# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-005852
**Filing Date:** 2025-9
**Character Count:** 256608
**Document Hash:** d00c9a7bb6d5d90e92935dce4c74534d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005852.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005852

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251297265

**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

### HCM Tactical Plus Fund (Series ID: S000045942)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000143207 | HCM Tactical Plus Fund Class A Shares  | HCMGX           |
| C000143208 | HCM Tactical Plus Fund Investor Shares | HCMDX           |
| C000143209 | HCM Tactical Plus Fund Class I Shares  | HCMIX           |
| C000143210 | HCM Tactical Plus Fund Class R Shares  | HCMSX           |

### HCM Sector Plus Fund (Series ID: S000048332)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152642 | HCM Sector Plus Fund Class A Shares        | HCMNX           |
| C000152643 | HCM Sector Plus Fund Class A1 Shares       | HCMWX           |
| C000152644 | HCM Sector Plus Fund Investor Class Shares | HCMPX           |
| C000152645 | HCM Sector Plus Fund Class I Shares        | HCMQX           |
| C000152646 | HCM Sector Plus Fund Class R Shares        | HCMZX           |

### HCM Multi-Asset Plus Fund (Series ID: S000055429)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000174412 | HCM Multi-Asset Plus Fund Class A Shares        | HCMEX           |
| C000174413 | HCM Multi-Asset Plus Fund Investor Class Shares | HCMKX           |
| C000213465 | HCM Multi-Asset Plus Fund Class I Shares        | HCMLX           |

### HCM Dynamic Income Fund (Series ID: S000076537)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000236510 | HCM Dynamic Income Fund Investor Class Shares | HCMFX           |
| C000236511 | HCM Dynamic Income Fund Class A Shares        | HCMBX           |
| C000236512 | HCM Dynamic Income Fund Class I Shares        | HCMUX           |

?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 <u>811-22655</u>

<u>Northern Lights Fund Trust III</u> <br> (Exact name of registrant as specified in charter)

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

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>6/30</u>

Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.**

(a) # HCM Sector Plus Fund

# Class A1 Shares (HCMWX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7e4680805566ff67db840718.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 A1 Shares | $181 | 1.76% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to dividend-focused equity ETFs and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i64e3ef7864dbd8c6425dc027.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Sector Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $9425 | $10000 |
| **Jun-2015** | $9566 | $10172 |
| **Jun-2016** | $10534 | $10578 |
| **Jun-2017** | $13196 | $12472 |
| **Jun-2018** | $14794 | $14264 |
| **Jun-2019** | $14063 | $15750 |
| **Jun-2020** | $15461 | $16932 |
| **Jun-2021** | $24604 | $23840 |
| **Jun-2022** | $22280 | $21309 |
| **Jun-2023** | $24952 | $25484 |
| **Jun-2024** | $30444 | $31742 |
| **Jun-2025** | $32098 | $36555 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Sector Plus Fund | 5.43% | 15.73% | 12.87% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,722,057,725

* Number of Portfolio Holdings60

* Advisory Fee $20,516,628

* Portfolio Turnover226%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib7f2462e727ab0371b01d90a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 10.9% |
| Exchange-Traded Funds | 88.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if2737c903189fbfe795d4ca9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Health Care | 0.7% |
| Materials | 0.8% |
| Technology | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 1.0% |
| Utilities | 1.2% |
| Industrials | 1.2% |
| Consumer Discretionary | 1.3% |
| Financials | 1.5% |
| Communications | 1.5% |
| Equity | 88.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 16.5% |
| ProShares Ultra S&P500 | 16.3% |
| Vanguard Dividend Appreciation ETF | 14.6% |
| SPDR S&P 500 ETF Trust ETF | 9.6% |
| Vanguard High Dividend Yield ETF | 8.8% |
| Direxion Daily S&P 500 Bull 3X | 8.4% |
| iShares Select Dividend ETF | 7.8% |
| ProShares UltraPro S&P 500 | 6.3% |
| Ralph Lauren Corporation | 0.4% |
| Synchrony Financial | 0.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Dividend Sector Plus Fund" to its current name effective July 21, 2025.

![Image](i7e4680805566ff67db840718.jpg)

# HCM Sector Plus Fund - Class A1 Shares (HCMWX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMWX

# HCM Sector Plus Fund

# Class A Shares (HCMNX)

#### Annual Shareholder Report - June 30, 2025
![Image](i9fa36bf6cd5ca36d40749114.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $166 | 1.61% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to dividend-focused equity ETFs and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](iab670c66217031b13f3d1994.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Sector Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $9425 | $10000 |
| **Jun-2015** | $9566 | $10172 |
| **Jun-2016** | $10534 | $10578 |
| **Jun-2017** | $13206 | $12472 |
| **Jun-2018** | $14825 | $14264 |
| **Jun-2019** | $14114 | $15750 |
| **Jun-2020** | $15533 | $16932 |
| **Jun-2021** | $24783 | $23840 |
| **Jun-2022** | $22481 | $21309 |
| **Jun-2023** | $25216 | $25484 |
| **Jun-2024** | $30810 | $31742 |
| **Jun-2025** | $32537 | $36555 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Sector Plus Fund | 5.61% | 15.94% | 13.02% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,722,057,725

* Number of Portfolio Holdings60

* Advisory Fee $20,516,628

* Portfolio Turnover226%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i080bdc4c87c898410ee585b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 10.9% |
| Exchange-Traded Funds | 88.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id158ab5bf73693773161a969.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Health Care | 0.7% |
| Materials | 0.8% |
| Technology | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 1.0% |
| Utilities | 1.2% |
| Industrials | 1.2% |
| Consumer Discretionary | 1.3% |
| Financials | 1.5% |
| Communications | 1.5% |
| Equity | 88.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 16.5% |
| ProShares Ultra S&P500 | 16.3% |
| Vanguard Dividend Appreciation ETF | 14.6% |
| SPDR S&P 500 ETF Trust ETF | 9.6% |
| Vanguard High Dividend Yield ETF | 8.8% |
| Direxion Daily S&P 500 Bull 3X | 8.4% |
| iShares Select Dividend ETF | 7.8% |
| ProShares UltraPro S&P 500 | 6.3% |
| Ralph Lauren Corporation | 0.4% |
| Synchrony Financial | 0.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Dividend Sector Plus Fund" to its current name effective July 21, 2025.

![Image](i9fa36bf6cd5ca36d40749114.jpg)

# HCM Sector Plus Fund - Class A Shares (HCMNX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMNX

# HCM Sector Plus Fund

# Class I Shares (HCMQX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia5e8ca3e10f0baaf1289a7d8.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $140 | 1.36% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to dividend-focused equity ETFs and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i596feff7b91c751793211f83.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Sector Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Jun-2015** | $10150 | $10172 |
| **Jun-2016** | $11176 | $10578 |
| **Jun-2017** | $14012 | $12472 |
| **Jun-2018** | $15729 | $14264 |
| **Jun-2019** | $14974 | $15750 |
| **Jun-2020** | $16537 | $16932 |
| **Jun-2021** | $26459 | $23840 |
| **Jun-2022** | $24065 | $21309 |
| **Jun-2023** | $27060 | $25484 |
| **Jun-2024** | $33151 | $31742 |
| **Jun-2025** | $35088 | $36555 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Sector Plus Fund | 5.85% | 16.24% | 13.21% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,722,057,725

* Number of Portfolio Holdings60

* Advisory Fee $20,516,628

* Portfolio Turnover226%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie5ec39d506cf175fbeebb3bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 10.9% |
| Exchange-Traded Funds | 88.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i90ccb8c882a57ddac6d155d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Health Care | 0.7% |
| Materials | 0.8% |
| Technology | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 1.0% |
| Utilities | 1.2% |
| Industrials | 1.2% |
| Consumer Discretionary | 1.3% |
| Financials | 1.5% |
| Communications | 1.5% |
| Equity | 88.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 16.5% |
| ProShares Ultra S&P500 | 16.3% |
| Vanguard Dividend Appreciation ETF | 14.6% |
| SPDR S&P 500 ETF Trust ETF | 9.6% |
| Vanguard High Dividend Yield ETF | 8.8% |
| Direxion Daily S&P 500 Bull 3X | 8.4% |
| iShares Select Dividend ETF | 7.8% |
| ProShares UltraPro S&P 500 | 6.3% |
| Ralph Lauren Corporation | 0.4% |
| Synchrony Financial | 0.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Dividend Sector Plus Fund" to its current name effective July 21, 2025.

![Image](ia5e8ca3e10f0baaf1289a7d8.jpg)

# HCM Sector Plus Fund - Class I Shares (HCMQX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMQX

# HCM Sector Plus Fund

# Class R Shares (HCMZX)

#### Annual Shareholder Report - June 30, 2025
![Image](i1c2735b79849551a521ff962.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 R Shares | $150 | 1.46% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to dividend-focused equity ETFs and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if697c2836dd0f2b1426246e3.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Sector Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Jun-2015** | $10150 | $10172 |
| **Jun-2016** | $11176 | $10578 |
| **Jun-2017** | $14012 | $12472 |
| **Jun-2018** | $15730 | $14264 |
| **Jun-2019** | $14975 | $15750 |
| **Jun-2020** | $16520 | $16932 |
| **Jun-2021** | $26358 | $23840 |
| **Jun-2022** | $23909 | $21309 |
| **Jun-2023** | $26818 | $25484 |
| **Jun-2024** | $32772 | $31742 |
| **Jun-2025** | $34614 | $36555 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Sector Plus Fund | 5.62% | 15.94% | 13.05% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,722,057,725

* Number of Portfolio Holdings60

* Advisory Fee $20,516,628

* Portfolio Turnover226%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i45f3cd224b391d2eb2072913.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 10.9% |
| Exchange-Traded Funds | 88.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i85f79ba5e35f360b6b1b7971.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Health Care | 0.7% |
| Materials | 0.8% |
| Technology | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 1.0% |
| Utilities | 1.2% |
| Industrials | 1.2% |
| Consumer Discretionary | 1.3% |
| Financials | 1.5% |
| Communications | 1.5% |
| Equity | 88.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 16.5% |
| ProShares Ultra S&P500 | 16.3% |
| Vanguard Dividend Appreciation ETF | 14.6% |
| SPDR S&P 500 ETF Trust ETF | 9.6% |
| Vanguard High Dividend Yield ETF | 8.8% |
| Direxion Daily S&P 500 Bull 3X | 8.4% |
| iShares Select Dividend ETF | 7.8% |
| ProShares UltraPro S&P 500 | 6.3% |
| Ralph Lauren Corporation | 0.4% |
| Synchrony Financial | 0.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Dividend Sector Plus Fund" to its current name effective July 21, 2025.

![Image](i1c2735b79849551a521ff962.jpg)

# HCM Sector Plus Fund - Class R Shares (HCMZX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMZX

# HCM Sector Plus Fund

# Investor Class Shares (HCMPX)

#### Annual Shareholder Report - June 30, 2025
![Image](i508d452a58c56906b2b540dc.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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** |
| Investor Class Shares | $242 | 2.36% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to dividend-focused equity ETFs and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibe2a6f2e532cf7a5acbaf2be.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Sector Plus Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Jun-2015** | $10150 | $10172 |
| **Jun-2016** | $11090 | $10578 |
| **Jun-2017** | $13806 | $12472 |
| **Jun-2018** | $15386 | $14264 |
| **Jun-2019** | $14529 | $15750 |
| **Jun-2020** | $15877 | $16932 |
| **Jun-2021** | $25149 | $23840 |
| **Jun-2022** | $22631 | $21309 |
| **Jun-2023** | $25198 | $25484 |
| **Jun-2024** | $30560 | $31742 |
| **Jun-2025** | $32038 | $36555 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Sector Plus Fund | 4.84% | 15.07% | 12.18% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,722,057,725

* Number of Portfolio Holdings60

* Advisory Fee $20,516,628

* Portfolio Turnover226%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib97d6fd779e9bc8bfdf7feb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 10.9% |
| Exchange-Traded Funds | 88.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7a6c1d16d9e59451faae3a02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Health Care | 0.7% |
| Materials | 0.8% |
| Technology | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 1.0% |
| Utilities | 1.2% |
| Industrials | 1.2% |
| Consumer Discretionary | 1.3% |
| Financials | 1.5% |
| Communications | 1.5% |
| Equity | 88.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 16.5% |
| ProShares Ultra S&P500 | 16.3% |
| Vanguard Dividend Appreciation ETF | 14.6% |
| SPDR S&P 500 ETF Trust ETF | 9.6% |
| Vanguard High Dividend Yield ETF | 8.8% |
| Direxion Daily S&P 500 Bull 3X | 8.4% |
| iShares Select Dividend ETF | 7.8% |
| ProShares UltraPro S&P 500 | 6.3% |
| Ralph Lauren Corporation | 0.4% |
| Synchrony Financial | 0.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Dividend Sector Plus Fund" to its current name effective July 21, 2025.

![Image](i508d452a58c56906b2b540dc.jpg)

# HCM Sector Plus Fund - Investor Class Shares (HCMPX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMPX

# HCM Dynamic Income Fund

# Class A Shares (HCMBX)

#### Annual Shareholder Report - June 30, 2025
![Image](i85aa36c0b5459ebab6fcacb5.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $191 | 1.86% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations across asset classes. In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations for Federal Reserve rate cuts. A weaker-than-expected July jobs report reinforced the dovish outlook, boosting bond prices across sectors. However, the Bank of Japan's unexpected rate hike in late July triggered a partial unwind of the yen carry trade, contributing to elevated volatility in longer-duration fixed income markets. The Fund actively responded through tactical trading in a leveraged 20-plus-year Treasury bond ETF, guided by multiple signals from the HCM Pivot Point<sup>®</sup>. Convertible securities provided hybrid exposure to equity upside and interest rate sensitivity, contributing positively during favorable trend periods. Emerging market bonds delivered mixed results amid fluctuating global risk sentiment. In the fourth quarter, growing concerns over U.S. fiscal deficits and reduced expectations for rate cuts in 2025 placed renewed pressure on the broader bond market.

In the first half of 2025, bond market performance was shaped by elevated rate volatility, driven by renewed trade policy uncertainty and shifting expectations for Federal Reserve action. Intermittent tariff announcements and geopolitical tensions contributed to brief risk-off rallies in Treasuries, while inconsistent economic data led to frequent repricing of policy outlooks. The Fund's allocation to high-yield bonds benefited from resilient U.S. economic growth and sustained investor appetite for credit exposure. Convertible securities supported balanced participation as equity markets rebounded and rate volatility moderated, while a more stable U.S. dollar helped lift emerging market debt.

Fund performance is attributable to exposure to convertible, high-yield, and emerging market bond ETFs, as well as tactical trading in a leveraged 20-plus-year Treasury bond ETF.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i6663ccd4452f85b7af84ded5.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Dynamic Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2022** | $9425 | $10000 |
| **Jun-2023** | $9222 | $9906 |
| **Jun-2024** | $9496 | $10167 |
| **Jun-2025** | $10019 | $10785 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 30, 2022)** |
| HCM Dynamic Income Fund | 5.50% | 2.06% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 2.55% |

---

***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$121,589,736

* Number of Portfolio Holdings5

* Advisory Fee $1,597,069

* Portfolio Turnover201%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if9041749c3798f009ddda105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3aecc2b6a2d5e09faf9d4f84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Fixed Income | 99.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Bloomberg Convertible Securities ETF | 23.8% |
| iShares Convertible Bond ETF | 23.8% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 21.9% |
| SPDR Bloomberg High Yield Bond ETF | 19.9% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 10.0% |

---

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

![Image](i85aa36c0b5459ebab6fcacb5.jpg)

# HCM Dynamic Income Fund - Class A Shares (HCMBX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMBX

# HCM Dynamic Income Fund

# Class I Shares (HCMUX)

#### Annual Shareholder Report - June 30, 2025
![Image](ifcb02e179f76fec58b4c4e96.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $166 | 1.61% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations across asset classes. In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations for Federal Reserve rate cuts. A weaker-than-expected July jobs report reinforced the dovish outlook, boosting bond prices across sectors. However, the Bank of Japan's unexpected rate hike in late July triggered a partial unwind of the yen carry trade, contributing to elevated volatility in longer-duration fixed income markets. The Fund actively responded through tactical trading in a leveraged 20-plus-year Treasury bond ETF, guided by multiple signals from the HCM Pivot Point<sup>®</sup>. Convertible securities provided hybrid exposure to equity upside and interest rate sensitivity, contributing positively during favorable trend periods. Emerging market bonds delivered mixed results amid fluctuating global risk sentiment. In the fourth quarter, growing concerns over U.S. fiscal deficits and reduced expectations for rate cuts in 2025 placed renewed pressure on the broader bond market.

In the first half of 2025, bond market performance was shaped by elevated rate volatility, driven by renewed trade policy uncertainty and shifting expectations for Federal Reserve action. Intermittent tariff announcements and geopolitical tensions contributed to brief risk-off rallies in Treasuries, while inconsistent economic data led to frequent repricing of policy outlooks. The Fund's allocation to high-yield bonds benefited from resilient U.S. economic growth and sustained investor appetite for credit exposure. Convertible securities supported balanced participation as equity markets rebounded and rate volatility moderated, while a more stable U.S. dollar helped lift emerging market debt.

Fund performance is attributable to exposure to convertible, high-yield, and emerging market bond ETFs, as well as tactical trading in a leveraged 20-plus-year Treasury bond ETF.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic67f70b2b7f54bcfb291dc45.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Dynamic Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2022** | $10000 | $10000 |
| **Jun-2023** | $9794 | $9906 |
| **Jun-2024** | $10102 | $10167 |
| **Jun-2025** | $10697 | $10785 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 30, 2022)** |
| HCM Dynamic Income Fund | 5.89% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 2.55% |

---

***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$121,589,736

* Number of Portfolio Holdings5

* Advisory Fee $1,597,069

* Portfolio Turnover201%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic50c531f4f75aac3074d4a4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if548c527358e00e7ca7773cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Fixed Income | 99.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Bloomberg Convertible Securities ETF | 23.8% |
| iShares Convertible Bond ETF | 23.8% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 21.9% |
| SPDR Bloomberg High Yield Bond ETF | 19.9% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 10.0% |

---

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

![Image](ifcb02e179f76fec58b4c4e96.jpg)

# HCM Dynamic Income Fund - Class I Shares (HCMUX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMUX

# HCM Dynamic Income Fund

# Investor Class Shares (HCMFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i8ac5e7387573acf8d0660f8b.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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** |
| Investor Class Shares | $267 | 2.61% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations across asset classes. In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations for Federal Reserve rate cuts. A weaker-than-expected July jobs report reinforced the dovish outlook, boosting bond prices across sectors. However, the Bank of Japan's unexpected rate hike in late July triggered a partial unwind of the yen carry trade, contributing to elevated volatility in longer-duration fixed income markets. The Fund actively responded through tactical trading in a leveraged 20-plus-year Treasury bond ETF, guided by multiple signals from the HCM Pivot Point<sup>®</sup>. Convertible securities provided hybrid exposure to equity upside and interest rate sensitivity, contributing positively during favorable trend periods. Emerging market bonds delivered mixed results amid fluctuating global risk sentiment. In the fourth quarter, growing concerns over U.S. fiscal deficits and reduced expectations for rate cuts in 2025 placed renewed pressure on the broader bond market.

In the first half of 2025, bond market performance was shaped by elevated rate volatility, driven by renewed trade policy uncertainty and shifting expectations for Federal Reserve action. Intermittent tariff announcements and geopolitical tensions contributed to brief risk-off rallies in Treasuries, while inconsistent economic data led to frequent repricing of policy outlooks. The Fund's allocation to high-yield bonds benefited from resilient U.S. economic growth and sustained investor appetite for credit exposure. Convertible securities supported balanced participation as equity markets rebounded and rate volatility moderated, while a more stable U.S. dollar helped lift emerging market debt.

Fund performance is attributable to exposure to convertible, high-yield, and emerging market bond ETFs, as well as tactical trading in a leveraged 20-plus-year Treasury bond ETF.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i8f6a52963a917ab858350cca.jpg)

---

| | | |
|:---|:---|:---|
| | **HCM Dynamic Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2022** | $10000 | $10000 |
| **Jun-2023** | $9794 | $9906 |
| **Jun-2024** | $10050 | $10167 |
| **Jun-2025** | $10532 | $10785 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 30, 2022)** |
| HCM Dynamic Income Fund | 4.80% | 1.74% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 2.55% |

---

***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$121,589,736

* Number of Portfolio Holdings5

* Advisory Fee $1,597,069

* Portfolio Turnover201%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iddcc4cccdf379a441b3ca03a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i708460eaa191060a7521785d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Fixed Income | 99.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Bloomberg Convertible Securities ETF | 23.8% |
| iShares Convertible Bond ETF | 23.8% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 21.9% |
| SPDR Bloomberg High Yield Bond ETF | 19.9% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 10.0% |

---

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

![Image](i8ac5e7387573acf8d0660f8b.jpg)

# HCM Dynamic Income Fund - Investor Class Shares (HCMFX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMFX

# HCM Multi-Asset Plus Fund

# Class A Shares (HCMEX)

#### Annual Shareholder Report - June 30, 2025
![Image](id464b03b0aa6612e62eeafb1.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $138 | 1.33% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to a large-cap growth equity tilt, bond and Treasury exposure, and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i0a90f1ec17d9ef9ebb793b2e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Multi-Asset Plus Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2016** | $9425 | $10000 | $10000 |
| **Jun-2017** | $9812 | $10111 | $11352 |
| **Jun-2018** | $10600 | $10071 | $12984 |
| **Jun-2019** | $10573 | $10863 | $14337 |
| **Jun-2020** | $12789 | $11813 | $15413 |
| **Jun-2021** | $16990 | $11773 | $21700 |
| **Jun-2022** | $13885 | $10562 | $19397 |
| **Jun-2023** | $15250 | $10463 | $23197 |
| **Jun-2024** | $18634 | $10738 | $28894 |
| **Jun-2025** | $20081 | $11390 | $33275 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 9, 2016)** |
| HCM Multi-Asset Plus Fund | 7.77% | 9.44% | 9.15% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.52% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.93% |

---

***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$748,674,160

* Number of Portfolio Holdings7

* Advisory Fee $6,936,818

* Portfolio Turnover187%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf6c4174e4f279989a69dd0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibe35d891211d8ff5e10c1f4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Fixed Income | 29.9% |
| Equity | 69.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 20.3% |
| Vanguard Mega Cap Growth ETF | 16.3% |
| Invesco QQQ Trust Series 1 ETF | 16.3% |
| iShares Core U.S. Aggregate Bond ETF | 15.0% |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 14.8% |
| ProShares Ultra S&P500 | 10.3% |
| Direxion Daily S&P 500 Bull 3X | 6.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Income Plus Fund" to its current name effective July 21, 2025.

![Image](id464b03b0aa6612e62eeafb1.jpg)

# HCM Multi-Asset Plus Fund - Class A Shares (HCMEX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMEX

# HCM Multi-Asset Plus Fund

# Class I Shares (HCMLX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3d659841acd0eff7319f5b2d.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $112 | 1.08% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to a large-cap growth equity tilt, bond and Treasury exposure, and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibfba2df552a76e2eed1198b2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Multi-Asset Plus Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2019** | $10000 | $10000 | $10000 |
| **Jun-2020** | $12013 | $10685 | $10495 |
| **Jun-2021** | $15995 | $10650 | $14777 |
| **Jun-2022** | $13097 | $9554 | $13208 |
| **Jun-2023** | $14424 | $9464 | $15796 |
| **Jun-2024** | $17668 | $9713 | $19675 |
| **Jun-2025** | $19115 | $10303 | $22659 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 11, 2019)** |
| HCM Multi-Asset Plus Fund | 8.19% | 9.73% | 11.81% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 0.52% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 15.14% |

---

***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$748,674,160

* Number of Portfolio Holdings7

* Advisory Fee $6,936,818

* Portfolio Turnover187%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7427e07dc323f892b3f797b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib04e93947d1c8917b5f5b6a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Fixed Income | 29.9% |
| Equity | 69.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 20.3% |
| Vanguard Mega Cap Growth ETF | 16.3% |
| Invesco QQQ Trust Series 1 ETF | 16.3% |
| iShares Core U.S. Aggregate Bond ETF | 15.0% |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 14.8% |
| ProShares Ultra S&P500 | 10.3% |
| Direxion Daily S&P 500 Bull 3X | 6.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Income Plus Fund" to its current name effective July 21, 2025.

![Image](i3d659841acd0eff7319f5b2d.jpg)

# HCM Multi-Asset Plus Fund - Class I Shares (HCMLX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMLX

# HCM Multi-Asset Plus Fund

# Investor Class Shares (HCMKX)

#### Annual Shareholder Report - June 30, 2025
![Image](ie228767844bcba7ddcc7e389.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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** |
| Investor Class Shares | $215 | 2.08% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to a large-cap growth equity tilt, bond and Treasury exposure, and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if6bc4c6713c17d5b6ac94f93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Multi-Asset Plus Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2016** | $10000 | $10000 | $10000 |
| **Jun-2017** | $10372 | $10111 | $11352 |
| **Jun-2018** | $11126 | $10071 | $12984 |
| **Jun-2019** | $11009 | $10863 | $14337 |
| **Jun-2020** | $13223 | $11813 | $15413 |
| **Jun-2021** | $17446 | $11773 | $21700 |
| **Jun-2022** | $14149 | $10562 | $19397 |
| **Jun-2023** | $15427 | $10463 | $23197 |
| **Jun-2024** | $18701 | $10738 | $28894 |
| **Jun-2025** | $19999 | $11390 | $33275 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 9, 2016)** |
| HCM Multi-Asset Plus Fund | 6.94% | 8.63% | 8.35% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.52% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.93% |

---

***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$748,674,160

* Number of Portfolio Holdings7

* Advisory Fee $6,936,818

* Portfolio Turnover187%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib79f70f5d8ae8461801ad630.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib5be05af988d8374a28bc2b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Fixed Income | 29.9% |
| Equity | 69.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| ProShares Ultra QQQ | 20.3% |
| Vanguard Mega Cap Growth ETF | 16.3% |
| Invesco QQQ Trust Series 1 ETF | 16.3% |
| iShares Core U.S. Aggregate Bond ETF | 15.0% |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 14.8% |
| ProShares Ultra S&P500 | 10.3% |
| Direxion Daily S&P 500 Bull 3X | 6.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Income Plus Fund" to its current name effective July 21, 2025.

![Image](ie228767844bcba7ddcc7e389.jpg)

# HCM Multi-Asset Plus Fund - Investor Class Shares (HCMKX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMKX

# HCM Tactical Plus Fund

# Class A Shares (HCMGX)

#### Annual Shareholder Report - June 30, 2025
![Image](i45c036300e70804b4d6924fd.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $169 | 1.61% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to exposure to large-cap growth equity exposure and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i883c9598d9a864132a030525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Tactical Plus Fund** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2014** | $9425 | $10000 | $10000 |
| **Jun-2015** | $9164 | $10323 | $10675 |
| **Jun-2016** | $8380 | $9463 | $11102 |
| **Jun-2017** | $11148 | $10227 | $13088 |
| **Jun-2018** | $14060 | $10869 | $14970 |
| **Jun-2019** | $12885 | $10409 | $16529 |
| **Jun-2020** | $16428 | $10189 | $17770 |
| **Jun-2021** | $27156 | $12267 | $25019 |
| **Jun-2022** | $21244 | $12153 | $22363 |
| **Jun-2023** | $24778 | $12714 | $26744 |
| **Jun-2024** | $31915 | $13874 | $33312 |
| **Jun-2025** | $35065 | $14849 | $38363 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Tactical Plus Fund | 9.87% | 16.37% | 14.36% |
| HFRX Equity Hedge Index | 7.03% | 7.82% | 3.70% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,784,510,923

* Number of Portfolio Holdings25

* Advisory Fee $20,695,962

* Portfolio Turnover264%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieb9d6027a26610e5142bdb56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ac0ef5015817e69f7eb5367.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Energy | 0.1% |
| Materials | 0.1% |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.6% |
| Technology | 1.4% |
| Equity | 97.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 19.7% |
| Vanguard Mega Cap Growth ETF | 19.2% |
| ProShares Ultra S&P500 | 18.1% |
| ProShares Ultra QQQ | 17.8% |
| ProShares UltraPro QQQ | 15.8% |
| Vanguard Growth ETF | 6.7% |
| NVIDIA Corporation | 0.8% |
| Meta Platforms, Inc., Class A | 0.5% |
| Advanced Micro Devices, Inc. | 0.2% |
| Microsoft Corporation | 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Tactical Growth Fund" to its current name effective July 21, 2025.

![Image](i45c036300e70804b4d6924fd.jpg)

# HCM Tactical Plus Fund

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMGX

# HCM Tactical Plus Fund

# Investor Class Shares (HCMDX)

#### Annual Shareholder Report - June 30, 2025
![Image](ic562845950729d10f43ceff2.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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** |
| Investor Class Shares | $247 | 2.36% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to exposure to large-cap growth equity exposure and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic289781f6a53e72e11ea54b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Tactical Plus Fund** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2014** | $10000 | $10000 | $10000 |
| **Jun-2015** | $9720 | $10323 | $10675 |
| **Jun-2016** | $8820 | $9463 | $11102 |
| **Jun-2017** | $11651 | $10227 | $13088 |
| **Jun-2018** | $14584 | $10869 | $14970 |
| **Jun-2019** | $13266 | $10409 | $16529 |
| **Jun-2020** | $16780 | $10189 | $17770 |
| **Jun-2021** | $27540 | $12267 | $25019 |
| **Jun-2022** | $21378 | $12153 | $22363 |
| **Jun-2023** | $24744 | $12714 | $26744 |
| **Jun-2024** | $31649 | $13874 | $33312 |
| **Jun-2025** | $34515 | $14849 | $38363 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Tactical Plus Fund | 9.06% | 15.52% | 13.51% |
| HFRX Equity Hedge Index | 7.03% | 7.82% | 3.70% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,784,510,923

* Number of Portfolio Holdings25

* Advisory Fee $20,695,962

* Portfolio Turnover264%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i06105489cdaa1858e9cd3cb7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iba612ae3b88e6c8cdf9d5cfa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Energy | 0.1% |
| Materials | 0.1% |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.6% |
| Technology | 1.4% |
| Equity | 97.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 19.7% |
| Vanguard Mega Cap Growth ETF | 19.2% |
| ProShares Ultra S&P500 | 18.1% |
| ProShares Ultra QQQ | 17.8% |
| ProShares UltraPro QQQ | 15.8% |
| Vanguard Growth ETF | 6.7% |
| NVIDIA Corporation | 0.8% |
| Meta Platforms, Inc., Class A | 0.5% |
| Advanced Micro Devices, Inc. | 0.2% |
| Microsoft Corporation | 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Tactical Growth Fund" to its current name effective July 21, 2025.

![Image](ic562845950729d10f43ceff2.jpg)

# HCM Tactical Plus Fund

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMDX

# HCM Tactical Plus Fund

# Class I Shares: (HCMIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i641632bf6684a86775a02100.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 Shares | $143 | 1.36% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to exposure to large-cap growth equity exposure and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1e08a72fdbce4a7c2b2402ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Tactical Plus Fund** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2014** | $10000 | $10000 | $10000 |
| **Jun-2015** | $9720 | $10323 | $10675 |
| **Jun-2016** | $8890 | $9463 | $11102 |
| **Jun-2017** | $11823 | $10227 | $13088 |
| **Jun-2018** | $14908 | $10869 | $14970 |
| **Jun-2019** | $13663 | $10409 | $16529 |
| **Jun-2020** | $17418 | $10189 | $17770 |
| **Jun-2021** | $28861 | $12267 | $25019 |
| **Jun-2022** | $22641 | $12153 | $22363 |
| **Jun-2023** | $26463 | $12714 | $26744 |
| **Jun-2024** | $34181 | $13874 | $33312 |
| **Jun-2025** | $37647 | $14849 | $38363 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Tactical Plus Fund | 10.14% | 16.67% | 14.50% |
| HFRX Equity Hedge Index | 7.03% | 7.82% | 3.70% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,784,510,923

* Number of Portfolio Holdings25

* Advisory Fee $20,695,962

* Portfolio Turnover264%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80d9076cb529140264fc89ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib0fe99f59d9f7e5b059108eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Energy | 0.1% |
| Materials | 0.1% |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.6% |
| Technology | 1.4% |
| Equity | 97.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 19.7% |
| Vanguard Mega Cap Growth ETF | 19.2% |
| ProShares Ultra S&P500 | 18.1% |
| ProShares Ultra QQQ | 17.8% |
| ProShares UltraPro QQQ | 15.8% |
| Vanguard Growth ETF | 6.7% |
| NVIDIA Corporation | 0.8% |
| Meta Platforms, Inc., Class A | 0.5% |
| Advanced Micro Devices, Inc. | 0.2% |
| Microsoft Corporation | 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Tactical Growth Fund" to its current name effective July 21, 2025.

![Image](i641632bf6684a86775a02100.jpg)

# HCM Tactical Plus Fund

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMIX

# HCM Tactical Plus Fund

# Class R Shares: (HCMSX)

#### Annual Shareholder Report - June 30, 2025
![Image](iee213581db4c2caa910de225.jpg)

## Fund Overview
This annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at**www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464. **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 R Shares | $153 | 1.46% |

---

## How did the Fund perform during the reporting period?
The Fund navigated a dynamic market environment marked by policy uncertainty, geopolitical events, and sharp rotations. Throughout the period, the Fund's systematic, trend-following approach provided a disciplined framework for managing risk and responding to rapidly shifting conditions.

In the third quarter of 2024, falling inflation and lower Treasury yields fueled expectations of Fed rate cuts. Markets experienced heightened volatility driven by a sharp rotation out of large-cap technology and into cyclical sectors. During this period, the HCM Pivot Point<sup>®</sup> generated brief tactical sell signals in response to the weak July jobs report and the Bank of Japan's unexpected rate hike in late July which sparked a partial unwinding of the carry trade. While the Fund reduced exposure during the downturn, the HCM-BuyLine<sup>®</sup> remained positive, indicating the broader trend was intact. The Fund quickly reentered positions, allowing it to participate in the recovery throughout the rest of the calendar year.

Entering 2025, markets were impacted by renewed trade policy uncertainty and intermittent tariff announcements. These developments led to sell signals from the HCM-BuyLine<sup>®</sup>. In response, the Fund tactically reduced exposure and raised cash prioritizing capital preservation amid unpredictable policy shifts. While rebounds occurred shortly after exits, the Fund's strategy remained focused on protecting investors from sustained downturns.

By April, conditions began to stabilize. The Fund maintained a patient stance, holding elevated cash while waiting on confirmation of an uptrend. In early May, the HCM-BuyLine<sup>®</sup> turned positive, triggering a systematic reentry into equities. Exposure was reestablished in areas showing strong momentum.

Fund performance is attributable to exposure to large-cap growth equity exposure and tactical use of leveraged index ETFs. The Fund captured the upside in strong market periods, particularly in the latter part of 2024. However, sharp reversals in 2025 led to whipsaw effects that detracted from returns despite a disciplined approach.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id87dcd98eb933d7df0e823b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HCM Tactical Plus Fund** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2014** | $10000 | $10000 | $10000 |
| **Jun-2015** | $9720 | $10323 | $10675 |
| **Jun-2016** | $8890 | $9463 | $11102 |
| **Jun-2017** | $11823 | $10227 | $13088 |
| **Jun-2018** | $14908 | $10869 | $14970 |
| **Jun-2019** | $13663 | $10409 | $16529 |
| **Jun-2020** | $17418 | $10189 | $17770 |
| **Jun-2021** | $28785 | $12267 | $25019 |
| **Jun-2022** | $22520 | $12153 | $22363 |
| **Jun-2023** | $26265 | $12714 | $26744 |
| **Jun-2024** | $33827 | $13874 | $33312 |
| **Jun-2025** | $37165 | $14849 | $38363 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| HCM Tactical Plus Fund | 9.87% | 16.37% | 14.35% |
| HFRX Equity Hedge Index | 7.03% | 7.82% | 3.70% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***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$1,784,510,923

* Number of Portfolio Holdings25

* Advisory Fee $20,695,962

* Portfolio Turnover264%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i528c5e71c4ccf52219c56c11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia0706d5622a4b2254772134d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Energy | 0.1% |
| Materials | 0.1% |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.6% |
| Technology | 1.4% |
| Equity | 97.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 19.7% |
| Vanguard Mega Cap Growth ETF | 19.2% |
| ProShares Ultra S&P500 | 18.1% |
| ProShares Ultra QQQ | 17.8% |
| ProShares UltraPro QQQ | 15.8% |
| Vanguard Growth ETF | 6.7% |
| NVIDIA Corporation | 0.8% |
| Meta Platforms, Inc., Class A | 0.5% |
| Advanced Micro Devices, Inc. | 0.2% |
| Microsoft Corporation | 0.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.howardcmfunds.com/resources/ or upon request at 1-855-969-8464.

The Board of Trustees approved renaming the Fund from "HCM Tactical Growth Fund" to its current name effective July 21, 2025.

![Image](iee213581db4c2caa910de225.jpg)

# HCM Tactical Plus Fund

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HCMSX

(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.

(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 - $72,000

2024 - $71,000

(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 – $16,000

2024 – $16,000

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 June 30, 2024, and 2025 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. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2024, and 2025 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 Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of 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)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(LOGO)](hc001_v1.jpg) |
| **HCM Tactical Plus Fund** |
| *(formerly known as HCM Tactical Growth Fund)* |
| Class A Shares: HCMGX |
| Class I Shares: HCMIX |
| Class R Shares: HCMSX |
| Investor Class Shares: HCMDX |
| **HCM Sector Plus Fund** |
| *(formerly known as HCM Dividend Sector Plus Fund)* |
| Class A Shares: HCMNX |
| Class I Shares: HCMQX |
| Class R Shares: HCMZX |
| Class A1 Shares: HCMWX |
| Investor Class Shares: HCMPX |
| **HCM Multi-Asset Plus Fund** |
| *(formerly known as HCM Income Plus Fund)* |
| Class A Shares: HCMEX |
| Class I Shares: HCMLX |
| Investor Class Shares: HCMKX |
| **HCM Dynamic Income Fund** |
| Class A Shares: HCMBX |
| Class I Shares: HCMUX |
| Investor Class Shares: HCMFX |
| Annual Financial Statements |
| and Additional Information |
| June 30, 2025 |
| 1-855-969-8464 |
| www.howardcmfunds.com |

---

---

| |
|:---|
| **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6%** |  |
|  | **AUTOMOTIVE - 0.1%** |  |
| 3116 | Tesla, Inc.<sup>(a)</sup> | $989829 |
|  | **BIOTECH & PHARMA - 0.1%** |  |
| 4240 | Amgen, Inc. | 1183850 |
|  | **CHEMICALS - 0.1%** |  |
| 11050 | CF Industries Holdings, Inc. | 1016600 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 11651 | Amazon.com, Inc.<sup>(a)</sup> | 2556112 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 5594 | American Tower Corporation, Class A | 1236386 |
| 8769 | Crown Castle, Inc. | 900839 |
|  |  | 2137225 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 12288 | Alphabet, Inc., Class A | 2165514 |
| 6213 | Alphabet, Inc., Class C | 1102124 |
| 11824 | Meta Platforms, Inc., Class A | 8727176 |
|  |  | 11994814 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 6500 | Chevron Corporation | 930735 |
|  | **SELF-STORAGE REIT - 0.1%** |  |
| 6704 | Extra Space Storage, Inc. | 988438 |
|  | **SEMICONDUCTORS - 0.9%** |  |
| 19502 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 2767334 |
| 88960 | NVIDIA Corporation | 14054790 |
| 10156 | QUALCOMM, Inc. | 1617445 |
|  |  | 18439569 |
|  | **SOFTWARE - 0.2%** |  |
| 1000 | Atlassian Corporation, Class A<sup>(a)</sup> | 203090 |
| 5200 | Microsoft Corporation | 2586532 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6% (Continued)** |  |
|  | **SOFTWARE - 0.2% (Continued)** |  |
| 4485 | Salesforce, Inc. | $1223015 |
|  |  | 4012637 |
|  | **TECHNOLOGY HARDWARE - 0.1%** |  |
| 8056 | Apple, Inc. | 1652850 |
|  | **TECHNOLOGY SERVICES - 0.1%** |  |
| 13587 | PayPal Holdings, Inc.<sup>(a)</sup> | 1009786 |
|  | **TOTAL COMMON STOCKS (Cost $22,322,462)** | 46912445 |
|  | **EXCHANGE-TRADED FUNDS — 97.2%** |  |
|  | **EQUITY - 97.2%** |  |
| 636751 | Invesco QQQ Trust Series 1 ETF | 351257321 |
| 2697550 | ProShares Ultra QQQ | 317528611 |
| 3301237 | ProShares Ultra S&P500 | 322596880 |
| 3392190 | ProShares UltraPro QQQ | 281551770 |
| 271000 | Vanguard Growth ETF | 118806400 |
| 935707 | Vanguard Mega Cap Growth ETF | 342627832 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,256,481,675)** | 1734368814 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $1,278,804,137)** | $1781281259 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 3229664 |
|  | **NET ASSETS - 100.0%** | $1784510923 |

---

ETF - Exchange-Traded Fund <br>REIT - Real Estate Investment Trust

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 26333 | Ralph Lauren Corporation | $7222615 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 76278 | BorgWarner, Inc. | 2553787 |
| 97077 | General Motors Company | 4777160 |
|  |  | 7330947 |
|  | **BANKING - 0.6%** |  |
| 73828 | Citigroup, Inc. | 6284239 |
| 23871 | M&T Bank Corporation | 4630735 |
|  |  | 10914974 |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 178927 | Organon & Company | 1732013 |
| 90184 | Pfizer, Inc. | 2186060 |
| 308928 | Viatris, Inc. | 2758728 |
|  |  | 6676801 |
|  | **CHEMICALS - 0.5%** |  |
| 19313 | Albemarle Corporation | 1210346 |
| 34974 | CF Industries Holdings, Inc. | 3217608 |
| 85615 | Mosaic Company (The) | 3123235 |
|  |  | 7551189 |
|  | **ELECTRIC UTILITIES - 1.2%** |  |
| 237447 | AES Corporation (The) | 2497942 |
| 64506 | Entergy Corporation | 5361740 |
| 60741 | Evergy, Inc. | 4186877 |
| 126362 | PPL Corporation | 4282408 |
| 51345 | Public Service Enterprise Group, Inc. | 4322222 |
|  |  | 20651189 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 98267 | Fox Corporation, Class A | 5506883 |
| 106260 | Fox Corporation, Class B | 5486204 |
|  |  | 10993087 |
|  | **FOOD - 0.2%** |  |
| 63601 | Tyson Foods, Inc., Class A | 3557840 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.3%** |  |
| 5945 | Humana, Inc. | $1453434 |
| 23450 | Universal Health Services, Inc., Class B | 4247967 |
|  |  | 5701401 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 27216 | Lennar Corporation, Class A | 3010362 |
| 41197 | PulteGroup, Inc. | 4344635 |
|  |  | 7354997 |
|  | **HOTEL OWNERS & DEVELOPERS - 0.0%<sup>(a)</sup>** |  |
| 13608 | Millrose Properties, Inc.<sup>(b)</sup> | 387964 |
|  | **INSURANCE - 0.5%** |  |
| 8633 | Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 4193652 |
| 48523 | MetLife, Inc. | 3902220 |
|  |  | 8095872 |
|  | **OIL & GAS PRODUCERS - 0.8%** |  |
| 76259 | APA Corporation | 1394777 |
| 106605 | Coterra Energy, Inc. | 2705635 |
| 67680 | EQT Corporation | 3947097 |
| 20399 | Marathon Petroleum Corporation | 3388478 |
| 23556 | Valero Energy Corporation | 3166398 |
|  |  | 14602385 |
|  | **PUBLISHING & BROADCASTING - 0.3%** |  |
| 143272 | News Corporation, Class B | 4915662 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 68091 | Kroger Company (The) | 4884168 |
|  | **SEMICONDUCTORS - 0.1%** |  |
| 30558 | Skyworks Solutions, Inc. | 2277182 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 102478 | Synchrony Financial | 6839382 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **STEEL - 0.3%** |  |
| 19174 | Nucor Corporation | $2483800 |
| 27639 | Steel Dynamics, Inc. | 3538068 |
|  |  | 6021868 |
|  | **TECHNOLOGY HARDWARE - 0.4%** |  |
| 178604 | Hewlett Packard Enterprise Company | 3652452 |
| 115577 | HP, Inc. | 2827013 |
|  |  | 6479465 |
|  | **TECHNOLOGY SERVICES - 0.3%** |  |
| 44068 | Cognizant Technology Solutions Corporation, Class A | 3438626 |
| 136795 | DXC Technology Company<sup>(b)</sup> | 2091596 |
|  |  | 5530222 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 202853 | AT&T, Inc. | 5870566 |
| 95278 | Verizon Communications, Inc. | 4122679 |
|  |  | 9993245 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 70078 | Altria Group, Inc. | 4108673 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 88489 | Alaska Air Group, Inc.<sup>(b)</sup> | 4378436 |
| 245913 | American Airlines Group, Inc.<sup>(b)</sup> | 2759144 |
| 85071 | Delta Air Lines, Inc. | 4183792 |
| 113737 | Southwest Airlines Company | 3689628 |
| 75425 | United Airlines Holdings, Inc.<sup>(b)</sup> | 6006092 |
|  |  | 21017092 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 40126 | Archer-Daniels-Midland Company | 2117850 |
| 28136 | Bunge Global S.A. | 2258758 |
|  |  | 4376608 |
|  | **TOTAL COMMON STOCKS (Cost $154,359,385)** | 187484828 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.7%** |  |
|  | **EQUITY - 88.7%** |  |
| 835617 | Direxion Daily S&P 500 Bull 3X | $145004618 |
| 1011427 | iShares Select Dividend ETF | 134327620 |
| 2418041 | ProShares Ultra QQQ | 284627607 |
| 2869603 | ProShares Ultra S&P500 | 280417605 |
| 1190076 | ProShares UltraPro S&P 500 | 108820549 |
| 268284 | SPDR S&P 500 ETF Trust ETF | 165759269 |
| 1231457 | Vanguard Dividend Appreciation ETF | 252042304 |
| 12580 | Vanguard Growth ETF | 5515072 |
| 1132957 | Vanguard High Dividend Yield ETF | 151034498 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,232,472,364)** | 1527549142 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $1,386,831,749)** | $1715033970 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 7023755 |
|  | **NET ASSETS - 100.0%** | $1722057725 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> Percentage rounds to less than 0.1%.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM MULTI-ASSET PLUS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.6%** |  |
|  | **EQUITY - 69.7%** |  |
| 276300 | Direxion Daily S&P 500 Bull 3X | $47946339 |
| 221689 | Invesco QQQ Trust Series 1 ETF | 122292520 |
| 1294125 | ProShares Ultra QQQ | 152331454 |
| 788850 | ProShares Ultra S&P500 | 77086422 |
| 334258 | Vanguard Mega Cap Growth ETF | 122395252 |
|  |  | 522051987 |
|  | **FIXED INCOME - 29.9%** |  |
| 1134190 | iShares Core U.S. Aggregate Bond ETF | 112511648 |
| 1211915 | SPDR Bloomberg 1-3 Month T-Bill ETF | 111168963 |
|  |  | 223680611 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $629,539,914)** | 745732598 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $629,539,914)** | $745732598 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 2941562 |
|  | **NET ASSETS - 100.0%** | $748674160 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM DYNAMIC INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.3%** |  |
|  | **FIXED INCOME - 99.3%** |  |
| 320536 | iShares Convertible Bond ETF | $28880294 |
| 329641 | iShares iBoxx $ High Yield Corporate Bond ETF | 26585547 |
| 131146 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 12146743 |
| 350546 | SPDR Bloomberg Convertible Securities ETF | 28976131 |
| 248368 | SPDR Bloomberg High Yield Bond ETF | 24158755 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $110,903,557)** | 120747470 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $110,903,557)** | $120747470 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 842266 |
|  | **NET ASSETS - 100.0%** | $121589736 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical Plus**<br>**Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $1278804137 | $1386831749 | $629539914 | $110903557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $1781281259 | $1715033970 | $745732598 | $120747470 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 5679464 | 3493605 | 1074760 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 6000848 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1071989 | 1441560 | 480828 | 47912 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2741215 | 3489450 | 762682 | 1767 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 53360 | 58657 | 23590 | 33986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 1791148671 | 1725703101 | 750493303 | 121905895 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 2304103 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 1744569 | 1686726 | 577459 | 124439 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1707204 | 1056194 | 862705 | 80189 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 645719 | 671550 | 244136 | 22005 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 77569 | 79763 | 40588 | 18725 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 158584 | 151143 | 94255 | 70801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 6637748 | 3645376 | 1819143 | 316159 |
| **NET ASSETS** | $**1784510923** | $**1722057725** | $**748674160** | $**121589736** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $1287872392 | $1448504489 | $621118939 | $120415110 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 496638531 | 273553236 | 127555221 | 1174626 |
| **NET ASSETS** | $**1784510923** | $**1722057725** | $**748674160** | $**121589736** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical Plus**<br>**Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1085527530** | $**980801675** | $**465666955** | $**107378148** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **36144753** | **50820959** | **26967667** | **10627973** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) | $**30.03** | $**19.30** | $**17.27** | $**10.10** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**31.86** | $**20.48** | $**18.32** | $**10.72** |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**144122642** | $**136800116** | $**84608278** | $**14195885** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **4729300** | **6988633** | **4872557** | **1406053** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**30.47** | $**19.57** | $**17.36** | $**10.10** |
| Class R Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**37** | $**35** |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1** | **2** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**30.04** **\*** | $**19.25** **\*** |  |  |
| Class A1 Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  | $**6266** |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  | **324** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) |  | $**19.33** **\*** |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) |  | $**20.51** |  |  |
| Investor Class Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**554860714** | $**604449633** | $**198398927** | $**15703** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **20126681** | **33491313** | **11893329** | **1567** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**27.57** | $**18.05** | $**16.68** | $**10.02** |

---

<sup>(a)</sup> Redemptions of shares held less than 30 days may be assessed a redemption fee of 1.00%.

\* NAV may not recalculate due to rounding of shares.

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical**<br>**Plus Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $10590420 | $25856799 | $11958825 | $4353572 |
| &nbsp;&nbsp;&nbsp;Interest | 9241902 | 8092746 | 2061650 | 568222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 19832322 | 33949545 | 14020475 | 4921794 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 20695962 | 20516628 | 6936818 | 1597069 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2627503 | 2438564 | 1143542 | 283147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 |  | 23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4956813 | 5551316 | 1867618 | 155 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 513102 | 461808 | 163265 | 58368 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 428465 | 425542 | 199135 | 52663 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 352458 | 363067 | 242304 | 162057 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 203433 | 207973 | 96769 | 26475 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 119548 | 121388 | 53621 | 15418 |
| &nbsp;&nbsp;&nbsp;Registration fees | 118586 | 104656 | 77534 | 53480 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 50828 | 46914 | 30770 | 21434 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 41070 | 41093 | 27512 | 17922 |
| &nbsp;&nbsp;&nbsp;Audit fees | 22024 | 22044 | 22024 | 22005 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 18455 | 18516 | 17168 | 16473 |
| &nbsp;&nbsp;&nbsp;Legal fees | 17568 | 17743 | 18849 | 18142 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 14996 | 15299 | 8504 | 3989 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5852 | 11924 | 8821 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 30186663 | 30364498 | 10914254 | 2352819 |
| **NET INVESTMENT INCOME (LOSS)** | (10354341) | 3585047 | 3106221 | 2568975 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 123961715 | 73762158 | 81903362 | (3816031) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 41968924 | 7745002 | (32931098) | 7935163 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 165930639 | 81507160 | 48972264 | 4119132 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**155576298** | $**85092207** | $**52078485** | $**6688107** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(10354341) | $(7491699) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 123961715 | 191670563 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 41968924 | 175797839 |
| Net increase in net assets resulting from operations | 155576298 | 359976703 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (108834173) |  |
| &nbsp;&nbsp;&nbsp;Class I | (10529589) |  |
| &nbsp;&nbsp;&nbsp;Class R | (4) |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (54734366) |  |
| Net decrease in net assets resulting from distributions to shareholders | (174098132) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 305330931 | 207859493 |
| &nbsp;&nbsp;&nbsp;Class I | 80195262 | 83893377 |
| &nbsp;&nbsp;&nbsp;Investor Class | 127828392 | 103166705 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 104739899 |  |
| &nbsp;&nbsp;&nbsp;Class I | 9634722 |  |
| &nbsp;&nbsp;&nbsp;Class R | 4 |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 54249901 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (361991208) | (327658421) |
| &nbsp;&nbsp;&nbsp;Class I | (48884964) | (31616283) |
| &nbsp;&nbsp;&nbsp;Investor Class | (85401600) | (49364314) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 185701339 | (13719443) |
| **TOTAL INCREASE IN NET ASSETS** | 167179505 | 346257260 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1617331418 | 1271074158 |
| &nbsp;&nbsp;&nbsp;End of Year | $**1784510923** | $**1617331418** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10369414 | 8343583 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3483999 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (12470758 | (13388813) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 1382655 | (5045230) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2809139 | 3496544 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 316307 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1673027 | (1286131) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1452419 | 2210413 |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4819535 | 4498312 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1958480 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3196784 | (2093282) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 3581231 | 2405030 |

---

---

| | |
|:---|:---|
| + | Amount represents less than one share. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3585047 | $(2018661) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 73762158 | 177224583 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 7745002 | 115539588 |
| Net increase in net assets resulting from operations | 85092207 | 290745510 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (123845220) | (41749421) |
| &nbsp;&nbsp;&nbsp;Class I | (13178980) | (4562769) |
| &nbsp;&nbsp;&nbsp;Class R | (4) | (1) |
| &nbsp;&nbsp;&nbsp;Class A1 | (704) | (268) |
| &nbsp;&nbsp;&nbsp;Investor Class | (73046457) | (20517789) |
| Net decrease in net assets resulting from distributions to shareholders | (210071365) | (66830248) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 215557390 | 162918209 |
| &nbsp;&nbsp;&nbsp;Class I | 66355282 | 91585752 |
| &nbsp;&nbsp;&nbsp;Class A1 | 392 | 462 |
| &nbsp;&nbsp;&nbsp;Investor Class | 153547408 | 121176491 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 120509238 | 40892950 |
| &nbsp;&nbsp;&nbsp;Class I | 12374229 | 4209591 |
| &nbsp;&nbsp;&nbsp;Class R | 4 | 1 |
| &nbsp;&nbsp;&nbsp;Class A1 | 704 | 268 |
| &nbsp;&nbsp;&nbsp;Investor Class | 72212403 | 20210124 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (273327085) | (301842899) |
| &nbsp;&nbsp;&nbsp;Class I | (36194010) | (33772641) |
| &nbsp;&nbsp;&nbsp;Class A1 | (206) | (2485) |
| &nbsp;&nbsp;&nbsp;Investor Class | (97489026) | (58710736) |
| Net increase in net assets resulting from shares of beneficial interest | 233546723 | 46665087 |
| **TOTAL INCREASE IN NET ASSETS** | 108567565 | 270580349 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1613490160 | 1342909811 |
| &nbsp;&nbsp;&nbsp;End of Year | $**1722057725** | $**1613490160** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10921253 | 8901000 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6379187 | 2328756 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (14097069 | (16662608 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 3203371 | (5432852 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3455267 | 5038204 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 646511 | 237696 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1875033 | (1851311 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2226745 | 3424589 |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  |  |
| Class A1: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 21 | 26 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 37 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (9 | (134 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 49 | (93 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8418439 | 7005627 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 4070598 | 1207295 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5397294 | (3366745 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 7091743 | 4846177 |

---

---

| | |
|:---|:---|
| + | Amount represents less than one share. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3106221 | $3499713 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 81903362 | 58860804 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (32931098) | 71232904 |
| Net increase in net assets resulting from operations | 52078485 | 133593421 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (43430519) | (2655131) |
| &nbsp;&nbsp;&nbsp;Class I | (8524275) | (564644) |
| &nbsp;&nbsp;&nbsp;Investor Class | (17230650) | (58786) |
| Net decrease in net assets resulting from distributions to shareholders | (69185444) | (3278561) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 94106446 | 83200618 |
| &nbsp;&nbsp;&nbsp;Class I | 31026403 | 89611112 |
| &nbsp;&nbsp;&nbsp;Investor Class | 41656517 | 50450138 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 42337135 | 2597763 |
| &nbsp;&nbsp;&nbsp;Class I | 8153208 | 528443 |
| &nbsp;&nbsp;&nbsp;Investor Class | 16972287 | 57862 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (130005344) | (169003459) |
| &nbsp;&nbsp;&nbsp;Class I | (37503837) | (28164087) |
| &nbsp;&nbsp;&nbsp;Investor Class | (38744358) | (43196036) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 27998457 | (13917646) |
| **TOTAL INCREASE IN NET ASSETS** | 10891498 | 116397214 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 737782662 | 621385448 |
| &nbsp;&nbsp;&nbsp;End of Year | $**748674160** | $**737782662** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5558297 | 5417507 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2529100 | 170569 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7705477) | (11231280) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 381920 | (5643204) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1843814 | 5980885 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 485599 | 34607 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2335989) | (1811388) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (6576) | 4204104 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2571098 | 3373785 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1045092 | 3899 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2408492) | (2857553) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1207698 | 520131 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2568975 | $3170017 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (3816031) | 97226 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 7935163 | 722042 |
| Net increase in net assets resulting from operations | 6688107 | 3989285 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2344625) | (3092414) |
| &nbsp;&nbsp;&nbsp;Class I | (345683) | (414975) |
| &nbsp;&nbsp;&nbsp;Investor Class | (254) | (0 |
| Net decrease in net assets resulting from distributions to shareholders | (2690562) | (3507389 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 37824967 | 25149770 |
| &nbsp;&nbsp;&nbsp;Class I | 3898888 | 16963931 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 11571 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2273040 | 3037183 |
| &nbsp;&nbsp;&nbsp;Class I | 312837 | 366388 |
| &nbsp;&nbsp;&nbsp;Investor Class | 33 | 0 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (45633553) | (48682328) |
| &nbsp;&nbsp;&nbsp;Class I | (4300058) | (3456717 |
| Net decrease in net assets resulting from shares of beneficial interest | (5623846) | (6610202 |
| **TOTAL DECREASE IN NET ASSETS** | (1626301) | (6128306) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 123216037 | 129344343 |
| &nbsp;&nbsp;&nbsp;End of Year | $**121589736** | $**123216037** |

---

---

| | |
|:---|:---|
| + | Amount represents less than $0.50. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3804851 | 2587118 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 230767 | 302508 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4587071) | (4984966 |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (551453) | (2095340 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 388419 | 1737944 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 31825 | 36566 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (434315) | (354752 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (14071) | 1419758 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 1563 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3 |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 3 | 1563 |

---

---

| | |
|:---|:---|
| + | Amount represents less than one share. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $30.23 | $23.47 | $20.26 | $26.15 | $16.32 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.12) | (0.09) | (0.07) | (0.31) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.11 | 6.85 | 3.41 | (5.30 | 10.80 |
| Total from investment operations | 2.99 | 6.76 | 3.34 | (5.61 | 10.51 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Total distributions | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $30.03 | $30.23 | $23.47 | $20.26 | $26.15 |
| Total return (2) | 9.87% | 28.80% | 16.64 | (21.77 | 65.30 |
| Net assets, at end of year (000s) | $1085528 | $1050839 | $934122 | $752628 | $626800 |
| Ratio of gross expenses to average net assets (3)(4) | 1.61% | 1.61% | 1.63 | 1.64 | 1.65 |
| Ratio of net expenses to average net assets (4) | 1.61% | 1.61% | 1.63 | 1.64 | 1.65 |
| Ratio of net investment loss to average net assets (4)(5) | (0.42)% | (0.38)% | (0.37) | (1.20) | (1.33) |
| Portfolio Turnover Rate | 264% | 188% | 298 | 107 | 23 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $30.56 | $23.66 | $20.38 | $26.23 | $16.33 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.04) | (0.02) | (0.03) | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.14 | 6.92 | 3.44 | (5.32 | 10.83 |
| Total from investment operations | 3.10 | 6.90 | 3.41 | (5.57 | 10.58 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13 | (0.28 | (0.68) |
| Total distributions | (3.19) |  | (0.13 | (0.28 | (0.68) |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 |  |
| Net asset value, end of year | $30.47 | $30.56 | $23.66 | $20.38 | $26.23 |
| Total return (2) | 10.14% | 29.16% | 16.88 | (21.55 | 65.70% |
| Net assets, at end of year (000s) | $144123 | $100139 | $25235 | $15316 | $7960 |
| Ratio of gross expenses to average net assets (3)(4) | 1.36% | 1.36% | 1.37 | 1.39 | 1.40% |
| Ratio of net expenses to average net assets (4) | 1.36% | 1.36% | 1.37 | 1.39 | 1.40% |
| Ratio of net investment loss to average net assets (4)(5) | (0.14)% | (0.10)% | (0.13) | (0.95) | (1.08)% |
| Portfolio Turnover Rate | 264% | 188% | 298 | 107 | 23% |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class R** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |  | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $30.24 | $23.48 |  | $20.27 | $26.16 | $16.33 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.18 | 0.15 | (7) | 0.06 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.81 | 6.61 |  | 3.28 | (5.68) | 10.48 |
| Total from investment operations | 2.99 | 6.76 |  | 3.34 | (5.61) | 10.51 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19 |  |  | (0.13 | (0.28) | (0.68) |
| Total distributions | (3.19 |  |  | (0.13 | (0.28) | (0.68) |
| Net asset value, end of year | $30.04 | $30.24 |  | $23.48 | $20.27 | $26.16 |
| Total return (2) | 9.87 | 28.79 | % | 16.63 | (21.76)% | 65.26% |
| Net assets, at end of year (6) | $37 | $34 |  | $26 | $23 | $29 |
| Ratio of gross expenses to average net assets (3)(4) | 1.46 | 1.46 | % | 1.48 | 1.49% | 1.50% |
| Ratio of net expenses to average net assets (4) | 1.46 | 1.46 | % | 1.48 | 1.49% | 1.50% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.61 | 0.61 | % | 0.31 | (1.05)% | (1.18)% |
| Portfolio Turnover Rate | 264 | 188 | % | 298 | 107% | 23% |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Actual net assets, not truncated.

(7) Net investment income per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statement of Operations due to timing of shareholder transactions for the year.

(8) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $28.19 | $22.04 | $19.18 | $24.96 | $15.71 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.31) | (0.26) | (0.22) | (0.49) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.88 | 6.41 | 3.21 | (5.01 | 10.37 |
| Total from investment operations | 2.57 | 6.15 | 2.99 | (5.50 | 9.93 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Total distributions | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $27.57 | $28.19 | $22.04 | $19.18 | $24.96 |
| Total return (2) | 9.06% | 27.90% | 15.75 | (22.37 | 64.13 |
| Net assets, at end of year (000s) | $554861 | $466354 | $311717 | $208464 | $179812 |
| Ratio of gross expenses to average net assets (3)(4) | 2.36% | 2.36% | 2.37 | 2.39 | 2.40 |
| Ratio of net expenses to average net assets (4) | 2.36% | 2.36% | 2.37 | 2.39 | 2.40 |
| Ratio of net investment loss to average net assets (4)(5) | (1.16)% | (1.09)% | (1.14) | (1.95) | (2.08) |
| Portfolio Turnover Rate | 264% | 188% | 298 | 107 | 23 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or expense recaptures by the adviser.

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $20.82 | $17.90 | $17.28 | $19.05 | $11.94 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.09 | 0.01 | 0.06 | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.80 | 1.85 | (1.74 | 7.14 |
| Total from investment operations | 1.11 | 3.81 | 1.91 | (1.77 | 7.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86 | (1.29) |  |  |
| Total distributions | (2.63) | (0.89 | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $19.30 | $20.82 | $17.90 | $17.28 | $19.05 |
| Total return (2) | 5.61% | 22.18 | 12.17% | (9.29 | 59.55 |
| Net assets, at end of year (000s) | $980802 | $991374 | $949351 | $920476 | $739011 |
| Ratio of gross expenses to average net assets (3)(5) | 1.61% | 1.62 | 1.61% | 1.63 | 1.64 |
| Ratio of net expenses to average net assets (5) | 1.61% | 1.62 | 1.61% | 1.63 | 1.64 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.44% | 0.05 | 0.38% | (0.14) | (0.18) |
| Portfolio Turnover Rate | 226% | 108 | 178% | 49 | 2 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |  |
| Net asset value, beginning of year | $21.03 | $18.07 | $17.39 | $19.12 | $11.95 |  |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.15 | 0.06 | 0.11 | (0.01) | 0.03 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.83 | 1.86 | (1.72 | 7.14 |  |
| Total from investment operations | 1.17 | 3.89 | 1.97 | (1.73 | 7.17 |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86 | (1.29) |  |  |  |
| Total distributions | (2.63) | (0.93 | (1.29) |  |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 | (6) |
| Net asset value, end of year | $19.57 | $21.03 | $18.07 | $17.39 | $19.12 |  |
| Total return (2) | 5.85% | 22.51 | 12.45% | (9.05 | 60.00 | % |
| Net assets, at end of year (000s) | $136800 | $100145 | $24163 | $17170 | $33183 |  |
| Ratio of gross expenses to average net assets (3)(5) | 1.36% | 1.37 | 1.36% | 1.38 | 1.39 | % |
| Ratio of net expenses to average net assets (5) | 1.36% | 1.37 | 1.36% | 1.38 | 1.39 | % |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.75% | 0.34 | 0.63% | (0.04) | 0.18 | % |
| Portfolio Turnover Rate | 226% | 108 | 178% | 49 | 2 | % |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class R** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $20.77 | $17.90 | $17.28 | $19.05 | $11.94 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.19 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.85 | 3.61 | 1.75 | (1.96) | 6.93 |
| Total from investment operations | 1.11 | 3.80 | 1.91 | (1.77) | 7.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86 | (1.29) |  |  |
| Total distributions | (2.63) | (0.93 | (1.29) |  |  |
| Net asset value, end of year | $19.25 | $20.77 | $17.90 | $17.28 | $19.05 |
| Total return (2) | 5.62% | 22.20 | 12.17% | (9.29)% | 59.55% |
| Net assets, at end of year (6) | $35 | $33 | $27 | $24 | $26 |
| Ratio of gross expenses to average net assets (3)(5) | 1.46% | 1.47 | 1.46% | 1.48% | 1.49% |
| Ratio of net expenses to average net assets (5) | 1.46% | 1.47 | 1.46% | 1.48% | 1.49% |
| Ratio of net investment income to average net assets (4)(5) | 1.33% | 1.03 | 0.96% | 0.80% | 1.00% |
| Portfolio Turnover Rate | 226% | 108 | 178% | 49% | 2% |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Actual net assets, not truncated.

(7) Net investment income per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A1** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $20.88 | $17.95 | $17.35 | $19.16 | $12.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 | (0.03) | 0.03 | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.02 | 3.82 | 1.86 | (1.74) | 7.21 |
| Total from investment operations | 1.08 | 3.79 | 1.89 | (1.81) | 7.12 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (2.63) | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 |
| Net asset value, end of year | $19.33 | $20.88 | $17.95 | $17.35 | $19.16 |
| Total return (2) | 5.43% | 22.01% | 11.99% | (9.45)% | 59.14 |
| Net assets, at end of year (000s) | $6 | $6 | $7 | $6 | $5 |
| Ratio of gross expenses to average net assets (3)(5) | 1.76% | 1.77% | 1.76% | 1.78% | 1.79 |
| Ratio of net expenses to average net assets (5) | 1.76% | 1.77% | 1.76% | 1.78% | 1.79 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.30% | (0.15)% | 0.20% | (0.33)% | (0.60) |
| Portfolio Turnover Rate | 226% | 108% | 178% | 49% | 2 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $19.77 | $17.14 | $16.72 | $18.58 | $11.73 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.05) | (0.11) | (0.06) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.96 | 3.60 | 1.77 | (1.69 | 6.99 |
| Total from investment operations | 0.91 | 3.49 | 1.71 | (1.86 | 6.85 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.63 | (0.86) | (1.29) |  |  |
| Total distributions | (2.63 | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $18.05 | $19.77 | $17.14 | $16.72 | $18.58 |
| Total return (2) | 4.84 | 21.28% | 11.34% | (10.01 | 58.40 |
| Net assets, at end of year (000s) | $604450 | $521965 | $369389 | $269388 | $205855 |
| Ratio of gross expenses to average net assets (3)(5) | 2.36 | 2.37% | 2.36% | 2.38 | 2.39 |
| Ratio of net expenses to average net assets (5) | 2.36 | 2.37% | 2.36% | 2.38 | 2.39 |
| Ratio of net investment loss to average net assets (4)(5) | (0.30) | (0.68)% | (0.41)% | (0.89) | (0.90) |
| Portfolio Turnover Rate | 226 | 108% | 178% | 49 | 2 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment loss per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $17.63 | $14.52 | $13.22 | $16.25 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.10 | 0.11 | 0.06 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.22 | 3.10 | 1.24 | (2.95 | 4.01 |
| Total from investment operations | 1.32 | 3.21 | 1.30 | (2.96 | 4.03 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.10) |  | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58) |  |  | (0.03 | (0.04 |
| Total distributions | (1.68) | (0.10) |  | (0.07 | (0.08 |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $17.27 | $17.63 | $14.52 | $13.22 | $16.25 |
| Total return (2) | 7.77% | 22.19% | 9.83% | (18.28 | 32.85 |
| Net assets, at end of year (000s) | $465667 | $468644 | $468047 | $565518 | $416354 |
| Ratio of gross expenses to average net assets (3)(4) | 1.33% | 1.34% | 1.35% | 1.35 | 1.38 |
| Ratio of net expenses to average net assets (4) | 1.33% | 1.34% | 1.35% | 1.35 | 1.38 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.58% | 0.69% | 0.43% | (0.05) | 0.19 |
| Portfolio Turnover Rate | 187% | 106% | 232% | 128 | 5 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $17.69 | $14.57 | $13.23 | $16.26 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.14 | 0.14 | 0.10 | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.25 | 2.99 | 1.24 | (2.98 | 4.08 |
| Total from investment operations | 1.39 | 3.13 | 1.34 | (2.93 | 4.07 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.01) |  | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58) |  |  | (0.03 | (0.04 |
| Total distributions | (1.72) | (0.01) |  | (0.10 | (0.11 |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $17.36 | $17.69 | $14.57 | $13.23 | $16.26 |
| Total return (2) | 8.19% | 22.49% | 10.13% | (18.12 | 33.15 |
| Net assets, at end of year (000s) | $84608 | $86325 | $9838 | $4376 | $6600 |
| Ratio of gross expenses to average net assets (3)(4) | 1.08% | 1.09% | 1.10% | 1.10 | 1.13 |
| Ratio of net expenses to average net assets (4) | 1.08% | 1.09% | 1.10% | 1.10 | 1.13 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.85% | 0.92% | 0.79% | 0.31 | (0.08) |
| Portfolio Turnover Rate | 187% | 106% | 232% | 128 | 5 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $17.11 | $14.12 | $12.95 | $16.00 | $12.16 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.03) | (0.01) | (0.03) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.18 | 3.14 | 1.20 | (2.91 | 3.96 |
| Total from investment operations | 1.15 | 3.13 | 1.17 | (3.02 | 3.88 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.58 |  |  | (0.03 | (0.04 |
| Total distributions | (1.58 | (0.14 |  | (0.03 | (0.04 |
| Paid-in-Capital From Redemption Fees |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year | $16.68 | $17.11 | $14.12 | $12.95 | $16.00 |
| Total return (2) | 6.94 | 21.22 | 9.03 | (18.90 | 31.93 |
| Net assets, at end of year (000s) | $198399 | $182813 | $143501 | $119876 | $97342 |
| Ratio of gross expenses to average net assets (3)(4) | 2.08 | 2.09 | 2.10 | 2.10 | 2.13 |
| Ratio of net expenses to average net assets (4) | 2.08 | 2.09 | 2.10 | 2.10 | 2.13 |
| Ratio of net investment loss to average net assets (4)(5) | (0.16) | (0.06) | (0.29) | (0.75) | (0.55) |
| Portfolio Turnover Rate | 187 | 106 | 232 | 128 | 5 |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Net investment loss per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of year | $9.78 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.20 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.33 | 0.06 | (0.37) |
| Total from investment operations | 0.53 | 0.30 | (0.22) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.26) | (0.04) |
| Total distributions | (0.21) | (0.26) | (0.04) |
| Net asset value, end of year | $10.10 | $9.78 | $9.74 |
| Total return (3) | 5.50% | 2.97% | (2.16)% |
| Net assets, at end of year (000s) | $107378 | $109322 | $129341 |
| Ratio of gross expenses to average net assets (4)(5) | 1.86% | 1.88% | 1.92% |
| Ratio of net expenses to average net assets (5) | 1.86% | 1.88% | 1.92% |
| Ratio of net investment income to average net assets (5)(6) | 1.98% | 2.42% | 1.57% |
| Portfolio Turnover Rate | 201% | 179% | 298% |

---

(1) The HCM Dynamic Income Fund's
 Class A shares commenced operations on June 30, 2022.

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

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of year | $9.77 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.22 | 0.24 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.35 | 0.07 | (0.24) |
| Total from investment operations | 0.57 | 0.31 | (0.21) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.28) | (0.05) |
| Total distributions | (0.24) | (0.28) | (0.05) |
| Net asset value, end of year | $10.10 | $9.77 | $9.74 |
| Total return (3) | 5.89% | 3.14% | (2.06)% |
| Net assets, at end of year (000s) | $14196 | $13879 | $4 |
| Ratio of gross expenses to average net assets (4)(5) | 1.61% | 1.62% | 1.66% |
| Ratio of net expenses to average net assets (5) | 1.61% | 1.62% | 1.66% |
| Ratio of net investment income to average net assets (5)(6) | 2.22% | 2.45% | 0.31% |
| Portfolio Turnover Rate | 201% | 179% | 298% |

---

(1) The HCM Dynamic Income Fund's
 Class I shares commenced operations on June 30, 2022.

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

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of year | $9.72 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | 0.12 | 0.08 | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.34 | 0.18 | 0.02 |
| Total from investment operations | 0.46 | 0.26 | (0.21 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.28) | (0.05 |
| Total distributions | (0.16) | (0.28) | (0.05 |
| Net asset value, end of year | $10.02 | $9.72 | $9.74 |
| Total return (3) | 4.80% | 2.61% | (2.06 |
| Net assets, at end of period (000s) | $16 | $15 | $10 |
| Ratio of gross expenses to average net assets (4)(5) | 2.61% | 2.62% | 2.67 |
| Ratio of net expenses to average net assets (5) | 2.61% | 2.62% | 2.67 |
| Ratio of net investment income (loss) to average net assets (5)(6) | 1.22% | 0.84% | (2.32) |
| Portfolio Turnover Rate | 201% | 179% | 298 |

---

(1) The HCM Dynamic Income Fund's
 Investor Class shares commenced operations on June 30, 2022.

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

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(7) Actual net assets, not truncated.

(8) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **June 30, 2025** |

---

**1.** **ORGANIZATION** 

The HCM Tactical Plus Fund ("HTPF"), formerly known as HCM Tactical Growth Fund, HCM Sector Plus Fund ("HSPF"), formerly known as HCM Dividend Sector Plus Fund, HCM Multi-Asset Plus Fund ("HMAPF"), formerly known as HCM Income Plus Fund and HCM Dynamic Income Fund ("HDIF") (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 under the laws of the state of Delaware. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company. HTPF's and HSPF's investment objective is to seek long-term capital appreciation. HMAPF's and HDIF's investment objective is to seek total return. Each Fund is a "fund of funds", in that they will generally invest in other investment companies. HTPF commenced operations on July 30, 2014. HSPF commenced operations on March 11, 2015. HMAPF commenced operations on November 9, 2016. HDIF commenced operations on June 30, 2022.

The Funds offer Class A, Class I and Investor Class shares. HTPF and HSPF also offer Class R shares although such Class R shares are not currently available for sale. HSPF also offers Class A1 shares. Class I, Class R and Investor Class shares are offered at net asset value. Class A and Class A1 shares are offered at net asset value plus a maximum sales charge of 5.75%. HTPF's Investor Class shares were formerly known as Class C shares. Each class represents an interest in the same assets of each Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution 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.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements 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 income and expenses for the year. Actual results could differ from those estimates. The Funds are each an investment company 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 FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments -** The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each 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

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

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. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. 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.

**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 the 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. Investments in open-end investment non-exchange traded companies are valued at net asset value. 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.

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

The Funds 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 Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such 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.

**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

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

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.

The Funds utilize various methods to measure the fair value of all 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 the Funds have 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 in 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 the Funds' 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

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

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 June 30, 2025 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $46912445 | $— | $— | $46912445 |
| Exchange-Traded Funds | 1734368814 |  |  | 1734368814 |
| Total | $1781281259 | $— | $— | $1781281259 |
| **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $187484828 | $— | $— | $187484828 |
| Exchange-Traded Funds | 1527549142 |  |  | 1527549142 |
| Total | $1715033970 | $— | $— | $1715033970 |
| **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $745732598 | $— | $— | $745732598 |
| Total | $745732598 | $— | $— | $745732598 |
| **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $120747470 | $— | $— | $120747470 |
| Total | $120747470 | $— | $— | $120747470 |

---

The Funds did not hold any Level 2 or 3 securities during the year.

\* See Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Investment security transactions are accounted for on a trade date basis. Cost is determined and realized 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.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) 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 reclassification. Any such reclassifications will have no effect on net assets, results from operations, or net asset value per share of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes –** The Funds have qualified income and intend to continue 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 June 30, 2022 through June 30, 2024, or expected to be taken in the Funds' June 30, 2025 tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments; however, 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.

**Exchange Traded Funds –** The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. 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.

Please refer to the Funds' prospectus for a full listing of risks associated with these investments.

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

**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 risk of loss due to these warranties and indemnities appears to be remote.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**3.** **INVESTMENT TRANSACTIONS** 

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

---

| | | |
|:---|:---|:---|
| Portfolio | Purchases | Sales |
| HCM Tactical Plus Fund | $3729198609 | $3621704132 |
| HCM Sector Plus Fund | 3362570825 | 3334416577 |
| HCM Multi-Asset Plus Fund | 1265711116 | 1303706510 |
| HCM Dynamic Income Fund | 240337600 | 228427111 |

---

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

Howard Capital Management, Inc. serves as the Funds' investment adviser (the "Adviser"). Pursuant to advisory agreements with the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, 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 Adviser, the Funds paid the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of each Fund's average daily net assets for HTPF,

HSPF and HDIF, and 0.95% for HMAPF. For the year ended June 30, 2025, the Adviser earned investment advisory fees of $20,695,962, $20,516,628, $6,936,818, and $1,597,069 for HTPF, HSPF, HMAPF and HDIF, respectively.

Effective February 26, 2024, the Adviser has agreed to revise the annual advisory fee for HTPF, HSPF and HDIF at the annual rate of 1.25% of the Fund's average daily net assets up to $2 billion, 1.20% on assets between $2 billion and $3 billion and 1.15% on assets greater than $3 billion.

Pursuant to written contracts (the "Waiver Agreements"), the Adviser has agreed until November 1, 2026 to waive a portion of its advisory fee and agreed to reimburse HDIF for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest and dividend expenses on securities sold short, taxes, or extraordinary expenses, such as litigation expenses, not incurred in the ordinary course of each Fund's business) do not exceed the following amounts per annum of the average daily net assets of each class of shares:

---

| | | | |
|:---|:---|:---|:---|
| | Class A | Class I | Investor Class |
| HDIF | 1.99% | 1.74% | 2.74% |

---

These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver. HTGF, HDSPF and HIPF currently do not have a Waiver Agreement in place. During the year ended June 30, 2025, the Adviser waived $0 in fees pursuant to the Waiver Agreements for HDIF and there are no waived fees available for recoupment.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

Distributor – The Trust, on behalf of the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated at an annual rate of 0.25%, 1.00% and 0.10% of the average daily net assets attributable to Class A, Investor Class and Class R shares, respectively, for HTPF, 0.25%, 0.40%, 1.00%, and 0.10% of the average daily net assets attributable to Class A, Class A1, Investor Class and Class R shares, respectively for HSPF, 0.25% and 1.00% of the average daily net assets attributable to Class A and Investor Class shares, respectively for HMAPF and 0.25% and 1.00% of the average daily net assets attributable to Class A and Investor Class shares, respectively for HDIF and is paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts, not otherwise required to be provided by the Adviser. Class R shares are not currently accruing fees as they are not currently available for sale. For the year ended June 30, 2025, pursuant to the Plans, distribution fees for Class A shares, Class A1 shares and Investor Class shares were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | Class A | Class A1 | Investor Class |
| HCM Tactical Plus Fund | $2627503 | $— | $4956813 |
| HCM Sector Plus Fund | 2438564 | 23 | 5551316 |
| HCM Multi-Asset Plus Fund | 1143542 |  | 1867618 |
| HCM Dynamic Income Fund | 283147 |  | 155 |

---

The Distributor acts as each Fund's principal underwriter in a continuous public offering of the Funds' shares. On sales of HTPF's Class A shares for the year ended June 30, 2025, the Distributor received $139,450 from front-end sales charges of which $20,462 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HSPF's Class A shares for the year ended June 30, 2025 the Distributor received $129,071 from front-end sales charges of which $18,588 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HMAPF's Class A shares for the year ended June 30, 2025, the Distributor received $22,706 from front-end sales charges, of which $3,272 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HDIF's Class A shares for the year ended June 30, 2025, the Distributor received $10,538 from front-end sales charges, of which $1,590 was retained by the principal underwriter or other affiliated broker-dealers.

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u> *–* UFS, 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 either Funds for serving in such capacities.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> *-* NLCS, 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 each Fund.

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

**5.** **DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the years ended June 30, 2025, and June 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| HCM Tactical Plus Fund | $136306404 | $37791728 | $— | $— | $174098132 |
| HCM Sector Plus Fund | 166269817 | 43801548 |  |  | 210071365 |
| HCM Multi-Asset Plus Fund | 14909700 | 54275744 |  |  | 69185444 |
| HCM Dynamic Income Fund | 2690562 |  |  |  | 2690562 |
| **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| HCM Tactical Plus Fund | $— | $— | $— | $— | $— |
| HCM Sector Plus Fund | 65189207 | 1641041 |  |  | 66830248 |
| HCM Multi-Asset Plus Fund | 3278561 |  |  |  | 3278561 |
| HCM Dynamic Income Fund | 3507389 |  |  |  | 3507389 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**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)** |
| HCM Tactical Plus Fund | $— | $35242654 | $(4687412) | $— | $— | $466083289 | $496638531 |
| HCM Sector Plus Fund | 2099135 |  | (3435457) |  |  | 274889558 | 273553236 |
| HCM Multi-Asset Plus Fund | 20414396 |  |  |  |  | 107140825 | 127555221 |
| HCM Dynamic Income Fund | 958798 |  |  | (8923973) |  | 9139801 | 1174626 |

---

The difference between book basis and tax basis unrealized appreciation, undistributed net investment income, and accumulated net realized gains from investments is primarily attributable to the tax deferral of losses on wash sales.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows: The HCM Tactical Plus Fund incurred and elected to defer such late year losses of $4,687,412.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. HCM Sector Plus Fund incurred elected to defer such capital losses of $3,435,457.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| HCM Tactical Plus Fund | $— | $— | $— | $— |
| HCM Sector Plus Fund |  |  |  |  |
| HCM Multi-Asset Plus Fund |  |  |  |  |
| HCM Dynamic Income Fund | 8923973 |  | 8923973 |  |

---

Permanent book and tax differences, primarily attributable to the book/tax treatment of use of tax equalization credits and adjustments for prior year tax returns, resulted in reclassification for the year ended June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| HCM Tactical Plus Fund | $10109749 | $(10109749) |
| HCM Sector Plus Fund | 2204936 | (2204936) |
| HCM Multi-Asset Plus Fund | 3114129 | (3114129) |
| HCM Dynamic Income Fund |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Cost for Federal**<br>**Tax purposes** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**(Depreciation)** | **Tax Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| HCM Tactical Plus Fund | $1315197970 | $504477237 | $(38393948) | $466083289 |
| HCM Sector Plus Fund | 1440144412 | 345107364 | (70217806) | 274889558 |
| HCM Multi-Asset Plus Fund | 638591773 | 118545283 | (11404458) | 107140825 |
| HCM Dynamic Income | 111607669 | 9843914 | (704113) | 9139801 |

---

**7.** **REDEMPTION FEES** 

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For the year ended June 30, 2025, no Fund assessed redemption fees.

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2025, National Financial Services and Pershing LLC owned 30.5% and 25.9% of HTPF, respectively. As of June 30, 2025 National Financial Services and Pershing LLC owned 31.1% and 28.2% of HSPF, respectively. As of June 30, 2025, Pershing LLC, Charles Schwab, and National Financial

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

Services owned 32.0%, 27.6%, and 25.5% of HMAPF, respectively. As of June 30, 2025, Pershing LLC owned 27.1% of HDIF.

**9.** **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 other than the following:

Effective July 21, 2025, HCM Tactical Growth Fund was renamed "HCM Tactical Plus Fund", HCM Dividend Sector Plus Fund was renamed "HCM Sector Plus Fund" and HCM Income Plus Fund renamed "HCM Multi-Asset Plus Fund".

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund, and HCM Dynamic Income Fund and the Board of Trustees of Northern Lights Fund Trust III

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of HCM Tactical Plus Fund (formerly, HCM Tactical Growth Fund), HCM Sector Plus Fund (formerly, HCM Dividend Sector Plus Fund), HCM Multi-Asset Plus Fund (formerly, HCM Income Plus Fund), and HCM Dynamic Income Fund (collectively, the Funds), including the schedules of investments, as of June 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 for HCM Tactical Plus Fund, HCM Sector Plus Fund, and HCM Multi-Asset Plus Fund and for each of the three years in the period then ended for HCM Dynamic Income Fund.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 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 for HCM Tactical Plus Fund, HCM Sector Plus Fund, and HCM Multi-Asset Plus Fund and for each of the three years in the period then ended for HCM Dynamic Income Fund.

**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 securities owned as of June 30, 2025, by correspondence with the custodians and brokers. 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 Howard Capital Management, Inc. investment companies since 2015.

Denver, Colorado

August 28, 2025

---

| |
|:---|
| ***The HCM Funds*** |
| **Additional Information (Unaudited)** |
| **June 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 – HCM Dividend Sector Plus Fund, HCM Income Plus Fund, HCM Tactical Growth Fund and HCM Dynamic Income Fund\***

In connection with a meeting held on February 26-27, 2025, the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the 1940 Act, discussed the renewal of the investment advisory agreements (the "Advisory Agreements") between Howard Capital Management, Inc. (the "Adviser") and the Trust, with respect to HCM Dividend Sector Plus Fund ("HCM DSP"), HCM Income Plus Fund ("HCM IP"), HCM Tactical Growth Fund ("HCM TG") and HCM Dynamic Income Fund ("HCM DI") (collectively, the "HCM Funds"). In considering the renewal of the Advisory Agreements, the Board reviewed materials specifically relating to the HCM 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 conclusions with respect to the Advisory Agreements.

*<u>Nature, Extent and Quality of Services</u>.* The Board noted that the Adviser was founded in 1999 and had approximately $7 billion in total assets under management. The Board reviewed the background information of key investment personnel servicing the HCM Funds and recognized their broad investment experience. The Board discussed the Adviser's continued utilization of its proprietary quantitative models which generated buy/sell signals to determine when and in which market sectors the HCM Funds should be invested in. The Board noted the Adviser augmented the models with third-party research on macroeconomic factors, international markets, and interest rate direction. The Board reviewed the Adviser's use of the proprietary quantitative models to mitigate downside risk in the HCM Funds. The Board noted that the Adviser had defined inputs in its proprietary model to ensure compliance with each HCM Fund's investment limitations. The Board noted that the Adviser engaged a third-party consultant to annually audit the Adviser's cybersecurity protocols. The Board observed that the Adviser selected broker/dealers based on best execution. The Trust's CCO and the Board observed that the Adviser had reported no material compliance issues or data security incidents since the advisory agreements were last approved. The Board concluded that it could reasonably expect the Adviser to continue providing quality service to the HCM Funds and their respective shareholders.

*<u>Performance</u>*.

HCM DSP— The Board observed that HCM DSP earned a 3-star Morningstar rating and outperformed its peer group, Morningstar category and benchmark over the prior 1-year, 5-year and since inception periods. Over the prior 3-year period, the Board further observed that HCM DSP underperformed its peer group, Morningstar category and its benchmark. The Board noted that HCM DSP had produced positive returns over the long-term.

---

| |
|:---|
| ***The HCM Funds*** |
| **Additional Information (Unaudited)(Continued)** |
| **June 30, 2025** |

---

HCM IP— The Board commented that HCM IP earned a 4-star Morningstar category and outperformed its peer group, Morningstar category and benchmark over the prior 1 -year, 5-year and since inception periods. The Board further commented that HCM IP outperformed its benchmark and peer group, but that returns were below its Morningstar category median, over the prior 3-year period.

HCM TG— The Board noted that HCM TG earned a 3-star Morningstar category and outperformed its peer group, Morningstar category and benchmark over the prior 1 -year, 5-year, and since inception periods. The Board further noted that HCM TG underperformed its peer group, Morningstar category and benchmark over the 3-year period. The Board commented that HCM TG significantly outperformed the hedged equity index over the prior 1-year, 5-year and since inception periods but underperformed over the 3-year period. The Board acknowledged the Adviser's explanation that HCM TG's underperformance over the 3-year period was attributable to the volatile market in 2022 and the subsequent whipsaw created when the proprietary model signaled to reenter the market.

HCM DI— The Board commented that HCM DI outperformed its peer group, Morningstar category and benchmark over the prior 1-year period. The Board further commented that HCM DI outperformed the benchmark but underperformed the peer group and Morningstar category over the since inception period. The Board noted that because HCM DI was recently launched, the strategy should be given additional time, and recent performance had shown improvement.

The Board considered the Adviser's analysis of the factors that impacted performance, and the Adviser's ongoing efforts to achieve positive results. After further discussion, the Board concluded that the performance of each HCM Fund was satisfactory.

*<u>Fees and Expenses</u>.* The Board noted that the advisory fee of each HCM Fund was higher than its peer group and Morningstar category medians and averages, and in the case of HCM TG and HCM DSP, the highest fee in the category. The Board considered the Adviser's explanation for its fees which included that its proprietary model had been developed over many years through extensive research and was continually being reviewed and refined, as deemed appropriate. The Board discussed that the Adviser believed the utilization of its proprietary model commanded a premium. The Board noted that the Adviser had agreed to introduce breakpoints to the fees paid by HCM DSP, HCM TG and HCM DI when HCM Fund's assets exceeded $2 billion. The Board acknowledged that HCM DI currently had an expense limitation in place of 1.74% for Class I shares, 1.99% for Class A shares and 2.74% for Investor Class shares. The Board concluded that the advisory fee for each HCM Fund was not unreasonable.

*<u>Economies of Scale.</u>* The Board noted that the Adviser agreed to breakpoints for HCM DSP, HCM TG, and HCM DI, reducing the advisory fee from 1.25% to 1.20% for assets over $2 billion to $3 billion and to 1.15% on assets over $3 billion.

*<u>Profitability.</u>* The Board reviewed the Adviser's profitability analysis in connection with its advisory services provided to each of the HCM Funds and noted that the Adviser had earned a reasonable profit in connection with each HCM Fund. The Board acknowledged the Adviser's continuing investments in resources to effectively manage the HCM Funds. The Board concluded that the Adviser's profitability for each of the HCM Funds 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 each Advisory Agreement was in the best interests of the HCM Funds and their respective shareholders.

\* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the HCM Funds. Effective July 21, 2025, HCM Dividend Sector Plus was renamed "HCM Sector Plus Fund", HCM Income Plus Fund was renamed "HCM Multi-Asset Plus Fund" and HCM Tactical Growth Fund was renamed "HCM Tactical Plus Fund."

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-855-969-8464, by visiting https://howardcmfunds.com/, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Howard Capital Management, Inc. |
| 1145 Hembree Road |
| Roswell, Georgia 30076 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |

---

**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 of this Form.

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

Included under Item 7 of this Form.

**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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(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. [Exhibit 99. CERT](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex_99-906cert.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.

(Registrant) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>09/05/25</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 (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>09/05/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Rich Gleason |
| Rich Gleason, Principal Financial Officer/Treasurer |

---

Date <u>09/05/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund (each a series of Northern Lights Fund Trust III);

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;

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;

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:

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;

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;

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

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

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; 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; 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: | 09/05/25 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income Fund (each a series of Northern Lights Fund Trust III);

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;

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;

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:

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;

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;

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

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

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; 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; 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: | 09/05/25 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Brian Curley Principal Executive Officer/President, and Rich Gleason, Principal Financial Officer/Treasurer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his 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 June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; 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/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Brian Curley | /s/ Rich Gleason | /s/ Rich Gleason |
| Brian Curley | Brian Curley | Rich Gleason | Rich Gleason |
| Date: | 09/05/25 | Date: | 09/05/25 |

---

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.