# EDGAR Filing Document

**Accession Number:** 0001843263
**File Stem:** 0001999371-26-005497
**Filing Date:** 2026-3
**Character Count:** 169320
**Document Hash:** 9aa71735453dda82fb3cecf284fdd01a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005497.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001999371-26-005497

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23631
- **FILM NUMBER:** 26738276

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

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

## Series and Classes Contracts Data

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

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

### TFA Quantitative Fund (Series ID: S000071479)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000226697 | TFA Quantitative Fund Class I | TFAQX           |

### TFA Tactical Income Fund (Series ID: S000071480)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000226699 | TFA Tactical Income Fund Class I | TFAZX           |

### Tactical Growth Allocation Fund (Series ID: S000071481)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000226701 | Tactical Growth Allocation Fund Class I | TFAFX           |

?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>811-23631</u>**

**Tactical Investment Series Trust**

(Exact name of registrant as specified in charter)

---

| | | |
|:---|:---|:---|
| **11726 Seven Gables Road** | **Cincinnati, OH** | **45249** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

**Capitol Services, Inc.**

**108 Lakeland Ave.**

**Dover, Delaware 19901**

(Name and address of agent for service)

With Copies To:

---

| | |
|:---|:---|
| **Bo J. Howell** | **Drew K. Horter** |
| **FinTech Law, LLC** | **Tactical Fund Advisors, LLC** |
| **6224 Turpin Hills Dr.** | **11726 Seven Gables Road** |
| **Cincinnati, Ohio 45244** | **Cincinnati, Ohio 45249** |

---

Registrant's telephone number, including area code: **<u>(513) 984-9933</u>**

Date of fiscal year end: **<u>12/31/2025</u>**

Date of reporting period: **<u>12/31/2025</u>**

ITEM 1. REPORTS TO SHAREHOLDERS

The Annual report to Shareholders of the Tactical Investment Series Trust (the "registrant"), for the year ended December 31, 2025 pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1) is filed herewith.

**TFA Tactical Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual shareholder report DECEMBER 31, 2025**<br> **TFA Tactical Income Fund**<br> Class I (TFAZX)  | ![](tactical-tsr_123125img001.jpg)  |
| *This annual shareholder report contains important information about the TFA Tactical Income Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.tfafunds.com/funds/tfa-tactical-income-fund**. You can also request this information without charge by contacting the Fund at (833) 974-3787.* ***This report describes material changes to the Fund that occurred during the reporting period.****  | *This annual shareholder report contains important information about the TFA Tactical Income Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.tfafunds.com/funds/tfa-tactical-income-fund**. You can also request this information without charge by contacting the Fund at (833) 974-3787.* ***This report describes material changes to the Fund that occurred during the reporting period.****  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I shares | $219 | 2.13% |

---

**How has the Fund performed since inception?**

**TFA Tactical Income Fund Growth of** **$10,000 Investment**

![](tactical-tsr_123125img002.gif)

**Average Annual** **Total Returns**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception (a)** |
| **TFA Tactical Income Fund Class I** | 5.78% | 0.28% | 1.35% |
| **Bloomberg Barclays U.S. Aggregate <br>Bond Index** | 7.30% | (0.36)% | 1.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund commenced operation on June 10, 2019 .

The Bloomberg Barclays U.S. Aggregate Bond Index is a widely used indicator of the bond market. The index is market capitalization-weighted and is made up of U.S. bonds that are primarily investment grade and has a greater number of securities than is found in the Fund's portfolio. Please note that the index does not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. **Past performance is no guarantee of future results.** Performance figures for periods greater than 1 year are annualized. Updated performance data current to the most recent month-end can be obtained by calling (833) 974-3787.

**How did the Fund perform last year?**

For the year ended December 31, 2025, the Fund returned 5.78%, trailing the Bloomberg Barclays U.S. Aggregate Bond Index which returned 7.30%, its best performance since 2020. As a "Non-Traditional" bond fund, the Fund had a large exposure to lower-quality grade bonds (aka "high yield") in 2025. This sector became overvalued relative to investment grade and government bonds during the year causing the Fund's underperformance compared to its benchmark.

In addition, the Fund's subadvisers employ multiple tactical strategies including econometric allocation, trend-following for high yield sector, unconstrained trend/momentum-based relative strength, AI-based equity exposure, and individual stock selection strategies based on fundamental and relative strength. During the year, the trend-following strategies led to underperformance due to whipsaw trades that occurred.

**What factors influenced performance during the past year?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gains in the bond market were driven by Federal Reserve interest rate cuts, declining yields in parts of the curve, attractive coupon income, and tightening credit spreads in riskier segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stocks were supported by a positive macro backdrop including record corporate earnings, a surprisingly strong economy and resilient consumer spending, declining inflation, persistent enthusiasm for artificial intelligence, and a Federal Reserve that shifted decisively toward a more friendly stance in the second half of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One of the Fund's key features to its management style is the use of multiple investment strategies and to rotate amongst multiple strategies as market environments evolve. Such an approach can create higher turnover than more traditional management styles. In 2025, the Fund utilized between 5 and 8 strategies. The changes between strategies during the year created higher turnover than traditional bond funds. In addition, the timing of some of the rotations created a degree of underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk management is a key component of the tactical allocation style. Management strategies utilizing trend-following, momentum, and econometric allocations are designed to reduce exposure to securities trending downward in a meaningful fashion and/or are no longer in favorable macroeconomic environments.

**TFA Tactical Income Fund** Tailored Shareholder Report

**What are some Fund statistics?**

**Fund Statistics**

---

| | |
|:---|:---|
| **Total Net Assets** | $23130860 |
| **Number of Portfolio Holdings** | 22 |
| **Investment Advisory Fees Paid** | $229036 |
| **Portfolio Turnover Rate** | 427.65% |

---

**What did the Fund invest in?**

**Sector Allocation** (as a % of Portfolio)

![](tactical-tsr_123125img003.gif)

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** |  |
| State Street SPDR Bloomberg High Yield Bond ETF | 19.33% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 17.19% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 8.93% |
| iShares 7-10 Year Treasury Bond ETF | 7.32% |
| iShares Core U.S. Aggregate Bond ETF | 6.87% |
| iShares 3-7 Year Treasury Bond ETF | 5.78% |
| Innovator U.S. Equity Accelerated 9 Buffer ETF-October | 4.48% |
| Vanguard Total Stock Market ETF | 3.33% |
| First Trust Institutional Preferred Securities and Income ETF | 3.28% |
| PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 3.27% |

---

&nbsp;&nbsp; **How has the Fund changed?**<br> Effective August 12, 2025, Keith Schmidt resigned as President of the Trust. At a meeting of the Board held on August 13, 2025, the Board approved Drew Horter as the President of the Trust.<br> **Additional information about the Fund**<br> Additional information about the Fund, including its prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information, is available on the Fund's website at https://www.tfafunds.com/funds/tfa-tactical-income-fund. You can request this information without charge by contacting the Fund at (833) 974-3787.<br> **Householding**<br> To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (833) 974-3787 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund. <br>

**Tactical Growth Allocation Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025**<br> **Tactical Growth Allocation Fund**<br> Class I (TFAFX) | ![](growth-tsr_123125img001.jpg)  |
| *This annual shareholder report contains important information about the Tactical Growth Allocation Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.tfafunds.com/funds/tactical-growth-allocation-fund**. You can also request this information without charge by contacting the Fund at (833) 974-3787.* ***This report describes material changes to the Fund that occurred during the reporting period.****  | *This annual shareholder report contains important information about the Tactical Growth Allocation Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.tfafunds.com/funds/tactical-growth-allocation-fund**. You can also request this information without charge by contacting the Fund at (833) 974-3787.* ***This report describes material changes to the Fund that occurred during the reporting period.****  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I shares | $224 | 2.12% |

---

**How has the Fund performed since inception?**

**Tactical Growth Allocation Fund Growth of** **$10,000 Investment**

![](growth-tsr_123125img002.gif)

**Average Annual** **Total Returns**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception (a)** |
| **Tactical Growth Allocation Fund Class I** | 11.54% | 7.17% | 7.26% |
| **Morningstar Moderately Aggressive Target Risk TR USD Index** | 18.45% | 7.93% | 9.58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund commenced operation on June 10, 2019 .

The Morningstar Moderately Aggressive Target Risk Total Return USD Index (the "Morningstar Mod Agg TR") seeks approximately 80% exposure to global equity markets. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. **Past performance is no guarantee of future results.** Performance figures for periods greater than 1 year are annualized. Updated performance data current to the most recent month-end can be obtained by calling (833) 974-3787.

**How did the Fund perform last year?**

For the year ended December 31, 2025, the Fund returned 11.54%, trailing the Morningstar Mod AGG TR which returned 18.45%. The underperformance versus the benchmark was primarily attributable to whipsaw trades during the year and lower foreign market exposure than the benchmark.

**What factors influenced performance during the past year?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stocks were supported by a positive macro backdrop including record corporate earnings, a surprisingly strong economy and resilient consumer spending, declining inflation, persistent enthusiasm for artificial intelligence, and a Federal Reserve that shifted decisively toward a more friendly stance in the second half of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The management style employed by the Fund employs multiple tactical strategies that change throughout the year. In 2025, the trend-following strategies were whipsawed in the spring as the stock market reacted negatively to the announcement of tariffs. By design, the strategies reduced exposure into the event as prices declined. However, the news-driven environment changed quickly, and prices rebounded in a swift fashion, causing the trend-following strategies to reenter positions at higher prices than where they had been sold. In addition, the Fund employed a stock selection strategy focused on growth stocks during much of the year. These positions performed well for much of the year but declined as the sector underwent a correction late in the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocations to the strategies utilized in the Fund have two layers of oversight. First, the sub-advisers review the performance of each strategy on a short-term basis (daily/weekly). Second, the Adviser to the Fund reviews the performance of each sub-adviser's performance daily. Reallocations to strategies by the sub-advisers occur several times during the year on an as-needed, case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tactical risks are monitored by both the Adviser and the sub-advisers. Sub-advisers monitor risks on a daily basis while the Adviser monitors risks more broadly using the status of the market cycle.

**Tactical Growth Allocation Fund** Tailored Shareholder Report

**What are some Fund statistics?**

**Fund Statistics**

---

| | |
|:---|:---|
| **Total Net Assets** | $37986265 |
| **Number of Portfolio Holdings** | 103 |
| **Investment Advisory Fees Paid** | $397568 |
| **Portfolio Turnover Rate** | 266.70% |

---

**What did the Fund invest in?**

**Sector Allocation** (as a % of Portfolio)

![](growth-tsr_123125img003.gif)

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| HCM Defender 500 Index ETF | 7.55% |
| Invesco QQQ Trust Series 1 | 7.44% |
| HCM Defender 100 Index ETF | 7.30% |
| Direxion HCM Tactical Enhanced US ETF | 6.54% |
| ProShares Ultra S&P 500 | 4.12% |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 3.57% |
| NVIDIA Corp. | 2.99% |
| Microsoft Corp. | 2.69% |
| Apple, Inc. | 2.33% |
| Fidelity Government Portfolio | 2.32% |

---

&nbsp;&nbsp; **How has the Fund changed?**<br> Effective August 12, 2025, Keith Schmidt resigned as President of the Trust. At a meeting of the Board held on August 13, 2025, the Board approved Drew Horter as the President of the Trust.<br> **Additional information about the Fund**<br> Additional information about the Fund, including its prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information, is available on the Fund's website at https://www.tfafunds.com/funds/tactical-growth-allocation-fund. You can request this information without charge by contacting the Fund at (833) 974-3787.<br> **Householding**<br> To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (833) 974-3787 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund. <br>

**TFA Quantitative Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025**<br> **TFA Quantitative Fund**<br> Class I (TFAQX) | ![](quant-tsr_123125img001.jpg)  |
| *This annual shareholder report contains important information about the TFA Quantitative Fund (the "Fund") for the year ended December 31, 2025.You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at ***https://www.tfafunds.com/funds/tfa-quantitative-fund***. You can also request this information without charge by contacting the Fund at (833) 974-3787. ***This report describes material changes to the Fund that occurred during the reporting period**** | *This annual shareholder report contains important information about the TFA Quantitative Fund (the "Fund") for the year ended December 31, 2025.You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at ***https://www.tfafunds.com/funds/tfa-quantitative-fund***. You can also request this information without charge by contacting the Fund at (833) 974-3787. ***This report describes material changes to the Fund that occurred during the reporting period**** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I shares | $212 | 2.01% |

---

**How has the Fund performed since inception?**

**TFA Quantitative Fund Growth of** **$10,000 Investment**

![](quant-tsr_123125img002.gif)

**Average Annual** **Total Returns**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception (a)** |
| **TFA Quantitative** **Fund Class** **I** | 11.43% | 6.87% | 9.28% |
| **Morningstar Aggressive Target Risk TR USD Index** | 20.43% | 9.58% | 14.04% |
| **S&P 500® Total** **Return Index** | 17.88% | 14.42% | 17.87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund commenced operation on May 18, 2020 .

The Morningstar Aggressive Target Risk Total Return USD Index (the "Morningstar Agg TR") seeks approximately 95% exposure to global equity markets. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria. The S&P 500® Total Return Index (the "S&P 500"), a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. **Past performance is no guarantee of future results.** Performance figures for periods greater than 1 year are annualized. Updated performance data current to the most recent month-end can be obtained by calling (833) 974-3787.

**How did the Fund perform last year?**

For the year ended December 31, 2025, the Fund returned 11.43%, trailing the Morningstar Agg TR and the S&P 500 which returned 20.43% and 17.88%, respectively. The primary reason for the underperformance versus the benchmarks was the fact that the Fund's market timing strategies were whipsawed by the two meaningful pullbacks seen in the market during the year.

**What factors influenced performance during the past year?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stocks were supported by a positive macro backdrop including record corporate earnings, a surprisingly strong economy and resilient consumer spending, declining inflation, persistent enthusiasm for artificial intelligence, and a Federal Reserve that shifted decisively toward a more friendly stance in the second half of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's sub-adviser strategies were negatively impacted by two meaningful and short-term corrections seen in the stock market during the year. The strategies primarily impacted were based on trend and breadth metrics of the overall market. During both the spring and fall corrections, the strategies reduced exposure after prices had declined in a swift fashion only to reenter positions at higher prices as the market recovered very quickly. Such is often the case during news-driven environments and is a risk of employing trend-based approaches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance during the two corrective phases was negatively impacted by reducing exposure into the decline and then adding positions after the rebound had occurred.

**TFA Quantitative Fund** Tailored Shareholder Report

**What are some Fund statistics?**

**Fund Statistics**

---

| | |
|:---|:---|
| **Total Net Assets** | $58635292 |
| **Number of Portfolio Holdings** | 40 |
| **Investment Advisory Fees Paid** | $805107 |
| **Portfolio Turnover Rate** | 320.63% |

---

**What did the Fund invest in?**

**Sector Allocation** (as a % of Portfolio)

![](quant-tsr_123125img003.gif)

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** |  |
| ProShares Ultra S&P 500 | 18.44% |
| iShares U.S. Technology ETF | 9.15% |
| HCM Defender 500 Index ETF | 8.64% |
| HCM Defender 100 Index ETF | 8.48% |
| Invesco QQQ Trust Series 1 | 8.19% |
| Direxion HCM Tactical Enhanced US ETF | 7.81% |
| Innovator Growth-100 Power Buffer ETF - November  | 7.39% |
| Fidelity Government Portfolio | 6.99% |
| Vanguard Total Stock Market ETF | 4.17% |
| iShares Expanded Tech Sector ETF | 1.76% |

---

&nbsp;&nbsp; **How has the Fund changed?**<br> Effective August 12, 2025, Keith Schmidt resigned as President of the Trust. At a meeting of the Board held on August 13, 2025, the Board approved Drew Horter as the President of the Trust.<br> **Additional information about the Fund**<br> Additional information about the Fund, including its prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information, is available on the Fund's website at https://www.tfafunds.com/funds/tfa-quantitative-fund. You can request this information without charge by contacting the Fund at (833) 974-3787.<br> **Householding**<br> To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (833) 974-3787 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund. <br>

**TFA AlphaGen Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT December 31, 2025**<br> **TFA AlphaGen Growth Fund**<br> Class I (TFAGX) | ![](alpha-tsr_123125img001.jpg)  |
| *This annual shareholder report contains important information about the TFA AlphaGen Growth Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at ***https://www.tfafunds.com/funds/tfa-alphagen-growth-fund*** . You can also request this information without charge by contacting the Fund at (833) 974-3787. ***This report describes material changes to the Fund that occurred during the reporting period.****  | *This annual shareholder report contains important information about the TFA AlphaGen Growth Fund (the "Fund") for the year ended December 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at ***https://www.tfafunds.com/funds/tfa-alphagen-growth-fund*** . You can also request this information without charge by contacting the Fund at (833) 974-3787. ***This report describes material changes to the Fund that occurred during the reporting period.****  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I shares | $230 | 2.11% |

---

**How has the Fund performed?**

**TFA AlphaGen Growth Fund Growth of** **$10,000 Investment**![](alpha-tsr_123125img002.gif)

**Average Annual** **Total Returns**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception (a)** |
| **TFA AlphaGen Growth Fund Class I** | *18.17%* | *6.89%* |
| **Morningstar Aggressive Target Risk TR USD Index** | *20.43%* | *7.86%* |
| **S&P 500® Total Return Index** | *17.88%* | *11.85%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund commenced operation on August 23, 2021 .

The Morningstar Aggressive Target Risk Total Return USD Index (the "Morningstar Agg TR") seeks approximately 95% exposure to global equity markets. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria. The S&P 500® Total Return Index (the "S&P 500"), a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. **Past performance is no guarantee of future results.** Performance figures for periods greater than 1 year are annualized. Updated performance data current to the most recent month-end can be obtained by calling (833) 974-3787.

**How did the Fund perform last year?**

For the year ended December 31, 2025, the Fund returned 18.17%, outperforming the 17.88% return of the S&P 500 while trailing the 20.43% return of the Morningstar Agg TR. The outperformance versus the S&P 500 can be attributed primarily to the Fund's focus on longer-term holding strategies, the increased exposure to individual stock selection strategies targeting Artificial Intelligence issues, and enhanced exposure to the U.S. large-capitalization technology sector. The Fund's underperformance relative to the Morningstar Agg TR benchmark can be attributed to the fact that the benchmark is more broadly diversified across cap-sizes, styles, and regional allocations than the Fund during the year. The Fund's management style focuses on market leadership, which for a lengthy period had been focused very narrowly on the U.S. megacap technology sector. During the second half of the year, market leadership broadened causing the Fund's focused positioning to lag the more diversified Morningstar benchmark.

**What factors influenced performance during the past year?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stocks were supported by a positive macro backdrop including record corporate earnings, a surprisingly strong economy and resilient consumer spending, declining inflation, persistent enthusiasm for artificial intelligence, and a Federal Reserve that shifted decisively toward a more friendly stance in the second half of the year.

**TFA AlphaGen Growth Fund** Tailored Shareholder Report

**What are some Fund statistics?**

**Fund Statistics**

---

| | |
|:---|:---|
| **Total Net Assets** | $45487585 |
| **Number of Portfolio Holdings** | 41 |
| **Investment Advisory Fees Paid** | $599601 |
| **Portfolio Turnover Rate** | 378.86% |

---

**What did the Fund invest in?**

**Sector Allocation** (as a % of Portfolio)

![](alpha-tsr_123125img003.gif)

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** |  |
| ProShares Ultra S&P500 | 22.64% |
| Fidelity Government Portfolio | 12.11% |
| Innovator Growth-100 Power Buffer ETF - November | 9.60% |
| Vanguard Total Stock Market ETF | 5.56% |
| State Street Technology Select Sector SPDR ETF | 3.80% |
| iShares Expanded Tech Sector ETF | 2.30% |
| ProShares Ultra QQQ | 2.14% |
| iShares U.S. Technology ETF | 2.11% |
| State Street SPDR NYSE Technology ETF | 2.08% |
| iShares Core S&P 500 ETF | 2.05% |

---

&nbsp;&nbsp; **How has the Fund changed?**<br> Effective August 12, 2025, Keith Schmidt resigned as President of the Trust. At a meeting of the Board held on August 13, 2025, the Board approved Drew Horter as the President of the Trust.<br> **Additional information about the Fund**<br> Additional information about the Fund, including its prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information, is available on the Fund's website at https://www.tfafunds.com/funds/tfa-alphagen-growth-fund. You can request this information without charge by contacting the Fund at (833) 974-3787.<br> **Householding**<br> To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (833) 974-3787 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund. <br>

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

(d) The registrant's Code of Ethics is filed herewith.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Trustees has determined that Michael Jones serves on its audit committee as the "audit committee financial expert" as defined in Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $55,600 with respect to the registrant's fiscal year ended December 31, 2025 and $54,400 with respect to the registrant's fiscal year ended December 31, 2024. The December 31, 2025 and December 31, 2024 audit fees were paid to Cohen and Company.

(b) Audit-Related Fees.&nbsp;&nbsp;&nbsp;&nbsp;There were no fees billed during the fiscal year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate fees billed in the last fiscal year for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $12,800 with respect to the registrant's fiscal year ended December 31, 2025 and $12,400 with respect to the registrant's fiscal year ended December 31, 2024. The services comprising these fees are the preparation of the registrant's federal income and excise tax returns. The December 31, 2025 and the December 31, 2024 tax fees were paid to Cohen and Company.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in last fiscal year 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 for the fiscal year ended December 31, 2025 and $0 for the fiscal year ended December 31, 2024.<br>|
| (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.<br>|
| (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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 for the fiscal year ended December 31, 2025 and the fiscal year
ended December 31, 2024, 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) There were no non-audit services rendered to the registrant's investment adviser.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

Included in annual financial statements and additional information filed under item 7 of this form.

**TFA Tactical Income Fund**

Class I: TFAZX

**Tactical Growth Allocation Fund**

Class I: TFAFX

**TFA Quantitative Fund**

Class I: TFAQX

**TFA AlphaGen Growth Fund**

Class I: TFAGX

**TACTICAL INVESTMENT SERIES TRUST**

**Annual Financial Statements and Additional Information**

**December 31, 2025**

1-833-974-3787

www.tfafunds.com

![](tist-fs_123125img001.gif)

*IMPORTANT NOTE: The SEC adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual reports (the "Reports"). The Reports are now streamlined to highlight key information about the Funds. Certain information previously included in the Reports, including the Funds' financial statements, will no longer appear in the Reports, but will be available online within the Annual and Semi-Annual Financial Statements and Other Information, delivered free of charge, and filed with the SEC*

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

**Tactical Funds**

**Table of Contents**

DECEMBER 31, 2025 (UNAUDITED)

---

| | |
|:---|:---|
| [Schedules of Investments](#tist-fs_123125a158) | 1 |
| [Statements of Assets and Liabilities](#tist-fs_123125a159) | 15 |
| [Statements of Operations](#tist-fs_123125a160) | 17 |
| [Statements of Changes in Net Assets](#tist-fs_123125a161) | 21 |
| [Financial Highlights](#tist-fs_123125a162) | 26 |
| [Notes to the Financial Statements](#tist-fs_123125a163) | 34 |
| [Report of Independent Registered Public Accounting Firm](#tist-fs_123125a164) | 50 |
| [Additional Information (Unaudited)](#tist-fs_123125a165) | 51 |

---

**TFA Tactical Income Fund**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 97.82%** | **EXCHANGE-TRADED FUNDS - 97.82%** |  |
| **Asset Allocation Fund - 2.51%** | **Asset Allocation Fund - 2.51%** |  |
| 6500  | State Street SPDR Bloomberg Convertible Securities ETF | $579800<br>|
| **Commodity Funds - 1.76%** | **Commodity Funds - 1.76%** |  |
| 8500  | Invesco DB Commodity Index Tracking Fund | 190060 |
| 550  | SPDR Gold Shares (a) | 217971 |
|  |  | 408031 |
| **Debt Funds - 78.40%** | **Debt Funds - 78.40%** |  |
| 39172  | First Trust Institutional Preferred Securities and Income ETF | 759545 |
| 11200  | iShares 3-7 Year Treasury Bond ETF | 1336720 |
| 17600  | iShares 7-10 Year Treasury Bond ETF (b) | 1692416 |
| 8400  | iShares 20+ Year Treasury Bond ETF | 732144 |
| 15900  | iShares Core U.S. Aggregate Bond ETF (b) | 1588092 |
| 49300  | iShares iBoxx $ High Yield Corporate Bond ETF (b) | 3975059 |
| 21448  | iShares J.P. Morgan USD Emerging Markets Bond ETF | 2065013 |
| 7985  | PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 757138 |
| 46000  | State Street SPDR Bloomberg High Yield Bond ETF (b) | 4471660 |
| 12633  | Vanguard Intermediate-Term Treasury ETF | 757096 |
|  |  | 18134883 |
| **Equity Funds - 15.15%**  | **Equity Funds - 15.15%**  |  |
| 3200  | Direxion NASDAQ - 100 Equal Weighted Index Shares | 327392 |
| 16000  | Innovator Growth - 100 Power Buffer ETF - November (a) | 459200 |
| 30900  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October (a) | 1036840 |
| 1690  | Invesco S&P 500 Equal Weight ETF | 323736 |
| 3400  | iShares MSCI USA Min Vol Factor ETF | 320144 |
| 4600  | ProShares Ultra S&P500 | 266432 |
| 2300  | Vanguard Total Stock Market ETF (b) | 771121 |
|  |  | 3504865 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,261,737)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,261,737)** | 22627579 |

---

**TFA Tactical Income Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS - 2.37%** | **SHORT-TERM INVESTMENTS - 2.37%** |  |
| 80422  | Federated Hermes Government Obligations Fund - Institutional Class, 3.62% (c) | $80422<br>|
| 467869  | Fidelity Government Portfolio - Institutional Class, 3.67% (c) | 467869 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $548,291)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $548,291)** | 548291 |
| **INVESTMENTS AT VALUE (Cost $22,810,028) - 100.19%** | **INVESTMENTS AT VALUE (Cost $22,810,028) - 100.19%** | $23175870<br>|
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.19%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.19%)** | (45010) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $23130860<br>|

---

Percentages are stated as a percent of net assets.

(a)Non-income producing security.

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

(c)Rate shown represents the 7-day effective yield at December 31, 2025, is subject to change and resets daily.

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

DB - Deutsche Bank

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

NASDAQ - National Association of Securities Dealers Automated Quotations

PIMCO - Pacific Investment Management Company LLC

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCK - 28.34%** | **COMMON STOCK - 28.34%** |  |
| **Auto Manufacturers - 0.13%** | **Auto Manufacturers - 0.13%** |  |
| 110  | Tesla, Inc. (a) | $49469<br>|
| **Banks - 2.27%**  | **Banks - 2.27%**  |  |
| 14742  | Citizens Financial Group, Inc. | 861080 |
| **Beverages - 1.18%**  | **Beverages - 1.18%**  |  |
| 6424  | Coca-Cola Co. | 449102 |
| **Biotechnology - 0.95%**  | **Biotechnology - 0.95%**  |  |
| 11914  | Oruka Therapeutics, Inc. (a) | 361113 |
| **Commercial Services - 0.50%**  | **Commercial Services - 0.50%**  |  |
| 4755  | Klarna Group PLC - Great Britain (a) | 137467 |
| 120  | Quanta Services, Inc. | 50647 |
|  |  | 188114 |
| **Computers - 2.33%**  | **Computers - 2.33%**  |  |
| 3255  | Apple, Inc. | 884904 |
| **Diversified Financial Services - 0.29%**  | **Diversified Financial Services - 0.29%**  |  |
| 590  | Nasdaq, Inc. | 57307 |
| 1970  | SoFi Technologies, Inc. (a) | 51575 |
|  |  | 108882 |
| **Electric - 0.13%**  | **Electric - 0.13%**  |  |
| 140  | Constellation Energy Corp. | 49458 |
| **Healthcare - Products - 0.85%**  | **Healthcare - Products - 0.85%**  |  |
| 3402  | Boston Scientific Corp. (a) | 324381 |
| **Insurance - 1.31%**  | **Insurance - 1.31%**  |  |
| 4664  | Axis Capital Holdings, Ltd. - Bermuda | 499468 |
| **Internet - 5.65%**  | **Internet - 5.65%**  |  |
| 1685  | Alphabet, Inc. - Class A | 527405 |
| 2485  | Amazon.com, Inc. (a) | 573588 |
| 148  | MercadoLibre, Inc. - Uruguay (a) | 298110 |

---

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCK - 28.34% (continued)** | **COMMON STOCK - 28.34% (continued)** |  |
| 934  | Meta Platforms, Inc. - Class A | $616524<br>|
| 230  | Palo Alto Networks, Inc. (a) | 42366 |
| 390  | Robinhood Markets, Inc. - Class A (a) | 44109 |
| 530  | Uber Technologies, Inc. (a) | 43306 |
|  |  | 2145408 |
| **Mining - 0.91%**  | **Mining - 0.91%**  |  |
| 18752  | McEwen, Inc. - Canada (a) | 347100 |
| **Miscellaneous Manufacturing - 0.86%**  | **Miscellaneous Manufacturing - 0.86%**  |  |
| 641  | Teledyne Technologies, Inc. (a) | 327378 |
| **Pharmaceuticals - 1.22%**  | **Pharmaceuticals - 1.22%**  |  |
| 2023  | AbbVie, Inc. | 462235<br>|
| **Retail - 2.06%**  | **Retail - 2.06%**  |  |
| 436  | Costco Wholesale Corp. | 375980 |
| 5808  | Dutch Bros, Inc. - Class A (a) | 355566 |
| 340  | TJX Cos., Inc. | 52227 |
|  |  | 783773 |
| **Semiconductors - 3.92%**  | **Semiconductors - 3.92%**  |  |
| 220  | Advanced Micro Devices, Inc. (a) | 47115 |
| 886  | Broadcom, Inc. | 306645 |
| 6089  | NVIDIA Corp. | 1135598 |
|  |  | 1489358 |
| **Software - 2.99%**  | **Software - 2.99%**  |  |
| 240  | Cloudflare, Inc. - Class A (a) | 47316 |
| 2116  | Microsoft Corp. | 1023340 |
| 360  | Palantir Technologies, Inc. - Class A (a) | 63990 |
|  |  | 1134646 |
| **Telecommunications - 0.79%**  | **Telecommunications - 0.79%**  |  |
| 5646  | Calix, Inc. (a) | 298843 |
| **TOTAL COMMON STOCK (Cost $9,941,197)** | **TOTAL COMMON STOCK (Cost $9,941,197)** | 10764712 |

---

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 68.01%** | **EXCHANGE-TRADED FUNDS - 68.01%** |  |
| **Alternative Funds - 1.61%**  | **Alternative Funds - 1.61%**  |  |
| 5600  | First Trust Long/Short Equity ETF (b) | $397544<br>|
| 9500  | First Trust Multi-Strategy Alternative ETF | 216505 |
|  |  | 614049 |
| **Asset Allocation Funds - 21.39%**  | **Asset Allocation Funds - 21.39%**  |  |
| 64469  | Direxion HCM Tactical Enhanced U.S. ETF | 2485925 |
| 35826  | HCM Defender 100 Index ETF | 2771671 |
| 46260  | HCM Defender 500 Index ETF | 2866732 |
|  |  | 8124328 |
| **Commodity Funds - 0.76%**  | **Commodity Funds - 0.76%**  |  |
| 9500  | Invesco DB Commodity Index Tracking Fund | 212420 |
| 190  | SPDR Gold Shares (a) | 75299 |
|  |  | 287719 |
| **Debt Funds - 11.66%**  | **Debt Funds - 11.66%**  |  |
| 3212  | First Trust Enhanced Short Maturity ETF | 192495 |
| 25063  | First Trust Institutional Preferred Securities and Income ETF | 485972 |
| 5200  | FolioBeyond Alternative Income and Interest Rate Hedge ETF (b) | 187772 |
| 4200  | iShares 20+ Year Treasury Bond ETF | 366072 |
| 4977  | iShares J.P. Morgan USD Emerging Markets Bond ETF | 479186 |
| 5107  | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 484246 |
| 14853  | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 1357267 |
| 8000  | State Street SPDR Bloomberg Short Term High Yield Bond ETF | 202560 |
| 3900  | VanEck High Yield Muni ETF | 199368 |
| 7934  | Vanguard Intermediate-Term Treasury ETF | 475485 |
|  |  | 4430423 |
| **Equity Funds - 32.59%** | **Equity Funds - 32.59%** |  |
| 460  | Defiance Quantum ETF | 50444 |
| 2319  | First Trust Dorsey Wright Momentum & Dividend ETF | 96331 |
| 1727  | First Trust Rising Dividend Achievers ETF | 119975 |
| 11800  | FT Vest Laddered Buffer ETF (a) (b) | 404268 |
| 10944  | FT Vest U.S. Equity Buffer ETF - August (a) | 579485 |
| 4200  | Innovator Growth 100 Power Buffer ETF - April (a) (b) | 225540 |
| 4000  | Innovator Growth 100 Power Buffer ETF - January (a) (b) | 219680 |
| 3000  | Innovator Growth 100 Power Buffer ETF - July (a) (b) | 217860 |

---

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 68.01% (continued)** | **EXCHANGE-TRADED FUNDS - 68.01% (continued)** |  |
| 28400  | Innovator Growth-100 Power Buffer ETF - November (a) | $815080<br>|
| 3700  | Innovator Growth-100 Power Buffer ETF - October (a) (b) | 214304 |
| 2800  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April (a) (b) | 108274 |
| 3560  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January (a) (b) | 113814 |
| 2980  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July (a) (b) | 114001 |
| 3360  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October (a) (b) | 112744 |
| 934  | Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF | 96538 |
| 1116  | Invesco KBW Bank ETF | 94068 |
| 4603  | Invesco QQQ Trust Series 1 | 2827669 |
| 1010  | Invesco S&P 500 High Beta ETF | 118140 |
| 190  | iShares Core S&P 500 ETF | 130139 |
| 2000  | iShares Core S&P Mid-Cap ETF | 132000 |
| 1080  | iShares Expanded Tech Sector ETF | 139493 |
| 3000  | iShares Mortgage Real Estate ETF | 66540 |
| 1703  | iShares MSCI EAFE Value ETF | 121611 |
| 2576  | iShares MSCI International Value Factor ETF | 98017 |
| 1393  | iShares MSCI South Africa ETF | 95838 |
| 1300  | iShares MSCI USA Min Vol Factor ETF | 122408 |
| 694  | iShares MSCI USA Value Factor ETF | 94891 |
| 643  | iShares Russell 2000 Value ETF | 116518 |
| 550  | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 98653 |
| 650  | iShares U.S. Technology ETF | 129792 |
| 1320  | ProShares Ultra QQQ | 92941 |
| 27000  | ProShares Ultra S&P 500 | 1563840 |
| 1300  | Schwab U.S. Large-Cap Growth ETF | 42406 |
| 220  | SPDR S&P 500 ETF Trust | 150022 |
| 1480  | State Street Communication Services Select Sector SPDR ETF | 174226 |
| 520  | State Street Consumer Discretionary Select Sector SPDR ETF | 62093 |
| 1460  | State Street Financial Select Sector SPDR ETF (b) | 79964 |
| 1040  | State Street Health Care Select Sector SPDR ETF | 160992 |
| 290  | State Street Industrial Select Sector SPDR ETF | 44985 |
| 450  | State Street SPDR NYSE Technology ETF | 125046 |
| 230  | State Street SPDR S&P Aerospace & Defense ETF | 55485 |
| 630  | State Street SPDR S&P Homebuilders ETF | 64865 |

---

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 68.01% (continued)** | **EXCHANGE-TRADED FUNDS - 68.01% (continued)** |  |
| 549  | State Street SPDR S&P Metals & Mining ETF | $56882<br>|
| 3300  | State Street Technology Select Sector SPDR ETF (b) | 475101 |
| 1600  | State Street Utilities Select Sector SPDR ETF | 68304 |
| 7700  | Swan Hedged Equity U.S. Large Cap ETF | 194117 |
| 140  | VanEck Semiconductor ETF | 50418 |
| 360  | VanEck Uranium and Nuclear ETF | 44712 |
| 270  | Vanguard Growth ETF | 131722 |
| 1930  | Vanguard Total Stock Market ETF (b) | 647071 |
| 1150  | Vanguard Value ETF | 219638 |
|  |  | 12378945 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $21,262,387)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $21,262,387)** | 25835464 |
| **SHORT-TERM INVESTMENTS - 3.74%** | **SHORT-TERM INVESTMENTS - 3.74%** |  |
| 263676  | Federated Hermes Government Obligations Fund - Institutional Class, 3.62% (c) | 263676 |
| 275135  | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.62% (c) | 275135 |
| 881848  | Fidelity Government Portfolio - Institutional Class, 3.67% (c) | 881848 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $1,420,659)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,420,659)** | 1420659 |
| **INVESTMENTS AT VALUE (Cost $32,624,243) - 100.09%** | **INVESTMENTS AT VALUE (Cost $32,624,243) - 100.09%** | $38020835<br>|
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.09%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.09%)** | (34570) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $37986265<br>|

---

Percentages are stated as a percent of net assets.

(a)Non-income producing security.

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

(c)Rate shown represents the 7-day effective yield at December 31, 2025, is subject to change and resets daily.

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

DB - Deutsche Bank

EAFE - Europe, Australasia and Far East

ETF - Exchange-Traded Fund

FT - First Trust

**Tactical Growth Allocation Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

HCM - Howard Capital Management

KBW - Keefe, Bruyette and Woods

Ltd. - Limited

MSCI - Morgan Stanley Capital International

PIMCO - Pacific Investment Management Company LLC

PLC - Public Limited Company

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**TFA Quantitative Fund**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCK - 4.39%** | **COMMON STOCK - 4.39%** |  |
| **Auto Manufacturers - 0.16%**  | **Auto Manufacturers - 0.16%**  |  |
| 210  | Tesla, Inc. (a) | $94441<br>|
| **Computers - 0.16%**  | **Computers - 0.16%**  |  |
| 3500  | D-Wave Quantum, Inc. (a) | 91525 |
| **Diversified Financial Services - 0.15%**  | **Diversified Financial Services - 0.15%**  |  |
| 3200  | BitMine Immersion Technologies, Inc. | 86880 |
| **Electric - 0.12%**  | **Electric - 0.12%**  |  |
| 950  | Oklo, Inc. (a) | 68172 |
| **Healthcare - Products - 0.10%** | **Healthcare - Products - 0.10%** |  |
| 1030  | Tempus AI, Inc. (a) | 60822 |
| **Internet - 1.29%** | **Internet - 1.29%** |  |
| 760  | Alphabet, Inc. - Class A | 237880 |
| 480  | Meta Platforms, Inc. - Class A | 316843 |
| 1770  | Robinhood Markets, Inc. - Class A (a) | 200187 |
|  |  | 754910 |
| **Semiconductors - 0.81%** | **Semiconductors - 0.81%** |  |
| 8700  | Navitas Semiconductor Corp. (a) | 62118 |
| 2220  | NVIDIA Corp.  | 414030 |
|  |  | 476148 |
| **Software - 1.60%** | **Software - 1.60%** |  |
| 760  | Cloudflare, Inc. - Class A (a) | 149834 |
| 810  | Microsoft Corp. | 391732 |
| 910  | Nebius Group NV - Netherlands (a) | 76172 |
| 1810  | Palantir Technologies, Inc. - Class A (a) | 321728 |
|  |  | 939466 |
| **TOTAL COMMON STOCK (Cost $2,459,202)** | **TOTAL COMMON STOCK (Cost $2,459,202)** | 2572364 |

---

**TFA Quantitative Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 88.18%** | **EXCHANGE-TRADED FUNDS - 88.18%** |  |
| **Alternative Fund - 1.54%** | **Alternative Fund - 1.54%** |  |
| 12700  | First Trust Long/Short Equity ETF (b) | $901573<br>|
| **Asset Allocation Funds - 24.93%** | **Asset Allocation Funds - 24.93%** |  |
| 118756  | Direxion HCM Tactical Enhanced U.S. ETF | 4579231 |
| 64274  | HCM Defender 100 Index ETF | 4972545 |
| 81774  | HCM Defender 500 Index ETF | 5067535 |
|  |  | 14619311 |
| **Equity Funds - 61.71%** | **Equity Funds - 61.71%** |  |
| 27000  | FT Vest Laddered Buffer ETF (a) (b) | 925020 |
| 8500  | Innovator Growth 100 Power Buffer ETF - April (a) (b) | 456450 |
| 8900  | Innovator Growth 100 Power Buffer ETF - January (a) (b) | 488788 |
| 6700  | Innovator Growth 100 Power Buffer ETF - July (a) (b) | 486554 |
| 151040  | Innovator Growth-100 Power Buffer ETF - November (a) | 4334848 |
| 8100  | Innovator Growth 100 Power Buffer ETF - October (a) (b) | 469152 |
| 6200  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April (a) (b) | 239750 |
| 7200  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January (a) (b) | 230185 |
| 6100  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July (a) (b) | 233357 |
| 6700  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October (a) (b) | 224817 |
| 7817  | Invesco QQQ Trust Series 1 | 4802061 |
| 8000  | iShares Expanded Tech Sector ETF | 1033280 |
| 4100  | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 735417 |
| 26883  | iShares U.S. Technology ETF | 5367997 |
| 10300  | ProShares Ultra QQQ | 725223 |
| 186700  | ProShares Ultra S&P 500 | 10813664 |
| 9700  | Schwab U.S. Large-Cap Growth ETF | 316414 |
| 3400  | State Street SPDR NYSE Technology ETF | 944792 |
| 1720  | State Street SPDR S&P Aerospace & Defense ETF | 414933 |
| 4800  | State Street SPDR S&P Homebuilders ETF | 494208 |
| 7300  | Vanguard Total Stock Market ETF (b) | 2447471 |
|  |  | 36184381 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $46,451,907)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $46,451,907)** | 51705265 |

---

**TFA Quantitative Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS - 6.99%** | **SHORT-TERM INVESTMENTS - 6.99%** |  |
| 4099167  | Fidelity Government Portfolio - Institutional Class, 3.67% (c) | $4099167<br>|
| **TOTAL SHORT-TERM INVESTMENTS (Cost $4,099,167)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,099,167)** | 4099167 |
| **INVESTMENTS AT VALUE (Cost $53,010,276) - 99.56%** | **INVESTMENTS AT VALUE (Cost $53,010,276) - 99.56%** | $58376796<br>|
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.44%** | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.44%** | 258496 |
|  |  | $58635292<br>|

---

Percentages are stated as a percent of net assets.

(a)Non-income producing security.

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

(c)Rate shown represents the 7-day effective yield at December 31, 2025, is subject to change and resets daily.

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

AI – Artificial Intelligence

ETF - Exchange-Traded Fund

FT - First Trust

HCM - Howard Capital Management

NV - Naamloze Vennootschap (Dutch Public Company)

NYSE - New York Stock Exchange

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**TFA AlphaGen Growth Fund**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCK - 12.10%** | **COMMON STOCK - 12.10%** |  |
| **Auto Manufacturers - 0.48%**  | **Auto Manufacturers - 0.48%**  |  |
| 490  | Tesla, Inc. (a) | $220363<br>|
| **Computers - 0.39%** | **Computers - 0.39%** |  |
| 6700  | D-Wave Quantum, Inc. (a) | 175205  |
| **Diversified Financial Services - 0.39%** | **Diversified Financial Services - 0.39%** |  |
| 6600  | BitMine Immersion Technologies, Inc. | 179190  |
| **Electric - 0.27%** | **Electric - 0.27%** |  |
| 1695  | Oklo, Inc. (a) | 121633  |
| **Healthcare - Products - 0.32%** | **Healthcare - Products - 0.32%** |  |
| 2500  | Tempus AI, Inc. (a) | 147625  |
| **Internet - 3.94%** | **Internet - 3.94%** |  |
| 1800  | Alphabet, Inc. - Class A | 563400  |
| 1150  | Meta Platforms, Inc. - Class A | 759103  |
| 4143  | Robinhood Markets, Inc. - Class A (a) | 468573  |
|  |  | 1791076  |
| **Semiconductors - 2.01%** | **Semiconductors - 2.01%** |  |
| 20800  | Navitas Semiconductor Corp. (a) | 148512  |
| 4100  | NVIDIA Corp. | 764650  |
|  |  | 913162  |
| **Software - 4.30%** | **Software - 4.30%** |  |
| 1500  | Cloudflare, Inc. - Class A (a) | 295725  |
| 1580  | Microsoft Corp. | 764120  |
| 1800  | Nebius Group NV - Netherlands (a) | 150669  |
| 4200  | Palantir Technologies, Inc. - Class A (a) | 746550  |
|  |  | 1957064  |
| **TOTAL COMMON STOCK (Cost $5,123,764)** | **TOTAL COMMON STOCK (Cost $5,123,764)** | 5505318  |

---

**TFA AlphaGen Growth Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS - 67.81%** | **EXCHANGE-TRADED FUNDS - 67.81%** |  |
| **Asset Allocation Fund - 0.10%** | **Asset Allocation Fund - 0.10%** |  |
| 2500  | Direxion Daily Technology Bear 3X Shares | $43225<br>|
| **Commodity Fund - 1.26%** | **Commodity Fund - 1.26%** |  |
| 1450  | SPDR Gold Shares (a) | 574650  |
| **Equity Funds - 66.45%** | **Equity Funds - 66.45%** |  |
| 152100  | Innovator Growth-100 Power Buffer ETF - November (a) | 4365270  |
| 1360  | iShares Core S&P 500 ETF | 931518  |
| 13728  | iShares Core S&P Mid-Cap ETF | 906048  |
| 8100  | iShares Expanded Tech Sector ETF | 1046196  |
| 9800  | iShares MSCI USA Min Vol Factor ETF | 922768  |
| 4100  | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 735417  |
| 4800  | iShares U.S. Technology ETF | 958464  |
| 13800  | ProShares Ultra QQQ | 971658  |
| 177825  | ProShares Ultra S&P500 | 10299624  |
| 9600  | Schwab U.S. Large-Cap Growth ETF | 313152  |
| 3400  | State Street Communication Services Select Sector SPDR ETF | 400248  |
| 578  | State Street Energy Select Sector SPDR ETF | 25842  |
| 600  | State Street Financial Select Sector SPDR ETF | 32862  |
| 3600  | State Street Health Care Select Sector SPDR ETF | 557280  |
| 289  | State Street Industrial Select Sector SPDR ETF | $44830  |
| 3400  | State Street SPDR NYSE Technology ETF | 944792  |
| 1700  | State Street SPDR S&P Aerospace & Defense ETF | 410108  |
| 4700  | State Street SPDR S&P Homebuilders ETF | 483912  |
| 12000  | State Street Technology Select Sector SPDR ETF (b) | 1727640  |
| 8204  | State Street Utilities Select Sector SPDR ETF | 350229  |
| 1900  | Vanguard Growth ETF | 926934  |
| 7540  | Vanguard Total Stock Market ETF (b) | 2527936  |
| 1810  | Vanguard Value ETF | 345692  |
|  |  | 30228420  |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $29,542,409)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $29,542,409)** | 30846295  |

---

**TFA AlphaGen Growth Fund**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED NOTE - 0.18%** | **EXCHANGE-TRADED NOTE - 0.18%** |  |
| **Equity Fund - 0.18%** | **Equity Fund - 0.18%** |  |
| 14988  | MicroSectors FANG+ Index -3X Inverse Leveraged ETNs due January 8, 2038 (a) | $78987<br>|
| **TOTAL EXCHANGE-TRADED NOTE (Cost $77,928)** | **TOTAL EXCHANGE-TRADED NOTE (Cost $77,928)** | 78987  |
| **SHORT-TERM INVESTMENTS - 12.11%** | **SHORT-TERM INVESTMENTS - 12.11%** |  |
| 5509186  | Fidelity Government Portfolio - Institutional Class, 3.67% (c) | 5509186  |
| **SHORT-TERM INVESTMENTS (Cost $5,509,186)** | **SHORT-TERM INVESTMENTS (Cost $5,509,186)** | 5509186  |
| **INVESTMENTS AT VALUE (Cost $40,253,287) - 92.20%** | **INVESTMENTS AT VALUE (Cost $40,253,287) - 92.20%** | $41939786<br>|
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 7.80%** | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 7.80%** | 3547799 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $45487585<br>|

---

Percentages are stated as a percent of net assets.

(a)Non-income producing security.

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

(c)Rate shown represents the 7-day effective yield at December 31, 2025, is subject to change and resets daily.

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

AI – Artificial Intelligence

ETF - Exchange-Traded Fund

ETN - Exchange-Traded Note

MSCI - Morgan Stanley Capital International

NV - Naamloze Vennootschap (Dutch Public Company)

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

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

**Tactical Funds**

Statements Of Assets And Liabilities

DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TFA <br>Tactical Income Fund** | **Tactical Growth Allocation Fund** |
| **Assets:** |  |  |
| Investment securities: |  |  |
| Securities at Cost | $22810028<br>| $32624243<br>|
| Securities at Value  | 23175870 | 38020835 |
| Receivables: |  |  |
| Interest | 2117 | 4789 |
| Dividends | 4951 | 5218 |
| Fund shares sold | 1955 | 45225 |
| Prepaid expenses and other assets | 7072 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 23191965 | 38084669 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| Fund shares redeemed |  | 15477 |
| Due to Adviser | 23485 | 39400 |
| Due to administrator | 9787 | 10801 |
| Accrued Trustees fees | 1875 | 1875 |
| Accrued expenses | 25958 | 30851 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 61105 | 98404 |
| **Net Assets** | $23130860<br>| $37986265<br>|
| **Sources of Net Assets:** |  |  |
| Paid-in capital | $28081414<br>| $33048825<br>|
| Total distributable earnings <br>(accumulated deficit) | (4950554) | 4937440 |
| **Total Net Assets** | $23130860<br>| $37986265<br>|
| **Class I Shares:** |  |  |
| **Net assets** | $23130860<br>| $37986265<br>|
| Shares Outstanding ($0 par value, Unlimited <br>shares of beneficial interest authorized) | 2727579 | 2933388 |
| Net Asset Value, Offering and Redemption <br>Price Per Share | $8.48<br>| $12.95<br>|

---

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

**Tactical Funds**

Statements Of Assets And Liabilities (CONTINUED)

DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TFA Quantitative Fund** | **TFA AlphaGen Growth Fund** |
| **Assets:** |  |  |
| Investment securities: |  |  |
| Securities at Cost | $53010276<br>| $40253287<br>|
| Securities at Value  | 58376796 | 41939786 |
| Receivables: |  |  |
| Interest | 23689 | 26756 |
| Investment securities sold | 2368034 | 3567458 |
| Fund shares sold | 97632 | 73565 |
| Prepaid expenses and other assets | 8954 | 8322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 60875105 | 45615887 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| Fund shares redeemed | 21514 | 18285 |
| Due to Adviser | 103308 | 67978 |
| Due to administrator | 13239 | 11933 |
| Cash overdraft due to custodian | 2068611 |  |
| Accrued Trustees fees | 1875 | 1875 |
| Accrued expenses | 31266 | 28231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 2239813 | 128302 |
| **Net Assets** | $58635292<br>| $45487585<br>|
| **Sources of Net Assets:** |  |  |
| Paid-in capital | $50505307<br>| $41254555<br>|
| Total distributable earnings | 8129985 | 4233030 |
| **Total Net Assets** | $58635292<br>| $45487585<br>|
| **Class I Shares:** |  |  |
| **Net assets** | $58635292<br>| $45487585<br>|
| Shares Outstanding ($0 par value, Unlimited <br>shares of beneficial interest authorized) | 5194705 | 3778609 |
| Net Asset Value, Offering and Redemption <br>Price Per Share | $11.29<br>| $12.04<br>|

---

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

**Tactical Funds**

STATEMENTS OF OPERATIONS

DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TFA Tactical Income Fund** | **Tactical Growth Allocation Fund** |
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of $0 and $42 in foreign tax withheld, respectively) | $963909<br>| $424972<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 55245 | 86139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 1019154 | 511111 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 4) | 323304 | 462801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees and expenses (Note 4) | 120726 | 131238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 29491 | 29491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 28284 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-12b-1 shareholder servicing expense (Note 5) | 25000 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 23653 | 23653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance officer fees (Note 4) | 23474 | 23474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 17229 | 17229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14543 | 20984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 6456 | 7031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6067 | 15272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 4101 | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 2254 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 624582 | 819787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 4) | (94268) | (65233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 530314 | 754554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 488840 | (243443) |

---

**Tactical Funds**

STATEMENTS OF OPERATIONS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **TFA Tactical Income Fund** | **Tactical Growth Allocation Fund** |
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Realized and unrealized gain:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | $769000<br>| $2261683<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investments** | 769000 | 2261683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 138719 | 1894457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation <br>on investments** | 138719 | 1894457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 907719 | 4156140 |
| **Net increase in net assets resulting** **from operations** | $1396559<br>| $3912697<br>|

---

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

**Tactical Funds**

STATEMENTS OF OPERATIONS (CONTINUED)

DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TFA<br>Quantitative<br>Fund** | **TFA<br>AlphaGen <br>Growth Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $354307<br>| $368214<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 360258 | 156998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 714565 | 525212 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 4) | 772564 | 585415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees and expenses (Note 4) | 155307 | 140976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-12b-1 shareholder servicing expense (Note 5) | 59734 | 45169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 29491 | 29491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 28152 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 23653 | 23653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance officer fees (Note 4) | 23474 | 23474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 17668 | 14698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 17229 | 17229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14843 | 11926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 9543 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 6575 | 7540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 2562 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 1160795 | 937502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees recouped by Adviser (Note 4) | 32543 | 14186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 1193338 | 951688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment loss** | (478773) | (426476) |

---

**Tactical Funds**

STATEMENTS OF OPERATIONS (CONTINUED)

DECEMBER 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **TFA<br>Quantitative<br>Fund** | **TFA<br>AlphaGen <br>Growth Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2025** |
| **Realized and unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | $8691525<br>| $7386624<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on trade error and reimbursement from affiliates (Note 4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investments** | 8691525 | 7386624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1436431) | 630089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on investments** | (1436431) | 630089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 7255094 | 8016713 |
| **Net increase in net assets resulting** **from operations** | $6776321<br>| $7590237<br>|

---

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

**Tactical Funds**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **TFA Tactical Income Fund** | **TFA Tactical Income Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $488840<br>| $645665<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | 769000 | 473629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 138719 | (1257618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations  | 1396559 | (138324) |
| **Distributions to shareholders from: (Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings - Class I | (501053) | (628998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (501053) | (628998) |
| **From shares of beneficial interest:**  |  |  |
| Proceeds from shares sold: | 5060878 | 7676565 |
| Net asset value of shares issued in reinvestment of distributions: | 500499 | 628851 |
| Payments for shares redeemed: | (9831198) | (23127917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from transactions in shares of beneficial interest | (4269821) | (14822501) |
| **Decrease in net assets** | (3374315) | (15589823) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 26505175 | 42094998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $23130860<br>| $26505175<br>|
| **Capital share activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold  | 609363 | 922374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 58882 | 76596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed  | (1178595) | (2820653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in shares of beneficial interest outstanding | (510350) | (1821683) |

---

**Tactical Funds**

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

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

---

| | | |
|:---|:---|:---|
|  | **Tactical Growth <br>Allocation Fund** | **Tactical Growth <br>Allocation Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(243443) | $(64536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | 2261683 | 3607326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 1894457 | 2065343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations  | 3912697 | 5608133 |
| **Distributions to shareholders from: (Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings - Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |
| **From shares of beneficial interest:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: | 6624512 | 11515876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed: | (8096608) | (8682226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from transactions in shares of beneficial interest | (1472096) | 2833650 |
| **Increase in net assets** | 2440601 | 8441783 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 35545664 | 27103881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $37986265<br>| $35545664<br>|
| **Capital share activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Sold  | 555166 | 1067105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed  | (683828) | (810028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares of beneficial interest outstanding | (128662) | 257077 |

---

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

**Tactical Funds**

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **TFA Quantitative Fund** | **TFA Quantitative Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(478773) | $(331046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | 8691525 | 6373749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1436431) | 3730032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations  | 6776321 | 9772735 |
| **Distributions to shareholders from: (Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings - Class I | (5910742) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (5910742) |  |
| **From shares of beneficial interest:** |  |  |
| Proceeds from shares sold: | 11210447 | 22200055 |
| Net asset value of shares issued in reinvestment of distributions: | 5908466 |  |
| Payments for shares redeemed: | (17876491) | (13566750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from transactions in shares of beneficial interest | (757578) | 8633305 |
| **Increase in net assets** | 108001 | 18406040 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 58527291 | 40121251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $58635292<br>| $58527291<br>|
| **Capital share activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Sold  | 997626 | 2169219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 517832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed  | (1570382) | (1314178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares of beneficial interest outstanding | (54924) | 855041 |

---

**Tactical Funds**

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

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

---

| | | |
|:---|:---|:---|
|  | **TFA AlphaGen Growth Fund** | **TFA AlphaGen Growth Fund** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(426476) | $(137333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | 7386624 | 8286545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 630089 | (1537719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations  | 7590237 | 6611493 |
| **Distributions to shareholders from: (Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings - Class I | (3542363) | (4321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3542363) | (4321) |
| **From shares of beneficial interest:** |  |  |
| Proceeds from shares sold: | 7859909 | 15233724 |
| Net asset value of shares issued in reinvestment of distributions: | 3542363 | 4321 |
| Payments for shares redeemed: | (12830989) | (10845860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from transactions in shares of beneficial interest | (1428717) | 4392185 |
| **Increase in net assets** | 2619157 | 10999357 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 42868428 | 31869071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $45487585<br>| $42868428<br>|
| **Capital share activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Sold  | 674776 | 1501117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 291553 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed  | (1091781) | (1058283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares of beneficial interest outstanding | (125452) | 443220 |

---

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

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

**Tactical Funds**

FINANCIAL HIGHLIGHTS

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

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding for each of the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TFA Tactical Income Fund** | **TFA Tactical Income Fund** | **TFA Tactical Income Fund** | **TFA Tactical Income Fund** | **TFA Tactical Income Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2021** |
| **Net Asset Value, Beginning of Year** | $8.19<br>| $8.32<br>| $8.59<br>| $9.62<br>| $10.59<br>|
| **Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>\*(d)(e)</sup> | 0.16 | 0.19 | 0.23 | 0.09 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and options written | 0.31 | (0.12) | (0.25) | (1.04) | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.47 | 0.07 | (0.02) | (0.95) | 0.59 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.20) | (0.25) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized capital gains |  |  |  | (0.01) | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.18) | (0.20) | (0.25) | (0.08) | (1.56) |
| **Net Asset Value, End of Year** | $8.48<br>| $8.19<br>| $8.32<br>| $8.59<br>| $9.62<br>|
| **Total Return<sup>\*\*</sup>** | 5.78% | 0.78% | (0.20)% | (9.84)% | 5.71<br> %<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in 000's) | $23131<br>| $26505<br>| $42095<br>| $37791<br>| $26818<br>|
| **Ratios of expenses to average net assets<sup>(e)</sup>** **:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed | 2.51% | 2.45% | 2.05% | 2.31<br> %<sup>(b)</sup> | 2.21<br> %<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed | 2.13% | 2.11% | 2.02% | 1.97<br> %<sup>(c)</sup> | 1.92<br> %<sup>(a)(c)</sup> |
| **Net investment income (loss)<sup>(d)(e)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed | 1.59% | 1.99% | 2.73% | 0.70% | (0.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed | 1.97% | 2.33% | 2.75% | 1.04% | (0.18)% |
| Portfolio turnover rate | 427.65% | 537.33% | 694.31% | 730.54% | 568.18% |

---

\*Per share net investment income (loss) has been determined on the basis of average shares outstanding.

\*\*Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the Advisor not waived a portion of its fees, total return would have been lower.

(a)Expenses include 0.09% of administrative fees which were voluntarily waived by the predecessor administrators for the year ended December 31, 2021, respectively.

(b)Expenses before waivers (excluding interest expense of 0.00% and 0.00%) was 2.31% and 2.21% for the years ended 2022 and 2021, respectively.

(c)Expenses after waivers (excluding interest expense of 0.00% and 0.00%) was 1.97% and 1.92% for the years ended 2022 and 2021, respectively.

(d)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income (loss) of the underlying investment companies in which the Fund invests.

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

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

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

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

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

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding for the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tactical Growth Allocation Fund** | **Tactical Growth Allocation Fund** | **Tactical Growth Allocation Fund** | **Tactical Growth Allocation Fund** | **Tactical Growth Allocation Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2021** |
| **Net Asset Value, Beginning of Year** | $11.61<br>| $9.66<br>| $8.09<br>| $11.05<br>| $10.69<br>|
| **Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>\*(d)(e)</sup> | (0.08) | (0.02) | 0.01 | (0.05) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and options written | 1.42 | 1.97 | 1.58 | (2.61) | 1.81<br> <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.95 | 1.59 | (2.66) | 1.72 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized capital gains |  |  |  | (0.30) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.02) | (0.30) | (1.36) |
| **Net Asset Value, End of Year** | $12.95<br>| $11.61<br>| $9.66<br>| $8.09<br>| $11.05<br>|
| **Total Return<sup>\*\*</sup>** | 11.54% | 20.19% | 19.64% | (24.07)% | 16.08<br> %<sup>(g)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in 000's) | $37986<br>| $35546<br>| $27104<br>| $36705<br>| $59133<br>|
| **Ratios of expenses to average net assets<sup>(e)</sup>** **:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed | 2.30% | 2.38% | 2.36% | 2.07<br> %<sup>(a)</sup> | 1.95<br> %<sup>(a)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed | 2.12% | 2.11% | 2.06% | 1.96<br> %<sup>(b)</sup> | 1.91<br> %<sup>(b)(c)(f)</sup> |
| **Net investment income (loss)<sup>(d)(e)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed | (0.87)% | (0.48)% | (0.19)% | (0.63)% | (0.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed | (0.68)% | (0.21)% | 0.11% | (0.52)% | (0.82)% |
| **Portfolio turnover rate** | 266.70% | 288.55% | 400.62% | 329.45% | 381.43% |

---

\*Per share net investment income (loss) has been determined on the basis of average shares outstanding.

\*\*Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the Advisor not waived a portion of its fees, total return would have been lower.

(a)Expenses before waivers (excluding interest and dividend expense of 0.00% and 0.00%) was 2.07% and 1.95% for years ended 2022 and 2021, respectively.

(b)Expenses after waivers (excluding interest and dividend expense of 0.00% and 0.00%) was 1.96% and 1.91% for the years ended 2022 and 2021, respectively.

(c)Expenses include 0.09% of administrative fees which were voluntarily waived by the predecessor administrators for the year ended December 31, 2021, respectively.

(d)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income (loss) of the underlying investment companies in which the Fund invests.

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

(f)Includes recapture of 0.05% during the year.

(g)In 2021, 0.01% of the Fund's total return consists of a voluntary reimbursement by the adviser for a realized investment loss due to an investment not meeting the fund's investment restrictions. Excluding these items, total return would have been 16.07%.

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

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

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

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding for the years indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TFA Quantitative Fund** | **TFA Quantitative Fund** | **TFA Quantitative Fund** | **TFA Quantitative Fund** | **TFA Quantitative Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2021** |
| **Net Asset Value, Beginning of Year** | $11.15<br>| $9.13<br>| $7.41<br>| $10.40<br>| $11.29<br>|
| **Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>\*(a)(c)</sup> | (0.09) | (0.07) | (0.01 | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.38 | 2.09 | 1.73 | (2.55) | 1.32<br> <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.29 | 2.02 | 1.72 | (2.61) | 1.24 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized capital gains | (1.15) |  |  | (0.38) | (2.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.15) |  | (0.00 | (0.38) | (2.13) |
| **Net Asset Value, End of Year** | $11.29<br>| $11.15<br>| $9.13<br>| $7.41<br>| $10.40<br>|
| **Total Return<sup>\*\*</sup>** | 11.43<br> %<sup>(f)</sup> | 22.12% | 23.25 | (25.15)% | 11.02<br> %<sup>(b)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in 000's) | $58635<br>| $58527<br>| $40121<br>| $30740<br>| $34953<br>|
| **Ratios of expenses to average net assets<sup>(c)</sup>** **:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed/recouped | 1.95% | 2.00% | 2.30 | 2.13% | 1.96<br> %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed/recouped | 2.01% | 2.09% | 2.06 | 1.98% | 1.87<br> %<sup>(d) (e)</sup> |
| **Net investment loss<sup>(a)(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed/recouped | (0.75)% | (0.56)% | (0.36 | (0.85)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed/recouped | (0.81)% | (0.65)% | (0.11 | (0.71)% | (0.64)% |
| **Portfolio turnover rate** | 320.63% | 316.03% | 402.55 | 700.74% | 1238.51% |

---

\*Per share net investment income (loss) has been determined on the basis of average shares outstanding.

\*\*Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the Advisor not waived/recouped a portion of its fees, total return would have been lower/higher.

+Amount calculated is less than $0.005 per share.

(a)Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income (loss) of the underlying investment companies in which the Fund invests.

(b)In 2021, 0.35% of the fund total return consists of a voluntary reimbursement by the adviser for a realized investment loss due to an investment not meeting the fund's investment restrictions. Excluding this item, total return would have been 10.66%.

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

(d)Expenses include 0.10% of administrative fees which were voluntarily waived by the predecessor administrator during the year ended December 31, 2021, respectively.

(e)Includes recapture of less than 0.005% during the year.

(f)In 2025, 0.00% of the Fund's total return consists of voluntary reimbursements by the sub-adviser for a realized investment loss incurred from trade errors. Excluding these items, total return would have been 11.43%. (see Note 4).

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

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

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

**Tactical Funds**

FINANCIAL HIGHLIGHTS (CONTINUED)

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding for the years or period indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TFA AlphaGen Growth Fund** | **TFA AlphaGen Growth Fund** | **TFA AlphaGen Growth Fund** | **TFA AlphaGen Growth Fund** | **TFA AlphaGen Growth Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Year Ended<br>December 31,<br>2021<sup>(a)</sup>** |
| **Net Asset Value, Beginning of Year/Period** | $10.98<br>| $9.21<br>| $7.79<br>| $10.15<br>| $10.00<br>|
| **Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>\*(b)(c)</sup> | (0.11) | (0.04 | 0.02 | (0.03) | (0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and securities sold short | 2.11 | 1.81 | 1.42 | (2.14) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.00 | 1.77 | 1.44 | (2.17) | 0.18 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.00 | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized capital gains | (0.94) |  |  | (0.19) | (0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.94) | (0.00 | (0.02) | (0.19) | (0.03 |
| **Net Asset Value, End of Year/Period** | $12.04<br>| $10.98<br>| $9.21<br>| $7.79<br>| $10.15<br>|
| **Total Return<sup>\*\*</sup>** | 18.17% | 19.23 | 18.50% | (21.36)% | 1.80 |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in 000's) | $45488<br>| $42868<br>| $31869<br>| $44482<br>| $61447<br>|
| **Ratios of expenses to average net assets<sup>(c)</sup>** **:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed/recouped | 2.08% | 2.15 | 2.14% | 1.93% | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed/recouped | 2.11% | 2.11 | 2.05% | 1.93% | 1.69 |
| **Net investment income (loss) <sup>(b)(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses reimbursed/recouped | (0.92)% | (0.40 | 0.12% | (0.33)% | (0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses reimbursed/recouped | (0.95)% | (0.36 | 0.21% | (0.33)% | (0.05 |
| **Portfolio turnover rate** | 378.86% | 431.58 | 538.39% | 669.82% | 304.56 |

---

\*Per share net investment income (loss) has been determined on the basis of average shares outstanding.

\*\*Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the Advisor not waived/recouped a portion of its fees, total return would have been lower/higher.

+Amount calculated is less than $0.005 per share.

(a)For the period August 23, 2021 (commencement of investment operations) through December 31, 2021.

(b)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income (loss) of the underlying investment companies in which the Fund invests.

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

(d)In 2021, 0.10% of the Fund total return consists of a voluntary reimbursement by the adviser for a realized investment loss due to an investment not meeting the fund's investment restrictions. Excluding this item, total return would have been 1.70%.

(e)Annualized.

(f)Not Annualized.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2025

**1. ORGANIZATION**

The TFA Tactical Income Fund ("Income Fund"), Tactical Growth Allocation Fund ("Growth Fund"), TFA Quantitative Fund ("Quantitative Fund") and TFA AlphaGen Growth Fund ("AlphaGen Fund"), (each a "Fund" and collectively, the "Funds") are organized as diversified series of the Tactical Investment Series Trust (the "Trust"). The Trust is an open-end investment company established under the laws of Delaware. The Trust is authorized to issue an unlimited number of shares of beneficial interest of separate series without par value. The Funds are the only series currently authorized by the Board of Trustees (the "Board" or "Trustees"). Each Fund commenced operations (excluding the AlphaGen Fund), on August 20, 2021, as a result of a reorganization in which each Fund assumed all of the assets and liabilities of its respective predecessor fund, as discussed in the Trust's most recent Statement of Additional Information. Each Fund (except the AlphaGen Fund and the Income Fund) has substantially similar investment strategies as its predecessor fund. Each Fund (including the Income Fund but excluding the AlphaGen Fund) has adopted the historical performance of its respective predecessor fund, including inception dates of June 10, 2019 for the Income Fund and the Growth Fund and May 18, 2020 for the Quantitative Fund. The AlphaGen Fund commenced investment operations on August 23, 2021.

The adviser to the Funds is Tactical Fund Advisors, LLC (the "Adviser"). The sub-advisers to the Funds are as follows (each a "Sub-Adviser" and collectively the "Sub-Advisers"):

---

| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
| Income Fund | Synergy Asset Management, LLC<br> Heritage Capital Advisors, LLC |
| Growth Fund | Synergy Asset Management, LLC<br> Heritage Capital Advisors, LLC<br> Howard Capital Management, Inc. |
| Quantitative Fund | Heritage Capital Advisors, LLC<br> Howard Capital Management, Inc. |
| AlphaGen Fund | Heritage Capital Advisors, LLC |

---

Each Fund offers only Class I shares, which have no distribution fees.

The primary investment objective of each of the Funds is as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Income Fund | To provide high current income relative to the Fund's benchmark, with a secondary objective of capital preservation. |
| Growth Fund | To provide capital appreciation. |
| Quantitative Fund | To provide capital appreciation. |
| AlphaGen Fund | To provide capital appreciation. |

---

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of each Fund's significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

As an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**SECURITY VALUATIONS:** All investments in securities are recorded at their fair value, as described in Note 3.

**SECURITY TRANSACTION TIMING:** For financial reporting purposes, investment transactions are accounted for on the trade date. Dividend income is recognized on the ex-dividend date. Non-cash dividend income is recorded at fair market value of the securities received. Interest income is recognized on an accrual basis. The Funds use the specific identification method in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are accreted or amortized over the life of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the appropriate country's rules and tax rates.

**FEDERAL INCOME TAXES:** The Funds make no provision for federal income or excise tax. The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

In December 2023, the FASB issued ASU 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management has evaluated the impact of ASU 2023-09 and determined that adoption will not have a material effect on the Funds' financial statements, as each Fund qualifies as a regulated investment company under Subchapter M and generally does not incur significant income tax expense.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022, 2023, 2024) or expected to be taken on each Fund's 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, 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 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or penalties.

**DISTRIBUTIONS TO SHAREHOLDERS:** Each Fund typically distributes substantially all of its net investment income and realized gains in the form of dividends and taxable capital gains to its shareholders. The Funds intend to distribute dividends and capital gains at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income taxes purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of a Fund.

**SHORT SALES:** A Fund may sell a security that it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. A Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. A Fund's borrowing agreements with broker-dealers are not subject to master netting or similar agreements or collateral agreements. A Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Dividend expense is recorded on the ex-dividend date and interest expense is accrued daily.

**USE OF ESTIMATES:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

**EXPENSES:** Expenses incurred by the Trust that do not relate to a specific fund of the Trust will be allocated to the individual funds based on each Fund's relative net assets or another appropriate basis (as determined by the Trustees).

**SHARE VALUATION:** Each Fund's NAV is calculated once daily, at the close of regular trading hours on the New York Stock Exchange (the "NYSE") (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. The net assets are determined by totaling the value of all portfolio securities, cash and other assets held by a Fund, and subtracting from that total all liabilities, including accrued expenses. The total net assets are divided by the total number of shares to determine the NAV of each share.

**SEGMENT REPORTING:** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund operates as a single reportable segment, an investment company whose investment objective is included in Note 1. The President of the Adviser has been designated as the Funds' CODM, who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate each segment's resources. To perform this function, the CODM reviews the information in the Funds' Financial Statements.

**3. SECURITY VALUATIONS**

*Fair Value Pricing Policy*

Securities and Exchange Commission (the "SEC") adopted Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act"), which established an updated regulatory framework for registered investment company fair valuation practices. The Funds' fair value policies and procedures and valuation practices were updated to comply with Rule 2a-5. Specifically, the Board designated the Adviser as the Funds' "Valuation Designee" to make fair value determinations.

The Adviser acts through its Rule 2a-5 Committee (the "Valuation Committee") in accordance with the Trust's and the Adviser's policies and procedures (collectively, the "Valuation Procedures"). While fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability.

If market quotations are not readily available, the security will be valued at fair value (the amount which the owner might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Valuation Designee ("Fair Value Pricing"), subject to oversight by the Board. The Valuation Designee must use reasonable diligence in

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

determining whether market quotations are readily available. If, for example, the Valuation Designee determines that one source of market value is unreliable, the Valuation Designee must diligently seek market quotations from other sources, such as other brokers or pricing services, before concluding that market quotations are not available. Fair Value Pricing is not permitted when market quotations are readily available.

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

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

*Fair Value Measurements*

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

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect each Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

Pursuant to policies adopted by the Board, the Valuation Designee reports all fair valued securities to the Board at least quarterly. The Board monitors and evaluates the Fund's use of fair value pricing. These securities will be categorized as Level 3 securities.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

*Hierarchy of Fair Value Inputs*

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

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

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

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

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

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

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

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

The following tables present information about each Fund's investments measured at fair value as of December 31, 2025, by major security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** |
| *Categories* | *Level 1* | *Level 2* | *Level 3* | *Fair Value* |
| Exchange-Traded Funds\* | $22627579<br>| $—<br>| $—<br>| $22627579<br>|
| Short-Term Investments | 548291 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 548291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $23175870<br>| $—<br>| $—<br>| $23175870<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** |  |  |  |  |
|  | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** |
| *Categories* | *Level 1* | *Level 2* | *Level 3* | *Fair Value* |
| Common Stock\* | $10764712<br>| $—<br>| $—<br>| $10764712<br>|
| Exchange-Traded Funds\* | 25835464 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 25835464 |
| Short-Term Investments | 1420659 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 1420659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $38020835<br>| $—<br>| $—<br>| $38020835<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative Fund** |  |  |  |  |
|  | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** |
| *Categories* | *Level 1* | *Level 2* | *Level 3* | *Fair Value* |
| Common Stock\* | $2572364<br>| $—<br>| $—<br>| $2572364<br>|
| Exchange-Traded Funds\* | 51705265 |  |  | 51705265 |
| Short-Term Investments | 4099167 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 4099167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $58376796<br>| $—<br>| $—<br>| $58376796<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AlphaGen Fund** |  |  |  |  |
|  | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** |
| *Categories* | *Level 1* | *Level 2* | *Level 3* | *Fair Value* |
| Common Stock \* | $5505318<br>| $—<br>| $—<br>| $5505318<br>|
| Exchange-Traded Funds \* | 30846295 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 30846295 |
| Exchange-Traded Note \* | 78987 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 78987 |
| Short-Term Investments | 5509186 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 5509186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $41939786<br>| $—<br>| $—<br>| $41939786<br>|

---

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

During the year ended December 31, 2025, there were no transfers between any fair value levels in any of the Funds. The Funds did not hold any Level 3 securities during the period presented.

\* For a detailed break-out of common stock, ETFs, and ETN by industry or asset class, please refer to the Schedule of Investments.

**4. RELATED PARTY TRANSACTIONS**

**INVESTMENT ADVISER:** Under the terms of an investment advisory agreement between the Trust and the Adviser, with respect to the Funds (the "Advisory Agreement"), the Adviser, subject to the oversight of the Board, provides investment advice as it deems advisable and will furnish a continuous investment program for the Funds consistent with each Fund's investment objective and policies. As compensation for its management services, each Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.30% of the average daily net assets of each Fund. The Adviser delegates daily management of the Funds' assets to multiple sub-advisers. The Adviser is responsible for the overall management of the Funds, supervision of the sub-advisers, and for determining the amount of each Fund's assets that each sub-adviser will manage. The Adviser, not the Funds, pays each sub-adviser.

The Advisory Agreement continues for an initial term of two years and is renewed annually thereafter, provided that continuance is approved at least annually by specific approval of the Board or by vote of the holders of a majority of the outstanding voting securities of a Fund. In either event, it must also be approved by a majority of the Trustees who are neither parties to the agreement nor interested persons as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated at any time without the payment of any penalty by the Board or by vote of a majority of the outstanding voting securities of the Funds on not more than 60 days' written notice to the Adviser. In the event of its assignment, the Advisory Agreement will terminate automatically.

The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through April 30, 2026, to ensure that total annual Fund operating expenses after fee waivers and reimbursements (exclusive of any front-end or contingent deferred loads, interest, borrowing expenses, distribution fees pursuant to Rule 12b-1 Plans, shareholder service fees pursuant to a Shareholder Service Plan, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, litigation expenses, expenditures which are capitalized in accordance with generally accepted accounting principles and, other extraordinary expenses not incurred in the ordinary course of such Fund's business) will not exceed 1.99% of each Fund's average daily net assets. These fee waivers and expense reimbursements are subject to recoupment from the Funds within three years of the date on which the waiver or reimbursement occurs, provided that the recoupment payments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

effect at the time the expenses to be repaid were incurred. This agreement may be terminated only by the Board on 60 days' written notice to the Funds' Adviser.

For the year ended December 31, 2025, the Adviser earned advisory fees, waived advisory fees and recouped expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Advisory Fees Earned** | **Advisory Fees Waived** | **Expenses Recouped** | **Advisory Fees Payable** |
| Income Fund | $323304<br>| $94268<br>| $—<br>| $23485<br>|
| Growth Fund | 462801 | 65233 |  | 39400 |
| Quantitative Fund | 772564 |  | 32543 | 103308 |
| AlphaGen Fund | 585415 |  | 14186 | 67978 |

---

Advisory fees waived and/or expenses reimbursed that may be subject to potential recoupment by the Adviser are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Recoverable Through:** | **Income Fund** | **Growth Fund** | **Quantitative Fund** | **AlphaGen Fund** |
| December 31, 2026 | $10391<br>| $88479<br>| $30290<br>| $17341<br>|
| December 31, 2027 | 93082 | 85431 |  | 18420 |
| December 31, 2028 | 94268 | 65233 |  |  |

---

For the year ended December 31, 2025, the Quantitative Fund had portfolio trade errors where they oversold positions on January 27, 2025, causing losses of $37,932 to the Quantitative Fund. This loss was reimbursed by Heritage Capital Advisors, LLC.

Certain officers of the Funds are also employees or officers of the Adviser.

**COMPLIANCE SERVICES:** 

PINE Advisors LLC ("PINE") serves as the chief compliance officer of the Trust.

For the year ended December 31, 2025, the Funds incurred the following compliance service fees:

---

| | |
|:---|:---|
|  | **Compliance Services Fees** |
| Income Fund | $23474<br>|
| Growth Fund | 23474 |
| Quantitative Fund | 23474 |
| AlphaGen Fund | 23474 |

---

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

**ADMINISTRATION, TRANSFER AGENT AND FUND ACCOUNTANT:** 

The Funds have entered into an Investment Company Services Agreement ("ICSA") with M3Sixty Administration, LLC ("M3Sixty"). Pursuant to the ICSA, M3Sixty is responsible for a wide variety of functions, including but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Funds' portfolio securities; (d) pricing the Funds' shares; (e) assistance in preparing tax returns; (f) preparation and filing of required regulatory reports; (g) communications with shareholders; (h) coordination of Board and shareholder meetings; (i) monitoring the Funds' compliance; and (j) maintaining shareholder account records.

For the year ended December 31, 2025, the Funds incurred servicing fees, including out-of-pocket expenses, as follows:

---

| | |
|:---|:---|
|  | **ICSA Fees** |
| Income Fund | $120726<br>|
| Growth Fund | 131238 |
| Quantitative Fund | 155307 |
| AlphaGen Fund | 140976 |

---

Administration, transfer agent and fund accounting fees payable to M3Sixty as of December 31, 2025 are within the Statements of Assets and Liabilities as Due to administrator.

Certain officers of the Funds are also employees or officers of M3Sixty.

Matrix 360 Distributors, LLC (the "Distributor") acts as the principal underwriter and distributor of each Fund's shares for the purpose of facilitating the registration of shares of the Funds under state securities laws and to assist in sales of the Funds' shares pursuant to a Distribution Agreement (the "Distribution Agreement") approved by the Trustees. The Distribution Agreement between the Funds and the Distributor requires the Distributor to use all reasonable efforts in connection with the distribution of the Funds' shares. However, the Distributor has no obligation to sell any specific number of shares and will only sell shares for orders it receives. The Adviser pays the Distributor customary fees pursuant to the Distribution Agreement.

The Distributor is an affiliate of M3Sixty.

**5. SHAREHOLDER SERVICING FEES**

Shareholder servicing fees may be paid to financial intermediaries that provide shareholder or administrative services, or marketing support. Certain administrative fees, such as sub-transfer agency or sub-administrative fees, may be payable by a Fund. The Trust,

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

on behalf of the Funds, has also adopted a Shareholder Services Plan (the "Shareholder Services Plan") that allows each Fund to make payments to financial intermediaries and other service providers for shareholder servicing and maintenance of shareholder accounts that are held in omnibus or networked accounts or a similar arrangement with a financial intermediary. These shareholder servicing and maintenance fees may not exceed 0.15% per year of a Fund's average daily net assets. There were no payments made to the Distributor by the Funds for the year ended December 31, 2025.

For the year ended December 31, 2025, the Funds accrued the following shareholder service fees:

---

| | |
|:---|:---|
|  | **Shareholder Services Fees** |
| Income Fund | $25000<br>|
| Growth Fund | 35698 |
| Quantitative Fund | 59734 |
| AlphaGen Fund | 45169 |

---

**6.** **INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, aggregate purchases and sales of investment securities (excluding U.S. Government obligations, short-term investments and derivatives) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Income Fund | $101478825<br>| $105752813<br>|
| Growth Fund | 90239339 | 91572853 |
| Quantitative Fund | 164258731 | 169207565 |
| AlphaGen Fund | 155847261 | 168943158 |

---

There were no U.S. Government securities purchased or sold during the period by the Funds.

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Funds may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against a Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

**8. DISTRIBUTION TO SHAREHOLDERS AND TAX MATTERS**

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross Appreciation** | **Gross Depreciation** | **Net Appreciation** |
| Income Fund | $22828551<br>| $400669<br>| $(53350)<br>| $347319<br>|
| Growth Fund | 32932612 | 5414544 | (326321) | 5088223 |
| Quantitative Fund | 53089234 | 5774146 | (486584) | 5287562 |
| AlphaGen Fund | 40370924 | 2102575 | (533713) | 1568862 |

---

The difference between the book cost and tax cost of investments of each Fund represents disallowed wash sales for tax purposes and return of capital from underlying investments.

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Capital Loss Carryforwards** | **Other Book/Tax Differences**  | **Unrealized Appreciation** | **Total Accumulated Earnings / (Deficit)** |
| Income Fund | $420<br>| $—<br>| $(5298293<br><u>)</u> | $—<br>| $347319<br>| $(4950554<br><u>)</u> |
| Growth Fund |  |  | (150783<br><u>)</u> |  | 5088223 | 4937440 |
| Quantitative Fund | 2479612 | 362811 |  |  | 5287562 | 8129985 |
| AlphaGen Fund | 2664168 |  |  |  | 1568862 | 4233030 |

---

Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year. As of December 31, 2025, the Funds did not elect to defer post-October capital losses.

In accordance with accounting pronouncements, the Funds may record reclassifications in the capital accounts. These reclassifications have no impact on the net asset value of the Fund and are designed generally to present distributable earnings on a tax basis which is considered to be more informative to the shareholder. Permanent book and tax

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

differences, primarily attributable to the reclassifications of net investment losses resulted in reclassifications for the year ended December 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid-In <br>Capital** | **Accumulated Earnings** |
| Income Fund | $—<br>| $—<br>|
| Growth Fund | (173039<br><u>)</u> | 173039 |
| Quantitative Fund |  |  |
| AlphaGen Fund |  |  |

---

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term. As of December 31, 2025, the Funds had the following capital loss carryforwards for federal income tax purposes available to offset future capital gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Expiring Short-Term** | **Non-Expiring Long-Term** | **Total Non-Expiring** |
| Income Fund | $5298293<br>| $—<br>| $5298293<br>|
| Growth Fund | 150783 |  | 150783 |
| Quantitative Fund |  |  |  |
| AlphaGen Fund |  |  |  |

---

During the fiscal year ended December 31, 2025, the Income Fund utilized $545,489 of capital loss carryforwards, the Growth Fund utilized $2,463,056 of capital loss carryforwards, and the AlphaGen Fund utilized $855,677 of capital loss carryforwards. The Quantitative Fund did not utilize capital loss carryforwards during the fiscal year ended December 31, 2025.

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income** | **Short—Term** **Capital Gains** | **Long—Term** **Capital Gains** |
| IncomeFund | $501053<br>| $—<br>| $—<br>|
| GrowthFund |  |  |  |
| QuantitativeFund |  | 1966891 | 3943851 |
| AlphaGenFund |  | 2514390 | 1027973 |

---

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gains** |
| Income Fund | $628998<br>| $—<br>|
| Growth Fund |  |  |
| Quantitative Fund |  |  |
| AlphaGen Fund | 4321 |  |

---

**9. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Charles Schwab and Co., Inc. held approximately 100% of the voting securities of the Income Fund, 100% of the voting securities of the Growth Fund, 100% of the voting securities of the Quantitative Fund and 100% of the voting securities of the AlphaGen Fund and may be deemed to control the Funds.

**10. MARKET RISK**

Overall market risks may also affect the value of each Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to a Fund's NAV, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**11. UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES**

The Funds may invest a significant portion of their assets in shares of one or more Investment Companies (i.e., ETFs and Money Market Funds). From time to time, the Funds may invest greater than 25% of their net assets in one security. As of December 31, 2025, none of the Funds had more than 25% of their net assets invested in one security.

**Tactical Funds**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2025

**12. SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Funds through the issuance of these financial statements and has noted no events requiring disclosure or recognition.

**13. NEW ACCOUNTING PRONOUNCEMENTS**

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments required that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. Depending on the size of the fund, the rule will take effect about 24 to 36 months after its publication date. For funds with less than $1 billion in net assets, such as the Funds, the compliance date is May 18, 2028. Management has evaluated the amendments and determined that effective April 30, 2026, the Tactical Growth Allocation Fund will change its name to "Tactical Allocation Fund" and the TFA AlphaGen Growth Fund will change its name to "TFA AlphaGen Fund." The changes will be reflected in the annual update to the Trust's registration statement.

<u>**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC</u>**</u> <u>**<u>ACCOUNTING FIRM</u>**</u>

To the Shareholders of TFA Tactical Income Fund, Tactical Growth Allocation Fund,

TFA Quantitative Fund and TFA AlphaGen Growth Fund

and Board of Trustees of Tactical Investment Series Trust

<u>Opinion on the</u> <u>Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of TFA Tactical Income Fund, Tactical Growth Allocation Fund, TFA Quantitative Fund and TFA AlphaGen Growth Fund (the "Funds"), each a series of Tactical Investment Series Trust, as of December 31, 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, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 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 three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights of the Funds for the years or periods ended December 31, 2022, and prior, were audited by other auditors, whose report dated March 1, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis</u> <u>for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements 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 the 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

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 December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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.

We have served as the Funds' auditor since 2023.

![](tist-fs_123125img002.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

**Tactical Funds**

ADDITIONAL INFORMATION

DECEMBER 31, 2025 (UNAUDITED)

**PORTFOLIO HOLDINGS**

The Funds file their complete schedule of investments with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Funds' Form N-PORTs are available on the SEC's web site at http://www.sec.gov. You may also obtain copies by calling the Funds at 1-833-974-3787, free of charge.

**PROXY VOTING**

The Funds' proxy voting policies, procedures and voting records relating to common stock securities in each Fund's investment portfolio are available without charge, upon request, by calling the Funds' toll-free telephone number 1-833-974-3787. The Funds will send this information within three business days of receipt of the request, by first class mail or other means designed to ensure prompt delivery. The Funds' proxy information is also available on the SEC's website at http://www.sec.gov. Information regarding how the Fund(s) voted proxies relating to portfolio securities for the most recent twelve months ended ended June 30 is available without charge, upon request by calling 1-833-974-3787 or referring to the SEC's web site at www.sec.gov.

**Investment Adviser**

Tactical Fund Advisors, LLC

**Sub-Advisers**

Heritage Capital Advisors, LLC

Howard Capital Management, Inc.

Synergy Asset Management, LLC

**Distributor**

Matrix 360 Distributors, LLC

**Transfer and Dividend Disbursing Agent**

M3Sixty Administration, LLC

**Custodian**

Fifth Third Bank

**Legal Counsel**

FinTech Law, LLC

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

**Fund Administrator**

M3Sixty Administration, LLC

This report is provided for the general information of TFA Tactical Income Fund, Tactical Growth Allocation Fund, TFA Quantitative Fund and TFA AlphaGen Growth Fund shareholders. It is not authorized for distribution unless preceded or accompanied by an effective prospectus, which contains more complete information about the Funds.

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

N/A

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

N/A

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

Trustee fees paid by the Funds are within Item 7. Statement of Operations as Trustee fees and expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.**

N/A

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-end management investment companies

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-end management investment companies

ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not applicable as the Funds are open-end management investment companies

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

Not applicable at this time

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of
these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934,
as amended.

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred 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 as the Funds are open-end management investment companies

ITEM 18. RECOVERY ERRONEOUSLY AWARDED COMPENSATION.

Not applicable at this time

ITEM 19. EXHIBITS

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](ex99-coe.htm)

(a)(2) Not Applicable

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](ex99-cert.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](ex99-906cert.htm)

**SIGNATURES**

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

**Tactical Investment Series Trust**

---

| |
|:---|
| /s/ Drew K. Horter |
| By Drew K. Horter |
| Principal Executive Officer/President |
| Date: March 10, 2026 |

---

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 person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Drew K. Horter |
| By Drew K. Horter |
| Principal Executive Officer/President |
| Date: March 10, 2026 |

---

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 person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Larry E. Beaver, Jr. |
| By Larry E. Beaver, Jr. |
| Treasurer and Principal Financial Officer |
| Date: March 10, 2026 |

---

## Ex-99.Coe

[Tactical Investment Series Trust N-CSR](tist-ncsr_123125.htm)

**Exhibit 99.COE**

**2. Sarbanes-Oxley Code of Ethics for Chief Executive and Senior Financial Officers**

The Tactical Investment Series Trust (the "Trust") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Trust's Principal Executive Officer, Principal Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers"), sets forth specific policies to guide such individuals in the performance of their duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Trust pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (the "1940 Act Code of Ethics"), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies. All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Exhibit E. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

**Compliance with Laws, Rules and Regulations**

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Violations".

**Conflicts of Interest**

Senior Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Tactical Fund Advisors, LLC (the "Adviser") as well as the Trust. Your obligation to conduct the Trust's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships.

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Trust. The 1940 Act Code of Ethics, the Adviser's and the Trust's allocation procedures and the other policies of the Trust are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Trust's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Trust.

When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Trust's or the Adviser's other applicable policies and procedures.

If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances to obtain the prior written approval of the Secretary of the Trust.

**Disclosures**

It is the policy of the Trust to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in all other public communications made by the Trust. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Trust's standards, policies and procedures designed to promote compliance with this Code of Ethics.

**Violations**

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Trust verbally, in writing or by other means necessary. No one will be subject to retaliation when making any such report in good faith report of an actual or suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

**Waivers of Code of Ethics**

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Trust in the manner prescribed by law.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Trust's Senior Officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Adopted: July 2022

Last amended: May 13, 2024

**Exhibit E**

**Tactical Investment Series Trust**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICER ANNUAL CERTIFICATE**

Pursuant to the requirements of the Code of Ethics for Principal Executive and Senior Financial Officers of Tactical Investment Series Trust (the "Trust" or the "Funds"), the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I have read the Trust's Code of Ethics for Principal Executive and
Senior Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I understand the Code of Ethics for Principal Executive and Senior Financial
Officers and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I affirm that I have complied with the requirements of this code.

---

| | |
|:---|:---|
| Date | Print Name |
| Signature |  |

---

## Ex-99.Cert

[Tactical Investment Series Trust N-CSR](tist-ncsr_123125.htm)

**Exhibit 99.CERT**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Drew K. Horter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR for the Tactical Investment Series Trust (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 10, 2026 | /s/ Drew K. Horter |
|  | Drew K. Horter |
|  | Principal Executive Officer/President |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Larry E. Beaver, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR for the Tactical Investment Series Trust (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 10, 2026 | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

[Tactical Investment Series Trust N-CSR](tist-ncsr_123125.htm)

**Exhibit 99-906 CERT**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Drew K. Horter, Principal Executive Officer/President of the Tactical Investment Series Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The N-CSR of the registrant for the year ended December 31, 2025 (the "Report") fully complies
with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Drew K. Horter |
|  | Drew K. Horter |
|  | Principal Executive Officer/President |
| Date: | March 10, 2026 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO M3SIXTY ADMINISTRATION, LLC. AND WILL BE RETAINED BY M3SIXTY ADMINSITRATION, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Larry E. Beaver, Jr., Treasurer and Principal Financial Officer of the Tactical Investment Series Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The N-CSR of the registrant for the year ended December 31, 2025 (the "Report") fully complies
with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |
| Date: | March 10, 2026 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO M3SIXTY ADMINISTRATION, LLC AND WILL BE RETAINED BY M3SIXTY ADMINISTRATION, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.