Counterpoint Tactical Equity Fund

Class A (CPAEX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://counterpointfunds.com/resources/. You can also request this information by contacting us at 1-844-273-8637.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$88	1.69%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$366,800,443
Number of Portfolio Holdings	269
Advisory Fee (net of waivers)	$1,759,037
Portfolio Turnover	141%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	38.7%
Exchange-Traded Funds	12.6%
Money Market Funds	9.5%
Purchased Options	0.4%
U.S. Government & Agencies	38.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	11.6%
Real Estate	0.2%
Future Option	0.4%
Collateral for Securities Loaned	0.7%
Utilities	1.0%
Communications	1.8%
Consumer Staples	1.8%
Health Care	2.2%
Materials	2.5%
Energy	2.6%
Financials	3.0%
Industrials	5.3%
Consumer Discretionary	6.0%
Money Market	7.7%
Technology	7.8%
Equity	11.1%
U.S. Treasury Obligations	34.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Bill, 4.200%, 06/12/25	13.5%
United States Treasury Bill, 4.085%, 09/25/25	13.4%
Counterpoint Quantitative Equity ETF	11.1%
Fidelity Treasury Portfolio, Class I	7.6%
United States Treasury Bill, 4.240%, 05/20/25	4.7%
United States Treasury Bill, 4.220%, 08/21/25	2.7%
S&P Emini 2nd Wee Apr25P 2EJ5P 5850 Index, 04/11/25 5850.0 Put	0.4%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	0.4%
Hertz Global Holdings, Inc.	0.2%
Perimeter Solutions, Inc.	0.2%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Equity Fund - Class A (CPAEX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPAEX

Counterpoint Tactical Equity Fund

Class C (CPCEX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$127	2.44%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$366,800,443
Number of Portfolio Holdings	269
Advisory Fee (net of waivers)	$1,759,037
Portfolio Turnover	141%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	38.7%
Exchange-Traded Funds	12.6%
Money Market Funds	9.5%
Purchased Options	0.4%
U.S. Government & Agencies	38.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	11.6%
Real Estate	0.2%
Future Option	0.4%
Collateral for Securities Loaned	0.7%
Utilities	1.0%
Communications	1.8%
Consumer Staples	1.8%
Health Care	2.2%
Materials	2.5%
Energy	2.6%
Financials	3.0%
Industrials	5.3%
Consumer Discretionary	6.0%
Money Market	7.7%
Technology	7.8%
Equity	11.1%
U.S. Treasury Obligations	34.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Bill, 4.200%, 06/12/25	13.5%
United States Treasury Bill, 4.085%, 09/25/25	13.4%
Counterpoint Quantitative Equity ETF	11.1%
Fidelity Treasury Portfolio, Class I	7.6%
United States Treasury Bill, 4.240%, 05/20/25	4.7%
United States Treasury Bill, 4.220%, 08/21/25	2.7%
S&P Emini 2nd Wee Apr25P 2EJ5P 5850 Index, 04/11/25 5850.0 Put	0.4%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	0.4%
Hertz Global Holdings, Inc.	0.2%
Perimeter Solutions, Inc.	0.2%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Equity Fund - Class C (CPCEX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPCEX

Counterpoint Tactical Equity Fund

Class I (CPIEX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$75	1.44%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$366,800,443
Number of Portfolio Holdings	269
Advisory Fee (net of waivers)	$1,759,037
Portfolio Turnover	141%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	38.7%
Exchange-Traded Funds	12.6%
Money Market Funds	9.5%
Purchased Options	0.4%
U.S. Government & Agencies	38.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	11.6%
Real Estate	0.2%
Future Option	0.4%
Collateral for Securities Loaned	0.7%
Utilities	1.0%
Communications	1.8%
Consumer Staples	1.8%
Health Care	2.2%
Materials	2.5%
Energy	2.6%
Financials	3.0%
Industrials	5.3%
Consumer Discretionary	6.0%
Money Market	7.7%
Technology	7.8%
Equity	11.1%
U.S. Treasury Obligations	34.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Bill, 4.200%, 06/12/25	13.5%
United States Treasury Bill, 4.085%, 09/25/25	13.4%
Counterpoint Quantitative Equity ETF	11.1%
Fidelity Treasury Portfolio, Class I	7.6%
United States Treasury Bill, 4.240%, 05/20/25	4.7%
United States Treasury Bill, 4.220%, 08/21/25	2.7%
S&P Emini 2nd Wee Apr25P 2EJ5P 5850 Index, 04/11/25 5850.0 Put	0.4%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	0.4%
Hertz Global Holdings, Inc.	0.2%
Perimeter Solutions, Inc.	0.2%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Equity Fund - Class I (CPIEX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPIEX

Counterpoint Tactical Income Fund

Class A (CPATX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://counterpointfunds.com/resources/. You can also request this information by contacting us at 1-844-273-8637. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$85	1.69%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$1,978,781,018
Number of Portfolio Holdings	158
Advisory Fee (net of waivers)	$11,803,171
Portfolio Turnover	28%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	5.7%
Exchange-Traded Funds	17.1%
Money Market Funds	5.7%
Open End Funds	59.3%
U.S. Government & Agencies	12.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-3.0%
Health Care	0.2%
Utilities	0.2%
Real Estate	0.2%
Consumer Staples	0.2%
Financials	0.4%
Energy	0.4%
Technology	0.5%
Money Market	0.5%
Industrials	0.6%
Materials	0.7%
Consumer Discretionary	1.1%
Communications	1.4%
Collateral for Securities Loaned	5.3%
U.S. Treasury Obligations	12.6%
Fixed Income	78.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Advisor Floating Rate High Income Fund, Class I	15.6%
PIMCO High Yield Fund, Institutional Class	10.7%
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	10.6%
PGIM High Yield Fund, Class Z	8.4%
iShares Broad USD High Yield Corporate Bond ETF	7.4%
BlackRock Floating Rate Income Portfolio, Institutional Class	6.5%
JPMorgan High Yield Fund, Class I	5.3%
Invesco Senior Loan ETF	5.2%
United States Treasury Bill, 4.220%, 04/29/25	4.0%
United States Treasury Bill, 4.250%, 04/17/25	2.6%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's next prospectus, which we expect to be available by January 27, 2026 or upon request at 1-844-273-8637.

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

Counterpoint Tactical Income Fund - Class A (CPATX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPATX

Counterpoint Tactical Income Fund

Class C (CPCTX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$122	2.44%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$1,978,781,018
Number of Portfolio Holdings	158
Advisory Fee (net of waivers)	$11,803,171
Portfolio Turnover	28%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	5.7%
Exchange-Traded Funds	17.1%
Money Market Funds	5.7%
Open End Funds	59.3%
U.S. Government & Agencies	12.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-3.0%
Health Care	0.2%
Utilities	0.2%
Real Estate	0.2%
Consumer Staples	0.2%
Financials	0.4%
Energy	0.4%
Technology	0.5%
Money Market	0.5%
Industrials	0.6%
Materials	0.7%
Consumer Discretionary	1.1%
Communications	1.4%
Collateral for Securities Loaned	5.3%
U.S. Treasury Obligations	12.6%
Fixed Income	78.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Advisor Floating Rate High Income Fund, Class I	15.6%
PIMCO High Yield Fund, Institutional Class	10.7%
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	10.6%
PGIM High Yield Fund, Class Z	8.4%
iShares Broad USD High Yield Corporate Bond ETF	7.4%
BlackRock Floating Rate Income Portfolio, Institutional Class	6.5%
JPMorgan High Yield Fund, Class I	5.3%
Invesco Senior Loan ETF	5.2%
United States Treasury Bill, 4.220%, 04/29/25	4.0%
United States Treasury Bill, 4.250%, 04/17/25	2.6%

Material Fund Changes

Counterpoint Tactical Income Fund - Class C (CPCTX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPCTX

Counterpoint Tactical Income Fund

Class I (CPITX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$72	1.44%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$1,978,781,018
Number of Portfolio Holdings	158
Advisory Fee (net of waivers)	$11,803,171
Portfolio Turnover	28%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	5.7%
Exchange-Traded Funds	17.1%
Money Market Funds	5.7%
Open End Funds	59.3%
U.S. Government & Agencies	12.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-3.0%
Health Care	0.2%
Utilities	0.2%
Real Estate	0.2%
Consumer Staples	0.2%
Financials	0.4%
Energy	0.4%
Technology	0.5%
Money Market	0.5%
Industrials	0.6%
Materials	0.7%
Consumer Discretionary	1.1%
Communications	1.4%
Collateral for Securities Loaned	5.3%
U.S. Treasury Obligations	12.6%
Fixed Income	78.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Advisor Floating Rate High Income Fund, Class I	15.6%
PIMCO High Yield Fund, Institutional Class	10.7%
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	10.6%
PGIM High Yield Fund, Class Z	8.4%
iShares Broad USD High Yield Corporate Bond ETF	7.4%
BlackRock Floating Rate Income Portfolio, Institutional Class	6.5%
JPMorgan High Yield Fund, Class I	5.3%
Invesco Senior Loan ETF	5.2%
United States Treasury Bill, 4.220%, 04/29/25	4.0%
United States Treasury Bill, 4.250%, 04/17/25	2.6%

Material Fund Changes

Counterpoint Tactical Income Fund - Class I (CPITX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-CPITX

Counterpoint Tactical Municipal Fund

Class A (TMNAX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://counterpointfunds.com/resources/. You can also request this information by contacting us at 1-844-273-8637.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$58	1.18%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$304,333,536
Number of Portfolio Holdings	17
Advisory Fee	$1,071,841
Portfolio Turnover	146%

Asset Weighting (% of total investments)

Value	Value
Money Market Funds	86.9%
Open End Funds	13.0%
Purchased Options	0.1%

What did the Fund invest in?

Asset Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	2.0%
Future Option	0.1%
Fixed Income	12.7%
Money Market Funds	85.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
BlackRock Liquidity Funds MuniCash, Institutional Class	85.2%
Nuveen High Yield Municipal Bond Fund, Class I	6.4%
Goldman Sachs High Yield Municipal Fund, Institutional Class	2.6%
Invesco Rochester Municipal Opportunities Fund, Class Y	2.4%
AB High Income Municipal Portfolio, Advisor Class	1.0%
PIMCO High Yield Municipal Bond Fund, Institutional Class	0.3%
CDX North American High Yield Index Version 1 Series 43 Swaption, 07/16/25 105.0	0.1%
U.S. Long Bond Future, 06/20/25 116.0 Put	0.1%
American High-Income Municipal Bond Fund, Class F-3	0.0%
T Rowe Price Tax-Free High Yield Fund, Inc., Class I	0.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Municipal Fund - Class A (TMNAX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TMNAX

Counterpoint Tactical Municipal Fund

Class C (TMNCX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$94	1.93%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$304,333,536
Number of Portfolio Holdings	17
Advisory Fee	$1,071,841
Portfolio Turnover	146%

Asset Weighting (% of total investments)

Value	Value
Money Market Funds	86.9%
Open End Funds	13.0%
Purchased Options	0.1%

What did the Fund invest in?

Asset Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	2.0%
Future Option	0.1%
Fixed Income	12.7%
Money Market Funds	85.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
BlackRock Liquidity Funds MuniCash, Institutional Class	85.2%
Nuveen High Yield Municipal Bond Fund, Class I	6.4%
Goldman Sachs High Yield Municipal Fund, Institutional Class	2.6%
Invesco Rochester Municipal Opportunities Fund, Class Y	2.4%
AB High Income Municipal Portfolio, Advisor Class	1.0%
PIMCO High Yield Municipal Bond Fund, Institutional Class	0.3%
CDX North American High Yield Index Version 1 Series 43 Swaption, 07/16/25 105.0	0.1%
U.S. Long Bond Future, 06/20/25 116.0 Put	0.1%
American High-Income Municipal Bond Fund, Class F-3	0.0%
T Rowe Price Tax-Free High Yield Fund, Inc., Class I	0.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Municipal Fund - Class C (TMNCX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TMNCX

Counterpoint Tactical Municipal Fund

Class I (TMNIX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$46	0.93%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$304,333,536
Number of Portfolio Holdings	17
Advisory Fee	$1,071,841
Portfolio Turnover	146%

Asset Weighting (% of total investments)

Value	Value
Money Market Funds	86.9%
Open End Funds	13.0%
Purchased Options	0.1%

What did the Fund invest in?

Asset Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	2.0%
Future Option	0.1%
Fixed Income	12.7%
Money Market Funds	85.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
BlackRock Liquidity Funds MuniCash, Institutional Class	85.2%
Nuveen High Yield Municipal Bond Fund, Class I	6.4%
Goldman Sachs High Yield Municipal Fund, Institutional Class	2.6%
Invesco Rochester Municipal Opportunities Fund, Class Y	2.4%
AB High Income Municipal Portfolio, Advisor Class	1.0%
PIMCO High Yield Municipal Bond Fund, Institutional Class	0.3%
CDX North American High Yield Index Version 1 Series 43 Swaption, 07/16/25 105.0	0.1%
U.S. Long Bond Future, 06/20/25 116.0 Put	0.1%
American High-Income Municipal Bond Fund, Class F-3	0.0%
T Rowe Price Tax-Free High Yield Fund, Inc., Class I	0.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Counterpoint Tactical Municipal Fund - Class I (TMNIX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://counterpointfunds.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TMNIX

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

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

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

Counterpoint Tactical Equity Fund - seeks capital appreciation and preservation.

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

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

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

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

Valuation of Underlying Funds – Each Fund may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at

their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

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

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

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2025 for the Funds’ investments measured at fair value:

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

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

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

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

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

Futures Contracts – The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. A Fund may each purchase or sell futures contracts to hedge against market risk and to reduce return volatility. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. If a Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin

deposits on the futures contracts. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

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

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

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

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

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

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap

agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statement of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. The fair value of these financial instruments are located under unrealized appreciation (depreciation) on total return swaps on the Statement of Assets and Liabilities. The realized gain (loss) on swap contracts and change in unrealized appreciation (depreciation) on swap contracts are located on the Statement of Operations.

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

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

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

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

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

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

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

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

For the six months ended March 31, 2025, the Advisor earned advisory fees as follows:

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

During the six months ended March 31, 2025, the Advisor waived/recaptured advisory fees pursuant to the Waiver Agreements as follows:

During the six months ended March 31, 2025 the Counterpoint Tactical Income Fund invested a portion of its assets in the Counterpoint High Yield Trend ETF and the Counterpoint Tactical Equity Fund invested a portion of its assets in the Counterpoint Quantitative Equity ETF which are also managed by the Advisor. The Advisor waived $10,548 of its advisory based on the Counterpoint Tactical Income Fund’s investment in the Counterpoint High Yield Trend ETF and $116,117 of its advisory fee based on

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

As of March 31, 2025, there are no previously waived fees available for recapture.

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the “Distributor”). The Board has adopted, on behalf of each Fund, the Trust’s Master Distribution and Shareholder Servicing Plan for Class A and Class C shares (the “Plans”), as amended, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% of the average daily net assets for Class C shares for such distribution and shareholder service activities. For the six months ended March 31, 2025 the Funds incurred distributions fees as follows:

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. During the six months ended March 31, 2025, the Distributor received underwriting commissions for sales of Class A shares as follows:

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

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

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

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

For the six months ended March 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments were as follows:

The following is a summary of the effect of derivative instruments on the Funds’ Statement of Assets and Liabilities as of March 31, 2025.

The following is a summary of the effect of derivative instruments on the Funds’ Statement of Operations for the six months ended March 31, 2025.

The notional value of the derivative instruments outstanding as of March 31, 2025 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Funds.

During the six months ended March 31 2025, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at March 31, 2025 for the Funds.

As of March 31, 2025, the Funds held cash collateral at the broker for swaps, swaptions, futures, and future options. These amounts are listed in the Statement of Assets and Liabilities under “cash held for collateral at broker” as follows:

As of March 31, 2025, the Counterpoint Tactical Income Fund and Counterpoint Tactical Equity Fund held securities as collateral for total return swaps in the amount of $5,988,681 and $27,237,073, respectively. These are shown in the schedule of investments.

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at March 31, 2025, were as follows:

The tax character of Fund distributions paid for the fiscal years ended September 30, 2024 and September 30, 2023 was as follows:

As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

At September 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

During the fiscal period ended September 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, and adjustments for prior year tax returns resulted in reclassification for the year ended September 30, 2024 for the Funds as follows:

The Counterpoint Tactical Municipal Fund (the “Municipal Fund”) currently invests a significant portion of its assets in the BlackRock Liquidity Funds Muni Cash, Institutional Class (the “BlackRock Fund”). The Municipal Fund may redeem its investment from the BlackRock Fund at any time if the Advisor determines that it is in the best interest of the Municipal Fund and its shareholders to do so. The performance of the Municipal Fund will be directly affected by the performance of the BlackRock Fund. The financial statements of the BlackRock Fund, including the portfolio of investments, can be found at the SEC’s website www.sec.gov and should be read in conjunction with the Municipal Fund’s financial statements. As of March 31, 2025 the percentage of the Municipal Fund’s net assets invested in the BlackRock Fund was 85.2%.

Companies that are affiliates at March 31, 2025 are noted in each Fund’s Schedule of Investments. The financial statements for the investments noted in the table below can be found at https://counterpointfunds.com/resources/. Transactions during the period with the companies that are affiliated or were affiliates at the beginning of the period are as follows:

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

The following table sets forth the remaining contractual maturity of the collateral held by the Funds as of March 31, 2025:

At March 31, 2025, the Funds loaned securities and received cash collateral for the loan. This cash was invested in the BlackRock Liquidity FedFund Institutional Class, the Dreyfus Treasury Obligations Cash Management Fund Institutional Class, and the Morgan Stanley Institutional Liquidity Funds – Government Portfolio Institutional Class. Each Fund receives compensation relating to the lending of its securities as reflected in the Statement of Operations.

The securities loaned are noted in the Schedule of Investments. The fair value of the securities loaned for the Funds at March 31, 2025 were as follows.

The fair value of the “Collateral for Securities Loaned” on the Schedule of Investments includes only cash collateral received and reinvested. As of March 31, 2025, the total collateral for securities loaned was as follows:

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

The Counterpoint Tactical Income Fund and the Counterpoint Tactical Equity Fund received non-cash collateral in the amount of $83,536,905 and $2,922,006, respectively. Non-cash collateral cannot be pledged or sold by the fund.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, the shareholders listed below held more than 25% of a Fund and may be deemed to control that Fund. The Funds have no knowledge as to whether all or any portion of the shares owned of record within the omnibus accounts listed below are also owned beneficially.

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

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

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

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

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

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

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

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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.

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

225 Pictoria Drive, Suite 450, Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 17.6%
		FIXED INCOME - 17.6%
	87,300	Counterpoint High Yield Trend ETF^(a)(h)			$	1,903,140
	4,937,232	Invesco Senior Loan ETF^(a)				102,200,702
	3,964,119	iShares Broad USD High Yield Corporate Bond ETF^(a)				145,919,221
	100,000	PGIM Active High Yield Bond ETF^(a)				3,482,000
	1,130,422	SPDR Blackstone Senior Loan ETF^(a)				46,494,257
	950,000	VanEck High Yield Muni ETF^(a)				48,621,000
		TOTAL EXCHANGE-TRADED FUNDS (Cost $351,105,462)				348,620,320

		OPEN END FUNDS — 61.1%
		FIXED INCOME - 61.1%
	13,383,298	BlackRock Floating Rate Income Portfolio, Institutional Class				127,676,660
	29,896,366	Blackrock Series Fund V-BlackRock High Yield, Institutional Class				210,470,418
	33,863,765	Fidelity Advisor Floating Rate High Income Fund, Class I				309,514,812
	5,219,005	Goldman Sachs High Yield Floating Rate Fund, Institutional Class				45,248,774
	16,367,612	JPMorgan High Yield Fund, Class I				105,571,098
	1,808	Lord Abbett Floating Rate Fund, Class I				14,555
	1,000	Lord Abbett High Yield Fund, Class I				6,320
	1,000	MainStay MacKay High Yield Corporate Bond Fund, Class I				5,180
	1,000	Nuveen High Yield Fund, Institutional Class				8,710
	34,751,949	PGIM High Yield Fund, Class Z				165,766,795
	26,458,745	PIMCO High Yield Fund, Institutional Class				211,140,788
	4,109,371	Transamerica High Yield Bond, Class I				33,039,341
		TOTAL OPEN END FUNDS (Cost $1,173,128,421)				1,208,463,451

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CORPORATE BONDS — 5.9%
		ADVERTISING & MARKETING — 0.1%
	859,000	Advantage Sales & Marketing, Inc.^(b)	6.5000	11/15/28		754,147
	1,029,000	CMG Media Corporation^(b)	8.8750	06/18/29		890,085

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 5.9% (Continued)
		ADVERTISING & MARKETING — 0.1% (Continued)
	833,000	Outfront Media Capital, LLC / Outfront Media Capital Corporation^(b)	5.0000	08/15/27	$	819,131
						2,463,363
		AEROSPACE & DEFENSE — 0.1%
	777,000	Bombardier, Inc.^(b)	7.4500	05/01/34		798,441
	736,000	Spirit AeroSystems, Inc.^(b)	9.7500	11/15/30		813,762
						1,612,203
		APPAREL & TEXTILE PRODUCTS — 0.0%^(c)
	767,000	Hanesbrands, Inc.^(b)	9.0000	02/15/31		808,913

		ASSET MANAGEMENT — 0.0%^(c)
	774,000	Clue Opco, LLC^(b)	9.5000	10/15/31		774,897

		AUTOMOTIVE — 0.2%
	826,000	American Axle & Manufacturing, Inc.	6.8750	07/01/28		786,865
	808,000	Clarios Global, L.P. / Clarios US Finance Company^(b)	6.7500	02/15/30		816,403
	808,000	Garrett Motion Holdings, Inc. / Garrett LX I Sarl^(b)	7.7500	05/31/32		799,670
	895,000	Goodyear Tire & Rubber Company (The)	5.2500	04/30/31		808,184
						3,211,122
		BIOTECH & PHARMA — 0.1%
	1,435,000	Bausch Health Companies, Inc.^(b)	5.0000	01/30/28		1,049,351

		CABLE & SATELLITE — 0.3%
	1,014,000	Altice Financing S.A.^(b)	5.0000	01/15/28		763,493
	2,340,000	CSC Holdings, LLC^(b)	4.6250	12/01/30		1,142,114
	772,000	DISH Network Corporation^(b)	11.7500	11/15/27		814,040
	1,755,000	LCPR Senior Secured Financing DAC^(b)	6.7500	10/15/27		1,470,917
	795,000	Midcontinent Communications^(b)	8.0000	08/15/32		809,541
	908,000	Ziggo Bond Company BV^(a),(b)	5.1250	02/28/30		792,414
						5,792,519
		CHEMICALS — 0.3%
	860,000	Chemours Co./The^(a),(b)	5.7500	11/15/28		794,285
	854,000	Element Solutions, Inc.^(b)	3.8750	09/01/28		804,671
	854,000	Mativ Holdings, Inc.^(b)	8.0000	10/01/29		737,557
	849,000	SCIH Salt Holdings, Inc.^(b)	4.8750	05/01/28		808,062

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 5.9% (Continued)
		CHEMICALS — 0.3% (Continued)
	901,000	Tronox, Inc.^(a),(b)	4.6250	03/15/29	$	771,435
	887,000	Vibrantz Technologies, Inc.^(b)	9.0000	02/15/30		724,047
						4,640,057
		COMMERCIAL SUPPORT SERVICES — 0.3%
	798,000	Allied Universal Holdco, LLC^(b)	7.8750	02/15/31		808,811
	823,000	Cimpress PLC^(a),(b)	7.3750	09/15/32		757,362
	793,000	RR Donnelley & Sons Company^(b)	9.5000	08/01/29		786,320
	800,000	Wrangler Holdco Corporation^(b)	6.6250	04/01/32		815,278
	895,000	ZipRecruiter, Inc.^(b)	5.0000	01/15/30		787,791
						3,955,562
		CONSTRUCTION MATERIALS — 0.0%^(c)
	772,000	AmeriTex HoldCompany Intermediate, LLC^(b)	10.2500	10/15/28		793,403

		CONTAINERS & PACKAGING — 0.0%^(c)
	816,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer^(b)	4.0000	10/15/27		824,160

		ELECTRIC UTILITIES — 0.1%
	806,000	Alpha Generation, LLC^(b)	6.7500	10/15/32		807,138
	851,000	Calpine Corporation^(a),(b)	5.0000	02/01/31		813,068
						1,620,206
		ELECTRICAL EQUIPMENT — 0.0%^(c)
	811,000	Vertical Holdco GmbH^(b)	7.6250	07/15/28		813,010

		ENGINEERING & CONSTRUCTION — 0.0%^(c)
	808,000	Brundage-Bone Concrete Pumping Holdings, Inc.^(b)	7.5000	02/01/32		769,693

		ENTERTAINMENT CONTENT — 0.1%
	2,138,000	Liberty Interactive, LLC	8.2500	02/01/30		842,124
	1,605,000	Univision Communications, Inc.^(b)	8.0000	08/15/28		1,611,741
						2,453,865
		FOOD — 0.1%
	1,247,000	Chobani Holdco II, LLC^(b)	8.7500	10/01/29		1,353,236

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 5.9% (Continued)
		FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
	888,000	Domtar Corporation^(b)	6.7500	10/01/28	$	805,743
	836,000	Magnera Corporation^(b)	7.2500	11/15/31		814,101
						1,619,844
		GAS & WATER UTILITIES — 0.1%
	841,000	AmeriGas Partners, L.P. / AmeriGas Finance Corporation^(a),(b)	9.3750	06/01/28		833,148
	821,000	Ferrellgas Escrow, LLC / FG Operating Finance Corporation^(b)	5.3750	04/01/26		813,076
						1,646,224
		HEALTH CARE FACILITIES & SERVICES — 0.1%
	878,000	AdaptHealth, LLC^(b)	5.1250	03/01/30		801,306
	790,000	CHS/Community Health Systems, Inc.^(b)	10.8750	01/15/32		778,791
	1,242,000	LifePoint Health, Inc.^(b)	10.0000	06/01/32		1,186,308
	802,000	US Acute Care Solutions, LLC^(b)	9.7500	05/15/29		800,221
						3,566,626
		HOME CONSTRUCTION — 0.1%
	824,000	Cornerstone Building Brands, Inc.^(b)	9.5000	08/15/29		680,727
	1,853,000	CP Atlas Buyer, Inc.^(b)	7.0000	12/01/28		1,466,027
	751,000	K Hovnanian Enterprises, Inc.^(b)	11.7500	09/30/29		806,319
						2,953,073
		HOUSEHOLD PRODUCTS — 0.0%^(c)
	1,039,000	Kronos Acquisition Holdings, Inc.^(b)	10.7500	06/30/32		790,795

		INDUSTRIAL INTERMEDIATE PROD — 0.2%
	759,000	Chart Industries, Inc.^(a),(b)	9.5000	01/01/31		810,678
	829,000	Park-Ohio Industries, Inc.	6.6250	04/15/27		802,917
						1,613,595
		INDUSTRIAL SUPPORT SERVICES — 0.0%^(c)
	839,000	Alta Equipment Group, Inc.^(b)	9.0000	06/01/29		733,081

		INSURANCE — 0.3%
	795,000	Acrisure, LLC / Acrisure Finance, Inc.^(b)	7.5000	11/06/30		808,992
	854,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer^(b)	5.8750	11/01/29		826,133
	785,000	Ardonagh Group Finance Ltd.^(b)	8.8750	02/15/32		800,722
	800,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance^(b)	7.1250	05/15/31		811,551

Shares		Fair Value
	TOTAL INVESTMENTS - 103.0% (Cost $2,008,555,645)	$	2,037,322,233
	LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%		(58,541,215	)
	NET ASSETS - 100.0%	$	1,978,781,018

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

L.P.	- Limited Partnership

Ltd.	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		COMMON STOCKS — 34.2%
		ADVERTISING & MARKETING - 0.3%
	59,238	Stagwell, Inc.^(a)	$	358,390
	14,108	Trade Desk, Inc. (The), Class A^(a)		771,990
				1,130,380
		AEROSPACE & DEFENSE - 0.3%
	1,934	Moog, Inc., Class A		335,259
	4,420	Textron, Inc.		319,345
	250	TransDigm Group, Inc.		345,822
				1,000,426
		APPAREL & TEXTILE PRODUCTS - 0.3%
	36,017	Capri Holdings Ltd.^(a)		710,616
	8,710	On Holding A.G.^(a)		382,543
				1,093,159
		ASSET MANAGEMENT - 0.6%
	25,373	Grid Dynamics Holdings, Inc.^(a)		397,087
	36,752	Icahn Enterprises, L.P.		332,973
	65,208	P10, Inc.^(b)		766,194
	8,687	Robinhood Markets, Inc., Class A^(a)		361,553
	6,785	Victory Capital Holdings, Inc.		392,648
				2,250,455
		AUTOMOTIVE - 0.5%
	56,909	Adient PLC^(a)		731,850
	53,576	Dana, Inc.		714,168
	7,577	General Motors Company		356,346
				1,802,364
		BANKING - 0.4%
	5,459	Citigroup, Inc.		387,534
	8,631	Citizens Financial Group, Inc.		353,612
	14,693	Customers Bancorp, Inc.^(a)		737,589
				1,478,735
		BEVERAGES - 0.1%
	14,448	MGP Ingredients, Inc.		424,482

Shares			Fair Value
		COMMON STOCKS — 34.2% (Continued)
		CABLE & SATELLITE - 0.1%
	9,402	Comcast Corporation, Class A	$	346,934

		CHEMICALS - 0.8%
	12,142	Axalta Coating Systems Ltd.^(a)		402,750
	4,685	Balchem Corporation		777,710
	25,736	Orion S.A.		332,766
	84,382	Perimeter Solutions, Inc.^(a)		849,727
	3,642	RPM International, Inc.		421,307
				2,784,260
		COMMERCIAL SUPPORT SERVICES - 0.9%
	32,476	AMN Healthcare Services, Inc.^(a)		794,363
	5,874	Brady Corporation, Class A		414,939
	4,880	Brink’s Company (The)		420,461
	20,823	CoreCivic, Inc.^(a)		422,499
	6,857	H&R Block, Inc.		376,518
	2,943	Huron Consulting Group, Inc.^(a)		422,173
	9,914	Willdan Group, Inc.^(a)		403,698
				3,254,651
		CONSTRUCTION MATERIALS - 0.1%
	8,862	Apogee Enterprises, Inc.		410,576

		CONSUMER SERVICES - 0.4%
	110,047	Coursera, Inc.^(a)		732,913
	2,437	Grand Canyon Education, Inc.^(a)		421,650
	15,221	Universal Technical Institute, Inc.^(a)		390,875
				1,545,438
		DIVERSIFIED INDUSTRIALS - 0.1%
	4,726	Pentair PLC		413,430

		E-COMMERCE DISCRETIONARY - 0.6%
	12,964	Liquidity Services, Inc.^(a)		402,014
	160	MercadoLibre, Inc.^(a)		312,139
	129,167	RealReal, Inc. (The)^(a)(b)		696,211
	103,061	Stitch Fix, Inc., Class A^(a)		334,948

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.4%
		COLLATERAL FOR SECURITIES LOANED - 0.7%
	700,000	BlackRock Liquidity FedFund, Institutional Class, 4.35%^(e),(f)	$	700,000
	1,321,382	Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, Institutional Class, 4.36%^(e),(f)		1,321,382
	700,000	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.37%^(e),(f)		700,000
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,721,382)		2,721,382

		MONEY MARKET FUNDS - 7.7%
	27,961,999	Fidelity Treasury Portfolio, Class I, 4.19% (Cost $27,961,999)^(f)		27,961,999

		TOTAL SHORT-TERM INVESTMENTS (Cost $30,683,381)		30,683,381

Contracts^(g)			Counterparty	Expiration Date	Exercise Price		Notional Value
		FUTURE OPTIONS PURCHASED - 0.4%
		PUT OPTIONS PURCHASED - 0.4%
	140	S&P E-mini 2nd Week Future	Goldman Sachs	04/11/2025	$	5,850	$	39,572,750	$	1,457,750
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $1,225,538)

		TOTAL INVESTMENTS - 88.4% (Cost $326,311,535)							$	324,194,352
		OTHER ASSETS IN EXCESS OF LIABILITIES - 11.6%								42,606,091
		NET ASSETS - 100.0%							$	366,800,443

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

CVR	- Contingent Value Right

ETF	- Exchange-Traded Fund

L.P.	- Limited Partnership

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

PJSC	- Public Joint -Stock Company

PLC	- Public Limited Company

S.A.	- Société Anonyme

Shares			Fair Value
		OPEN END FUNDS — 12.7%
		FIXED INCOME - 12.7%
	291,416	AB High Income Municipal Portfolio, Advisor Class	$	2,987,017
	100	American Century High-Yield Municipal Fund, Class I		875
	100	American High-Income Municipal Bond Fund, Class F-3		1,518
	100	Delaware National High-Yield Municipal Bond Fund, Institutional Class		1,011
	100	Eaton Vance High Yield Municipal Income Fund, Class I		809
	100	Franklin High Yield Tax-Free Income Fund, Advisor Class		888
	862,343	Goldman Sachs High Yield Municipal Fund, Institutional Class		7,890,437
	100	Invesco AMT-Free Municipal Fund, Class Y		671
	1,098,054	Invesco Rochester Municipal Opportunities Fund, Class Y		7,345,980
	1,344,359	Nuveen High Yield Municipal Bond Fund, Class I		19,520,086
	100	PGIM Muni High Income Fund, Class Z		934
	120,192	PIMCO High Yield Municipal Bond Fund, Institutional Class		1,009,615
	100	T Rowe Price Tax-Free High Yield Fund, Inc., Class I		1,099
		TOTAL OPEN END FUNDS (Cost $39,429,410)		38,760,940

		SHORT-TERM INVESTMENTS — 85.2%
		MONEY MARKET FUNDS - 85.2%
	263,184,299	BlackRock Liquidity Funds MuniCash, Institutional Class, 3.00% (Cost $259,184,625)^(a)		259,184,625

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value
		FUTURE OPTIONS PURCHASED - 0.1%
		PUT OPTIONS PURCHASED - 0.1%
	130	U.S. Long Bond Future	Wells Fargo	06/20/2025	$	116	$	15,120,300	$	257,969
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $327,399)

		TOTAL INVESTMENTS - 98.0% (Cost $298,941,434)							$	298,203,534
		PUT OPTIONS WRITTEN - 0.0% (Premiums received - $62,603)								(44,688	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%								6,174,690
		NET ASSETS - 100.0%							$	304,333,536

			Counterpoint			Counterpoint
	Counterpoint Tactical		Tactical Equity			Tactical Municipal
	Income Fund		Fund			Fund
ASSETS
Investment securities:
Affiliated investments at cost	$	1,895,549	$	38,724,101		$	—
Unaffiliated investments at cost		2,006,660,096		287,587,434			298,941,434
Total investments at cost	$	2,008,555,645	$	326,311,535		$	298,941,434
Affiliated investments at fair value	$	1,903,140	$	40,840,380		$	—
Unaffiliated investments at fair value *		2,035,419,093		283,353,972			298,203,534
Total investments at value	$	2,037,322,233	$	324,194,352		$	298,203,534
Cash		20,000,000		2,500,000			4,000,000
Cash held for collateral at broker (a)		11,738,121		10,239,687			972,740
Premiums paid on open swap contracts		8,584,564		—			—
Dividends and interest receivable		8,627,731		270,002			1,163,227
Receivable for Fund shares sold		6,380,794		660,983			240,030
Swaptions Purchased, at fair value (Premium $0, $0, $224,000)		—		—			291,715
Due from broker - swaps		204,543		2,583,373			—
Unrealized appreciation on total return swaps		1,481,948		29,696,154			—
Prepaid expenses and other assets		131,774		117,786			53,879
TOTAL ASSETS		2,094,471,708		370,262,337			304,925,125

LIABILITIES
Securities lending collateral		106,449,728		2,721,382			—
Investment advisory fees payable		2,111,886		344,780			183,983
Payable for Fund shares redeemed		2,353,714		386,068			293,495
Unrealized depreciation on credit default swap		1,032,632		—			—
Payable for securities purchased		3,501,456		—			—
Payable to related parties		147,519		346			19,076
Distribution (12b-1) fees payable		91,564		8,569			5,813
Options written (Premiums received $0, $0, $62,603, respectively)		—		—			44,688
Accrued expenses and other liabilities		2,191		749			44,534
TOTAL LIABILITIES		115,690,690		3,461,894			591,589
NET ASSETS	$	1,978,781,018	$	366,800,443		$	304,333,536

NET ASSETS CONSIST OF:
Paid in capital	$	1,970,522,996	$	318,730,808		$	308,453,792
Accumulated earnings (deficit)	$	8,258,022	$	48,069,635		$	(4,120,256	)
NET ASSETS	$	1,978,781,018	$	366,800,443		$	304,333,536

NET ASSET VALUE PER SHARE:
Class A Shares:
Net Assets	$	111,933,238	$	30,036,690		$	13,166,913
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		9,960,914		1,329,130			1,257,224
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	11.24	$	22.60	(b)	$	10.47
Maximum offering price per share (maximum sales charge of 4.50%, 5.75% and 4.50%, respectively)	$	11.77	$	23.98	(b)	$	10.96

Class C Shares:
Net Assets	$	80,567,939	$	3,140,753		$	3,576,505
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		7,222,131		148,887			346,940
Net asset value (Net Assets ÷ Shares Outstanding), redemption price and offering price per share	$	11.16	$	21.09		$	10.31

Class I Shares:
Net Assets	$	1,786,279,841	$	333,623,000		$	287,590,118
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		159,172,669		14,436,087			27,419,271
Net asset value (Net Assets ÷ Shares Outstanding), redemption price and offering price per share	$	11.22	$	23.11	(b)	$	10.49

	For the
	Six Months Ended			For the
	March 31, 2025			Year Ended
	(Unaudited)			September 30, 2024
FROM OPERATIONS
Net investment income	$	50,952,486		$	84,814,966
Net realized gain on investments and swap contracts		1,802,373			3,670,076
Net change in unrealized appreciation (depreciation) on investments and swap contracts		(36,425,129	)		56,666,137
Net increase in net assets resulting from operations		16,329,730			145,151,179

DISTRIBUTIONS TO SHAREHOLDERS
Distributions paid:
Class A		(2,579,233	)		(5,287,327	)
Class C		(1,762,100	)		(3,122,417	)
Class I		(46,553,234	)		(79,151,469	)
Net decrease in net assets resulting from distributions to shareholders		(50,894,567	)		(87,561,213	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		29,750,465			58,756,766
Class C		18,987,541			29,341,335
Class I		436,509,721			774,166,326
Net asset value of shares issued in reinvestment of distributions:
Class A		2,529,971			5,190,475
Class C		1,623,194			2,782,155
Class I		41,898,505			70,512,174
Payments for shares redeemed:
Class A		(13,143,590	)		(47,491,420	)
Class C		(12,052,074	)		(16,634,669	)
Class I		(260,891,224	)		(370,852,150	)
Net increase in net assets from shares of beneficial interest		245,212,509			505,770,992

TOTAL INCREASE IN NET ASSETS		210,647,672			563,360,958

NET ASSETS
Beginning of Period		1,768,133,346			1,204,772,388
End of Period	$	1,978,781,018		$	1,768,133,346

SHARE ACTIVITY
Class A:
Shares Sold		2,613,872			5,224,744
Shares Reinvested		222,509			461,259
Shares Redeemed		(1,152,749	)		(4,204,791	)
Net increase in shares of beneficial interest outstanding		1,683,632			1,481,212

Class C:
Shares Sold		1,676,232			2,621,104
Shares Reinvested		143,736			248,863
Shares Redeemed		(1,064,656	)		(1,487,036	)
Net increase in shares of beneficial interest outstanding		755,312			1,382,931

Class I:
Shares Sold		38,318,541			68,995,376
Shares Reinvested		3,689,285			6,273,032
Shares Redeemed		(22,929,682	)		(33,023,515	)
Net increase in shares of beneficial interest outstanding		19,078,144			42,244,893

Gross expenses to average net assets (6)	N/A	N/A	N/A	N/A	3.70	%	2.82	%

Net expenses to average net assets	N/A	N/A	N/A	N/A	2.00	%	2.00	%

Gross expenses to average net assets	1.73	% (11)	1.89	%	N/A	N/A	N/A	N/A

Net expenses to average net assets	1.77	% (11)	2.00	%	N/A	N/A	N/A	N/A

Gross expenses to average net assets (6)	N/A	N/A	N/A	N/A	4.45	%	3.57	%

Net expenses to average net assets	N/A	N/A	N/A	N/A	2.75	%	2.75	%

Gross expenses to average net assets	2.48	% (12)	2.64	%	N/A	N/A	N/A	N/A

Net expenses to average net assets	2.52	% (12)	2.75	%	N/A	N/A	N/A	N/A

Gross expenses to average net assets (6)	N/A	N/A	N/A	N/A	3.45	%	2.57	%

Net expenses to average net assets	N/A	N/A	N/A	N/A	1.75	%	1.75	%

Gross expenses to average net assets	1.48	% (11)	1.64	%	N/A	N/A	N/A	N/A

Net expenses to average net assets	1.52	% (11)	1.75	%	N/A	N/A	N/A	N/A

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	348,620,320	$	—	$	—	$	348,620,320
Open End Funds		1,208,463,451		—		—		1,208,463,451
Corporate Bonds		—		116,429,031		—		116,429,031
U.S. Government & Agencies		—		248,372,788		—		248,372,788
Collateral For Securities Loaned		106,449,728		—		—		106,449,728
Money Market Fund		8,986,915		—		—		8,986,915
Total Return Swap		—		1,481,948		—		1,481,948
Total	$	1,672,520,414	$	366,283,767	$	—	$	2,038,804,181
Liabilities*	Level 1			Level 2	Level 3		Total
Credit Default Swap	$	—	$	1,032,632	$	—	$	1,032,632
Total	$	—	$	1,032,632	$	—	$	1,032,632

Counterpoint Tactical Equity Fund

Assets *	Level 1		Level 2		Level 3**		Total
Common Stocks		125,398,193		—		486		125,398,679
Exchange Traded Funds		40,840,380		—		—		40,840,380
U.S. Government & Agencies		—		125,814,162		—		125,814,162
Collateral For Securities Loaned		2,721,382		—		—		2,721,382
Money Market Fund		27,961,999		—		—		27,961,999
Future Options Purchased		1,457,750		—		—		1,457,750
Total Return Swaps		—		29,696,154		—		29,696,154
Total	$	198,379,704	$	155,510,316	$	486	$	353,890,506

	Beginning
	balance								Net transfers				Change in
	September 30,								in/(out) of		Total Realized		unrealized		Ending balance
	2024		Conversion		Net Purchases		Net Sales		Level 3		Gain/(Loss)		appreciation		March 31, 2025
Mechel PJSC	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	0
ABIOMED, Inc. - CVR		486		—		—		—		—		—		—		486
	$	486	$	—	$	—	$	—	$	—	$	—	$	—	$	486

Common Stock	Fair Value		Valutation Techniques	Unobservable Input	Input
Mechel PJSC	$	—	Market Approach	Discount for lack of marketability (DLOM)	100%

ABIOMED, Inc. - CVR	$	486	Market Approach	Potential future cash payments	$1.02 per share

	Advisory Fee
Counterpoint Tactical Income Fund	$	11,813,719
Counterpoint Tactical Equity Fund	$	1,809,746
Counterpoint Tactical Municipal Fund	$	1,071,841

	Advisory Fee Waiver		Advisory Fee Recapture
Counterpoint Tactical Income Fund	$	—	$	—
Counterpoint Tactical Equity Fund	$	—	$	65,408
Counterpoint Tactical Municipal Fund	$	—	$	—

			Amount Retained by
	Underwriter Commissions		Principal Underwriter
Counterpoint Tactical Income Fund	$	46,689	$	5,799
Counterpoint Tactical Equity Fund	$	44,440	$	7,292
Counterpoint Tactical Municipal Fund	$	1,972	$	267

	Purchases		Sales
Counterpoint Tactical Income Fund	$	571,673,906	$	458,423,002
Counterpoint Tactical Equity Fund	$	345,214,592	$	277,644,130
Counterpoint Tactical Municipal Fund	$	326,554,758	$	571,051,893

Counterpoint Tactical Income Fund

Contract Type/Primary Risk Exposure	Statements of Assets and Liabilities	Value
Fixed Income Contracts/Credit risk	Unrealized depreciation on credit default swap	$	(1,032,632	)

Fixed Income Contracts/Credit risk	Premiums paid on open swap contracts		8,584,564

Fixed Income Contracts/Credit risk	Unrealized appreciation on total return swap		1,481,948

Counterpoint Tactical Equity Fund

Contract Type/Primary Risk Exposure	Statements of Assets and Liabilities	Value
Equity Contract/Equity Price Risk	Unrealized appreciation on total return swaps	$	29,696,154

Equity Contract/Equity Price Risk	Investment securities at value - future options purchased		1,457,750

Counterpoint Tactical Municipal Fund

Contract Type/Primary Risk Exposure	Statements of Assets and Liabilities	Value
Interest Rate Contracts/Interest Rate Risk	Investment securities at value - future options purchased	$	257,969

Interest Rate Contracts/Interest Rate Risk	Options Written		44,688

Fixed Income Contracts/Credit Risk	Swaptions Purchased, at fair value		291,715

Counterpoint Tactical Income Fund

				Change in Unrealized
Contract type/	Realized Gain			Appreciation
Primary Risk Exposure	On Swap Contracts			On Swap Contracts
Fixed Income Contracts/Credit Risk	$	41,974		$	352,461

				Change In Unrealized
Contract type/	Realized Loss			Appreciation
Primary Risk Exposure	On Future Options Purchased			On Future Options Purchased
Interest rate contracts/Interest Rate Risk	$	(1,925,621	)	$	—
Equity Contracts/Equity Price Risk		829,640			—
	$	(1,095,981	)	$	—

Counterpoint Tactical Income Fund

								Net Amounts			Financial		Cash			Net
		Gross Amounts of			Gross Amounts of			Presented in the			Instruments		Collateral			Amount
Description	Counterparty	Recognized Assets			Recognized Liabilities			Statement of Assets & Liabilities			Pledged		Pledged			of Assets & Liabilities
Unrealized appreciation on credit default swap	Wells Fargo	$	—		$	(1,032,632	) (1)	$	(1,032,632	)	$	—	$	1,032,632	(2)	$	—
	JP Morgan	$	1,481,948	(1)	$	—		$	1,481,948		$	—	$	—		$	1,481,948
		$	1,481,948		$	(1,032,632	)	$	449,316		$	—	$	1,032,632		$	1,481,948

Counterpoint Tactical Equity Fund

								Net Amounts			Financial		Cash			Net
		Gross Amounts of			Gross Amounts of			Presented in the			Instruments		Collateral			Amount
Description	Counterparty	Recognized Assets			Recognized Liabilities			Statements of Assets & Liabilities			Pledged		Pledged			of Assets & Liabilities
Unrealized appreciation (depreciation) on total return swaps	JP Morgan	$	31,292,593	(1)	$	(1,596,439	) (1)	$	29,696,154		$	—	$	—		$	29,696,154
Investment in future put options purchased	Goldman Sachs		1,457,750	(1)		—			1,457,750			—		—			1,457,750
		$	32,750,343		$	(1,596,439	)	$	31,153,904		$	—	$	—		$	31,153,904

Counterpoint Tactical Municipal Fund

								Net Amounts			Financial		Cash			Net
		Gross Amounts of			Gross Amounts of			Presented in the			Instruments		Collateral			Amount
Description	Counterparty	Recognized Assets			Recognized Liabilities			Statements of Assets & Liabilities			Pledged		Pledged			of Assets & Liabilities
Investment in future put options purchased	Wells Fargo	$	257,969	(1)	$	—		$	257,969		$	—	$	—		$	257,969
Options Written	Wells Fargo		—			(44,688	) (1)		(44,688	)		—		44,688	(2)		—
Swaptions Purchased, at fair value	JP Morgan		291,715	(1)		—			291,715			—		—			291,715
		$	549,684		$	(44,688	)	$	504,996		$	—	$	44,688		$	549,684

	Cash Held For Collateral At Broker
Counterpoint Tactical Income Fund	$	11,738,121
Counterpoint Tactical Equity Fund		10,239,687
Counterpoint Tactical Municipal Fund		972,740

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation
Fund	Cost		Appreciation		Depreciation			(Deprectiation)
Counterpoint Tactical Income Fund	$	2,008,651,221	$	37,158,873	$	(8,038,545	)	$	29,120,328
Counterpoint Tactical Equity Fund	$	326,370,035	$	36,234,034	$	(8,713,563	)	$	27,520,471
Counterpoint Tactical Municipal Fund	$	299,210,831	$	95,994	$	(856,264	)	$	(760,270	)

For the year ended September 30, 2024:

	Ordinary		Long-Term				Return of
	Income		Capital Gains		Exempt Income		Capital		Total
Counterpoint Tactical Income Fund	$	87,561,213	$	—	$	—	$	—	$	87,561,213
Counterpoint Tactical Equity Fund		1,636,938		—		—		—		1,636,938
Counterpoint Tactical Municipal Fund		100,141		—		7,917,989		—		8,018,130

For the year ended September 30, 2023:

	Ordinary		Long-Term				Return of
	Income		Capital Gains		Exempt Income		Capital		Total
Counterpoint Tactical Income Fund	$	63,175,656	$	—	$	—	$	—	$	63,175,656
Counterpoint Tactical Equity Fund		1,929,804		—		—		576,290		2,506,094
Counterpoint Tactical Municipal Fund		542,599		—		5,579,503		198,768		6,320,870