.0 | 836920 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra S&P500 | 3600.0 | 403668 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 51800.0 | 5356120 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF<sup>(b)</sup> | 106500.0 | 8343210 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | 1710.0 | 401782 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Homebuilders ETF | 5800.0 | 642640 |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund<sup>(b)</sup> | 4200.0 | 1183812 |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 4400.0 | 383724 |
| &nbsp;&nbsp;&nbsp;Vanguard Growth ETF | 1020.0 | 489202 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF<sup>(b)</sup> | 7540.0 | 2474402 |
| &nbsp;&nbsp;&nbsp;Vanguard Value ETF | 980.0 | 182760 |
|  |  | 31413839 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $28,546,132)** |  | 31719543 |
| **SHORT-TERM INVESTMENTS - 5.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio - Institutional Class, 4.04%<sup>(c)</sup> | 2433941.0 | $2433941 |
| **SHORT-TERM INVESTMENTS (Cost $2,433,941)** |  | 2433941 |
| **INVESTMENTS AT VALUE (Cost $41,781,427) - 100.15%** |  | $48729707 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.15%)** |  | (72640) |
| **NET ASSETS - 100.00%** |  | $48657067 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is allocated to a special custody account in which the broker executing trades on behalf of the Trust maintains control of the funds to ensure the Trust fulfills its obligations relating to the facilitation of margin transactions.

<sup>(c)</sup> Rate shown represents the 7-day yield at September 30, 2025, is subject to change and resets daily.

**The following abbreviations are used in this portfolio:**

AI – Artificial Intelligence

ETF - Exchange-Traded Fund

FT - First Trust

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

**TFA QUANTITATIVE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 5.16%** | **Shares** | **Value** |
| **Auto Manufacturers - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 450 | $200124 |
| **Computers - 0.21%** |  |  |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. - Canada<sup>(a)</sup> | 5300 | 130963 |
| **Diversified Financial Services - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 1570 | 81530 |
| **Electric - 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.<sup>(a)</sup> | 970 | 108281 |
| **Healthcare - Products - 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)</sup> | 1340 | 108151 |
| **Internet - 2.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 1260 | 306306 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1000 | 219570 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 400 | 293752 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A<sup>(a)</sup> | 370 | 85096 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 2600 | 372268 |
|  |  | 1276992 |
| **Semiconductors - 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.<sup>(a)</sup> | 9100 | 65702 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2340 | 436597 |
|  |  | 502299 |
| **Software - 1.36%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A<sup>(a)</sup> | 380 | 81544 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 590 | 305591 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 2600 | 474292 |
|  |  | 861427 |
| **TOTAL COMMON STOCK (Cost $2,588,942)** |  | 3269767 |
| **EXCHANGE-TRADED FUNDS - 76.77%** |  |  |
| **Alternative Fund - 1.40%** |  |  |
| &nbsp;&nbsp;&nbsp;First Trust Exchange-Traded Fund III-First Trust Long/Short Equity ETF<sup>(b)</sup> | 12700 | 888365 |
| **Asset Allocation Funds - 10.99%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion HCM Tactical Enhanced U.S. ETF | 56956 | 2135280 |
| &nbsp;&nbsp;&nbsp;HCM Defender 100 Index ETF | 30574 | 2333521 |
| &nbsp;&nbsp;&nbsp;HCM Defender 500 Index ETF | 41374 | 2498783 |
|  |  | 6967584 |
| **Equity Funds - 64.38%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | 3892 | 2336640 |
| &nbsp;&nbsp;&nbsp;FT Vest Laddered Buffer ETF<sup>(a)(b)</sup> | 36000 | 1203120 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - April<sup>(a)(b)</sup> | 8500 | 447530 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - January<sup>(a)(b)</sup> | 8900 | 473400 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - July<sup>(a)(b)</sup> | 6700 | 476414 |
| &nbsp;&nbsp;&nbsp;Innovator Growth 100 Power Buffer ETF - October<sup>(a)(b)</sup> | 8100 | 460161 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - April<sup>(a)(b)</sup> | 6200 | 234747 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - January<sup>(a)(b)</sup> | 7200 | 225302 |

---

**TFA QUANTITATIVE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 76.77% (continued)** | **Shares** | **Value** |
| **Equity Funds - 64.38% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - July<sup>(a)(b)</sup> | 6100 | $228419 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - October<sup>(a)(b)</sup> | 6700 | 219764 |
| &nbsp;&nbsp;&nbsp;iShares Expanded Tech Sector ETF | 11700 | 1473615 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | 940 | 241063 |
| &nbsp;&nbsp;&nbsp;iShares Semiconductor ETF | 380 | 103026 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Broker-Dealers & Securities Exchanges ETF | 4840 | 856099 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Technology ETF | 17423 | 3412469 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra QQQ | 4730 | 648956 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra S&P 500 | 44400 | 4978572 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 58700 | 6069580 |
| &nbsp;&nbsp;&nbsp;Schwab U.S. Large-Cap Growth ETF | 10900 | 347819 |
| &nbsp;&nbsp;&nbsp;SPDR NYSE Technology ETF | 5670 | 1543544 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF<sup>(b)</sup> | 119500 | 9361630 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | 2480 | 582701 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Homebuilders ETF | 8400 | 930720 |
| &nbsp;&nbsp;&nbsp;Vanguard Mega Cap Growth ETF | 1820 | 732404 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF<sup>(b)</sup> | 9800 | 3216066 |
|  |  | 40803761 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $41,070,509)** |  | 48659710 |
| **SHORT-TERM INVESTMENTS - 18.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund - Institutional Class, 3.98%<sup>(c)</sup> | 48680 | 48680 |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio - Institutional Class, 4.04%<sup>(c)</sup> | 11479170 | 11479170 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $11,527,850)** |  | 11527850 |
| **INVESTMENTS AT VALUE (Cost $55,187,301) - 100.12%** |  | $63457327 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.12%)** |  | (75597) |
| **NET ASSETS - 100.00%** |  | $63381730 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is allocated to a special custody account in which the broker executing trades on behalf of the Trust maintains control of the funds to ensure the Trust fulfills its obligations relating to the facilitation of margin transactions.

<sup>(c)</sup> Rate shown represents the 7-day effective yield at September 30, 2025, is subject to change and resets daily.

**The following abbreviations are used in this portfolio:**

AI – Artificial Intelligence

ETF - Exchange-Traded Fund

FT - First Trust

HCM - Howard Capital Management

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

**TFA TACTICAL INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 97.31%** | **Shares** | **Value** |
| **Asset Allocation Fund - 14.82%** | | |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | 39000 | $3529500 |
| **Debt Funds - 64.60%** |  |  |
| &nbsp;&nbsp;&nbsp;First Trust Emerging Markets Local Currency Bond ETF | 24927 | 731358 |
| &nbsp;&nbsp;&nbsp;FolioBeyond Alternative Income and Interest Rate Hedge ETF<sup>(b)</sup> | 20900 | 749056 |
| &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF<sup>(b)</sup> | 46200 | 966966 |
| &nbsp;&nbsp;&nbsp;iShares 5-10 Year Investment Grade Corporate Bond ETF | 13547 | 732757 |
| &nbsp;&nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF<sup>(b)</sup> | 1700 | 163982 |
| &nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF<sup>(b)</sup> | 13300 | 1333325 |
| &nbsp;&nbsp;&nbsp;iShares Fallen Angels USD Bond ETF | 26406 | 733559 |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | 38300 | 3109577 |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | 1510 | 168320 |
| &nbsp;&nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | 13300 | 1266027 |
| &nbsp;&nbsp;&nbsp;ProShares UltraShort 20+ Year Treasury | 9200 | 310776 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF | 7959 | 730238 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF<sup>(b)</sup> | 43100 | 4223369 |
| &nbsp;&nbsp;&nbsp;Vanguard Total International Bond ETF | 3300 | 163218 |
|  |  | 15382528 |
| **Equity Funds - 17.89%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion NASDAQ - 100 Equal Weighted Index Shares | 3700 | 375957 |
| &nbsp;&nbsp;&nbsp;Innovator U.S. Equity Accelerated 9 Buffer ETF - July<sup>(a)</sup> | 29900 | 1119630 |
| &nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight ETF | 1970 | 373709 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | 3800 | 361532 |
| &nbsp;&nbsp;&nbsp;ProShares Ultra QQQ | 1100 | 150920 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 4300 | 444620 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF | 7400 | 579716 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF<sup>(b)</sup> | 2600 | 853242 |
|  |  | 4259326 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,222,337)** |  | 23171354 |
| **SHORT-TERM INVESTMENTS - 2.89%** |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class, 4.01%<sup>(c)</sup> | 300660 | 300660 |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio - Institutional Class, 4.04%<sup>(c)</sup> | 387704 | 387704 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $688,364)** |  | 688364 |
| **INVESTMENTS AT VALUE (Cost $22,910,701) - 100.20%** |  | $23859718 |
| **LIABILITES IN EXCESS OF OTHER ASSETS, NET - (0.20%)** |  | (47072) |
| **NET ASSETS - 100.00%** |  | $23812646 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is allocated to a special custody account in which the broker executing trades on behalf of the Trust maintains control of the funds to ensure the Trust fulfills its obligations relating to the facilitation of margin transactions.

<sup>(c)</sup> Rate shown represents the 7-day effective yield at September 30, 2025, is subject to change and resets daily.

**The following abbreviations are used in this portfolio:**

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

**Tactical Investment Series Trust**

**NOTES TO THE SCHEDULES OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

The following is a summary of significant accounting policies consistently followed by the TFA Tactical Income Fund ("Income Fund"), Tactical Growth Allocation Fund ("Growth Fund"), TFA Quantitative Fund ("Quantitative Fund") and TFA AlphaGen Growth Fund ("AlphaGen Fund"), (each a "Fund" and collectively, the "Funds"), each a diversified series of the Tactical Investment Series Trust (the "Trust"). The policies are in conformity with accounting principles generally accepted in the United States of America ("***GAAP***"). The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

**SECURITY VALUATIONS**

All investments in securities are recorded at their estimated fair value, as described below.

*Processes and Structure*

The Funds' Board of Trustees (the "Board") has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to Tactical Fund Advisors, LLC (the "Adviser") the responsibility for determining fair value prices, subject to review by the Board.

*Fair Value Pricing Policy*

The SEC adopted Rule 2a-5 under the 1940 Act, which established an updated regulatory framework for registered investment company fair valuation practices. Under the new rule a greater number of the Funds' securities may be subject to fair value pricing. The Funds' fair value policies and procedures and valuation practices were updated to comply with Rule 2a-5. Specifically, the Board designated the Adviser as the Funds' "Valuation Designee" to make fair value determinations. The Adviser acts through its Rule 2a-5 Committee (the "Valuation Committee") in accordance with the Trust's and the Adviser's policies and procedures (collectively, the "Valuation Procedures"). While fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability.

If market quotations are not readily available, the security will be valued at fair value (the amount which the owner might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Valuation Designee ("Fair Value Pricing"), subject to oversight by the Board. The Valuation Designee must use reasonable diligence in determining whether market quotations are readily available. If, for example, the Valuation Designee determines that one source of market value is unreliable, the Valuation Designee must diligently seek market quotations from other sources, such as other brokers or pricing services, before concluding that market quotations are not available. Fair Value Pricing is not permitted when market quotations are readily available.

Fixed income securities generally are valued using market quotations provided by a pricing service. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. Short-term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, may be valued by using the amortized cost method of valuation, when the Board has determined that it will represent fair value.

The Fund's policies regarding fair value pricing are intended to result in a calculation of a Fund's net asset value that fairly reflects portfolio security values as of the time of pricing. A portfolio security's fair value price may differ from the price next available for that portfolio security using a Fund's normal pricing procedure and may differ substantially from the price at which the portfolio security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using a Fund's normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the portfolio security was priced using a Fund's normal pricing procedures. The performance of a Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using a Fund's normal pricing procedures.

 

**Tactical Investment Series Trust**

**NOTES TO THE SCHEDULES OF INVESTMENTS**

**September 30, 2025 (Unaudited) (continued)**

 

*Fair Value Measurements*

GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date and also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-tier hierarchy seeks to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect each Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

*Equity securities (common stocks and exchange-traded funds/notes ("ETFs"/"ETNs"))* – Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

*Valuation of Fund of Funds* – The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by a Fund will not change.

*Money market funds* – Money market funds are generally priced at the ending NAV provided by the service agent of the money market fund. The money market funds will be categorized as Level 1 within the fair value hierarchy.

*Hierarchy of Fair Value Inputs*

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the
Fund has the ability to access.

• Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for
the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive
market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable
inputs are not available, representing the Funds' own assumptions about the assumptions that a market participant would use in valuing
the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Tactical Investment Series Trust**

**NOTES TO THE SCHEDULES OF INVESTMENTS**

**September 30, 2025 (Unaudited) (continued)**

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in the security.

The following tables present information about each Fund's investments measured at fair value as of September 30, 2025, by major security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | | | |
| **Financial Instruments – Assets** |  | | | |
| **Security Classification <sup>(1)</sup>** | **Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| Exchange-Traded Funds <sup>(2)</sup> | $23171354 | $— | $— | $23171354 |
| Short-Term Investments | 688364 |  |  | 688364 |
| Total Assets | $23859718 | $— | $— | $23859718 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | | | |
| **Financial Instruments – Assets** |  | | | |
| **Security Classification <sup>(1)</sup>** | **Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| Common Stock <sup>(2)</sup> | $6840857 | $— | $— | $6840857 |
| Exchange-Traded Funds <sup>(2)</sup> | 27231425 |  |  | 27231425 |
| Short-Term Investments | 3433335 |  |  | 3433335 |
| Total Assets | $37505617 | $— | $— | $37505617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative Fund** | **Quantitative Fund** | | | |
| **Financial Instruments – Assets** |  | | | |
| **Security Classification <sup>(1)</sup>** | **Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| Common Stock <sup>(2)</sup> | $3269767 | $— | $— | $3269767 |
| Exchange-Traded Funds <sup>(2)</sup> | 48659710 |  |  | 48659710 |
| Short-Term Investments | 11527850 |  |  | 11527850 |
| Total Assets | $63457327 | $— | $— | $63457327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AlphaGen Fund** | | | | |
| **Financial Instruments – Assets** |  |  | | |
| **Security Classification <sup>(1)</sup>** | **Level 1** | **Level 2** |<br>**Level 3** |<br>**Totals** |
| Common Stock <sup>(2)</sup> | $14576223 | $— | $— | $14576223 |
| Exchange-Traded Funds <sup>(2)</sup> | 31719543 |  |  | 31719543 |
| Short-Term Investments | 2433941 |  |  | 2433941 |
| Total Assets | $48729707 | $— | $— | $48729707 |

---

<sup>(1)</sup> As of and for the nine months ended September 30, 2025, the Funds held no securities that were considered to be "Level 3" securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

<sup>(2)</sup> All common stock and ETFs held in the Funds are Level 1 securities. For a detailed break-out of common stock by industry and ETFs by investment type, please refer to the Schedules of Investments.

**Tactical Investment Series Trust**

**NOTES TO THE SCHEDULES OF INVESTMENTS**

**September 30, 2025 (Unaudited) (continued)**

**INVESTMENT RISKS**

*Equity Risk:* The net asset value of the Funds will fluctuate based on changes in the value of its holdings in U.S. and foreign equity securities. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

*Small and Medium Capitalization Stock Risk:* The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

*Large Capitalization Risk:* The Underlying Funds invest in large-capitalization companies. 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. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

*Exchange-Traded Fund Risk:* The Funds may invest in ETFs as part of their principal investment strategies. ETFs are subject to investment advisory and other expenses, which will be indirectly paid by a Fund. As a result, your cost of investing in a Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. The market price for a Fund's shares may deviate from a Fund's net asset value, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Fund shares than the Fund's net asset value, which is reflected in the bid and ask price for Fund shares or in the closing price.

*Leverage Risk:* The use of leverage by the Funds or ETFs in which the Funds invest, such as borrowing money to purchase securities, will cause a fund to incur additional expenses and magnify the Funds' gains or losses. Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in a fund's portfolio because such investments may give rise to losses that exceed the amount the funds have invested in those instruments. Financial leverage will magnify, sometimes significantly, investment exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the fund's portfolio. Accordingly, the value of the Funds' portfolios is likely to experience greater volatility over short-term periods.

*Underlying Fund Risk:* Other investment companies including mutual funds and ETFs in which the Funds invests are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the underlying funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the underlying funds is subject to its own specific risks, but the Adviser expects the principal investments risks of such underlying funds will be similar to the risks of investing in the Funds.

**TAX MATTERS**

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments on September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | <br>**Cost** | **Gross<br> Appreciation** | **Gross<br> Depreciation** | **Net Appreciation** |
| Income Fund | $22937884 | $978407 | $(56573) | $921834 |
| Growth Fund | 31873402 | 5748661 | (116446) | 5632215 |
| Quantitative Fund | 55246449 | 8285760 | (74882) | 8210878 |
| AlphaGen Fund | 41912404 | 6909350 | (92047) | 6817303 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tactical Investment Series Trust

- **b. Investment Company Act file number:** 811-23631

- **c. CIK number of Registrant:** 0001843263

- **d. LEI of Registrant:** 5493006GAMP0G864BR33

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 11726 Seven Gables Road

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45249

  - **Telephone number:** 631-470-2688

**Item A.2. Information about the Series.**

- **a. Name of Series:** TFA AlphaGen Growth Fund

- **b. EDGAR series identifier (if any):** S000071477

- **c. LEI of Series:** 5493004KY7I40ND20T09

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $48759742.64

**Total Liabilities:** $102675.99

**Net Assets:** $48657066.65

**Cash Not Reported:** $30035.62

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226693 | 3.73%                | 1.25%                | 7.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $592174.60               | $1140268.69                                |
| Month 2  | $960469.72               | $-298483.01                                |
| Month 3  | $0.00                    | $3366816.58                                |

### Schedule of Portfolio Investments

| Name                                                   | Title                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                                           | COMMON STOCK         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5600 | NS      | $1361360.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                         | COMMON STOCK         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4500 | NS      | $988065.00    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                     | COMMON STOCK         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1810 | NS      | $1329227.80   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                             | COMMON STOCK         | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      1710 | NS      | $393282.90    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                  | COMMON STOCK         | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     11900 | NS      | $1703842.00   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                              | COMMON STOCK         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2020 | NS      | $898334.40    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                                          | COMMON STOCK         | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |      6000 | NS      | $484260.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BitMine Immersion Technologies Inc                     | COMMON STOCK         | CUSIP: 09175A206<br>LEI: 254900TGJJ1D9JNAQT27 | Long             | EC               | CORP              | US        |      7000 | NS      | $363510.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc                                     | COMMON STOCK         | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | CA        |     17700 | NS      | $437367.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Navitas Semiconductor Corp                             | COMMON STOCK         | CUSIP: 63942X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41000 | NS      | $296020.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                            | COMMON STOCK         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10400 | NS      | $1940432.00   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                         | COMMON STOCK         | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      1700 | NS      | $364803.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                         | COMMON STOCK         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2600 | NS      | $1346670.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                              | COMMON STOCK         | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     12000 | NS      | $2189040.00   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                               | COMMON STOCK         | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4300 | NS      | $480009.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select Sector SPDR Fund         | EXCHANGE-TRADED FUND | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | RF                | US        |      3400 | NS      | $402458.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund                         | EXCHANGE-TRADED FUND | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             | EC               | RF                | US        |     17300 | NS      | $1545582.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sector SPDR Fund                      | EXCHANGE-TRADED FUND | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |     14400 | NS      | $775728.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FT Vest Laddered Buffer ETF                            | EXCHANGE-TRADED FUND | CUSIP: 33740F755<br>LEI: 549300OCPQ9IXM4SN419 | Long             | EC               | RF                | US        |     41800 | NS      | $1396956.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Select Sector SPDR Fund                     | EXCHANGE-TRADED FUND | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | RF                | US        |      2460 | NS      | $379405.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovator US Equity Accelerated ETF - Quarterly        | EXCHANGE-TRADED FUND | CUSIP: 45783Y103<br>LEI: 549300UWCYU2J9ZS4518 | Long             | EC               | RF                | US        |     29600 | NS      | $1179853.04   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF                           | EXCHANGE-TRADED FUND | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |      7200 | NS      | $469872.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                               | EXCHANGE-TRADED FUND | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |       720 | NS      | $481896.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech Sector ETF                       | EXCHANGE-TRADED FUND | CUSIP: 464287549<br>LEI: 549300MWG0PY0C195J81 | Long             | EC               | RF                | US        |      8100 | NS      | $1020195.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Momentum Factor ETF                   | EXCHANGE-TRADED FUND | CUSIP: 46432F396<br>LEI: 5493002ZOOZ0SN3YYI81 | Long             | EC               | RF                | US        |      4300 | NS      | $1102735.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Min Vol Factor ETF                    | EXCHANGE-TRADED FUND | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |      4800 | NS      | $456672.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Broker-Dealers & Securities Exchanges ETF | EXCHANGE-TRADED FUND | CUSIP: 464288794<br>LEI: 54930085FJMZ4CBKDP12 | Long             | EC               | RF                | US        |      3300 | NS      | $583704.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Technology ETF                            | EXCHANGE-TRADED FUND | CUSIP: 464287721<br>LEI: 5493003RR427QZS78C77 | Long             | EC               | RF                | US        |      4700 | NS      | $920542.00    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Ultra QQQ                                    | EXCHANGE-TRADED FUND | CUSIP: 74347R206<br>LEI: BB4MTKSM4GAKW287HJ60 | Long             | EC               | RF                | US        |      6100 | NS      | $836920.00    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Ultra S&P500                                 | EXCHANGE-TRADED FUND | CUSIP: 74347R107<br>LEI: UT59PM4NN1V3JAKZPS19 | Long             | EC               | RF                | US        |      3600 | NS      | $403668.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraPro QQQ                                 | EXCHANGE-TRADED FUND | CUSIP: 74347X831<br>LEI: 03026FQTQRJ0JSTBI779 | Long             | EC               | RF                | US        |     51800 | NS      | $5356120.00   | 11.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 ETF                             | EXCHANGE-TRADED FUND | CUSIP: 78464A854<br>LEI: 5493004K4F0RL72RIJ47 | Long             | EC               | RF                | US        |    106500 | NS      | $8343210.00   | 17.15%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Aerospace & Defense ETF                       | EXCHANGE-TRADED FUND | CUSIP: 78464A631<br>LEI: 5493006TZ0473G1GOE68 | Long             | EC               | RF                | US        |      1710 | NS      | $401781.60    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Homebuilders ETF                              | EXCHANGE-TRADED FUND | CUSIP: 78464A888<br>LEI: 549300MSE80LL1UJS132 | Long             | EC               | RF                | US        |      5800 | NS      | $642640.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Sector SPDR Fund                     | EXCHANGE-TRADED FUND | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |      4200 | NS      | $1183812.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sector SPDR Fund                      | EXCHANGE-TRADED FUND | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Long             | EC               | RF                | US        |      4400 | NS      | $383724.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Growth ETF                                    | EXCHANGE-TRADED FUND | CUSIP: 922908736<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1020 | NS      | $489202.20    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market ETF                        | EXCHANGE-TRADED FUND | CUSIP: 922908769<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7540 | NS      | $2474401.80   | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Value ETF                                     | EXCHANGE-TRADED FUND | CUSIP: 922908744<br>LEI: N/A                  | Long             | EC               | RF                | US        |       980 | NS      | $182760.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares                                       | EXCHANGE-TRADED FUND | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |       860 | NS      | $305704.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                          | MONEY MARKET FUND    | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2433941 | NS      | $2433941.08   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Tactical Investment Series Trust

**Signature:** Larry E. Beaver Jr.

**Name of Signer:** Larry E. Beaver Jr.

**Title:** Treasurer and Principal Financial Officer