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N-CSRS
semi-annual shareholder report
semi-annual shareholder report
semi-annual shareholder report
360 Funds
2025-12-31
IMS Capital Value Fund
Institutional Class
IMSCX
This
<span id="xdx_907_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zle5NnaNcUvg" title="::XDX::semi-annual%20shareholder%20report"><span style="-sec-ix-hidden: xdx2ixbrl0020">semi-annual report</span></span> to shareholders contains important information of the IMS Capital Value Fund (the “Value Fund”)
for the six months ended December 31, 2025.
You can find the Value Fund’s prospectus, financial information on Form N-CSR,
holdings, proxy voting information and other information at <b><span id="xdx_906_eoef--AddlInfoWebsite_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zYYhN7ZTlr0c">http://www.imsfunds.com/resources/</span>.</b> You can also request this
information without charge by contacting the Value Fund at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zrM6Bw6mEKAh">(877) 244-6235</span>.
http://www.imsfunds.com/resources/
(877) 244-6235
This report describes material changes to the Fund
that occurred during the reporting period.
<p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zlJZtjAvRlN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
were the Value Fund costs for the six months? </b>(based on a hypothetical $10,000 investment)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td style="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
of a $10,000 investment</b></span></td>
<td style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
paid as a percentage of a $10,000 investment</b></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_904_eoef--ExpensesPaidAmt_pip0_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zk5GYW6fXl9c">94</span></span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zgCKL1x71Ssj">1.77</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
94
0.0177
<p id="xdx_803_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_z8VJyZjKakI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Value Fund performed during the past 10 years?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
Annual Total Returns</span></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
Year</span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
Years</span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
Years</span></td>
</tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000141714Member_zicTVT9OjnBh" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.02%</span></td>
<td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000141714Member_zfIhU5s5Q5Nk" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.28%</span></td>
<td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000141714Member_ztuXEotBgkqg" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.05%</span></td>
</tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&P
500® Total Return Index</span></td>
<td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_zX5pSmHNwW8k" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></td>
<td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_ze2cJ9IKOhwi" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.42%</span></td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_zhQi6Zj5cB3a" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.81%</span></td>
</tr>
</table>
0.1702
0.1228
0.1105
0.1788
0.1442
0.1481
The
performance information quoted in this semi-annual report assumes the reinvestment of all dividend and capital gain distributions,
if any, and represents past performance, which is not a guarantee of future results.
The returns shown do not reflect taxes that
a shareholder would pay on the Value Fund distributions or on the redemption of the Value Fund shares.
Updated performance data current to the most recent month-end can be obtained by calling (877)
244-6235
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_z6VsJnwHWLt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Value Fund changed?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2025, Pinnacle Wealth Advisors, Inc. ("Pinnacle"), an Oregon corporation, agreed to acquire IMS Capital Management,
Inc. ("IMS Capital"), an Oregon corporation and the former investment adviser to the Value Fund, effective as of September
30, 2025. Pinnacle now serves as the investment adviser to the Value Fund effective October 1, 2025.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zTU3MI3EUyog" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
are some Value Fund statistics?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
Statistics</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Net Assets</span></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_903_eus-gaap--AssetsNet_iI_pp0p0_c20251231__oef--ClassAxis__custom--C000141714Member_zd1DElUbh0ic">55,461,783</span></span></td>
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory Fees Paid</span></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zs8rqS9Cgx5d">330,711</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Portfolio Holdings</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000141714Member_zHUI8LdMJi71">30</span></span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Turnover Rate</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20251231__oef--ClassAxis__custom--C000141714Member_zQtK0mkx5AAe">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
55461783
330711
30
0.0000
<p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000141714Member_zzQYAUPUGWW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
did the Value Fund invest in?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sector
Allocation (as a % of Portfolio)</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
Technology </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communication
Services </span></p></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_983_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z2eLvNTztEeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.48%</span></p>
<p id="xdx_987_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z18yB21gb5R" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.65%</span></p></td>
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health
Care</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilities</span></p></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_98F_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z5rZbypG5ZHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.81%</span></p>
<p id="xdx_984_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zG0HP7MusUKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.99%</span></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
Discretionary</span></td>
<td id="xdx_986_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zlPSxPI8gm3h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.40%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
& Cash Equivalents </span></td>
<td id="xdx_982_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zlnDXSfmNaIl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.97%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financials</span></td>
<td id="xdx_98F_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zuPGVXq4RCG" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.11%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Energy
</span></td>
<td id="xdx_986_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zebffr00n9h9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.79%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrials</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zLD63DvMuwbg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.71%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
Staples</span></td>
<td id="xdx_987_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_z7iZprEsqtw5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.09%</span></td></tr>
</table>
0.3048
0.2165
0.0481
0.0299
0.1540
0.0197
0.1411
0.0179
0.0571
0.0109
<p id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000141714Member_dD_ziqtEGCZ5b1d" style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
Ten Holdings (as a % of Net Assets)</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meta
Platforms, Inc. – Class A</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alphabet,
Inc. – Class C</span></p></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_fKg_____zTWMyXzJ7ru7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.76%</span></p>
<p id="xdx_98B_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AlphabetIncClassCMember_fKg_____zu0vkyrncCal" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.05%</span></p></td>
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amazon.com,
Inc.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Microsoft
Corp.</span></p></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_fKg_____zyY6HYA8V3nd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.06%</span></p>
<p id="xdx_986_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_fKg_____zSn0VGzPZAZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.53%</span></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells
Fargo & Co.</span></td>
<td id="xdx_987_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--WellsFargoAndCoIncMember_fKg_____z4nORUiR4hqb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.23%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dutch
Bros., Inc. – Class A</span></td>
<td id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--DutchBrosIncClassAMember_fKg_____zz1hvRCSkwpj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NVIDIA
Corp.</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_fKg_____zACLRa0ZVIn8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.73%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apple,
Inc.</span></td>
<td id="xdx_982_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AppleIncMember_fKg_____z4VRH7JEawnc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.92%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadcom,
Inc.</span></td>
<td id="xdx_980_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_fKg_____zy1B4rxdC0Lk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.37%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UnitedHealth
Group, Inc.</span></td>
<td id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--UnitedHealthGroupIncMember_fKg_____zWjMCHhNFHXe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.32%</span></td></tr>
</table>
0.0976
0.0905
0.0606
0.0453
0.0723
0.0419
0.0673
0.0392
0.0637
0.0332
IMS Strategic Income Fund
Institutional Class
IMSIX
This
<span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_zsjIWEPJixSj" title="::XDX::semi-annual%20shareholder%20report"><span style="-sec-ix-hidden: xdx2ixbrl0077">semi-annual report</span></span> to shareholders contains important information of the IMS Strategic Income Fund (the “Income Fund”)
for the six months ended December 31, 2025.
You can find the Income Fund’s prospectus, financial information on Form N-CSR,
holdings, proxy voting information and other information at <b><span id="xdx_904_eoef--AddlInfoWebsite_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_zQarohTau1di">http://www.imsfunds.com/resources/</span></b>. You can also request this
information without charge by contacting the Income Fund at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_z3clCoZAaU9f">(877) 244-6235</span>.
http://www.imsfunds.com/resources/
(877) 244-6235
This report describes material changes to the Fund
that occurred during the reporting period.
<p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zo9oDZZ49dQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
were the Income Fund costs for the six months? </b>(based on a hypothetical $10,000 investment)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td style="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
of a $10,000 investment</b></span></td>
<td style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
paid as a percentage of a $10,000 investment</b></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90E_eoef--ExpensesPaidAmt_pip0_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_z2KXkbaNak3e">101</span></span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_zy56CFwP0Eud">1.97</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
101
0.0197
<p id="xdx_803_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zkI5lUK2Xml4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Income Fund performed during the past 10 years?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
Annual Total Returns</span></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
Year</span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
Years</span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
Years</span></td>
</tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000141715Member_zk1wKq33s5hj" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.82%</span></td>
<td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000141715Member_zSr3Ks6qo1hk" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.47%</span></td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000141715Member_zippoeLChxIk" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.34%</span></td>
</tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.75pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg
Barclays U.S. Aggregate Bond Index</span></td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zIiSS4hlPUc9" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 7.30%</span></td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zDagrAQoeIWf" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.36)%</span></td>
<td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zcH6JTq1LL4i" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01%</span></td>
</tr>
<tr>
<td style="width: 31%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
</tr>
</table>
0.0882
0.0247
0.0134
0.0730
-0.0036
0.0201
The
performance information quoted in this semi-annual report assumes the reinvestment of all dividend and capital gain distributions,
if any, and represents past performance, which is not a guarantee of future results.
The returns shown do not reflect taxes that
a shareholder would pay on the Income Fund distributions or on the redemption of the Income Fund shares.
Updated performance data current to the most recent month-end can be obtained by calling (877)
244-6235
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zQ9631fhOxfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Income Fund changed?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2025, Pinnacle Wealth Advisors, Inc. ("Pinnacle"), an Oregon corporation, agreed to acquire IMS Capital Management,
Inc. ("IMS Capital"), an Oregon corporation and the former investment adviser to the Income Fund, effective as of September
30, 2025. Pinnacle now serves as the investment adviser to the Income Fund effective October 1, 2025.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zGA0cWThcHa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
are some Income Fund statistics?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
Statistics</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Net Assets</span></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_904_eus-gaap--AssetsNet_iI_pp0p0_c20251231__oef--ClassAxis__custom--C000141715Member_ziFyLmKPTBe9">12,570,170</span></span></td>
<td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory Fees Paid</span></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_zcIT5qsQSt11">16,245</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Portfolio Holdings</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000141715Member_z3VxYowvz8j4">26</span></span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Turnover Rate</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20251231__oef--ClassAxis__custom--C000141715Member_zCxDDm5FZD25">271.89</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
12570170
16245
26
2.7189
<p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000141715Member_zIWXmJXSF1x3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
did the Income Fund invest in?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Category Allocation (as a % of Portfolio)</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
Bonds</span></td>
<td id="xdx_986_eoef--PctOfTotalInv_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zZcuZEwZdbm6" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57.94%</span></td>
<td style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Structured
Notes</span></td>
<td id="xdx_98A_eoef--PctOfTotalInv_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__custom--StructuredNotesMember_zc9xQj39q8Tg" style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.84%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Stock</span></td>
<td id="xdx_98F_eoef--PctOfTotalInv_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__us-gaap--CommonStockMember_zBbojHfRAp73" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.05%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
& Cash Equivalents</span></td>
<td id="xdx_98E_eoef--PctOfTotalInv_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zpXCH6Feo7tj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.17%</span></td></tr>
</table>
0.5794
0.1584
0.1705
0.0917
<p id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000141715Member_zFLyi2UiuTGh" style="margin: 0"> </p>
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<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
Ten Holdings (as a % of Net Assets)</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federated Hermes Government Obligations Fund</span></p>
<p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif">Staples, Inc. (Corporate Bond)</span></p></td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_98D_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--FederatedHermesGovernmentObligationsFundMember_fKg_____zyGFnKhrNyX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.16%</span></p>
<p id="xdx_986_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--StaplesIncCorporateBondMember_fKg_____zbS6eRT0kv15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.83%</span></p></td>
<td style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
of Montreal (Structured Note)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Societe
Generale SA (Structured Note)</span></p></td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><p id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--BankOfMontrealStructuredNoteMember_fKg_____zuSj3AH6umyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.72%</span></p>
<p id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--SocieteGeneraleSAStructuredNoteMember_fKg_____z7o7lre4MfYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.61%</span></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royal
Caribbean Cruises Ltd. (Corporate Bond)</span></td>
<td id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--RoyalCaribbeanCruisesLtdCorporateBondMember_fKg_____z05YC940Pex7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.51%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ford
Motor Co. (Corporate Bond)</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--FordMotorCoCorporateBondMember_fKg_____zpozvrRMTtt1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.42%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
Properties Trust (Corporate Bond)</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--ServicePropertiesTrustCorporateBondMember_fKg_____zKJiDeOflDxl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.44%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occidental
Petroleum Corp. (Corporate Bond)</span></td>
<td id="xdx_98B_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--OccidentalPetroleumCorpCorporateBondMember_fKg_____zsYUaW7lNndb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24%</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Navient
Corp. (Corporate Bond)</span></td>
<td id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--NavientCorpCorporateBondMember_fKg_____zv3tB9j33N0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.91%</span></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bausch
Health Cos, Inc. (Corporate Bond)</span></td>
<td id="xdx_982_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--BauschHealthCosIncCorporateBondMember_fKg_____z6IkkN4bhxi3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12%</span></td></tr>
</table>
0.0816
0.0583
0.0472
0.0461
0.0551
0.0442
0.0544
0.0424
0.0491
0.0412