What were the Fund&#8217;s costs for the last six months?

Class A

This semi-annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$81	1.64%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.64%

^[1]

295

145.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	23.1%
Exchange-Traded Funds	11.1%
Money Market Funds	52.2%
U.S. Government & Agencies	13.6%
Warrant	0.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.3%
Real Estate	0.1%
Utilities	0.3%
Consumer Staples	1.2%
Communications	1.4%
Collateral for Securities Loaned	1.5%
Health Care	1.9%
Consumer Discretionary	1.9%
Financials	1.9%
Materials	2.2%
Energy	2.3%
Industrials	3.4%
Technology	6.0%
Equity	10.8%
U.S. Government & Agencies	13.3%
Money Market	49.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Treasury Portfolio, Class I	49.5%
Counterpoint Quantitative Equity ETF	10.8%
United States Treasury Bill, 3.610%, 06/04/26	8.3%
United States Treasury Bill, 3.535%, 09/03/26	5.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	1.5%
JP Morgan International Long/Short Index Basket 2, 1/21/27	0.9%
JP Morgan International Long/Short Index Basket 3, 1/21/27	0.5%
JP Morgan International Long/Short Index Basket, 1/21/27	0.5%
JP Morgan U.S. Short Index Basket, 1/21/27	0.3%
Morgan Stanley U.S. Counterpoint Index, 4/8/27	0.3%

Class C

This semi-annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$118	2.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

2.39%

^[2]

295

145.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	23.1%
Exchange-Traded Funds	11.1%
Money Market Funds	52.2%
U.S. Government & Agencies	13.6%
Warrant	0.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.3%
Real Estate	0.1%
Utilities	0.3%
Consumer Staples	1.2%
Communications	1.4%
Collateral for Securities Loaned	1.5%
Health Care	1.9%
Consumer Discretionary	1.9%
Financials	1.9%
Materials	2.2%
Energy	2.3%
Industrials	3.4%
Technology	6.0%
Equity	10.8%
U.S. Government & Agencies	13.3%
Money Market	49.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Treasury Portfolio, Class I	49.5%
Counterpoint Quantitative Equity ETF	10.8%
United States Treasury Bill, 3.610%, 06/04/26	8.3%
United States Treasury Bill, 3.535%, 09/03/26	5.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	1.5%
JP Morgan International Long/Short Index Basket 2, 1/21/27	0.9%
JP Morgan International Long/Short Index Basket 3, 1/21/27	0.5%
JP Morgan International Long/Short Index Basket, 1/21/27	0.5%
JP Morgan U.S. Short Index Basket, 1/21/27	0.3%
Morgan Stanley U.S. Counterpoint Index, 4/8/27	0.3%

Class I

This semi-annual shareholder report contains important information about Counterpoint Tactical Equity Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$69	1.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.39%

^[3]

295

145.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	23.1%
Exchange-Traded Funds	11.1%
Money Market Funds	52.2%
U.S. Government & Agencies	13.6%
Warrant	0.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.3%
Real Estate	0.1%
Utilities	0.3%
Consumer Staples	1.2%
Communications	1.4%
Collateral for Securities Loaned	1.5%
Health Care	1.9%
Consumer Discretionary	1.9%
Financials	1.9%
Materials	2.2%
Energy	2.3%
Industrials	3.4%
Technology	6.0%
Equity	10.8%
U.S. Government & Agencies	13.3%
Money Market	49.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Treasury Portfolio, Class I	49.5%
Counterpoint Quantitative Equity ETF	10.8%
United States Treasury Bill, 3.610%, 06/04/26	8.3%
United States Treasury Bill, 3.535%, 09/03/26	5.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class	1.5%
JP Morgan International Long/Short Index Basket 2, 1/21/27	0.9%
JP Morgan International Long/Short Index Basket 3, 1/21/27	0.5%
JP Morgan International Long/Short Index Basket, 1/21/27	0.5%
JP Morgan U.S. Short Index Basket, 1/21/27	0.3%
Morgan Stanley U.S. Counterpoint Index, 4/8/27	0.3%

Class A

This semi-annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$84	1.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.68%

^[4]

33

5.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	0.1%
Money Market Funds	24.9%
Open End Funds	0.0%
U.S. Government & Agencies	75.0%

Asset Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Fixed Income	0.1%
Collateral for Securities Loaned	0.1%
Money Market	25.0%
U.S. Government & Agencies	75.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Goldman Sachs Financial Square Government Fund, Class FST	24.7%
United States Treasury Bill, 3.620%, 04/28/26	12.9%
United States Treasury Bill, 3.630%, 05/26/26	12.9%
United States Treasury Bill, 3.610%, 06/18/26	12.8%
United States Treasury Bill, 3.610%, 07/21/26	12.8%
United States Treasury Bill, 3.630%, 09/24/26	12.7%
United States Treasury Note, 3.625%, 08/31/27	7.8%
United States Treasury Bill, 3.535%, 09/03/26	3.8%
Goldman Sachs Financial Square Treasury Instruments Fund, Capital Shares	0.3%
Counterpoint High Yield Trend ETF	0.1%

Class C

This semi-annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$121	2.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

2.43%

^[5]

33

5.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	0.1%
Money Market Funds	24.9%
Open End Funds	0.0%
U.S. Government & Agencies	75.0%

Asset Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Fixed Income	0.1%
Collateral for Securities Loaned	0.1%
Money Market	25.0%
U.S. Government & Agencies	75.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Goldman Sachs Financial Square Government Fund, Class FST	24.7%
United States Treasury Bill, 3.620%, 04/28/26	12.9%
United States Treasury Bill, 3.630%, 05/26/26	12.9%
United States Treasury Bill, 3.610%, 06/18/26	12.8%
United States Treasury Bill, 3.610%, 07/21/26	12.8%
United States Treasury Bill, 3.630%, 09/24/26	12.7%
United States Treasury Note, 3.625%, 08/31/27	7.8%
United States Treasury Bill, 3.535%, 09/03/26	3.8%
Goldman Sachs Financial Square Treasury Instruments Fund, Capital Shares	0.3%
Counterpoint High Yield Trend ETF	0.1%

Class I

This semi-annual shareholder report contains important information about Counterpoint Tactical Income Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$71	1.43%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.43%

^[6]

33

5.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	0.1%
Money Market Funds	24.9%
Open End Funds	0.0%
U.S. Government & Agencies	75.0%

Asset Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Fixed Income	0.1%
Collateral for Securities Loaned	0.1%
Money Market	25.0%
U.S. Government & Agencies	75.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Goldman Sachs Financial Square Government Fund, Class FST	24.7%
United States Treasury Bill, 3.620%, 04/28/26	12.9%
United States Treasury Bill, 3.630%, 05/26/26	12.9%
United States Treasury Bill, 3.610%, 06/18/26	12.8%
United States Treasury Bill, 3.610%, 07/21/26	12.8%
United States Treasury Bill, 3.630%, 09/24/26	12.7%
United States Treasury Note, 3.625%, 08/31/27	7.8%
United States Treasury Bill, 3.535%, 09/03/26	3.8%
Goldman Sachs Financial Square Treasury Instruments Fund, Capital Shares	0.3%
Counterpoint High Yield Trend ETF	0.1%

Class A

This semi-annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$59	1.19%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.19%

^[7]

16

5.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	96.6%
Open End Funds	3.4%

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.9%
Fixed Income	3.3%
Money Market Funds	94.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
BlackRock Liquidity Funds MuniCash, Institutional Class	94.8%
Nuveen High Yield Municipal Bond Fund, Class I	3.3%
AB High Income Municipal Portfolio, Advisor Class	0.0%
Russell Tax Exempt High Yield Bond Fund, Class S	0.0%
Goldman Sachs High Yield Municipal Fund, Institutional Class	0.0%
PIMCO High Yield Municipal Bond Fund, Institutional Class	0.0%
Invesco High Yield Municipal Fund, Class Y	0.0%
Invesco Rochester Municipal Opportunities Fund, Class Y	0.0%
American High-Income Municipal Bond Fund, Class F-3	0.0%
T Rowe Price Tax-Free High Yield Fund, Inc., Class I	0.0%

Class C

This semi-annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$97	1.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.94%

^[8]

16

5.00%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	96.6%
Open End Funds	3.4%

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.9%
Fixed Income	3.3%
Money Market Funds	94.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
BlackRock Liquidity Funds MuniCash, Institutional Class	94.8%
Nuveen High Yield Municipal Bond Fund, Class I	3.3%
AB High Income Municipal Portfolio, Advisor Class	0.0%
Russell Tax Exempt High Yield Bond Fund, Class S	0.0%
Goldman Sachs High Yield Municipal Fund, Institutional Class	0.0%
PIMCO High Yield Municipal Bond Fund, Institutional Class	0.0%
Invesco High Yield Municipal Fund, Class Y	0.0%
Invesco Rochester Municipal Opportunities Fund, Class Y	0.0%
American High-Income Municipal Bond Fund, Class F-3	0.0%
T Rowe Price Tax-Free High Yield Fund, Inc., Class I	0.0%

Class I

This semi-annual shareholder report contains important information about Counterpoint Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026.

1-844-273-8637

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$47	0.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.94%

^[9]

16

5.00%