# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-007768
**Filing Date:** 2025-12
**Character Count:** 289260
**Document Hash:** 3cc0f4f1caf8192a56d81f9c2b2f8589
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007768.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001580642-25-007768

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**EFFECTIVENESS DATE**: 20251210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251561846

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Counterpoint Tactical Income Fund (Series ID: S000046898)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000146567 | Counterpoint Tactical Income Fund Class A Shares | CPATX           |
| C000146568 | Counterpoint Tactical Income Fund Class C Shares | CPCTX           |
| C000146569 | Counterpoint Tactical Income Fund Class I Shares | CPITX           |

### Counterpoint Tactical Equity Fund (Series ID: S000051248)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000161620 | Counterpoint Tactical Equity Fund Class A Shares | CPAEX           |
| C000161621 | Counterpoint Tactical Equity Fund Class C Shares | CPCEX           |
| C000161622 | Counterpoint Tactical Equity Fund Class I Shares | CPIEX           |

### Counterpoint Tactical Municipal Fund (Series ID: S000061857)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000200261 | Counterpoint Tactical Municipal Fund Class A | TMNAX           |
| C000200262 | Counterpoint Tactical Municipal Fund Class C | TMNCX           |
| C000200263 | Counterpoint Tactical Municipal Fund Class I | TMNIX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number 811-22655

**Northern Lights Fund Trust III**

(Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u>   <u>45246</u> <br> (Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2600

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/25</u>

Explanatory Note: Amended to correct a clerical error in the heading of the Schedule of Investments for Counterpoint Tactical Income Fund that mislabeled the Schedule of Investments as "Unaudited".

**Item 1. Reports to Stockholders.**

(a) #### Counterpoint Tactical Equity Fund

#### Class A (CPAEX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $184 | 1.71% |

---

# How did the Fund perform during the reporting period?
The U.S. stock market rallied overall for the past year. However, the upward climb was interrupted by downside volatility from February through April. During that downturn, in March, the trend-following component of the Fund exited the "risk-on" position it had held at the beginning of the fiscal year, shifting from a targeted stock market beta of 0.8 to zero stock market exposure – earning only returns to its global market neutral long-short portfolio. This tactical positioning preserved the Fund's positive returns even as the stock market experienced further downside. In June, the tactical component again targeted "risk-on" positioning, which it retained through the end of the fiscal year. The fiscal year produced a mixed environment for the Fund's global market neutral portfolio (more favorable in international markets than in the U.S.). Successful tactical trading and implementation of recent innovations within the global market neutral portfolio contributed to the Fund's outperformance of its benchmark.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib0021b3297e99361b6beaf71.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund - with load** | **50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months** | **Bloomberg U.S. Treasury Bills: 1-3 Months** | **S&P 500<sup>®</sup> Index** |
| **11/30/15** | $10000 | $9422 | $10000 | $10000 | $10000 |
| **09/30/16** | $9573 | $9020 | $10324 | $10021 | $10614 |
| **09/30/17** | $10500 | $9893 | $11286 | $10083 | $12589 |
| **09/30/18** | $11237 | $10588 | $12362 | $10237 | $14843 |
| **09/30/19** | $9197 | $8666 | $12821 | $10475 | $15475 |
| **09/30/20** | $7519 | $7084 | $13918 | $10576 | $17819 |
| **09/30/21** | $8088 | $7621 | $15918 | $10581 | $23166 |
| **09/30/22** | $11504 | $10839 | $14768 | $10649 | $19581 |
| **09/30/23** | $12056 | $11359 | $16711 | $11142 | $23814 |
| **09/30/24** | $16215 | $15278 | $20090 | $11757 | $32471 |
| **09/30/25** | $18731 | $17648 | $22311 | $12283 | $38185 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 30, 2015)** |
| Counterpoint Tactical Equity Fund | 15.52% | 20.03% | 6.59% |
| With Load | 8.85% | 18.61% | 5.95% |
| 50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months | 11.06% | 9.90% | 8.50% |
| Bloomberg U.S. Treasury Bills: 1-3 Months | 4.47% | 3.04% | 2.11% |
| S&P 500 Index TR | 17.60% | 16.47% | 14.59% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $500334903 |
| Number of Portfolio Holdings | 317 |
| Advisory Fee (net of waivers) | $4288958 |
| Portfolio Turnover | 236% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3027e464c51b1f5039225df1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.8% |
| Exchange-Traded Funds | 24.4% |
| Money Market Funds | 26.0% |
| U.S. Government & Agencies | 17.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic8da8af989f94baba7a8639a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.8% |
| Real Estate | 0.4% |
| Utilities | 0.6% |
| Collateral for Securities Loaned | 1.1% |
| Consumer Staples | 1.4% |
| Communications | 1.5% |
| Health Care | 1.9% |
| Materials | 2.0% |
| Financials | 2.3% |
| Energy | 2.3% |
| Consumer Discretionary | 3.8% |
| Industrials | 4.6% |
| Technology | 7.2% |
| U.S. Government & Agencies | 15.7% |
| Equity | 21.5% |
| Money Market | 21.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Treasury Portfolio, Class I | &nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;Counterpoint Quantitative Equity ETF | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.940%, 12/11/25 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.660%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 06/02/28 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 3, 08/12/26 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 2, 08/12/26 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap, 08/24/26 | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Equity Fund - Class A (CPAEX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPAEX

#### Counterpoint Tactical Equity Fund

#### Class C (CPCEX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $264 | 2.46% |

---

# How did the Fund perform during the reporting period?
The U.S. stock market rallied overall for the past year. However, the upward climb was interrupted by downside volatility from February through April. During that downturn, in March, the trend-following component of the Fund exited the "risk-on" position it had held at the beginning of the fiscal year, shifting from a targeted stock market beta of 0.8 to zero stock market exposure – earning only returns to its global market neutral long-short portfolio. This tactical positioning preserved the Fund's positive returns even as the stock market experienced further downside. In June, the tactical component again targeted "risk-on" positioning, which it retained through the end of the fiscal year. The fiscal year produced a mixed environment for the Fund's global market neutral portfolio (more favorable in international markets than in the U.S.). Successful tactical trading and implementation of recent innovations within the global market neutral portfolio contributed to the Fund's outperformance of its benchmark.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i227ce6dd60ac82ef7bfa3b64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Counterpoint Tactical Equity Fund** | **50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months** | **Bloomberg U.S. Treasury Bills: 1-3 Months** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2016** | $9507 | $10324 | $10021 | $10614 |
| **Sep-2017** | $10353 | $11286 | $10083 | $12589 |
| **Sep-2018** | $11000 | $12362 | $10237 | $14843 |
| **Sep-2019** | $8936 | $12821 | $10475 | $15475 |
| **Sep-2020** | $7246 | $13918 | $10576 | $17819 |
| **Sep-2021** | $7736 | $15918 | $10581 | $23166 |
| **Sep-2022** | $10917 | $14768 | $10649 | $19581 |
| **Sep-2023** | $11358 | $16711 | $11142 | $23814 |
| **Sep-2024** | $15169 | $20090 | $11757 | $32471 |
| **Sep-2025** | $17386 | $22311 | $12283 | $38185 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 30, 2015)** |
| Counterpoint Tactical Equity Fund | 14.62% | 19.13% | 5.78% |
| 50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months | 11.06% | 9.90% | 8.50% |
| Bloomberg U.S. Treasury Bills: 1-3 Months | 4.47% | 3.04% | 2.11% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.59% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $500334903 |
| Number of Portfolio Holdings | 317 |
| Advisory Fee (net of waivers) | $4288958 |
| Portfolio Turnover | 236% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifafc73a13e90f17a957c4789.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.8% |
| Exchange-Traded Funds | 24.4% |
| Money Market Funds | 26.0% |
| U.S. Government & Agencies | 17.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i073cbec00e89098eb6ca060a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.8% |
| Real Estate | 0.4% |
| Utilities | 0.6% |
| Collateral for Securities Loaned | 1.1% |
| Consumer Staples | 1.4% |
| Communications | 1.5% |
| Health Care | 1.9% |
| Materials | 2.0% |
| Financials | 2.3% |
| Energy | 2.3% |
| Consumer Discretionary | 3.8% |
| Industrials | 4.6% |
| Technology | 7.2% |
| U.S. Government & Agencies | 15.7% |
| Equity | 21.5% |
| Money Market | 21.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Treasury Portfolio, Class I | &nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;Counterpoint Quantitative Equity ETF | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.940%, 12/11/25 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.660%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 06/02/28 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 3, 08/12/26 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 2, 08/12/26 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap, 08/24/26 | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Equity Fund - Class C (CPCEX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPCEX

#### Counterpoint Tactical Equity Fund

#### Class I (CPIEX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $158 | 1.46% |

---

# How did the Fund perform during the reporting period?
The U.S. stock market rallied overall for the past year. However, the upward climb was interrupted by downside volatility from February through April. During that downturn, in March, the trend-following component of the Fund exited the "risk-on" position it had held at the beginning of the fiscal year, shifting from a targeted stock market beta of 0.8 to zero stock market exposure – earning only returns to its global market neutral long-short portfolio. This tactical positioning preserved the Fund's positive returns even as the stock market experienced further downside. In June, the tactical component again targeted "risk-on" positioning, which it retained through the end of the fiscal year. The fiscal year produced a mixed environment for the Fund's global market neutral portfolio (more favorable in international markets than in the U.S.). Successful tactical trading and implementation of recent innovations within the global market neutral portfolio contributed to the Fund's outperformance of its benchmark.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iefc58d4c0a76db29dfc085b8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Counterpoint Tactical Equity Fund** | **50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months** | **Bloomberg U.S. Treasury Bills: 1-3 Months** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $100000 | $100000 | $100000 | $100000 |
| **Sep-2016** | $95867 | $103242 | $100208 | $106135 |
| **Sep-2017** | $105467 | $112858 | $100832 | $125886 |
| **Sep-2018** | $113180 | $123622 | $102367 | $148433 |
| **Sep-2019** | $92869 | $128210 | $104750 | $154747 |
| **Sep-2020** | $76090 | $139181 | $105760 | $178190 |
| **Sep-2021** | $81999 | $159182 | $105812 | $231656 |
| **Sep-2022** | $116943 | $147681 | $106493 | $195814 |
| **Sep-2023** | $122829 | $167109 | $111415 | $238144 |
| **Sep-2024** | $165675 | $200897 | $117565 | $324712 |
| **Sep-2025** | $191884 | $223112 | $122825 | $381854 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 30, 2015)** |
| Counterpoint Tactical Equity Fund | 15.82% | 20.32% | 6.85% |
| 50% - S&P 500 Index / 50% - Bloomberg U.S. Treasury Bills: 1-3 Months | 11.06% | 9.90% | 8.50% |
| Bloomberg U.S. Treasury Bills: 1-3 Months | 4.47% | 3.04% | 2.11% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.59% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $500334903 |
| Number of Portfolio Holdings | 317 |
| Advisory Fee (net of waivers) | $4288958 |
| Portfolio Turnover | 236% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iec3fd9575512b08e27164fc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.8% |
| Exchange-Traded Funds | 24.4% |
| Money Market Funds | 26.0% |
| U.S. Government & Agencies | 17.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i25c294a8d6e434dfc4360b2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.8% |
| Real Estate | 0.4% |
| Utilities | 0.6% |
| Collateral for Securities Loaned | 1.1% |
| Consumer Staples | 1.4% |
| Communications | 1.5% |
| Health Care | 1.9% |
| Materials | 2.0% |
| Financials | 2.3% |
| Energy | 2.3% |
| Consumer Discretionary | 3.8% |
| Industrials | 4.6% |
| Technology | 7.2% |
| U.S. Government & Agencies | 15.7% |
| Equity | 21.5% |
| Money Market | 21.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Treasury Portfolio, Class I | &nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;Counterpoint Quantitative Equity ETF | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.940%, 12/11/25 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.660%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 06/02/28 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 3, 08/12/26 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap 2, 08/12/26 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;JP Morgan International Long/Short Index Basket Swap, 08/24/26 | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Equity Fund - Class I (CPIEX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPIEX

#### Counterpoint Tactical Income Fund

#### Class A (CPATX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $173 | 1.69% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the fiscal year in a risk "risk-on" position, invested in high yield bonds mutual funds. During this period, the Fund continued to earn returns analogous to those of the high yield bond market. In April 2025, amid trade policy - related volatility in US markets, the Fund received a "risk-off" signal, exiting high yield and floating rate in favor of Treasury securities. The high yield market then sharply rallied, prompting the Fund to again invest 100% in high yield securities, where it remained invested for the rest of the fiscal year. This "risk-on" move lagged somewhat behind the high yield market's sharp rally. During the fiscal year, the Fund significantly outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which earned a lower yield than that of high yield bonds and which is more sensitive than high yield bonds to interest rate volatility.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id26111c11353279a53bea87b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Counterpoint Tactical Income Fund** | **Counterpoint Tactical Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/30/15** | $10000 | $9546 | $10000 |
| **09/30/16** | $11285 | $10773 | $10519 |
| **09/30/17** | $11956 | $11414 | $10527 |
| **09/30/18** | $11924 | $11382 | $10399 |
| **09/30/19** | $12387 | $11825 | $11470 |
| **09/30/20** | $12941 | $12354 | $12271 |
| **09/30/21** | $14124 | $13483 | $12161 |
| **09/30/22** | $13625 | $13007 | $10385 |
| **09/30/23** | $14365 | $13712 | $10452 |
| **09/30/24** | $15788 | $15072 | $11662 |
| **09/30/25** | $16437 | $15690 | $11998 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Counterpoint Tactical Income Fund |  |  |  |
| Without Load | 4.11% | 4.90% | 5.09% |
| With Load | -0.59% | 3.94% | 4.61% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2066769499 |
| Number of Portfolio Holdings | 34 |
| Advisory Fee (net of waivers) | $24171097 |
| Portfolio Turnover | 94% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1f43a31694cea91b926d0708.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 31.0% |
| Money Market Funds | 13.2% |
| Open End Funds | 44.3% |
| U.S. Government & Agencies | 11.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i7e25dc1d7c28533cd91e6a1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -8.8% |
| Money Market Funds | 1.8% |
| U.S. Government & Agencies | 12.5% |
| Collateral for Securities Loaned | 12.6% |
| Fixed Income | 81.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;T Rowe Price High Yield Fund, Inc., Class I | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Eaton Vance Income Fund of Boston, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;United States Treasury Note, 3.625%, 08/31/27 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;BrandywineGLOBAL High Yield Fund, Class I | &nbsp;&nbsp;4.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 or upon request at 1-844-273-8637.

Effective as of the close of business on March 17, 2025 (the "Closing Date"), the Fund is offered on a limited basis and investors are eligible to purchase shares of the Fund as described in the supplement dated February 1, 2025. Certain types of investors are allowed to invest in the Fund after the Closing Date without additional authorization. Other types of investors may invest in the Fund after Closing Date only if approved by the Adviser and the Fund.

#### Counterpoint Tactical Income Fund - Class A (CPATX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPATX

#### Counterpoint Tactical Income Fund

#### Class C (CPCTX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $248 | 2.44% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the fiscal year in a risk "risk-on" position, invested in high yield bonds mutual funds. During this period, the Fund continued to earn returns analogous to those of the high yield bond market. In April 2025, amid trade policy - related volatility in US markets, the Fund received a "risk-off" signal, exiting high yield and floating rate in favor of Treasury securities. The high yield market then sharply rallied, prompting the Fund to again invest 100% in high yield securities, where it remained invested for the rest of the fiscal year. This "risk-on" move lagged somewhat behind the high yield market's sharp rally. During the fiscal year, the Fund significantly outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which earned a lower yield than that of high yield bonds and which is more sensitive than high yield bonds to interest rate volatility.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i00096c4f709d981339f4c8c9.jpg)

---

| | | |
|:---|:---|:---|
| | **Counterpoint Tactical Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11209 | $10519 |
| **Sep-2017** | $11786 | $10527 |
| **Sep-2018** | $11665 | $10399 |
| **Sep-2019** | $12028 | $11470 |
| **Sep-2020** | $12476 | $12271 |
| **Sep-2021** | $13512 | $12161 |
| **Sep-2022** | $12936 | $10385 |
| **Sep-2023** | $13526 | $10452 |
| **Sep-2024** | $14769 | $11662 |
| **Sep-2025** | $15253 | $11998 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Counterpoint Tactical Income Fund | 3.28% | 4.10% | 4.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2066769499 |
| Number of Portfolio Holdings | 34 |
| Advisory Fee (net of waivers) | $24171097 |
| Portfolio Turnover | 94% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic5e26fb8a7dab82086b56b84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 31.0% |
| Money Market Funds | 13.2% |
| Open End Funds | 44.3% |
| U.S. Government & Agencies | 11.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i83ca88201df153dfaefcfe73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -8.8% |
| Money Market Funds | 1.8% |
| U.S. Government & Agencies | 12.5% |
| Collateral for Securities Loaned | 12.6% |
| Fixed Income | 81.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;T Rowe Price High Yield Fund, Inc., Class I | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Eaton Vance Income Fund of Boston, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;United States Treasury Note, 3.625%, 08/31/27 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;BrandywineGLOBAL High Yield Fund, Class I | &nbsp;&nbsp;4.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 or upon request at 1-844-273-8637.

Effective as of the close of business on March 17, 2025 (the "Closing Date"), the Fund is offered on a limited basis and investors are eligible to purchase shares of the Fund as described in the supplement dated February 1, 2025. Certain types of investors are allowed to invest in the Fund after the Closing Date without additional authorization. Other types of investors may invest in the Fund after Closing Date only if approved by the Adviser and the Fund.

#### Counterpoint Tactical Income Fund - Class C (CPCTX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPCTX

#### Counterpoint Tactical Income Fund

#### Class I (CPITX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $147 | 1.44% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the fiscal year in a risk "risk-on" position, invested in high yield bonds mutual funds. During this period, the Fund continued to earn returns analogous to those of the high yield bond market. In April 2025, amid trade policy - related volatility in US markets, the Fund received a "risk-off" signal, exiting high yield and floating rate in favor of Treasury securities. The high yield market then sharply rallied, prompting the Fund to again invest 100% in high yield securities, where it remained invested for the rest of the fiscal year. This "risk-on" move lagged somewhat behind the high yield market's sharp rally. During the fiscal year, the Fund significantly outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which earned a lower yield than that of high yield bonds and which is more sensitive than high yield bonds to interest rate volatility.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i354eabe7d27a1985b7b508d5.jpg)

---

| | | |
|:---|:---|:---|
| | **Counterpoint Tactical Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $100000 | $100000 |
| **Sep-2016** | $113044 | $105193 |
| **Sep-2017** | $120137 | $105269 |
| **Sep-2018** | $120047 | $103989 |
| **Sep-2019** | $125005 | $114696 |
| **Sep-2020** | $131044 | $122707 |
| **Sep-2021** | $143251 | $121608 |
| **Sep-2022** | $138506 | $103854 |
| **Sep-2023** | $146277 | $104523 |
| **Sep-2024** | $161197 | $116615 |
| **Sep-2025** | $168235 | $119978 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Counterpoint Tactical Income Fund | 4.37% | 5.12% | 5.34% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2066769499 |
| Number of Portfolio Holdings | 34 |
| Advisory Fee (net of waivers) | $24171097 |
| Portfolio Turnover | 94% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e4b4b95af02f26900c254ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 31.0% |
| Money Market Funds | 13.2% |
| Open End Funds | 44.3% |
| U.S. Government & Agencies | 11.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i44ce17ee2b377878329a3033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -8.8% |
| Money Market Funds | 1.8% |
| U.S. Government & Agencies | 12.5% |
| Collateral for Securities Loaned | 12.6% |
| Fixed Income | 81.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;T Rowe Price High Yield Fund, Inc., Class I | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Eaton Vance Income Fund of Boston, Institutional Class | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;United States Treasury Note, 3.625%, 08/31/27 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;BrandywineGLOBAL High Yield Fund, Class I | &nbsp;&nbsp;4.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 or upon request at 1-844-273-8637.

Effective as of the close of business on March 17, 2025 (the "Closing Date"), the Fund is offered on a limited basis and investors are eligible to purchase shares of the Fund as described in the supplement dated February 1, 2025. Certain types of investors are allowed to invest in the Fund after the Closing Date without additional authorization. Other types of investors may invest in the Fund after Closing Date only if approved by the Adviser and the Fund.

#### Counterpoint Tactical Income Fund - Class I (CPITX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPITX

#### Counterpoint Tactical Municipal Fund

#### Class A (TMNAX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $118 | 1.18% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the past fiscal year in a "risk-on" position, fully invested in high yield municipal bond mutual funds. In April 2025, amid trade policy – related volatility in US markets, the Fund went "risk-off," exiting high yield municipal markets in favor of 100% investment in muni cash funds, with the portfolio targeting zero exposure to interest rate and credit risk. The Fund remained "risk-off" until September 2025, when a 100% "risk-on" trade back into higher yielding municipal bonds enabled it to capture much of the upside of that rally. A rally in the broad municipal market during the Fund's "risk-off" positioning drove outperformance by the benchmark relative to the Fund.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i983021c9132e619ee9e73faf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Counterpoint Tactical Municipal Fund** | **Counterpoint Tactical Municipal Fund - with load** | **Bloomberg Municipal Bond Index** |
| **Jun-2018** | $10000 | $9551 | $10000 |
| **Sep-2018** | $10077 | $9625 | $10001 |
| **Sep-2019** | $10795 | $10311 | $10856 |
| **Sep-2020** | $11159 | $10658 | $11300 |
| **Sep-2021** | $11842 | $11311 | $11597 |
| **Sep-2022** | $11614 | $11092 | $10264 |
| **Sep-2023** | $11527 | $11010 | $10537 |
| **Sep-2024** | $12938 | $12357 | $11630 |
| **Sep-2025** | $12825 | $12249 | $11792 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (June 11, 2018)** |
| Counterpoint Tactical Municipal Fund |  |  |  |
| Without Load | -0.87% | 2.82% | 3.46% |
| With Load | -5.33% | 1.88% | 2.82% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.28% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $287976510 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee | $2100042 |
| Portfolio Turnover | 360% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i81ee240992c9660f3d72ff56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 6.4% |
| Money Market Funds | 0.7% |
| Open End Funds | 92.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](if6889392e5d89cf9d3312b18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 0.2% |
| Collateral for Securities Loaned | 0.5% |
| Fixed Income | 98.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;36.9% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;29.9% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;VanEck High Yield Muni ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;AB High Income Municipal Portfolio, Advisor Class | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Municipal Fund - Class A (TMNAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TMNAX

#### Counterpoint Tactical Municipal Fund

#### Class C (TMNCX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $192 | 1.93% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the past fiscal year in a "risk-on" position, fully invested in high yield municipal bond mutual funds. In April 2025, amid trade policy – related volatility in US markets, the Fund went "risk-off," exiting high yield municipal markets in favor of 100% investment in muni cash funds, with the portfolio targeting zero exposure to interest rate and credit risk. The Fund remained "risk-off" until September 2025, when a 100% "risk-on" trade back into higher yielding municipal bonds enabled it to capture much of the upside of that rally. A rally in the broad municipal market during the Fund's "risk-off" positioning drove outperformance by the benchmark relative to the Fund.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09fb746bcef3017508f1905e.jpg)

---

| | | |
|:---|:---|:---|
| | **Counterpoint Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Jun-2018** | $10000 | $10000 |
| **Sep-2018** | $10056 | $10001 |
| **Sep-2019** | $10689 | $10856 |
| **Sep-2020** | $10961 | $11300 |
| **Sep-2021** | $11544 | $11597 |
| **Sep-2022** | $11232 | $10264 |
| **Sep-2023** | $11067 | $10537 |
| **Sep-2024** | $12329 | $11630 |
| **Sep-2025** | $12125 | $11792 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (June 11, 2018)** |
| Counterpoint Tactical Municipal Fund | -1.66% | 2.04% | 2.67% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.28% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $287976510 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee | $2100042 |
| Portfolio Turnover | 360% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idd8d4ddd3e759662424350e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 6.4% |
| Money Market Funds | 0.7% |
| Open End Funds | 92.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ieb222446f89122c021ad1af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 0.2% |
| Collateral for Securities Loaned | 0.5% |
| Fixed Income | 98.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;36.9% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;29.9% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;VanEck High Yield Muni ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;AB High Income Municipal Portfolio, Advisor Class | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Municipal Fund - Class C (TMNCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TMNCX

#### Counterpoint Tactical Municipal Fund

#### Class I (TMNIX)

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://counterpointfunds.com/resources/**. You can also request this information by contacting us at 1-844-273-8637.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $92 | 0.93% |

---

# How did the Fund perform during the reporting period?
The Fund spent the first half of the past fiscal year in a "risk-on" position, fully invested in high yield municipal bond mutual funds. In April 2025, amid trade policy – related volatility in US markets, the Fund went "risk-off," exiting high yield municipal markets in favor of 100% investment in muni cash funds, with the portfolio targeting zero exposure to interest rate and credit risk. The Fund remained "risk-off" until September 2025, when a 100% "risk-on" trade back into higher yielding municipal bonds enabled it to capture much of the upside of that rally. A rally in the broad municipal market during the Fund's "risk-off" positioning drove outperformance by the benchmark relative to the Fund.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0a49c447a80bc8c5d1017b54.jpg)

---

| | | |
|:---|:---|:---|
| | **Counterpoint Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Jun-2018** | $100000 | $100000 |
| **Sep-2018** | $100830 | $100011 |
| **Sep-2019** | $108277 | $108563 |
| **Sep-2020** | $112171 | $113005 |
| **Sep-2021** | $119333 | $115975 |
| **Sep-2022** | $117205 | $102637 |
| **Sep-2023** | $116732 | $105371 |
| **Sep-2024** | $131306 | $116300 |
| **Sep-2025** | $130498 | $117919 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (June 11, 2018)** |
| Counterpoint Tactical Municipal Fund | -0.62% | 3.07% | 3.71% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.28% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $287976510 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee | $2100042 |
| Portfolio Turnover | 360% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f63ddffdae0a7a40eceeb29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 6.4% |
| Money Market Funds | 0.7% |
| Open End Funds | 92.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iac89b379847619c4d4ff5232.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 0.2% |
| Collateral for Securities Loaned | 0.5% |
| Fixed Income | 98.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;36.9% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;29.9% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;VanEck High Yield Muni ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;AB High Income Municipal Portfolio, Advisor Class | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### Counterpoint Tactical Municipal Fund - Class I (TMNIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://counterpointfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TMNIX

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has, as of the end of the period covered by this report, adopted a code
 of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer
 or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party.

(b) N/A

(c) During the period covered by this report, there were no amendments to any provision of
 the code of ethics.

(d) During the period covered by this report, there were no waivers or implicit waivers of
 a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees. The aggregate fees billed for each
 of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| 2025 | $55250 |

---

---

| | |
|:---|:---|
| 2024 | $54500 |

---

(b) Audit-Related Fees. There were no fees billed in each of the
 last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of
 the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed in each of the last two
 fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $12000 |

---

---

| | |
|:---|:---|
| 2024 | $12000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and September 30, 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](logo.jpg)

**Counterpoint Tactical Income Fund**

**Class A – CPATX**

**Class C – CPCTX**

**Class I – CPITX**

**Counterpoint Tactical Equity Fund**

**Class A – CPAEX**

**Class C – CPCEX**

**Class I – CPIEX**

**Counterpoint Tactical Municipal Fund**

**Class A – TMNAX**

**Class C – TMNCX**

**Class I – TMNIX**

Annual Financial Statements

and Additional Information

September 30, 2025

**1-844-273-8637**

**www.counterpointfunds.com**

**COUNTERPOINT TACTICAL INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 33.7%** |  |
|  | **FIXED INCOME - 33.7%** |  |
| 107500 | Counterpoint High Yield Trend ETF<sup>(a),(b)</sup> | $2353713 |
| 12415203 | iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | 469046369 |
| 2769196 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 224831023 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $678,615,876)** | 696231105 |
|  | **OPEN END FUNDS — 48.2%** |  |
|  | **FIXED INCOME - 48.2%** |  |
| 1000 | BlackRock Floating Rate Income Portfolio, Institutional Class | 9590 |
| 5000 | BlackRock High Yield Portfolio, Institutional Class | 36252 |
| 6076823 | BrandywineGLOBAL Corporate Credit Fund, Class IS | 64292791 |
| 9653 | BrandywineGLOBAL Corporate Credit Fund, Class I | 102220 |
| 8841684 | BrandywineGLOBAL High Yield Fund, Class I | 90715674 |
| 31495420 | Eaton Vance Income Fund of Boston, Institutional Class | 166610772 |
| 11468 | Federated Hermes Institutional High Yield Bond Fund, Class IS | 103899 |
| 1000 | Fidelity Advisor Floating Rate High Income Fund, Class I | 9150 |
| 9315750 | Fidelity High Income Fund, Class Z | 75830209 |
| 13038 | Fidelity High Income Fund, Class I | 106260 |
| 1000 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class | 8680 |
| 11112149 | Ivy High Income Fund, Class I | 66450651 |
| 26172449 | JPMorgan High Yield Fund, Class I | 172476439 |
| 1808 | Lord Abbett Floating Rate Fund, Class I | 14609 |
| 1000 | Lord Abbett High Yield Fund, Class I | 6440 |
| 1000 | MainStay MacKay High Yield Corporate Bond Fund, Class I | 5240 |
| 1000 | Nuveen High Yield Fund, Institutional Class | 8900 |
| 5000 | PGIM High Yield Fund, Class Z | 24448 |
| 5000 | PIMCO High Yield Fund, Institutional Class | 40803 |
| 24815759 | Principal High Yield Fund, Institutional Class | 167754532 |
| 30947460 | T Rowe Price High Yield Fund, Inc., Class I | 186303706 |
| 605000 | Transamerica High Yield Bond, Class I | 4985198 |
|  | **TOTAL OPEN END FUNDS (Cost $969,058,592)** | 995896463 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 12.5%** |  |  |  |
|  | **U.S. TREASURY BILLS — 12.5%** |  |  |  |
| 75000000 | United States Treasury Bill<sup>(a),(c),(f)</sup> | 3.9550 | 12/09/25 | $74448287 |
| 35000000 | United States Treasury Bill<sup>(a),(c),(f)</sup> | 3.7150 | 03/19/26 | 34387551 |
| 150000000 | United States Treasury Note<sup>(a)</sup> | 3.6250 | 08/31/27 | 150023438 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $259,072,227)** |  |  | 258859276 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 14.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 12.6%** |  |
| 100000000 | BlackRock Liquidity FedFund, Institutional Class, 4.15%<sup>(d),(e)</sup> | 100000000 |
| 140259376 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.16%<sup>(d),(e)</sup> | 140259376 |
| 20000000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(d),(e)</sup> | 20000000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $260,259,376)** | 260259376 |
|  | **MONEY MARKET FUNDS - 1.8%** |  |
| 31218669 | Goldman Sachs Financial Square Government Fund, Class FST, 4.02%<sup>(e)</sup> | 31218669 |
| 6351920 | Goldman Sachs Financial Square Treasury Instruments Fund, Capital Shares, 3.82%<sup>(e)</sup> | 6351920 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $37,570,589)** | 37570589 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $297,829,965)** | 297829965 |
|  | **TOTAL INVESTMENTS - 108.8% (Cost $2,204,576,660)** | $2248816809 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.8)%** | (182047310) |
|  | **NET ASSETS - 100.0%** | $2066769499 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $256,448,111.

<sup>(b)</sup> Affiliated investment.

<sup>(c)</sup> Zero coupon bond. Rate shown is discount rate.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $260,259,376 at September 30, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $1,481,167.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(f)</sup> All or a portion of this security is pledged as collateral for total return swaps. As of September 30, 2025, the fair value of the pledged portion is 6,948,507.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | | |
| **Description** | **Counterparty** | **Payement<br> Frequency** | **Buy/Sell<br> Protection** | **Fixed Rate<br> Received** | **Maturity<br> Date** | **Notional<br> Amount** | **Premiums<br> Paid (Received)** | **Fair<br> Value\*** | **Unrealized<br> Appreciation** |
| CDX North American High Yield Index Version 1, Series 45\*\* | Wells Fargo | Quarterly | Sell | 5.00% | 12/20/2030 | $348000000 | $26586451 | $27047604 | $461153 |

---

\* Includes interest receivable. <br> \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1%** |  |
|  | **ADVERTISING & MARKETING - 0.2%** |  |
| 22156 | Magnite, Inc.<sup>(a)</sup> | $482558 |
| 27023 | MNTN, Inc.<sup>(a)</sup> | 501276 |
|  |  | 983834 |
|  | **AEROSPACE & DEFENSE - 0.6%** |  |
| 47639 | Amprius Technologies, Inc.<sup>(a)</sup> | 501162 |
| 53987 | Archer Aviation, Inc., Class A<sup>(a)</sup> | 517196 |
| 11215 | Astronics Corporation<sup>(a)</sup> | 511516 |
| 1000 | Elbit Systems Ltd. | 509800 |
| 1331 | L3Harris Technologies, Inc. | 406501 |
| 8088 | Leonardo DRS, Inc. | 367195 |
| 1922 | Moog, Inc., Class A | 399142 |
|  |  | 3212512 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 42453 | Capri Holdings Ltd.<sup>(a)</sup> | 845664 |
| 3575 | Tapestry, Inc. | 404762 |
| 31341 | Wolverine World Wide, Inc. | 859996 |
|  |  | 2110422 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 11892 | Etoro Group Ltd.(a) | 490783 |
| 62954 | Icahn Enterprises, L.P. | 530072 |
| 18928 | ODP Corporation (The)<sup>(a)</sup> | 527144 |
| 28979 | P10, Inc. | 315292 |
| 153 | Robinhood Markets, Inc., Class A<sup>(a)(b)</sup> | 21907 |
|  |  | 1885198 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 20755 | Adient PLC<sup>(a)(b)</sup> | 499780 |
| 33852 | Aeva Technologies, Inc.<sup>(a)</sup> | 490854 |
| 57623 | American Axle & Manufacturing Holdings, Inc.<sup>(a)(b)</sup> | 346314 |
| 14001 | Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 517057 |
| 44104 | Dana, Inc. | 883845 |
| 5871 | General Motors Company | 357955 |
| 65957 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 493358 |
| 20849 | Lucid Group, Inc.<sup>(a)</sup> | 495998 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **AUTOMOTIVE - 0.9% (Continued)** |  |
| 132535 | Microvast Holdings, Inc.<sup>(a)</sup> | $510260 |
|  |  | 4595421 |
|  | **BANKING - 0.5%** |  |
| 12229 | Beacon Financial Corporation | 289950 |
| 15253 | First BanCorporation | 336329 |
| 15730 | First Horizon Corporation | 355654 |
| 8016 | OFG Bancorp | 348616 |
| 2766 | Popular, Inc. | 351310 |
| 5758 | Webster Financial Corporation | 342256 |
| 4026 | Wells Fargo & Company | 337459 |
|  |  | 2361574 |
|  | **BEVERAGES - 0.3%** |  |
| 8818 | Celsius Holdings, Inc.<sup>(a)</sup> | 506947 |
| 20297 | MGP Ingredients, Inc.<sup>(b)</sup> | 490984 |
| 5019 | Monster Beverage Corporation<sup>(a)</sup> | 337829 |
|  |  | 1335760 |
|  | **CABLE & SATELLITE - 0.2%** |  |
| 72464 | Liberty Global Ltd., Class A<sup>(a)</sup> | 830437 |
|  | **CHEMICALS - 0.7%** |  |
| 20274 | Celanese Corporation | 853129 |
| 90018 | Huntsman Corporation | 808361 |
| 677 | Linde PLC | 321575 |
| 46487 | LSB Industries, Inc.<sup>(a)</sup> | 366318 |
| 44531 | Mativ Holdings, Inc. | 503646 |
| 29784 | Orion S.A. | 225763 |
| 123038 | Tronox Holdings PLC, Class A | 494613 |
|  |  | 3573405 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 27222 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 527018 |
| 3140 | Brink's Company (The) | 366940 |
| 3511 | Casella Waste Systems, Inc., Class A<sup>(a)(b)</sup> | 333124 |
| 7122 | H&R Block, Inc.<sup>(b)</sup> | 360160 |
| 13099 | ManpowerGroup, Inc. | 496452 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7% (Continued)** |  |
| 198627 | Vestis Corporation | $899780 |
| 5172 | Willdan Group, Inc.<sup>(a)</sup> | 500081 |
|  |  | 3483555 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 71595 | Aspen Aerogels, Inc.<sup>(a)</sup> | 498301 |
|  | **CONSUMER SERVICES - 0.1%** |  |
| 51659 | Udemy, Inc.<sup>(a)</sup> | 362130 |
|  | **CONTAINERS & PACKAGING - 0.1%** |  |
| 84636 | Ardagh Metal Packaging S.A. | 337698 |
|  | **DIVERSIFIED INDUSTRIALS - 0.1%** |  |
| 1956 | ITT, Inc. | 349655 |
|  | **E-COMMERCE DISCRETIONARY - 0.6%** |  |
| 93977 | Bed Bath & Beyond, Inc.<sup>(a)(b)</sup> | 920035 |
| 47099 | RealReal, Inc. (The)<sup>(a)</sup> | 500662 |
| 108800 | Stitch Fix, Inc., Class A<sup>(a)</sup> | 473280 |
| 10328 | Wayfair, Inc., Class A<sup>(a)</sup> | 922600 |
|  |  | 2816577 |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 2197 | NRG Energy, Inc. | 355804 |
| 4213 | Oklo, Inc.<sup>(a)</sup> | 470297 |
| 3683 | Public Service Enterprise Group, Inc. | 307383 |
| 1180 | Talen Energy Corporation<sup>(a)</sup> | 501948 |
| 88190 | XPLR Infrastructure, L.P. | 896893 |
|  |  | 2532325 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 1698 | AMETEK, Inc. | 319224 |
| 3035 | Amphenol Corporation, Class A | 375581 |
| 1 | API Group Corporation<sup>(a)</sup> | 34 |
| 5672 | Atkore, Inc. | 355861 |
| 6712 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 567634 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.8% (Continued)** |  |
| 585 | Lennox International, Inc.<sup>(b)</sup> | $309676 |
| 1325 | Littelfuse, Inc. | 343188 |
| 12529 | NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 483118 |
| 17065 | nLight, Inc.<sup>(a)</sup> | 505636 |
| 3691 | nVent Electric PLC | 364080 |
| 756 | Trane Technologies PLC | 319002 |
|  |  | 3943034 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 23683 | Centuri Holdings, Inc.<sup>(a)</sup> | 501369 |
| 5997 | Everus Construction Group, Inc.<sup>(a)</sup> | 514243 |
| 75386 | IHS Holding Ltd.<sup>(a)</sup> | 514133 |
| 3088 | Primoris Services Corporation | 424075 |
| 1462 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 496612 |
| 13961 | Tutor Perini Corporation<sup>(a)</sup> | 915702 |
|  |  | 3366134 |
|  | **ENTERTAINMENT CONTENT - 0.3%** |  |
| 5319 | Fox Corporation, Class A | 335416 |
| 119069 | fuboTV, Inc.<sup>(a)</sup> | 494137 |
| 3558 | ROBLOX Corporation, Class A<sup>(a)</sup> | 492854 |
|  |  | 1322407 |
|  | **FOOD - 0.4%** |  |
| 241459 | Krispy Kreme, Inc. | 934447 |
| 21432 | Smithfield Foods, Inc. | 503223 |
| 43745 | TreeHouse Foods, Inc.<sup>(a)</sup> | 884087 |
|  |  | 2321757 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 3771 | National Fuel Gas Company | 348327 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.9%** |  |
| 16477 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 407971 |
| 57441 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 509502 |
| 2453 | Cardinal Health, Inc. | 385023 |
| 26728 | Centene Corporation<sup>(a)</sup> | 953655 |
| 103646 | Fortrea Holdings, Inc.<sup>(a)</sup> | 872699 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.9% (Continued)** |  |
| 19495 | Guardian Pharmacy Services, Inc.<sup>(a)</sup> | $511354 |
| 496 | McKesson Corporation | 383180 |
| 61443 | Teladoc Health, Inc.<sup>(a)</sup> | 474954 |
|  |  | 4498338 |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 97995 | Newell Brands, Inc. | 513494 |
|  | **HOME CONSTRUCTION - 0.3%** |  |
| 1936 | Armstrong World Industries, Inc. | 379475 |
| 4774 | Griffon Corporation | 363540 |
| 14029 | Interface, Inc. | 406000 |
| 2528 | M/I Homes, Inc.<sup>(a)</sup> | 365144 |
|  |  | 1514159 |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 3984 | Colgate-Palmolive Company | 318481 |
| 72398 | Coty, Inc., Class A<sup>(a)</sup> | 292488 |
| 35780 | Helen of Troy Ltd.<sup>(a)</sup> | 901656 |
|  |  | 1512625 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.1%** |  |
| 8801 | Xometry, Inc., Class A<sup>(a)</sup> | 479390 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.1%** |  |
| 3863 | Mueller Industries, Inc. | 390588 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 23342 | Resideo Technologies, Inc.<sup>(a)</sup> | 1007908 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2%** |  |
| 33372 | BGC Group, Inc., Class A | 315699 |
| 14760 | Marex Group PLC | 496231 |
| 8937 | Virtu Financial, Inc., Class A | 317264 |
|  |  | 1129194 |
|  | **INSURANCE - 0.6%** |  |
| 1506 | Allstate Corporation (The) | 323263 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **INSURANCE - 0.6% (Continued)** |  |
| 7479 | Brighthouse Financial, Inc.<sup>(a)</sup> | $396985 |
| 8816 | CNO Financial Group, Inc. | 348673 |
| 6106 | Equitable Holdings, Inc. | 310063 |
| 2608 | Globe Life, Inc. | 372866 |
| 37243 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 937778 |
| 3429 | Jackson Financial, Inc., Class A | 347118 |
| 4159 | MetLife, Inc. | 342577 |
|  |  | 3379323 |
|  | **INTERNET MEDIA & SERVICES - 0.5%** |  |
| 1369 | DoorDash, Inc., Class A<sup>(a)</sup> | 372354 |
| 2253 | GoDaddy, Inc., Class A<sup>(a)</sup> | 308278 |
| 21501 | Groupon, Inc.<sup>(a)</sup> | 502048 |
| 40945 | Newsmax, Inc.<sup>(a)</sup> | 507719 |
| 59677 | Opendoor Technologies, Inc.<sup>(a)(b)</sup> | 475626 |
| 2070 | Reddit, Inc., Class A<sup>(a)</sup> | 476079 |
|  |  | 2642104 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 116248 | Bloomin' Brands, Inc. | 833499 |
| 2328 | Brinker International, Inc.<sup>(a)(b)</sup> | 294911 |
| 3069 | Churchill Downs, Inc. | 297724 |
| 5757 | Dutch Bros, Inc.<sup>(a)</sup> | 301321 |
| 11634 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 321098 |
| 1922 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 314055 |
| 19096 | Rush Street Interactive, Inc.<sup>(a)</sup> | 391086 |
| 37022 | Super Group SGHC Ltd. | 488690 |
|  |  | 3242384 |
|  | **LEISURE PRODUCTS - 0.3%** |  |
| 33320 | Fox Factory Holding Corporation<sup>(a)</sup> | 809343 |
| 8491 | Polaris, Inc. | 493582 |
| 36710 | Topgolf Callaway Brands Corporation<sup>(a)(b)</sup> | 348745 |
|  |  | 1651670 |
|  | **MACHINERY - 0.5%** |  |
| 12094 | China Yuchai International Ltd. | 500329 |
| 3667 | Franklin Electric Company, Inc. | 349098 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **MACHINERY - 0.5% (Continued)** |  |
| 6442 | Helios Technologies, Inc. | $335821 |
| 1530 | Lincoln Electric Holdings, Inc. | 360820 |
| 4677 | Power Solutions International, Inc.<sup>(a)</sup> | 459375 |
| 2418 | Xylem, Inc. | 356655 |
|  |  | 2362098 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.0%** |  |
| 71398 | 10X Genomics, Inc., Class A<sup>(a)</sup> | 834642 |
| 476 | ABIOMED, Inc. - CVR<sup>(a),(c)</sup> | 486 |
| 37214 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | 556721 |
| 29601 | Avanos Medical, Inc.<sup>(a)</sup> | 342188 |
| 3104 | Boston Scientific Corporation<sup>(a)</sup> | 303044 |
| 23571 | ClearPoint Neuro, Inc.<sup>(a)(b)</sup> | 513612 |
| 506 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 323278 |
| 4221 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 313198 |
| 37187 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 532890 |
| 2900 | iRhythm Technologies, Inc.<sup>(a)</sup> | 498771 |
| 31361 | Novocure Ltd.<sup>(a)</sup> | 405184 |
| 42265 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 513097 |
|  |  | 5137111 |
|  | **METALS & MINING - 1.0%** |  |
| 107625 | American Battery Technology Company<sup>(a)(b)</sup> | 523058 |
| 13884 | Aura Minerals, Inc. | 516624 |
| 31221 | Coeur Mining, Inc.<sup>(a)</sup> | 585705 |
| 24567 | Constellium S.E.<sup>(a)</sup> | 365557 |
| 36762 | Energy Fuels Inc<sup>(a)(b)</sup> | 564297 |
| 22119 | Hallador Energy Company<sup>(a)</sup> | 432869 |
| 87729 | Lithium Americas Corporation<sup>(a)</sup> | 500933 |
| 144019 | Lithium Argentina A.G.<sup>(a)</sup> | 481023 |
| 4612 | Newmont Corporation | 388838 |
| 74708 | NioCorp Developments Ltd.<sup>(a)</sup> | 499049 |
| 118362 | Taseko Mines Ltd.<sup>(a)</sup> | 500671 |
|  |  | 5358624 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.8%** |  |
| 16017 | Delek US Holdings, Inc. | $516869 |
| 9882 | Devon Energy Corporation | 346463 |
| 12937 | Kinder Morgan, Inc. | 366246 |
| 9352 | Landbridge Company, LLC | 498929 |
| 165393 | New Fortress Energy, Inc.<sup>(a)(b)</sup> | 365519 |
| 27476 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 973201 |
| 16649 | PBF Energy, Inc., Class A | 502300 |
| 16693 | Plains GP Holdings, L.P., Class A | 304480 |
| 1948 | Targa Resources Corporation | 326368 |
| 52254 | Vermilion Energy, Inc. | 408626 |
|  |  | 4609001 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.6%** |  |
| 15088 | Archrock, Inc. | 396965 |
| 12097 | Nabors Industries Ltd.<sup>(a)</sup> | 494404 |
| 37237 | NPK International, Inc.<sup>(a)</sup> | 421150 |
| 135409 | ProFrac Holding Corporation<sup>(a)</sup> | 501013 |
| 12041 | Solaris Energy Infrastructure, Inc., Class A | 481279 |
| 160743 | Transocean Ltd.<sup>(a)</sup> | 501519 |
|  |  | 2796330 |
|  | **PUBLISHING & BROADCASTING - 0.1%** |  |
| 18279 | Scholastic Corporation | 500479 |
|  | **REAL ESTATE SERVICES - 0.4%** |  |
| 62288 | Compass, Inc., Class A<sup>(a)</sup> | 500173 |
| 44771 | eXp World Holdings, Inc. | 477259 |
| 18727 | Newmark Group, Inc., Class A | 349259 |
| 185900 | Real Brokerage, Inc. (The)<sup>(a)</sup> | 777061 |
|  |  | 2103752 |
|  | **RENEWABLE ENERGY - 0.9%** |  |
| 8206 | American Superconductor Corporation<sup>(a)</sup> | 487354 |
| 183876 | Ballard Power Systems, Inc.<sup>(a)</sup> | 500143 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **RENEWABLE ENERGY - 0.9% (Continued)** |  |
| 38643 | Canadian Solar, Inc.<sup>(a)</sup> | $503905 |
| 45054 | Eos Energy Enterprises, Inc.<sup>(a)</sup> | 513165 |
| 43349 | Fluence Energy, Inc.<sup>(a)</sup> | 468169 |
| 98726 | Green Plains, Inc.<sup>(a)</sup> | 867802 |
| 13054 | SolarEdge Technologies, Inc.<sup>(a)</sup> | 482998 |
| 28105 | Sunrun, Inc.<sup>(a)</sup> | 485935 |
|  |  | 4309471 |
|  | **RETAIL - CONSUMER STAPLES - 0.1%** |  |
| 333 | Costco Wholesale Corporation | 308234 |
| 2447 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 266234 |
|  |  | 574468 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 5462 | Avis Budget Group, Inc.<sup>(a)(b)</sup> | 877060 |
| 6978 | Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 455035 |
| 141565 | Petco Health & Wellness Company, Inc.<sup>(a)</sup> | 547857 |
| 26010 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | 423443 |
|  |  | 2303395 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 3063 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 495563 |
| 12494 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 349332 |
| 2471 | Astera Labs, Inc.<sup>(a)</sup> | 483822 |
| 1504 | Broadcom, Inc. | 496185 |
| 9927 | GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 355784 |
| 2806 | Impinj, Inc.<sup>(a)</sup> | 507184 |
| 364 | KLA Corporation | 392610 |
| 3989 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 496591 |
| 18136 | Ouster, Inc.<sup>(a)</sup> | 490579 |
| 14908 | Penguin Solutions, Inc.<sup>(a)</sup> | 391782 |
| 4428 | Sandisk Corporation<sup>(a)</sup> | 496822 |
| 134314 | SEALSQ Corporation<sup>(a)</sup> | 502334 |
| 14905 | Tower Semiconductor Ltd.<sup>(a)</sup> | 1077631 |
|  |  | 6536219 |
|  | **SOFTWARE - 3.1%** |  |
| 7996 | ACI Worldwide, Inc.<sup>(a)</sup> | 421949 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **SOFTWARE - 3.1% (Continued)** |  |
| 28630 | Alignment Healthcare, Inc.<sup>(a)</sup> | $499594 |
| 25612 | AvePoint, Inc.<sup>(a)</sup> | 384436 |
| 51691 | Backblaze, Inc., Class A<sup>(a)</sup> | 479692 |
| 140990 | Bumble, Inc., Class A<sup>(a)</sup> | 858628 |
| 1900 | CommVault Systems, Inc.<sup>(a)</sup> | 358682 |
| 86354 | Digital Turbine, Inc.<sup>(a)</sup> | 552666 |
| 30664 | Domo, Inc.<sup>(a)</sup> | 485718 |
| 5820 | Doximity, Inc., Class A<sup>(a)</sup> | 425733 |
| 5729 | Elastic N.V.<sup>(a)</sup> | 484043 |
| 56337 | Evolent Health, Inc., Class A<sup>(a)</sup> | 476611 |
| 11674 | GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 331542 |
| 10181 | Hinge Health, Inc.<sup>(a)</sup> | 499683 |
| 23934 | Ingram Micro Holding Corporation | 514342 |
| 9996 | JFrog Ltd.<sup>(a)</sup> | 473111 |
| 27241 | Klaviyo, Inc., Class A<sup>(a)</sup> | 754303 |
| 4675 | Life360, Inc.<sup>(a)(b)</sup> | 496953 |
| 36425 | McGraw Hill, Inc.<sup>(a)</sup> | 457134 |
| 62075 | Mobileye Global, Inc., Class A<sup>(a)(b)</sup> | 876498 |
| 1963 | Monday.com Ltd.<sup>(a)</sup> | 380213 |
| 22764 | Omada Health, Inc.<sup>(a)</sup> | 503312 |
| 26062 | Onestream, Inc.<sup>(a)</sup> | 480323 |
| 1757 | Oracle Corporation | 494139 |
| 2790 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 508952 |
| 43429 | PubMatic, Inc., Class A<sup>(a)</sup> | 359592 |
| 5997 | Rubrik, Inc., Class A<sup>(a)</sup> | 493253 |
| 21971 | SailPoint, Inc.<sup>(a)(b)</sup> | 485120 |
| 382 | ServiceNow, Inc.<sup>(a)</sup> | 351547 |
| 4784 | ServiceTitan, Inc., Class A<sup>(a)</sup> | 482371 |
| 36505 | Sprout Social, Inc., Class A<sup>(a)</sup> | 471645 |
| 5737 | Upstart Holdings, Inc.<sup>(a)(b)</sup> | 291440 |
|  |  | 15133225 |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 22568 | Applied Digital Corporation<sup>(a)</sup> | 517710 |
| 2372 | Dave, Inc.<sup>(a)(b)</sup> | 472858 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.5% (Continued)** |  |
| 22351 | EZCORP, Inc., Class A<sup>(a)</sup> | $425563 |
| 159203 | loanDepot, Inc.<sup>(a)</sup> | 488753 |
| 33057 | MFA Financial, Inc. | 303794 |
| 18186 | SoFi Technologies, Inc.<sup>(a)</sup> | 480474 |
|  |  | 2689152 |
|  | **STEEL - 0.1%** |  |
| 1478 | Carpenter Technology Corporation | 362908 |
| 22935 | Mechel PJSC - ADR<sup>(a),(c)</sup> | – |
|  |  | 362908 |
|  | **TECHNOLOGY HARDWARE - 1.6%** |  |
| 39556 | ADTRAN Holdings, Inc.<sup>(a)</sup> | 371035 |
| 3476 | Arista Networks, Inc.<sup>(a)</sup> | 506488 |
| 3445 | Ciena Corporation<sup>(a)</sup> | 501833 |
| 32442 | CommScope Holding Company, Inc.<sup>(a)</sup> | 502202 |
| 5307 | Corning, Inc. | 435333 |
| 18326 | Daktronics, Inc.<sup>(a)</sup> | 383380 |
| 18965 | Extreme Networks, Inc.<sup>(a)</sup> | 391627 |
| 2623 | InterDigital, Inc. | 905539 |
| 9276 | NCR Atleos Corporation<sup>(a)(b)</sup> | 364640 |
| 5373 | Pure Storage, Inc., Class A<sup>(a)</sup> | 450311 |
| 2203 | Seagate Technology Holdings PLC | 520040 |
| 25950 | Sonos, Inc.<sup>(a)</sup> | 410010 |
| 8706 | TTM Technologies, Inc.<sup>(a)</sup> | 501466 |
| 742 | Ubiquiti, Inc. | 490150 |
| 30759 | ViaSat, Inc.<sup>(a)</sup> | 901239 |
| 31971 | Viavi Solutions, Inc.<sup>(a)(b)</sup> | 405712 |
|  |  | 8041005 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 21913 | Amentum Holdings, Inc.<sup>(a)</sup> | 524816 |
| 1314 | Broadridge Financial Solutions, Inc. | 312955 |
| 24061 | CompoSecure, Inc.<sup>(a)</sup> | 500950 |
| 25188 | DXC Technology Company<sup>(a)</sup> | 343312 |
| 1355 | Gartner, Inc.<sup>(a)(b)</sup> | 356189 |
| 13095 | Globant S.A.<sup>(a)</sup> | 751391 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.3% (Continued)** |  |
| 25514 | Gorilla Technology Group, Inc.<sup>(a)</sup> | $470988 |
| 35192 | Green Dot Corporation, Class A<sup>(a)</sup> | 472629 |
| 130789 | Hive Digital Technologies Ltd.<sup>(a)(b)</sup> | 527080 |
| 555 | Mastercard, Inc., Class A | 315690 |
| 601 | Moody's Corporation | 286364 |
| 602 | MSCI, Inc. | 341581 |
| 11917 | Pagaya Technologies Ltd.<sup>(a)</sup> | 353816 |
| 560 | S&P Global, Inc. | 272558 |
| 72323 | Telos Corporation<sup>(a)</sup> | 494689 |
|  |  | 6325008 |
|  | **TELECOMMUNICATIONS - 0.2%** |  |
| 6829 | EchoStar Corporation, Class A<sup>(a)</sup> | 521462 |
| 75016 | Lumen Technologies, Inc.<sup>(a)</sup> | 459098 |
|  |  | 980560 |
|  | **TOBACCO & CANNABIS - 0.1%** |  |
| 5187 | Altria Group, Inc. | 342653 |
|  | **TRANSPORTATION & LOGISTICS - 0.7%** |  |
| 43924 | American Airlines Group, Inc.<sup>(a)</sup> | 493706 |
| 1368 | FedEx Corporation | 322588 |
| 18932 | Forward Air Corporation<sup>(a)</sup> | 485416 |
| 11899 | Global Ship Lease, Inc., Class A | 365299 |
| 3127 | SkyWest, Inc.<sup>(a)</sup> | 314639 |
| 24061 | TORM PLC | 496137 |
| 1474 | Union Pacific Corporation | 348409 |
| 3513 | United Airlines Holdings, Inc.<sup>(a)</sup> | 339005 |
| 36412 | ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | 493383 |
|  |  | 3658582 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 8797 | REV Group, Inc. | 498526 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 28948 | United Natural Foods, Inc.<sup>(a)</sup> | 1089024 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL COMMON STOCKS (Cost $132,616,696)** | $140243231 |
|  | **EXCHANGE-TRADED FUNDS — 21.5%** |  |
|  | **EQUITY - 21.5%** |  |
| 1300416 | Counterpoint Quantitative Equity ETF<sup>(d)</sup> | 51357329 |
| 84341 | iShares Core S&P 500 ETF | 56449431 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $91,673,035)** | 107806760 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 15.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 15.7%** |  |  |  |
| 50000000 | United States Treasury Bill<sup>(e),(i)</sup> | 3.9400 | 12/11/25 | 49621334 |
| 30000000 | United States Treasury Bill<sup>(e),(i)</sup> | 3.6600 | 09/03/26 | 29024069 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $78,619,508)** |  |  | 78645403 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 22.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.1%** |  |
| 650000 | BlackRock Liquidity FedFund, Institutional Class, 4.15%<sup>(f),(g)</sup> | 650000 |
| 3978199 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, Institutional Class, 4.16%<sup>(f),(g)</sup> | 3978199 |
| 650000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(f),(g)</sup> | 650000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $5,278,199)** | 5278199 |
|  | **MONEY MARKET FUNDS - 21.8%** |  |
| 109327555 | Fidelity Treasury Portfolio, Class I, 4.01% (Cost $109,327,555)<sup>(g)</sup> | 109327555 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $114,605,754)** | 114605754 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 88.2% (Cost $417,514,993)** | $441301148 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 11.8%** | 59033755 |
|  | **NET ASSETS - 100.0%** | $500334903 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br> **Contracts** | **Description** | **Counterparty** | **Long/Short** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 180 | CME E-Mini Standard & Poor's 500 Index Future | Goldman Sachs | Long | 12/22/2025 | $60648750 | $306065 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |  |  |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| CVR | - Contingent Value Right |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |

---

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

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $9,777,404.

<sup>(c)</sup> The fair value of this security has been determined in good faith pursuant to valuation policies established by the Board of Trustees.

<sup>(d)</sup> Affiliated investment.

<sup>(e)</sup> Zero coupon bond. Discount rate shown.

<sup>(f)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $5,278,199 at September 30, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $5,015,718.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(h)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(i)</sup> All or a portion of this security is pledged as collateral for total return swaps. As of September 30, 2025, the fair value of the pledged portion is 69,713,563.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | | | | | | | | | |
| **Description/Received** | **Payment<br> Frequency** | **Currency** | **Rate Paid\*** | **Counterparty** | **Number Of<br> Contracts** | **Maturity<br> Date** | **Notional<br> Amount** | **Upfront<br> Payments/<br> Receipts** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan International Long/Short Index Basket\*\* | Maturity | USD | 1.25% | JP Morgan | 580900 | 8/24/2026 | $67705696 | $- | $1833088 |
| JP Morgan International Long/Short Index Basket 2\*\* | Maturity | USD | 1.12% | JP Morgan | 1001400 | 12/31/2025 | 101521445 |  | 6443995 |
| JP Morgan International Long/Short Index Basket 3\*\* | Maturity | USD | 0.94% | JP Morgan | 1005300 | 12/31/2025 | 103885111 |  | 7880825 |
| JP Morgan International Long/Short Index Basket 4\*\* | Maturity | USD | 1.64% | JP Morgan | 310000 | 12/31/2025 | 31339953 |  | 361329 |
| JP Morgan U.S. Long/Short Index Basket\*\* | Maturity | USD | 1.15% | JP Morgan | 353000 | 8/24/2026 | 30543643 |  | 1273094 |
| JP Morgan U.S. Long/Short Index Basket 2\*\* | Maturity | USD | 1.00% | JP Morgan | 268600 | 12/31/2015 | 26218544 |  | (1409386) |
| JP Morgan U.S. Long/Short Index Basket 3\*\* | Maturity | USD | 0.30% | JP Morgan | 318000 | 12/31/2025 | 31155614 |  | (3117045) |
| Morgan Stanley International Counterpoint Index | Maturity | USD | 1.28% | Morgan Stanley | 277000 | 4/8/2026 | 27527325 |  | 175445 |
| Morgan Stanley U.S. Counterpoint Index | Maturity | USD | 1.43% | Morgan Stanley | 207000 | 4/8/2026 | 20257691 |  | 698989 |
| SPDR S&P 500 ETF TRUST | Monthly | USD | OBFR + 0.40% | JP Morgan | 347048 | 6/2/2028 | 222151104 |  | 9431573 |
|  |  |  |  |  |  |  |  |  | 23571907 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description/Paid** | **Payment<br> Frequency** | **Currency** | **Rate Received\*** | **Counterparty** | **Number Of<br> Contracts** | **Maturity<br> Date** | **Notional<br> Amount** | **Upfront<br> Payments/<br> Receipts** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan U.S. Short Index Basket\*\* | Maturity | USD | OBFR - 0.51% | JP Morgan | 595486 | 8/24/2026 | 45015189 |  | 16316 |
| JP Morgan U.S. Short Index Basket 2\*\* | Maturity | USD | OBFR - 0.36% | JP Morgan | 921326 | 8/24/2026 | 70367785 |  | (586370) |
|  |  |  |  |  |  |  |  |  | $(570054) |
|  |  |  |  |  |  |  |  |  | $23001853 |

---

OBFR - Overnight Bank Funding Rate

\* Rate shown is the all in weighted rate as of September 30, 2025. <br> \*\* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 6.3%** |  |
|  | **FIXED INCOME - 6.3%** |  |
| 358150 | VanEck High Yield Muni ETF<sup>(a)</sup> | $18229835 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,748,646)** |  |
|  | **OPEN END FUNDS — 91.8%** |  |
|  | **FIXED INCOME - 91.8%** |  |
| 291416 | AB High Income Municipal Portfolio, Advisor Class | 2978274 |
| 100 | American Century High-Yield Municipal Fund, Class I | 869 |
| 100 | American High-Income Municipal Bond Fund, Class F-3 | 1522 |
| 100 | Delaware National High-Yield Municipal Bond Fund, Institutional Class | 988 |
| 100 | Eaton Vance High Yield Municipal Income Fund, Class I | 801 |
| 100 | Franklin High Yield Tax-Free Income Fund, Advisor Class | 886 |
| 862343 | Goldman Sachs High Yield Municipal Fund, Institutional Class | 7804203 |
| 100 | Invesco AMT-Free Municipal Fund, Class Y | 670 |
| 12790218 | Invesco High Yield Municipal Fund, Class Y | 106286710 |
| 1098054 | Invesco Rochester Municipal Opportunities Fund, Class Y | 7225195 |
| 1344359 | Nuveen High Yield Municipal Bond Fund, Class I | 19237770 |
| 100 | PGIM Muni High Income Fund, Class Z | 932 |
| 10288372 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 86216559 |
| 3561871 | Russell Tax Exempt High Yield Bond Fund, Class S | 34407675 |
| 100 | T Rowe Price Tax-Free High Yield Fund, Inc., Class I | 1101 |
|  | **TOTAL OPEN END FUNDS (Cost $258,809,939)** | 264164155 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.5%** |  |
| 700000 | BlackRock Liquidity FedFund, Institutional Class, 4.15%<sup>(b),(c)</sup> | 700000 |
| 144400 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.16%<sup>(b),(c)</sup> | 144400 |
| 700000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(b),(c)</sup> | 700000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,544,400)** | 1544400 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.7% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 521279 | BlackRock Liquidity Funds MuniCash, Institutional Class, 2.49% (Cost $521,341)<sup>(c)</sup> | $521591 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,065,741)** | 2065991 |
|  | **TOTAL INVESTMENTS - 98.8% (Cost $278,624,326)** | $284459981 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** | 3516529 |
|  | **NET ASSETS - 100.0%** | $287976510 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $1,511,730.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $1,544,400 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

**COUNTERPOINT FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Counterpoint<br> Tactical Income<br> Fund** | **Counterpoint**<br> **Tactical Equity<br> Fund** | **Counterpoint<br> Tactical Municipal<br> Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at cost | $2333219 | $41667155 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at cost | 2202243441 | 375847838 | 278624326 |
| &nbsp;&nbsp;&nbsp;Total investments at cost | $2204576660 | $417514993 | $278624326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at fair value | $2353713 | $51357329 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at fair value\* | 2246463096 | 389943819 | 284459981 |
| &nbsp;&nbsp;&nbsp;Total investments at fair value | $2248816809 | $441301148 | $284459981 |
| &nbsp;&nbsp;&nbsp;Cash | 20000000 | 2500000 | 4000000 |
| &nbsp;&nbsp;&nbsp;Cash held for collateral at broker (a) | 28186743 | 41223174 | 416338 |
| &nbsp;&nbsp;&nbsp;Premiums paid on open swap contracts | 26586451 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 4729144 | 307364 | 921208 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 2048304 | 1123595 | 73879 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on credit default swap | 461153 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | 306065 |  |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 1133786 | 200076 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on total return swaps |  | 23001853 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 97902 | 77080 | 27102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 2330926506 | 510974065 | 290098584 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral | 260259376 | 5278199 | 1544400 |
| &nbsp;&nbsp;&nbsp;Due to broker - swaps |  | 618791 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 2097308 | 454554 | 165165 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1113114 | 4183689 | 329928 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 254486 | 19720 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 141927 | 21756 | 18747 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 89701 | 9181 | 6195 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 201095 | 53272 | 57639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 264157007 | 10639162 | 2122074 |
| **NET ASSETS** | $**2066769499** | $**500334903** | $**287976510** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $2042945166 | $430917706 | $286832142 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | $23824333 | $69417197 | $1144368 |
| **NET ASSETS** | $**2066769499** | $**500334903** | $**287976510** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**116964599** | $**27563576** | $**16898089** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10327977** | **1157286** | **1583376** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**11.33** | $**23.82** **(b)** | $**10.67** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 4.50%, 5.75% and 4.50%, respectively) | $**11.86** | $**25.27** **(b)** | $**11.17** |
| Class C Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**80236987** | $**4269213** | $**3383609** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **7137841** | **192741** | **322138** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), redemption price and offering price per share | $**11.24** | $**22.15** **(b)** | $**10.50** |
| Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1869567913** | $**468502114** | $**267694812** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **165303545** | **19210639** | **25045769** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), redemption price and offering price per share | $**11.31** | $**24.39** **(b)** | $**10.69** |

---

\* Includes Securities Loaned $256,448,111; $9,777,404; $1,511,730

(a) Represents collateral for futures contracts and swaps.

(b) The NAV and offering price shown above differs from the traded NAV on September 30, 2025 due to financial statement rounding and or financial statement adjustments.

See accompanying notes to financial statements.

**COUNTERPOINT FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Counterpoint<br> Tactical Income<br> Fund** | **Counterpoint<br> Tactical Equity<br> Fund** | **Counterpoint<br> Tactical Municipal<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - Unaffiliated Investments (including foreign dividend tax withholding of $0, $57,850 and $0, respectively) | $107000354 | $2959626 | $10257582 |
| &nbsp;&nbsp;&nbsp;Dividends - Affiliated Investments | 199714 | 144906 |  |
| &nbsp;&nbsp;&nbsp;Interest | 15928096 | 4429552 | 959354 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 514132 | 48498 | 28581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 123642296 | 7582582 | 11245517 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 24186841 | 4483734 | 2100042 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 265837 | 63171 | 35299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 787090 | 29687 | 34822 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 1221655 | 225219 | 162003 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 806241 | 182913 | 148502 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 673501 | 126001 | 86500 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 247914 | 51005 | 43501 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 239001 | 90141 | 44594 |
| &nbsp;&nbsp;&nbsp;Registration fees | 190000 | 118000 | 78000 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 155001 | 27502 | 14002 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 47500 | 20002 | 19502 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 26502 | 10500 | 8000 |
| &nbsp;&nbsp;&nbsp;Audit fees | 23498 | 31998 | 22998 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 19498 | 17502 | 17502 |
| &nbsp;&nbsp;&nbsp;Legal fees | 15002 | 15002 | 14502 |
| &nbsp;&nbsp;&nbsp;Other expenses | 81000 | 18498 | 16001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 28986081 | 5510875 | 2845770 |
| &nbsp;&nbsp;&nbsp;Fees recaptured by the Advisor |  | 65408 |  |
| &nbsp;&nbsp;&nbsp;Fees waived for affiliated investments | (15744) | (260184) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET EXPENSES** | 28970337 | 5316099 | 2845770 |
| **NET INVESTMENT INCOME** | 94671959 | 2266483 | 8399747 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on unaffiliated investments | (1004587) | 13447798 | 5497313 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on affiliated investments | (55483) | 527470 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  | 16 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on futures contracts | (10113) | 14352980 | (480349) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on future options purchased | (1090826) | 3396018 | (1820875) |
| &nbsp;&nbsp;&nbsp;Net realized loss on future options written |  |  | (162554) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 16594538 | (7106801) | (51320) |
| &nbsp;&nbsp;&nbsp;Net realized loss on swaptions purchased | (9150000) |  | (224000) |
| &nbsp;&nbsp;&nbsp;Net realized gain on options purchased |  | 320039 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on swaptions written | 2600000 | - | - |
|  | 7883529 | 24937520 | 2758215 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | (21198946) | 6615984 | (13910577) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investments | (105083) | 6189075 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on futures contracts |  | (724955) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on future options purchased |  | 60300 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on swap contracts | 364298 | 9169560 | - |
|  | (20939731) | 21309964 | (13910577) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (13056202) | 46247484 | (11152362) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**81615757** | $**48513967** | $**(2752615)** |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $94671959 | $84814966 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, futures contracts, future options purchased, swap contracts swaptions purchased and swaptions written | 7883529 | 3670076 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and swap contracts | (20939731) | 56666137 |
| Net increase in net assets resulting from operations | 81615757 | 145151179 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5315455) | (5287327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3382497) | (3122417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (91916331) | (79151469) |
| Net decrease in net assets resulting from distributions to shareholders | (100614283) | (87561213) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 43648476 | 58756766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 27312333 | 29341335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 807714408 | 774166326 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 5215284 | 5190475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3126496 | 2782155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 83224110 | 70512174 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (25613503) | (47491420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (22804108) | (16634669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (604188817) | (370852150) |
| Net increase in net assets from shares of beneficial interest | 317634679 | 505770992 |
| **TOTAL INCREASE IN NET ASSETS** | 298636153 | 563360958 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 1768133346 | 1204772388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**2066769499** | $**1768133346** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3857342 | 5224744 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 462370 | 461259 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2269017) | (4204791) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2050695 | 1481212 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2426061 | 2621104 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 279002 | 248863 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2034041) | (1487036) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 671022 | 1382931 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 71503642 | 68995376 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7385788 | 6273032 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (53680410) | (33023515) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 25209020 | 42244893 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2266483 | $723084 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, foreign currency transactions, securities sold short, futures contracts future options purchased, swap contracts and options purchased | 24937520 | 5586507 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, futures contracts, future options purchased, securities sold short and swap contracts | 21309964 | 25076930 |
| Net increase in net assets resulting from operations | 48513967 | 31386521 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (486902) | (147292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (48368) | (15957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5724006) | (1473689) |
| Net decrease in net assets resulting from distributions to shareholders | (6259276) | (1636938) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 21966536 | 8170328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2586626 | 657825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 382206543 | 119466356 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 471227 | 146389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 46064 | 14776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5260829 | 1203587 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (13847633) | (1391887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (462794) | (306808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (134643142) | (31293212) |
| Net increase in net assets from shares of beneficial interest | 263584256 | 96667354 |
| **TOTAL INCREASE IN NET ASSETS** | 305838947 | 126416937 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 194495956 | 68079019 |
| &nbsp;&nbsp;&nbsp;End of Year | $**500334903** | $**194495956** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 983558 | 429026 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 21609 | 9170 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (616968) | (76282) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 388199 | 361914 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 123012 | 36137 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2258 | 981 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (22080) | (18083) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 103190 | 19035 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 16618225 | 6056155 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 236057 | 73959 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5849126) | (1626777) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 11005156 | 4503337 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8399747 | $8072360 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures contracts, future options purchased, future options written, swap contracts, swaptions purchased and swaptions written | 2758215 | (1116062) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, future options purchased swaptions purchased and swaptions written | (13910577) | 22992544 |
| Net increase (decrease) in net assets resulting from operations | (2752615) | 29948842 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (356403) | (266404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (66326) | (43256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7903134) | (7708470) |
| Net decrease in net assets resulting from distributions to shareholders | (8325863) | (8018130) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8739229 | 10574316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1619197 | 1695188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 105374742 | 143994093 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 343586 | 253107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 61565 | 39198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6963694 | 6731566 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4449504) | (2299825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1099748) | (317690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (121326245) | (78059282) |
| Net increase (decrease) in net assets from shares of beneficial interest | (3773484) | 82610671 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (14851962) | 104541383 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 302828472 | 198287089 |
| &nbsp;&nbsp;&nbsp;End of Year | $**287976510** | $**302828472** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 825877 | 991545 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 32289 | 23599 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (419861) | (216782) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 438305 | 798362 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 152279 | 160790 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 5859 | 3711 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (105221) | (30590) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 52917 | 133911 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9894221 | 13621962 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 653026 | 629271 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (11466812) | (7365412) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (919565) | 6885821 |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the**<br> **Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the**<br> **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $11.44 | $11.00 | $11.02 | $11.68 | $11.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.53 | 0.61 | 0.59 | 0.26 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.08) | 0.45 | (0.01) | (0.67 | 0.65 |
| Total from investment operations | 0.45 | 1.06 | 0.58 | (0.41 | 1.00 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.62) | (0.60) | (0.25) | (0.36) |
| &nbsp;&nbsp;&nbsp;Return of Capital | - | - | - | (0.00 | - |
| Total distributions | (0.56) | (0.62) | (0.60) | (0.25 | (0.36) |
| Net asset value, end of year | $11.33 | $11.44 | $11.00 | $11.02 | $11.68 |
| Total return (4) | 4.11% | 9.91%(8) | 5.43%(8) | (3.53 | 9.14% |
| Net assets, at end of year (000's) | $116965 | $94662 | $74726 | $75164 | $71948 |
| Ratio of gross expenses to average net assets before waiver (56) | 1.69% | 1.69% | 1.72% | 1.71 | 1.73% |
| Ratio of net expenses to average net assets after waiver (5) | 1.69% | 1.69% | 1.72% | 1.71 | 1.73% |
| Ratio of net investment income before waiver to average net assets (57) | 4.67% | 5.45% | 5.38% | 2.32 | 3.03% |
| Ratio of net investment income after waiver to average net assets (57) | 4.67% | 5.45% | 5.38% | 2.32 | 3.03% |
| Portfolio Turnover Rate | 94% | 61% | 1% | 493 | 36% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Amount
 is less than $0.01.

(4) Total
 return assumes reinvestment of all dividends and distributions, if any.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(7) Recognition
 of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

(8) Includes
 adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for
 financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30, <br>2023** | **For the<br> Year Ended<br> September 30, <br>2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $11.36 | $10.92 | $10.95 | $11.63 | $11.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.44 | 0.53 | 0.50 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.08) | 0.45 | (0.01) | (0.67 | 0.65 |
| Total from investment operations | 0.36 | 0.98 | 0.49 | (0.49 | 0.91 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.54) | (0.52) | (0.19) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | - | (0.00 | - |
| Total distributions | (0.48) | (0.54) | (0.52) | (0.19 | (0.28) |
| Net asset value, end of year | $11.24 | $11.36 | $10.92 | $10.95 | $11.63 |
| Total return (4) | 3.28% | 9.19% | 4.56% | (4.26 | 8.30% |
| Net assets, at end of year (000's) | $80237 | $73442 | $55541 | $53229 | $50772 |
| Ratio of gross expenses to average net assets before waiver (56) | 2.44% | 2.44% | 2.47% | 2.46 | 2.48% |
| Ratio of net expenses to average net assets after waiver (5) | 2.44% | 2.44% | 2.47% | 2.46 | 2.48% |
| Ratio of net investment income before waiver to average net assets (57) | 3.96% | 4.69% | 4.64% | 1.56 | 2.27% |
| Ratio of net investment income after waiver to average net assets (57) | 3.96% | 4.69% | 4.64% | 1.56 | 2.27% |
| Portfolio Turnover Rate | 94% | 61% | 1% | 493 | 36% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Amount
 is less than $0.01.

(4) Total
 return assumes reinvestment of all dividends and distributions, if any.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(7) Recognition
 of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL INCOME FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,**<br> **2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $11.42 | $10.98 | $11.01 | $11.67 | $11.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.56 | 0.64 | 0.62 | 0.28 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.08) | 0.45 | (0.02) | (0.66 | 0.65 |
| Total from investment operations | 0.48 | 1.09 | 0.60 | (0.38 | 1.02 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.65) | (0.63) | (0.28) | (0.39) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | - | - | (0.00 | - |
| Total distributions | (0.59) | (0.65) | (0.63) | (0.28 | (0.39) |
| Net asset value, end of year | $11.31 | $11.42 | $10.98 | $11.01 | $11.67 |
| Total return (4) | 4.37% | 10.20% | 5.61% | (3.31 | 9.32% |
| Net assets, at end of year (000s) | $1869568 | $1600030 | $1074505 | $883270 | $769603 |
| Ratio of gross expenses to average net assets before waiver (56) | 1.44% | 1.44% | 1.47% | 1.46 | 1.48% |
| Ratio of net expenses to average net assets after waiver (5) | 1.44% | 1.44% | 1.47% | 1.46 | 1.48% |
| Ratio of net investment income before waiver to average net assets (57) | 4.94% | 5.69% | 5.66% | 2.51 | 3.23% |
| Ratio of net investment income after waiver to average net assets (57) | 4.94% | 5.69% | 5.66% | 2.51 | 3.23% |
| Portfolio Turnover Rate | 94% | 61% | 1% | 493 | 36% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Amount
 is less than $0.01.

(4) Total
 return assumes reinvestment of all dividends and distributions, if any.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(7) Recognition
 of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | 21.07 | $16.02 | $15.76 | $11.08 | $10.30 |
| Activity from investment operations: | Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | 0.07 | 0.11 | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | 3.16 | 5.34 | 0.63 | 4.77 | 0.87 |
| Total from investment operations | Total from investment operations | 3.23 | 5.41 | 0.74 | 4.68 | 0.78 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;Net realized gains | (0.46) |  | (0.37) |  |  |
| Total distributions | Total distributions | (0.48) | (0.36) | (0.48) |  |  |
| Net asset value, end of year | Net asset value, end of year | 23.82 | $21.07 | $16.02 | $15.76 | $11.08 |
| Total return (3) | Total return (3) | 15.52 | 34.50%(8) | 4.80%(8) | 42.24% | 7.57% |
| Net assets, at end of year (000s) | Net assets, at end of year (000s) | 27564 | $16205 | $6521 | $5203 | $839 |
| Ratio of gross expenses to average net assets before waiver/recapture (456) | Ratio of gross expenses to average net assets before waiver/recapture (456) | 1.69% | 1.82%(9) | 2.03% | 2.10% | 3.74% |
| Ratio of net expenses to average net assets after waiver/recapture (45) | Ratio of net expenses to average net assets after waiver/recapture (45) | 1.71% | 1.93%(9) | 2.00% | 2.00% | 2.04% |
| Ratio of net investment income (loss) before waiver/recapture to average net assets (47) | Ratio of net investment income (loss) before waiver/recapture to average net assets (47) | 0.42 | 0.56% | 0.69% | (0.69)% | (2.66)% |
| Ratio of net investment income (loss) after waiver/recapture to average net assets (47) | Ratio of net investment income (loss) after waiver/recapture to average net assets (47) | 0.40 | 0.45% | 0.72% | (0.59)% | (0.96)% |
| Portfolio Turnover Rate | Portfolio Turnover Rate | 236 | 230% | 391% | 350% | 230% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. |
| (3) | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: |
|  | Gross expenses to average net assets (6) | N/A | N/A | N/A | N/A | 3.70% |
|  | Net expenses to average net assets | N/A | N/A | N/A | N/A | 2.00% |
| (6) | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. |
| (7) | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (9) | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: |
|  | Gross expenses to average net assets | 1.76 | 1.89% | N/A | N/A | N/A |
|  | Net expenses to average net assets | 1.78 | 2.00% | N/A | N/A | N/A |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $19.77 | $15.04 | $14.93 | $10.58 | $9.91 |
| Activity from investment operations: | Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.09) | (0.06) | (0.01) | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | 2.94 | 5.03 | 0.60 | 4.57 | 0.83 |
| Total from investment operations | Total from investment operations | 2.85 | 4.97 | 0.59 | 4.35 | 0.67 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;Net realized gains | (0.46) |  | (0.37) |  |  |
| Total distributions | Total distributions | (0.47) | (0.24) | (0.48) |  |  |
| Net asset value, end of year | Net asset value, end of year | $22.15 | $19.77 | $15.04 | $14.93 | $10.58 |
| Total return (3) | Total return (3) | 14.62%(8) | 33.55 | 4.04%(8) | 41.12% | 6.76% |
| Net assets, at end of year (000s) | Net assets, at end of year (000s) | $4269 | $1770 | $1060 | $1024 | $516 |
| Ratio of gross expenses to average net assets before waiver/recapture (456) | Ratio of gross expenses to average net assets before waiver/recapture (456) | 2.44%(9) | 2.57 | 2.78% | 2.85% | 4.49% |
| Ratio of net expenses to average net assets after waiver/recapture (45) | Ratio of net expenses to average net assets after waiver/recapture (45) | 2.46%(9) | 2.68 | 2.75% | 2.75% | 2.79% |
| Ratio of net investment loss before waiver/recapture to average net assets (47) | Ratio of net investment loss before waiver/recapture to average net assets (47) | (0.34)% | (0.16) | (0.10)% | (1.61)% | (3.43)% |
| Ratio of net investment loss after waiver/recapture to average net assets (47) | Ratio of net investment loss after waiver/recapture to average net assets (47) | (0.36)% | (0.27) | (0.07)% | (1.51)% | (1.73)% |
| Portfolio Turnover Rate | Portfolio Turnover Rate | 236% | 230 | 391% | 350% | 230% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. |
| (3) | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: |
|  | Gross expenses to average net assets (6) | N/A | N/A | N/A | N/A | 4.45% |
|  | Net expenses to average net assets | N/A | N/A | N/A | N/A | 2.75% |
| (6) | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. |
| (7) | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (9) | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: |
|  | Gross expenses to average net assets | 2.51% | 2.64 | N/A | N/A | N/A |
|  | Net expenses to average net assets | 2.53% | 2.75 | N/A | N/A | N/A |
| (10) | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. | The amount of net investment loss on investment per share for the period ended does not align with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $21.51 | $16.34 | $16.03 | $11.24 | $10.43 |
| Activity from investment operations: | Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.14 | 0.12 | 0.14 | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (2) | 3.22 | 5.45 | 0.65 | 4.85 | 0.87 |
| Total from investment operations | Total from investment operations | 3.36 | 5.57 | 0.79 | 4.79 | 0.81 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.40) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;Net realized gains | (0.46) |  | (0.37) |  |  |
| Total distributions | Total distributions | (0.48) | (0.40) | (0.48) |  |  |
| Net asset value, end of year | Net asset value, end of year | $24.39 | $21.51 | $16.34 | $16.03 | $11.24 |
| Total return (3) | Total return (3) | 15.82%(8) | 34.88%(8) | 5.03%(8) | 42.62% | 7.77% |
| Net assets, at end of year (000s) | Net assets, at end of year (000s) | $468502 | $176520 | $60498 | $70029 | $10911 |
| Ratio of gross expenses to average net assets before waiver/recapture (456) | Ratio of gross expenses to average net assets before waiver/recapture (456) | 1.44%(9) | 1.57%(9) | 1.78% | 1.85% | 3.49% |
| Ratio of net expenses to average net assets after waiver/recapture (45) | Ratio of net expenses to average net assets after waiver/recapture (45) | 1.46%(9) | 1.68%(9) | 1.75% | 1.75% | 1.79% |
| Ratio of net investment income (loss) before waiver/recapture to average net assets (47) | Ratio of net investment income (loss) before waiver/recapture to average net assets (47) | 0.67% | 0.80% | 0.88% | (0.50)% | (2.34)% |
| Ratio of net investment income (loss) after waiver/recapture to average net assets (47) | Ratio of net investment income (loss) after waiver/recapture to average net assets (47) | 0.65% | 0.69% | 0.91% | (0.40)% | (0.64)% |
| Portfolio Turnover Rate | Portfolio Turnover Rate | 236% | 230% | 391% | 350% | 230% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year. |
| (3) | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. | Total return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns would have been lower. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: | Excluding interest expense and dividends on securities sold short, the following ratios would have been: |
|  | Gross expenses to average net assets (6) | N/A | N/A | N/A | N/A | 3.45% |
|  | Net expenses to average net assets | N/A | N/A | N/A | N/A | 1.75% |
| (6) | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. | Represents the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor. |
| (7) | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (9) | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: | Ratios shown in the table above include fees waived by the advisor for investments in affiliated investments. Excluding fees waived by the advisor for investments in affiliated investments, the following ratios would have been: |
|  | Gross expenses to average net assets | 1.51% | 1.64% | N/A | N/A | N/A |
|  | Net expenses to average net assets | 1.53% | 1.75% | N/A | N/A | N/A |

---

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,**<br> **2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $11.04 | $10.12 | $10.49 | $10.98 | $10.65 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.26 | 0.31 | 0.31 | (0.03) | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.36) | 0.91 | (0.39) | (0.18 | 0.42 |
| Total from investment operations | (0.10) | 1.22 | (0.08) | (0.21 | 0.65 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.30) | (0.28) | (0.01) | (0.23) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (0.27 | (0.09) |
| Total distributions | (0.27) | (0.30) | (0.29) | (0.28 | (0.32) |
| Net asset value, end of year | $10.67 | $11.04 | $10.12 | $10.49 | $10.98 |
| Total return (4) | (0.87)% | 12.24%(8) | (0.75)%(8) | (1.93 | 6.13% |
| Net assets, at end of year (000s) | $16898 | $12646 | $3509 | $4483 | $1872 |
| Ratio of gross expenses to average net assets before waiver/recapture (56) | 1.18% | 1.19% | 1.22% | 1.23 | 1.40% |
| Ratio of net expenses to average net assets after waiver/recapture (5) | 1.18% | 1.22% | 1.25% | 1.25 | 1.25% |
| Ratio of net investment income (loss) before waiver/recapture to average net assets (57) | 2.50% | 2.96% | 2.96% | (0.30) | 1.94% |
| Ratio of net investment income (loss) after waiver/recapture to average net assets (57) | 2.50% | 2.93% | 2.93% | (0.32) | 2.09% |
| Portfolio Turnover Rate | 360% | 13% | 289% | 563 | 12% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Amount
 is less than $0.01.

(4) Total
 return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns
 would have been lower.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Represents
 the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor.

(7) Recognition
 of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(8) Includes
 adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for
 financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30, <br>2022** | **For the<br> Year Ended<br> September 30, <br>2021** |
| Net asset value, beginning of year | $10.88 | $9.98 | $10.35 | $10.91 | $10.59 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.18 | 0.23 | 0.22 | (0.12) | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.36) | 0.90 | (0.37) | (0.17) | 0.41 |
| Total from investment operations | (0.18) | 1.13 | (0.15) | (0.29) | 0.56 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.23) | (0.21) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.27) | (0.09) |
| Total distributions | (0.20) | (0.23) | (0.22) | (0.27) | (0.24) |
| Net asset value, end of year | $10.50 | $10.88 | $9.98 | $10.35 | $10.91 |
| Total return (3) | (1.66)% | 11.40%(7) | (1.47)%(7) | (2.70)% | 5.31% |
| Net assets, at end of year (000s) | $3384 | $2930 | $1351 | $2419 | $923 |
| Ratio of gross expenses to average net assets before waiver/recapture (45) | 1.93% | 1.94% | 1.97% | 1.98% | 2.15% |
| Ratio of net expenses to average net assets after waiver/recapture (4) | 1.93% | 1.97% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income (loss) before waiver/recapture to average net assets (46) | 1.79% | 2.17% | 2.14% | (1.08)% | 1.20% |
| Ratio of net investment income (loss) after waiver/recapture to average net assets (46) | 1.79% | 2.14% | 2.11% | (1.10)% | 1.35% |
| Portfolio Turnover Rate | 360% | 13% | 289% | 563% | 12% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Total
 return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns
 would have been lower.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Represents
 the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor.

(6) Recognition
 of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Includes
 adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for
 financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

See accompanying notes to financial statements.

**COUNTERPOINT TACTICAL MUNICIPAL FUND**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br> Year Ended**<br>**September 30,<br> 2025** | **For the<br> Year Ended**<br>**September 30,<br> 2024** | **For the<br> Year Ended**<br>**September 30,<br> 2023** | **For the<br> Year Ended**<br>**September 30,<br> 2022** | **For the<br> Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | $11.06 | $10.14 | $10.50 | $10.98 | $10.65 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.30 | 0.34 | 0.33 | (0.01) | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | (0.37) | 0.91 | (0.37) | (0.18 | 0.41 |
| Total from investment operations | (0.07) | 1.25 | (0.04) | (0.19 | 0.67 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.33) | (0.31) | (0.02) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (0.27 | (0.09) |
| Total distributions | (0.30) | (0.33) | (0.32) | (0.29 | (0.34) |
| Net asset value, end of year | $10.69 | $11.06 | $10.14 | $10.50 | $10.98 |
| Total return (4) | (0.62)% | 12.49%(8) | (0.40)% | (1.78 | 6.39% |
| Net assets, at end of year (000s) | $267695 | $287252 | $193428 | $164336 | $86253 |
| Ratio of gross expenses to average net assets before waiver/recapture (56) | 0.93% | 0.94% | 0.97% | 0.98 | 1.15% |
| Ratio of net expenses to average net assets after waiver/recapture (5) | 0.93% | 0.97% | 1.00% | 1.00 | 1.00% |
| Ratio of net investment income (loss) before waiver/recapture to average net assets (57) | 2.83% | 3.19% | 3.23% | (0.10) | 2.18% |
| Ratio of net investment income (loss) after waiver/recapture to average net assets (57) | 2.83% | 3.16% | 3.20% | (0.12) | 2.33% |
| Portfolio Turnover Rate | 360% | 13% | 289% | 563 | 12% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2) Realized
 and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions
 during the year.

(3) Amount
 is less than $0.01.

(4) Total
 return assumes reinvestment of all dividends and distributions, if any. Had the advisor not waived a portion of its fees, total returns
 would have been lower.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Represents
 the ratio of expenses to average net assets absent fee waivers or expense reimbursements by the advisor.

(7) Recognition
 of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

(8) Includes
 adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for
 financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

See accompanying notes to financial statements.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**1.** **ORGANIZATION** 

Counterpoint Tactical Income Fund, Counterpoint Tactical Equity Fund and Counterpoint Tactical Municipal Fund (each a "Fund" and collectively, the "Funds") are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a Delaware statutory trust organized on December 5, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The investment objectives of the Funds are as follows:

Counterpoint Tactical Income Fund – seeks income and capital preservation.

Counterpoint Tactical Equity Fund – seeks capital appreciation and preservation.

Counterpoint Tactical Municipal Fund – seeks tax-free income and capital preservation.

Counterpoint Tactical Income Fund and Counterpoint Tactical Municipal Fund are "fund of funds" in that each Fund will generally invest in other investment companies. Each Fund offers three classes of shares: Class A, Class C and Class I shares. Counterpoint Tactical Income Fund commenced operations on December 4, 2014. Counterpoint Tactical Equity Fund commenced operations on November 30, 2015. Counterpoint Tactical Municipal Fund commenced operations on June 11, 2018. Class A shares of the Counterpoint Tactical Income Fund and Class A shares of the Counterpoint Tactical Municipal Fund are offered at net asset value plus a maximum sales charge of 4.50%. Class A shares of the Counterpoint Tactical Equity Fund are offered at net asset value plus a maximum sales charge of 5.75%. Class C and Class I shares of each Fund are offered at net asset value. Each class of each Fund represents an interest in the same assets of that Fund and classes are identical except for differences in their distribution and sales charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update ("ASU") 2013-08.

**Securities Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". A Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value.

**Valuation of Underlying Funds** – Each Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying open-end investment companies are valued at their respective net asset values as reported by such

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

investment companies. 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 by the methods established by the boards 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 the Funds will not change.

Each Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Operating Segments** – The Funds have adopted FASB ASU 2023 -07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Fair Valuation Process** – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that a 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 relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and 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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2025 for the Funds' investments measured at fair value:

Counterpoint Tactical Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $696231105 | $- | $- | $696231105 |
| Open End Funds | 995896463 | - | - | 995896463 |
| U.S. Government & Agencies | - | 258859276 | - | 258859276 |
| Collateral For Securities Loaned | 260259376 | - | - | 260259376 |
| Money Market Funds | 37570589 | - | - | 37570589 |
| Credit Default Swap | - | 461153 | - | 461153 |
| **Total** | $**1989957533** | $**259320429** | $**-** | $**2249277962** |

---

Counterpoint Tactical Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | 140242745 | - | 486 | 140243231 |
| Exchange Traded Funds | 107806760 | - | - | 107806760 |
| U.S. Government & Agencies | - | 78645403 | - | 78645403 |
| Collateral For Securities Loaned | 5278199 | - | - | 5278199 |
| Money Market Fund | 109327555 | - | - | 109327555 |
| Futures Contracts | 306065 | - | - | 306065 |
| Total Return Swaps | - | 23001853 | - | 23001853 |
| **Total** | $**362961324** | $**101647256** | $**486** | $**464609066** |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Counterpoint Tactical Municipal Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Fund | $18229835 | $- | $- | $18229835 |
| Open End Funds | 264164155 | - | - | 264164155 |
| Collateral For Securities Loaned | 1544400 | - | - | 1544400 |
| Money Market Fund | 521591 | - | - | 521591 |
| **Total** | $**284459981** | $**-** | $**-** | $**284459981** |

---

\* Please refer to the Schedule of Investments for industry classifications.

The following is a reconciliation for the Counterpoint Tactical Equity Fund for which Level 3 inputs were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning balance<br> September 30,<br> 2024** | **Conversion** | **Net<br> Purchases** | **Net<br> Sales** | **Net transfers<br> in/(out) of<br> Level 3** | **Total Realized<br> Gain/(Loss)** | **Change in<br> unrealized<br> appreciation** | **Ending balance September 30,<br> 2025** |
| Mechel PJSC | $0 | $- | $- | $- | $- | $- | $- | $0 |
| ABIOMED, Inc. - CVR | 486 | - | - | - | - | - | - | 486 |
|  | $486 | $- | $- | $- | $- | $- | $- | $486 |

---

Quantitative disclosures of unobservable inputs and assumptions used by the Counterpoint Tactical Equity Fund are below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stock** | **Fair Value** | **Valutation Techniques** | **Unobservable Input** | **Input** |
| Mechel PJSC | $- | Market Approach | Discount for lack of marketability (DLOM) | 100% |
| ABIOMED, Inc. - CVR | $486 | Market Approach | Potential future cash payments | $1.02 per share |

---

**Security Transactions and Investment Income** *–* Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

**Exchange Traded Funds** – The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. Each Fund may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Foreign Currency Translations** – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

**Futures Contracts** – The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. A Fund may each purchase or sell futures contracts to hedge against market risk and to reduce return volatility. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If a Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Option Transactions** – The Funds are subject to equity price risk and commodity price risk in the normal course of pursuing their investment objectives and each Fund may purchase or sell options to help hedge against risk. When a Fund writes a call option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

Each Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to each Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

**Short Sales** – A "short sale" is a transaction in which a Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. Each Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss, unlimited in size. Conversely, if the price declines, a Fund will realize a gain, limited to the price at which the Fund sold the security short. Certain cash and securities are held as collateral.

**Credit Default Swaptions** – Credit default swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

**Credit Default Swaps** – Certain Funds may enter into credit default swaps ("CDS"). CDS are two-party contracts that transfer credit exposure between the parties. One party (the "buyer") receives credit protection and the other party (the "seller") takes on credit risk. The buyer typically makes predetermined period payments to the seller in exchange for the seller's commitment to purchase the underlying reference obligation if a defined credit event occurs, such as default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Fund would be liable for the notional amount of the swap.

**Swap Agreements** – The Funds may hold equities subject to equity price risk. Each Fund may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statement of Operations. A liquidation payment received or made at the termination of the swap

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

agreement is recorded as a realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that that amount is positive. The fair value of these financial instruments are located under unrealized appreciation (depreciation) on total return swaps on the Statements of Assets and Liabilities. The realized gain (loss) on swap contracts and change in unrealized appreciation (depreciation) on swap contracts are located on the Statements of Operations.

**Securities Lending Risk** – A Fund may lend portfolio securities to institutions, such as banks and certain broker-dealers. The Funds may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with a Fund.

**Market Risk –** Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, 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; tariffs and trade wars, climate change and climate-related events; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected.

**Distributions to Shareholders** – Distributions from net investment income, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require classification.

**Federal Income Taxes** – It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2022 through September 30, 2024 or expected to be taken in the Funds' September 30, 2025 tax returns.

Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

**Expenses** *–* Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Indemnification** *–* The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Counterpoint Mutual Funds, LLC (the "Advisor") serves as investment advisor to the Funds. Subject to the oversight of the Board, the Advisor is responsible for the management of the Funds' investment portfolios. Pursuant to an advisory agreement with the Trust, on behalf of the Funds, the Advisor directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Counterpoint Tactical Income Fund and Counterpoint Tactical Equity Fund pay the Advisor a fee, computed and accrued daily and paid monthly at an annual rate of 1.25% of each Fund's average daily net assets. As compensation for its services and the related expenses borne by the Advisor, the Counterpoint Tactical Municipal Fund pays the Advisor a fee, computed and accrued daily and paid monthly at an annual rate of 0.70% of the Fund's average daily net assets.

For the year ended September 30, 2025, the Advisor earned advisory fees as follows:

---

| | |
|:---|:---|
|  | **Advisory Fee** |
| Counterpoint Tactical Income Fund | $24186841 |
| Counterpoint Tactical Equity Fund | $4483734 |
| Counterpoint Tactical Municipal Fund | $2100042 |

---

Pursuant to a series of written contracts (the "Waiver Agreements"), the Advisor has contractually agreed to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses, until at least February 1, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) do not exceed 2.00%, 2.75% and 1.75% of the daily average net assets attributable to Class A, Class C and Class I shares, respectively, of the Counterpoint Tactical Income Fund and Counterpoint Tactical Equity Fund and 1.25%, 2.00% and 1.00% of average daily net assets attributable to Class A, Class C, and Class I shares, respectively, of the Counterpoint Tactical Municipal Fund. Fee waivers and expense reimbursements are subject to possible recoupment from the Funds in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the expense limits then in place and in place at the time of waiver. The Board may terminate this expense reimbursement arrangement at any time upon 60 days' written notice to the Advisor.

During the year ended September 30, 2025, the Advisor waived/recaptured advisory fees pursuant to the Waiver Agreements as follows:

---

| | | |
|:---|:---|:---|
|  | **Advisory Fee<br> Waiver** | **Advisory Fee<br> Recapture** |
| Counterpoint Tactical Income Fund | $– $|  |
| Counterpoint Tactical Equity Fund | $– $| 65408 |
| Counterpoint Tactical Municipal Fund | $– $|  |

---

During the year ended September 30, 2025, the Counterpoint Tactical Income Fund invested a portion of its assets in the Counterpoint High Yield Trend ETF and the Counterpoint Tactical Equity Fund invested a portion of its assets in the Counterpoint Quantitative Equity ETF which are also managed by the Advisor. The Advisor waived $15,744 of its advisory fee based on the Counterpoint Tactical Income Fund's investment in the Counterpoint High Yield Trend ETF and $260,184 of its advisory fee based on

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

the Counterpoint Tactical Equity Fund's investment in the Counterpoint Quantitative Equity ETF both of which are not subject to recapture.

As of September 30, 2025, there are no previously waived fees available for recapture.

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of each Fund, the Trust's Master Distribution and Shareholder Servicing Plan for Class A and Class C shares (the "Plans"), as amended, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% of the average daily net assets for Class C shares for such distribution and shareholder service activities. For the year ended September 30, 2025, the Funds incurred distributions fees as follows:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Counterpoint Tactical Income Fund | $265837 | $787090 |
| Counterpoint Tactical Equity Fund | $63171 | $29687 |
| Counterpoint Tactical Municipal Fund | $35299 | $34822 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. During the year ended September 30, 2025, the Distributor received underwriting commissions for sales of Class A shares as follows:

---

| | | |
|:---|:---|:---|
|  | **Underwriter<br> Commissions** | **Amount<br> Retained by<br> Principal Underwriter** |
| Counterpoint Tactical Income Fund | $68776 | $9026 |
| Counterpoint Tactical Equity Fund | $134243 | $20364 |
| Counterpoint Tactical Municipal Fund | $1972 | $267 |

---

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> – an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

<u>Blu Giant, LLC ("Blu Giant")</u> – an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Counterpoint Tactical Income Fund | $1738600945 | $1591051569 |
| Counterpoint Tactical Equity Fund | $591857173 | $481366228 |
| Counterpoint Tactical Municipal Fund | $564285471 | $571653676 |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**5.** **DERIVATIVE TRANSACTIONS** 

The following is a summary of the effect of derivative instruments on the Statements of Assets and Liabilities as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Counterpoint Tactical Income Fund** | **Counterpoint Tactical Income Fund** | **Counterpoint Tactical Income Fund** |
| **Contract Type/Primary Risk Exposure** | **Statements of Assets and Liabilities** | **Value** |
| Fixed Income Contracts/Credit risk | Unrealized appreciation on credit default swap | $461153 |
| Fixed Income Contracts/Credit risk | Premiums paid on open swap contracts | 26586451 |

---

---

| | | |
|:---|:---|:---|
| **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** |
| **Contract Type/Primary Risk Exposure** | **Statements of Assets and Liabilities** | **Value** |
| Equity Contract/Equity Price Risk | Unrealized appreciation on total return swaps | $23001853 |
| Equity Contract/Equity Price Risk | Unrealized appreciation on futures contracts | 306065 |

---

The following is a summary of the effect of derivative instruments on the Statements of Operations for the year ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Counterpoint Tactical Income Fund** | **Counterpoint Tactical Income Fund** | **Counterpoint Tactical Income Fund** |
| **Contract type/<br> Primary Risk Exposure** | **Realized Gain<br> On Swap Contracts** | **Change in Unrealized Appreciation<br> On Swap Contracts** |
| Fixed Income Contracts/Credit Risk | $16594538 | $364298 |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Futures Contracts** | **Change in Unrealized Appreciation<br> On Futures Contracts** |
| Fixed Income Contracts/Credit Risk | $(10113) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Future Options Purchased** | **Change In Unrealized Appreciation<br> On Future Options Purchased** |
| Interest rate contracts/Interest Rate Risk | $(1920466) | $- |
| Equity Contracts/Equity Price Risk | 829640 | - |
|  | $(1090826) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Swaptions Purchased** | **Change In Unrealized Appreciation<br> On Swaptions Purchased** |
| Fixed Income Contracts/Credit Risk | $(9150000) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Gain<br> On Swaptions Written** | **Change In Unrealized Appreciation<br> On Swaptions Written** |
| Fixed Income Contracts/Credit Risk | $2600000 | $- |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** |
| **Contract type/<br> Primary Risk Exposure** | **Realized Gain<br> On Futures Contracts** | **Change in Unrealized Depreciation<br> On Futures Contracts** |
| Equity Contracts/Equity Price Risk | $14352980 | $(724955) |
| **Contract type/<br> Primary Risk Exposure** | **Realized Gain<br> On Future Options Purchased** | **Change In Unrealized Appreciation<br> On Future Options Purchased** |
| Equity Contracts/Equity Price Risk | $3396018 | $60300 |
| **Contract type/<br> Primary Risk Exposure** | **Realized Gain<br> On Option Purchased** | **Change In Unrealized Appreciation<br> On Option Purchased** |
| Equity Contracts/Equity Price Risk | $320039 | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Swap Contracts** | **Change in Unrealized Appreciation<br> On Swap Contracts** |
| Equity Contracts/Equity Price Risk | $(7106801) | $9169560 |
| **Counterpoint Tactical Municipal Fund** | **Counterpoint Tactical Municipal Fund** | **Counterpoint Tactical Municipal Fund** |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Futures Contracts** | **Change In Unrealized Appreciation<br> On Futures Contracts** |
| Interest Rate Contracts/Interest Rate Risk | $(480349) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Future Options Purchased** | **Change In Unrealized Appreciation<br> On Future Options Purchased** |
| Interest Rate Contracts/Interest Rate Risk | $(2011228) | $- |
| Equity Contracts/Equity Price Risk | $190353 | $- |
|  | $(1820875) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Future Options Written** | **Change In Unrealized Appreciation<br> On Future Options Written** |
| Interest Rate Contracts/Interest Rate Risk | $(162554) | $- |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Counterpoint Tactical Municipal Fund**<br>**Contract type/<br> Primary Risk Exposure** |<br>**Realized Loss<br> On Swaptions Purchased** |<br>**Change In Unrealized Appreciation<br> On Swaptions Purchased** |
| Fixed Income Contracts/Credit Risk | $(224000) | $- |
| **Contract type/<br> Primary Risk Exposure** | **Realized Loss<br> On Swap Contracts** | **Change In Unrealized Appreciation<br> On Swap Contracts** |
| Fixed Income Contracts/Credit Risk | $(51320) | $- |

---

The notional value of the derivative instruments outstanding as of September 30, 2025 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Funds.

During the year ended September 30 2025, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at September 30, 2025 for the Funds.

**Counterpoint Tactical Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Assets** |  | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Net Amounts<br> Presented in the Statement of<br> Assets & Liabilities** | **Financial<br> Instruments<br> Pledged** | **Cash<br> Collateral<br> Pledged** | **Net<br> Amount of<br> Assets &<br> Liabilities** |
| Unrealized appreciation on credit default swap | Wells Fargo | $461153 | (1) | $- | $461153 | $- | $- | $461153 |
|  |  | $461153 |  | $- | $461153 | $- | $- | $461153 |
| **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** | **Counterpoint Tactical Equity Fund** |  |
| **Description** | **Counterparty** | **Gross<br> Amounts of<br> Recognized<br> Assets** |  | **Gross<br> Amounts of<br> Recognized<br> Liabilities** | **Net Amounts<br> Presented in the Statement of<br> Assets & Liabilities** | **Financial<br> Instruments<br> Pledged** | **Cash<br> Collateral<br> Pledged** | **Net<br> Amount of<br> Assets &<br> Liabilities** |
| Unrealized appreciation (depreciation) on total return swaps | &nbsp;&nbsp;JP Morgan | $27240220 | (1) | $(5112801) | $22127419 | $- | $- | $22127419 |
| Unrealized appreciation (depreciation) on total return swaps | &nbsp;&nbsp;Morgan Stanley | 874434 | (1) |  | 874434 |  |  | 874434 |
| Unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;Goldman Sachs | 306065 | (1) | - | 306065 | - | - | 306065 |
|  |  | $28420719 |  | $(5112801 | $23307918 | $- | $- | $23307918 |

---

(1) Value
 as presented in the Schedule of Investments.

As of September 30, 2025, the Funds held cash collateral at the broker for swaps, swaptions, futures, and future options. These amounts are listed in the Statements of Assets and Liabilities under "cash held for collateral at broker" as follows:

---

| | |
|:---|:---|
|  | **Cash Held<br> For Collateral<br> At Broker** |
| Counterpoint Tactical Income Fund | $28186743 |
| Counterpoint Tactical Equity Fund | 41223174 |
| Counterpoint Tactical Municipal Fund | 416338 |

---

As of September 30, 2025, the Counterpoint Tactical Income Fund and Counterpoint Tactical Equity Fund held securities as collateral for total return swaps in the amount of $6,948,507 and $69,713,563, respectively. These are shown in the Schedule of Investments.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> Depreciation** |
| Counterpoint Tactical Income Fund | $2237331863 | $44517599 | $(5985049) | $38532550 |
| Counterpoint Tactical Equity Fund | 418155479 | 828048816 | (781901294) | 46147522 |
| Counterpoint Tactical Municipal Fund | 278624326 | 7012732 | (1177077) | 5835655 |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the fiscal years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***For the year ended September 30, 2025:*** | | | | | |
|  | <br>**Ordinary<br> Income** | <br>**Long-Term<br> Capital Gains** | <br>**Exempt<br> Income** | <br>**Return<br> of Capital** | <br>**Total** |
| Counterpoint Tactical Income Fund | $100614283 | $- | $- | $- | $100614283 |
| Counterpoint Tactical Equity Fund | 5445427 | 813849 |  |  | 6259276 |
| Counterpoint Tactical Municipal Fund | 443636 |  | 7882227 |  | 8325863 |
| ***For the year ended September 30, 2024:*** |  |  |  |  |  |
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Exempt <br> Income** | **Return<br> of Capital** | **Total** |
| Counterpoint Tactical Income Fund | $87561213 | $- | $- | $- | $87561213 |
| Counterpoint Tactical Equity Fund | 1636938 |  |  |  | 1636938 |
| Counterpoint Tactical Municipal Fund | 100141 |  | 7917989 |  | 8018130 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/(Deficits)** |
| Counterpoint Tactical Income Fund | $- | $595912 | $- | $– $| (15304129) | $– $| 38532550 | $23824333 |
| Counterpoint Tactical Equity Fund |  | 707702 | 22561973 | – |  | – | 46147522 | 69417197 |
| Counterpoint Tactical Municipal Fund | 116818 |  |  | – | (4808105) | – | 5835655 | 1144368 |

---

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the mark-to-market treatment on swaps, futures contracts, and passive foreign investment companies, adjustments for partnerships, C-Corporation return of capital distributions, and the tax deferral of losses on wash sales.

At September 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Expiring** | **Non-Expiring** | | |
|  | **Short-Term** | **Long-Term** |<br>**Total** | **Capital Loss<br> Carry Forward**<br>**Utilized** |
| Counterpoint Tactical Income Fund | $15304129 | $- | 15304129 | 8383911 |
| Counterpoint Tactical Equity Fund |  |  |  |  |
| Counterpoint Tactical Municipal Fund | 4808105 |  | 4808105 | 1479490 |
|  | 46 |  |  |  |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

During the fiscal period ended September 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, and adjustments for prior year tax returns resulted in reclassification for the year ended September 30, 2025 for the Funds as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Accumulated**<br> **Earnings (Losses)** |
| Counterpoint Tactical Income Fund | $- | $- |
| Counterpoint Tactical Equity Fund | 3505812 | (3505812) |
| Counterpoint Tactical Municipal Fund |  |  |

---

**8.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The Counterpoint Tactical Municipal Fund currently invests a portion of its assets in the underlying investment companies mentioned in the table below. The Counterpoint Tactical Municipal Fund may redeem its investments in these underlying investment companies at any time if the Advisor determines that it is in the best interest of the Counterpoint Tactical Municipal Fund and its shareholders to do so. The performance of the Counterpoint Tactical Municipal Fund will be directly affected by the performance of the underlying investment companies. The financial statements of the below mentioned investment companies, including their portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Counterpoint Tactical Municipal Fund's financial statements. As of September 30, 2025, the percentage of the net assets invested in each underlying investment company were as follows.

---

| | | |
|:---|:---|:---|
| **Fund** | **Underlying Investment** | **% of<br> Net Assets** |
| Counterpoint Tactical Municpal Fund | Invesco High Yield Municipal Fund, Class Y | 36.9% |
| Counterpoint Tactical Municpal Fund | PIMCO High Yield Municipal Bond Fund, Institutional Class | 29.9% |

---

**9.** **INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES** 

Companies that are affiliates at September 30, 2025 are noted in each Fund's Schedule of Investments. The financial statements for the investments noted in the table below can be found at <u>https://counterpointfunds.com/resources/</u>. Transactions during the period with the companies that are affiliated or were affiliates at the beginning of the period are as follows:

**Counterpoint Tactical Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br> Beginning<br> of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Fair Value<br> End of Year** | **Dividend<br> Credited to<br> Income** | **Shares<br> End of Year** |
| Counterpoint High Yield Trend ETF | $7540724 | $2679564 | $(7706009) | $(55483) | $(105083) | $2353713 | $199714 | 107500 |

---

**Counterpoint Tactical Equity Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br> Beginning<br> of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Fair Value<br> End of Year** | **Dividend<br> Credited to<br> Income** | **Shares<br> End of Year** |
| Counterpoint Quantitative Equity ETF | $24242186 | $22245560 | $(1846962) | $527470 | $6189075 | $51357329 | $144906 | 1300416 |

---

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**10.** **SECURITIES LENDING** 

Under an agreement (the "Securities Lending Agreement") with J.P. Morgan, the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. The Securities Lending Agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. The cash collateral is held by the custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

The following table sets forth the remaining contractual maturity of the collateral held by the Funds as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Collateral For Securities Loaned** | **Overnight and<br> Continuous** | **Up to<br> 30 days** | **30-90<br> days** | **Greater than<br> 90 Days** | **Total** |
| Counterpoint Tactical Income Fund |  |  |  |  |  |  |
|  | BlackRock Liquidity FedFund, Institutional Class | $100000000 | $- | $- | $- | $100000000 |
|  | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | 140259376 |  |  |  | 140259376 |
|  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | 20000000 |  |  |  | 20000000 |
|  | U.S. Treasury Bonds Maturing 2/2026 - 2/2055 |  |  |  | 395563 | 395563 |
|  | U.S. Treasury Notes Maturing 10/2025 - 7/2035 | - | 932 | - | 1084672 | 1085604 |
|  |  | $260259376 | $932 | $- | $1480235 | $261740543 |
| Counterpoint Tactical Equity Fund |  |  |  |  |  |  |
|  | BlackRock Liquidity FedFund, Institutional Class | $650000 | $- | $- | $- | $650000 |
|  | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | 3978199 |  |  |  | 3978199 |
|  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | 650000 |  |  |  | 650000 |
|  | U.S. Treasury Bills Maturing 10/2025 - 2/2026 |  | 372 | 301 | 221 | 894 |
|  | U.S. Treasury Bonds Maturing 1/2026 - 2/2055 |  |  |  | 1748400 | 1748400 |
|  | U.S. Treasury Notes Maturing 9/2025 - 8/2034 | - | 3462 | - | 3262962 | 3266424 |
|  |  | $5278199 | $3834 | $301 | $5011583 | $10293917 |
| Counterpoint Tactical Municipal Fund |  |  |  |  |  |  |
|  | BlackRock Liquidity FedFund, Institutional Class | $700000 | $- | $- | $- | $700000 |
|  | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | 144400 |  |  |  | 144400 |
|  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | 700000 | - | - | - | 700000 |
|  |  | $1544400 | $- | $- | $- | $1544400 |

---

At September 30, 2025, the Funds loaned securities and received cash collateral for the loan. This cash was invested in the BlackRock Liquidity FedFund Institutional Class, the Dreyfus Treasury Obligations Cash Management Fund Institutional Class, and the Morgan Stanley Institutional Liquidity Funds – Government Portfolio Institutional Class. Each Fund receives compensation relating to the lending of its securities as reflected in the Statement of Operations.

**COUNTERPOINT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The securities loaned are noted in the Schedule of Investments. The fair value of the securities loaned for the Funds at September 30, 2025 were as follows.

---

| | |
|:---|:---|
|  | **Fair Value<br> of Securities<br> Loaned** |
| Counterpoint Tactical Income Fund | $256448111 |
| Counterpoint Tactical Equity Fund | 9777404 |
| Counterpoint Tactical Municipal Fund | 1511730 |

---

The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes only cash collateral received and reinvested. As of September 30, 2025, the total collateral for securities loaned was as follows:

---

| | |
|:---|:---|
|  | **Collateral<br> for Securities<br> Loaned** |
| Counterpoint Tactical Income Fund | $260259376 |
| Counterpoint Tactical Equity Fund | 5278199 |
| Counterpoint Tactical Municipal Fund | 1544400 |

---

These amounts are offset by a liability recorded as "Securities lending collateral" as shown on the Statement of Assets and Liabilities.

The Counterpoint Tactical Income Fund and the Counterpoint Tactical Equity Fund received non-cash collateral in the amount of $1,481,167 and $5,015,718, respectively. Non-cash collateral cannot be pledged or sold by the fund.

**11.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025, the shareholders listed below held more than 25% of a Fund and may be deemed to control that Fund. The Funds have no knowledge as to whether all or any portion of the shares owned of record within the omnibus accounts listed below are also owned beneficially.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Charles Schwab & Co., Inc. | Counterpoint Tactical Income Fund | 29.33% |
| LPL Financial | Counterpoint Tactical Income Fund | 30.84% |
| Charles Schwab & Co., Inc. | Counterpoint Tactical Equity Fund | 31.98% |
| LPL Financial | Counterpoint Tactical Equity Fund | 31.40% |
| Charles Schwab & Co., Inc. | Counterpoint Tactical Municipal Fund | 28.85% |
| National Financial Services LLC | Counterpoint Tactical Municipal Fund | 32.65% |

---

**12.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023 -09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**13.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust III

and the Shareholders of Counterpoint Tactical Income Fund, Counterpoint Tactical Equity Fund and Counterpoint Tactical Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Counterpoint Tactical Income Fund, Counterpoint Tactical Equity Fund and Counterpoint Tactical Municipal Fund (collectively, the Funds), including the schedules of investments, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2025, by correspondence with the custodians, brokers, counterparties or by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Counterpoint Mutual Funds, LLC investment companies since 2015.

Denver, Colorado

November 26, 2025

**COUNTERPOINT FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Renewal of Advisory Agreements – Counterpoint Tactical Equity Fund, Counterpoint Tactical Income Fund and Counterpoint Tactical Municipal Fund\***

In connection with a meeting held on August 26-27, 2025, the Board, comprised entirely of Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (the "Advisory Agreements") between Counterpoint Funds LLC (the "Adviser") and the Trust, with respect to Counterpoint Tactical Equity Fund ("Counterpoint TE"), Counterpoint Tactical Income Fund ("Counterpoint TI") and Counterpoint Tactical Municipal Fund ("Counterpoint TM") (collectively, "Counterpoint Funds"). In considering the renewal of the Advisory Agreements, the Board received materials specifically relating to Counterpoint Funds and the Advisory Agreements.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements.

*<u>Nature, Extent and Quality of Services</u>.* The Board acknowledged that the Adviser was established in 2014 and managed approximately $2.9 billion in assets. The Board reviewed the Adviser's investment personnel, taking into consideration their education, financial industry experience and technology expertise. The Board remarked that the Adviser designed and reviewed a checklist daily to ensure each Counterpoint Fund's compliance with the investment guidelines and trade restrictions of its prospectus. The Board commented that the Adviser utilized Bloomberg AIM to automate trade compliance functions, produce trade activity logs and perform pre- and post-trade compliance reports. The Board acknowledged that the Adviser was attentive to cybersecurity matters and focused on improving its cybersecurity protocols and procedures. The Board noted that the Adviser selected broker-dealers based on its review of quality of execution, trading costs and quality of service. The Board recognized that the Adviser did not use artificial intelligence models for operational procedures outside the investment research process and did not anticipate using artificial intelligence for those procedures in the future. The Board noted that the Adviser reported no regulatory, compliance or litigation issues since the most recent advisory agreement renewal.

The Board commented that the Adviser utilized proprietary quantitative models that directed portfolio risk exposures but preserved discretion to adjust such exposures if exceptional market conditions occurred.

The Board agreed that the Adviser dedicated adequate resources and technology to support the investment process, risk management and compliance for each of Counterpoint Funds. The Board concluded that it could expect the Adviser to continue providing high quality service to each Counterpoint Fund and its respective shareholders.

*<u>Performance</u>*.

*Counterpoint TE—*The Board acknowledged that Counterpoint TE had earned a 5 -star Morningstar rating and outperformed its peer group, Morningstar category and benchmark over the 1-year, 3-year and 5-year periods. The Board observed that Counterpoint TE underperformed its peer group, Morningstar category and benchmark since its inception period. The Board considered that the

**COUNTERPOINT FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**September 30, 2025**

Adviser attributed outperformance during the 1-year, 3-year and 5-year periods to updated models. The Board acknowledged that Counterpoint TE's strategy offered research-backed alpha while managing risk which was more complex than a typical long/short strategy. The Board concluded that the Adviser could be expected to provide reasonable returns to Counterpoint TE and its shareholders.

*Counterpoint TI—*The Board discussed that Counterpoint TI was a 4-star Morningstar rated fund that outperformed the Morningstar category and underperformed its peer group and benchmark over the 1-year period. The Board commented that Counterpoint TI outperformed its peer group, Morningstar category and benchmark over the 3-year, 5-year and since inception periods. The Board acknowledged the Adviser attributed consistent returns to adhering to trading signals, a favorable market environment and a lower risk profile. The Board concluded that the Adviser could be expected to provide reasonable returns to Counterpoint TI and its shareholders.

*Counterpoint TM—*The Board observed that Counterpoint TM earned a 4-star Morningstar rating and outperformed its peer group over the 1-year period while trailing the Morningstar category and benchmark over the same period. The Board acknowledged that Counterpoint TM outperformed its peer group, Morningstar category and benchmark across the 3-year, 5 -year and since inception periods. The Board noted that the Adviser attributed Counterpoint TM's short-term underperformance to a fee drag from the fund of funds structure and long-term outperformance to adherence to tactical models. The Board concluded that the Adviser could be expected to provide reasonable returns to Counterpoint TM and its shareholders.

*<u>Fees and Expenses</u>*.

*Counterpoint TE—*The Board commented that the Adviser's advisory fee for Counterpoint TE was equal to the medians of its peer group and Morningstar category and below the averages of its peer group and Morningstar category. The Board noted that the net expense ratio for Counterpoint TE was higher than the averages and medians of its peer group and Morningstar category but far below the highs of the peer group and Morningstar category. The Board considered the Adviser's posture that the net expense ratio should more closely align with its peers when Counterpoint TE achieved meaningful economies of scale. Given these considerations, the Board concluded that the advisory fee for Counterpoint TE was not unreasonable.

*Counterpoint TI—*The Board noted that the advisory fee of Counterpoint TI was higher than the medians and averages of its peer group and Morningstar category but lower than the highs of each. The Board observed that that the net expense ratio was lower than the average of its peer group, tied with the median of its peer group and higher than average and median of the Morningstar category. The Board recognized that the Adviser explained that Counterpoint TI's investment strategy avoided the heavy use of exchange traded funds, unlike its competitors, and offered higher Sharpe ratio potential than many of its peers. Given these considerations, the Board concluded that the advisory fee for Counterpoint TI was not unreasonable.

*Counterpoint TM—*The Board commented that the Adviser's advisory fee and net expense ratio for Counterpoint TM were higher than the averages and medians of its peer group and Morningstar category but below the high of its peer group and Morningstar category. The Board noted that the Adviser reported that the advisory fee reflected the value attributable to the Adviser's proprietary models in executing Counterpoint TM's strategy and scale limitations. Given these considerations, the Board concluded that the advisory fee for Counterpoint TM was not unreasonable.

*<u>Economies of Scale</u>*. The Board discussed whether economies of scale had been realized in connection with the advisory services provided to each Counterpoint Fund. The Board acknowledged the Adviser's willingness to consider breakpoints in the future and the Adviser's general concerns regarding capacity constraints with respect to certain Counterpoint Funds. The Board considered the protection from higher fees offered to shareholders from the expense limitation agreements. The Board agreed to monitor and address the issue at the appropriate time.

*<u>Profitability</u>*. The Board reviewed the Adviser's profitability analysis in connection with its management of each of Counterpoint TE, Counterpoint TI and Counterpoint TM. The Board noted that the Adviser earned a profit from Counterpoint TE and Counterpoint TI and no profit from Counterpoint TM. The Board considered the resources required in light of the sophistication of the strategies, as well as the factors cited by the Adviser to support the level of profits, including, without limitation, the business,

**COUNTERPOINT FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**September 30, 2025**

operational, and regulatory risks involved in managing each Counterpoint Fund. The Board concluded that the Adviser's profitability for Counterpoint TE and Counterpoint TI was not excessive.

*<u>Conclusion</u>*. Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreements was in the best interests of each of Counterpoint Fund and its respective shareholders.

\*Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of Counterpoint Funds.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal
 Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required
 by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this
 report on Form N-CSR.

(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](northern3_ex99cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule
 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](northern3_ex99-906cert.htm) .

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Lights Fund Trust III

---

| | |
|:---|:---|
| By | /s/ Brian Curley |
|  | Brian Curley<br> Principal Executive Officer |

---

Date: <u>12/10/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Brian Curley |
|  | Brian Curley<br> Principal Executive Officer |

---

Date: <u>12/10/2025</u>

---

| | |
|:---|:---|
| By | /s/ Richard Gleason |
|  | Richard Gleason<br> Principal Financial Officer |

---

Date: <u>12/10/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Northern Lights Fund Trust III ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/10/2025 | /s/ Brian Curley |
|  |  | Brian Curley<br> Principal Executive Officer |

---

**Exhibit 99.CERT**

**Certification**

I, Richard Gleason, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Northern Lights Fund Trust III ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/10/2025 | /s/ Richard Gleason |
|  |  | Richard Gleason<br> Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**certification**

Brian Curely, Principal Executive Officer, and Richard Gleason, Principal Financial Officer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer<br> Northern Lights Fund Trust III | Principal Financial Officer<br> Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Richard Gleason |
| Brian Curley | Richard Gleason |

---

Date: <u>12/10/2025</u> Date: <u>12/10/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**aTTACHMENT 12.B**

**Northern Lights Fund Trust III**

**CODE OF ETHICS**

Northern Lights Fund Trust III (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial
public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain
prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Persons may execute a Personal Securities
Transaction involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated
by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a

date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by

the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgement**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.