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potomac:StateStreet174SPDR174PortfolioSampP500174ETFMember potomac:C000275771Member 2026-06-30 0001103243 potomac:StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember potomac:C000275771Member 2026-06-30 0001103243 potomac:C000275771Member us-gaap:ExchangeTradedFundsMember 2026-06-30 0001103243 potomac:C000275771Member potomac:NetCashMember 2026-06-30 iso4217:USD shares pure false N-CSR PFS FUNDS N-1A 0001103243 Potomac Defensive Bull Fund Institutional Class CRDBX This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630_z0XBaP0HSDRi">annual shareholder report</span> contains important information about the Potomac Defensive Bull Fund ("Fund") for the period of July 1, 2025 to <span id="xdx_906_edei--DocumentPeriodEndDate_c20250701__20260630_zKyR7OdJaWl9">June 30, 2026</span>. annual shareholder report 2026-06-30 You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_z9XYyJOtpZJG"><span class="NoBreak">https://potomacfunds.com/crdbx/</span></span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zXrRkO6TbcKo"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/crdbx/ 1-888-774-6679 <strong>This report describes changes to the Fund that occurred during the reporting period.</strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zbVdiE6nSLAc">$133</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_ztHrvV2TvTdL">1.12%</span></td> </tr></table></div> 133 0.0112 <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">For the year ended June 30, 2026, the Potomac Defensive Bull Fund returned 37.40%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Aggressive Index returned 20.11% in the same period. The Fund posted a strong absolute return due to concentrated exposure to the S&amp;P 500 when the risk-reward profile was favorable based on the signals from our composite timing model. Additionally, and importantly, the model moved to cash in early March 2026 and was able to avoid a large part of the S&amp;P 500's decline from February 2026 to the end of March 2026. In April 2026, when the weight of the evidence in our composite model pointed to a favorable risk-reward profile in the market, we added concentrated exposure that allowed us to more than participate in a strong advance that played out until the end of the fiscal year.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em><span class="Italic">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></em> 10000 10000 10000 14904 14009 13090 13059 12522 11301 18376 14975 12799 20168 18652 14776 22734 21481 16878 31236 26276 20272 <img alt="Ad2 Performance Graph" src="fp0099469-7_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_90E_eoef--PerfInceptionDate_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_ziYjnyDJAhPm">07/01/2020</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--ClassAxis__custom--C000219677Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zVIoJIIrL6UP">Institutional Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000219677Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z6dU2QOFVjw9">37.40%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000219677Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zwBInWoh4kOn">15.95%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--ClassAxis__custom--C000219677Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zF8DWDEjj342">20.91%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampP500sup174supIndexMember_zAqwXvUKr53h">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampP500sup174supIndexMember_zhBajUsNvsyR">22.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampP500sup174supIndexMember_zNjt8abrlQPR">13.41%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampP500sup174supIndexMember_zcEhF2wnWjoM">17.48%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampPTargetRiskAggressiveIndexMember_zXKzwP7mh6s5">S&amp;P Target Risk Aggressive Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampPTargetRiskAggressiveIndexMember_ztzLaIXwFBOa">20.11%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampPTargetRiskAggressiveIndexMember_zUZDwOYTkLFH">9.14%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundInstitutionalClassSampPTargetRiskAggressiveIndexMember_zBfmjefOzMOY">12.51%</span></td></tr></table></div> 2020-07-01 Institutional Class 0.3740 0.1595 0.2091 S&P 500® Index 0.2232 0.1341 0.1748 S&P Target Risk Aggressive Index 0.2011 0.0914 0.1251 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000219677Member_z1ZtJaGzfoZ1">$3,684,191,869</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000219677Member_zf4vdXDJBTAE">4</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,275%<span id="xdx_903_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zDMjivAP7qOt" style="display: none">1275%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zwUEgA39jS61">$23,092,707</span></td> </tr> </table> </div> 3684191869 4 12.75 23092707 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_984_eoef--LargestHoldingsTableTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zCRSLMIvR24g"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zdfJCJiiGbAy">72.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zlCJ9kwGCdnq">11.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zIqELpTdEX6V">9.20%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_z6afzSeN6BHF">81.27%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__oef--IndustrySectorAxis__custom--NetCashMember_ztzzzDDm5Fza">18.73%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-7_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets, including futures contracts, in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zdfJCJiiGbAy">72.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zlCJ9kwGCdnq">11.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219677Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zIqELpTdEX6V">9.20%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.7207 0.1139 0.0920 0.8127 0.1873 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left"><span id="xdx_909_eoef--MaterialFundChngStrategiesTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zy0rOt5i6T4C">Effective <span id="xdx_902_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zIysaqrcqFk1">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures.</span></p></div> Effective <span id="xdx_902_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219677Member_zIysaqrcqFk1">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures. 2025-11-01 Potomac Defensive Bull Fund Class R SDDBX This annual shareholder report contains important information about the Potomac Defensive Bull Fund ("Fund") for the period of May 28, 2026 (commencement of Class R shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zterjzd8YOcU"><span class="NoBreak"> https://potomacfunds.com/sddbx/</span></span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zajrk72N3sHo"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/sddbx/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zWg0FAFiYOEH">$19</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zuXqhUtO0Xn7">2.09%</span></td> </tr></table></div> 19 0.0209 Amount shown reflects the expenses of the Class R shares from May 28, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Class R shares of the Fund commenced investment operations on May 28, 2026. For the year ended June 30, 2026, the Institutional Class shares of the Fund returned 37.40%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Aggressive Index returned 20.11% in the same period. The Fund posted a strong absolute return due to concentrated exposure to the S&amp;P 500 when the risk-reward profile was favorable based on the signals from our composite timing model. Additionally, and importantly, the model moved to cash in early March 2026 and was able to avoid a large part of the S&amp;P 500's decline from February 2026 to the end of March 2026. In April 2026, when the weight of the evidence in our composite model pointed to a favorable risk-reward profile in the market, we added concentrated exposure that allowed us to more than participate in a strong advance that played out until the end of the fiscal year.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em><span class="Italic">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></em> 10000 10000 10000 10200 9927 9980 <img alt="Ad2 Performance Graph" src="fp0099469-8_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Cumulative Total Returns</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zqya1r7TTsVy">05/28/2026</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--ClassAxis__custom--C000275767Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zmgksbH6o2t8">Class R</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--ClassAxis__custom--C000275767Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zH9xwTJYuicy">2.00%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundClassRSampP500sup174supIndexMember_zMOroHoO73cn">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacDefensiveBullFundClassRSampP500sup174supIndexMember_zQO5pmRI6YUW">-0.73%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundClassRSampPTargetRiskAggressiveIndexMember_ze6QhOuYHaIP">S&amp;P Target Risk Aggressive Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacDefensiveBullFundClassRSampPTargetRiskAggressiveIndexMember_zfQcYlONLop7">-0.20%</span></td></tr></table></div> 2026-05-28 Class R 0.0200 S&P 500® Index -0.0073 S&P Target Risk Aggressive Index -0.0020 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000275767Member_zMlYOq8bnhWJ">$3,684,191,869</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000275767Member_zX7Gg00ZppIM">4</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,275%<span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zPEuyOWU7Eor" style="display: none">1275%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zxa7EoGBRkdn">$23,092,707</span></td> </tr> </table> </div> 3684191869 4 12.75 23092707 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_986_eoef--LargestHoldingsTableTextBlock_c20260528__20260630__oef--ClassAxis__custom--C000275767Member_zCe28jWktUlU"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zeTT8pW6Ga5Q">72.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zff8eUrOXpvF">11.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zx28tDlO9FGU">9.20%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zb2eeQ937bDP">81.27%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__oef--IndustrySectorAxis__custom--NetCashMember_zKkcJLamfZii">18.73%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-8_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets, including futures contracts, in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Core S&amp;P 500 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--ISharesCoreSampP500ETFMember_zeTT8pW6Ga5Q">72.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zff8eUrOXpvF">11.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275767Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zx28tDlO9FGU">9.20%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.7207 0.1139 0.0920 0.8127 0.1873 Potomac Managed Volatility Fund Institutional Class CRMVX This annual shareholder report contains important information about the Potomac Managed Volatility Fund ("Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zxHdHCip9ZRT"><span class="NoBreak">https://potomacfunds.com/crmvx/</span></span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zoQqhci7D4l9"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/crmvx/ 1-888-774-6679 <strong>This report describes changes to the Fund that occurred during the reporting period.</strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zpabWfpXkqjz">$140</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zpj3v4GC497R">1.36%</span></td> </tr></table></div> 140 0.0136 <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">For the year ended June 30, 2026, the Potomac Managed Volatility Fund returned 5.86%. The Bloomberg Global-Aggregate Total Return Index returned 0.62% in the same period. The S&amp;P Target Risk Conservative Index returned 9.96% in the same period. The Fund posted a strong return relative to the primary benchmark due to positions in ETFs with exposure to Convertible Bonds, Commodities, and trend following strategies. Additionally, the Fund was able to obtain exposure to High Yield bonds when our High Yield timing model indicated positive risk-reward opportunities in that market.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> 10000 10000 10000 10539 10261 11153 9786 8696 9855 10486 8581 10341 10822 8661 11163 11195 9432 12224 11851 9491 13442 <img alt="Ad2 Performance Graph" src="fp0099469-6_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zKSAZPjyzcbO">07/01/2020</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--ClassAxis__custom--C000219678Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zob1PCZQm6eS">Institutional Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000219678Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z3xiAYHW6c8B">5.86%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000219678Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zWv50Tb3pDoE">2.38%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--ClassAxis__custom--C000219678Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zpUU6wHtkpvV">2.87%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassBloombergGlobalAggregateTotalReturnIndexMember_zCnHAROort4O">Bloomberg Global-Aggregate Total Return Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassBloombergGlobalAggregateTotalReturnIndexMember_zl6WtoQTcO3R">0.62%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassBloombergGlobalAggregateTotalReturnIndexMember_zk0rG37L4snT">-1.55%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassBloombergGlobalAggregateTotalReturnIndexMember_z5pnWvLUaI5w">-0.87%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassSampPTargetRiskConservativeIndexMember_ztNjqbg895wI">S&amp;P Target Risk Conservative Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassSampPTargetRiskConservativeIndexMember_zuVkQdIEiUFj">9.96%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassSampPTargetRiskConservativeIndexMember_zP4n0JOTkmqS">3.80%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundInstitutionalClassSampPTargetRiskConservativeIndexMember_zZUDQMcFjM8a">5.06%</span></td></tr></table></div> 2020-07-01 Institutional Class 0.0586 0.0238 0.0287 Bloomberg Global-Aggregate Total Return Index 0.0062 -0.0155 -0.0087 S&P Target Risk Conservative Index 0.0996 0.0380 0.0506 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000219678Member_zJR7LQ4O7Mn0">$242,510,335</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000219678Member_zCioZHz7VhdG">7</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,096%<span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_ze4xoBDWs6Jp" style="display: none">1096%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zldTwUOy6suK">$2,255,466</span></td> </tr> </table> </div> 242510335 7 10.96 2255466 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zB7TrQYA9Qig"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx CCC Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxCCCRatedUSDHighYieldCorporateBondETFMember_zyodkdk6zsA9">24.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx BB Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBBRatedUSDHighYieldCorporateBondETFMember_z1OCwUI4gxvz">22.69%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Emerging Markets Government Index Fund ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--VanguardEmergingMarketsGovernmentIndexFundETFMember_z23CdLf1en8D">12.38%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco DB US Dollar Index Bullish Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--InvescoDBUSDollarIndexBullishFundMember_zdx5DwpsLOGz">12.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Fallen Angels USD Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--ISharesFallenAngelsUSDBondETFMember_zH0bDs5SGDUc">12.34%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxJPMorganUSDEmergingMarkets110YearBondETFMember_zA9COrYMa7dy">12.28%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zJQT59ZOc1gb">2.93%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zhP6DDwI3ju2">96.55%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__oef--IndustrySectorAxis__custom--NetCashMember_zGBS1WFCCt3r">3.45%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-6_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx CCC Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxCCCRatedUSDHighYieldCorporateBondETFMember_zyodkdk6zsA9">24.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx BB Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBBRatedUSDHighYieldCorporateBondETFMember_z1OCwUI4gxvz">22.69%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Emerging Markets Government Index Fund ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--VanguardEmergingMarketsGovernmentIndexFundETFMember_z23CdLf1en8D">12.38%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco DB US Dollar Index Bullish Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--InvescoDBUSDollarIndexBullishFundMember_zdx5DwpsLOGz">12.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Fallen Angels USD Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--ISharesFallenAngelsUSDBondETFMember_zH0bDs5SGDUc">12.34%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxJPMorganUSDEmergingMarkets110YearBondETFMember_zA9COrYMa7dy">12.28%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219678Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zJQT59ZOc1gb">2.93%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.2450 0.2269 0.1238 0.1236 0.1234 0.1228 0.0293 0.9655 0.0345 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left"><span id="xdx_90D_eoef--MaterialFundChngStrategiesTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_z6oSXpp80DM9">Effective <span id="xdx_907_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zC6nJwMOkrBA">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures.</span></p></div> Effective <span id="xdx_907_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219678Member_zC6nJwMOkrBA">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures. 2025-11-01 Potomac Managed Volatility Fund Class R SDMVX This annual shareholder report contains important information about the Potomac Managed Volatility Fund ("Fund") for the period of May 28, 2026 (commencement of Class R shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zHQygne19Zwc"><span class="NoBreak"> https://potomacfunds.com/sdmvx/</span></span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zlu3LDSvdCF5"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/sdmvx/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_z9hLsqVB0rhV">$20</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpenseRatioPct_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zVNJgYs2ogJo">2.30%</span></td> </tr></table></div> 20 0.0230 Amount shown reflects the expenses of the Class R shares from May 28, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Class R shares of the Fund commenced investment operations on May 28, 2026. For the year ended June 30, 2026, the Institutional Class shares of the Fund returned 5.86%. The Bloomberg Global-Aggregate Total Return Index returned 0.62% in the same period. The S&amp;P Target Risk Conservative Index returned 9.96% in the same period. The Fund posted a strong return relative to the primary benchmark due to positions in ETFs with exposure to Convertible Bonds, Commodities, and trend following strategies. Additionally, the Fund was able to obtain exposure to High Yield bonds when our High Yield timing model indicated positive risk-reward opportunities in that market.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> 10000 10000 10000 10020 9955 10013 <img alt="Ad2 Performance Graph" src="fp0099469-9_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Cumulative Total Returns</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zYX0kmNkUa3Z">05/28/2026</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--ClassAxis__custom--C000275768Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z4gi4teiXD4D">Class R</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--ClassAxis__custom--C000275768Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zZhK0JyNopFh">0.20%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundClassRBloombergGlobalAggregateTotalReturnIndexMember_zNMaT15CciS9">Bloomberg Global-Aggregate Total Return Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacManagedVolatilityFundClassRBloombergGlobalAggregateTotalReturnIndexMember_zEOHfYbjPw0Y">-0.45%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundClassRSampPTargetRiskConservativeIndexMember_zqRLTaWEVNxg">S&amp;P Target Risk Conservative Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacManagedVolatilityFundClassRSampPTargetRiskConservativeIndexMember_z3SeJe2m9Mql">0.13%</span></td></tr></table></div> 2026-05-28 Class R 0.0020 Bloomberg Global-Aggregate Total Return Index -0.0045 S&P Target Risk Conservative Index 0.0013 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000275768Member_zjfaTjzTVgoC">$242,510,335</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000275768Member_zR9dgCwJHiar">7</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,096%<span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zKB5CFPfBeqO" style="display: none">1096%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zSwLOz1umXdf">$2,255,466</span></td> </tr> </table> </div> 242510335 7 10.96 2255466 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98F_eoef--LargestHoldingsTableTextBlock_c20260528__20260630__oef--ClassAxis__custom--C000275768Member_zEqGj7EnPSQ4"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx CCC Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxCCCRatedUSDHighYieldCorporateBondETFMember_zdPyBrFrBD43">24.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx BB Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBBRatedUSDHighYieldCorporateBondETFMember_z7UzNkY4mfv3">22.69%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Emerging Markets Government Index Fund ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--VanguardEmergingMarketsGovernmentIndexFundETFMember_zmYTosOo1AIc">12.38%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco DB US Dollar Index Bullish Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--InvescoDBUSDollarIndexBullishFundMember_zLTKOkV0uOiu">12.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Fallen Angels USD Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--ISharesFallenAngelsUSDBondETFMember_zuuRLBGDvYCW">12.34%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxJPMorganUSDEmergingMarkets110YearBondETFMember_zovtof27wat3">12.28%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zpLmsOoRfWze">2.93%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zJNFqnKyxZp7">96.55%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__oef--IndustrySectorAxis__custom--NetCashMember_z9jRG6s5fYLe">3.45%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-9_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx CCC Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxCCCRatedUSDHighYieldCorporateBondETFMember_zdPyBrFrBD43">24.50%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx BB Rated USD High Yield Corporate Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBBRatedUSDHighYieldCorporateBondETFMember_z7UzNkY4mfv3">22.69%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Emerging Markets Government Index Fund ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--VanguardEmergingMarketsGovernmentIndexFundETFMember_zmYTosOo1AIc">12.38%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco DB US Dollar Index Bullish Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--InvescoDBUSDollarIndexBullishFundMember_zLTKOkV0uOiu">12.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Fallen Angels USD Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--ISharesFallenAngelsUSDBondETFMember_zuuRLBGDvYCW">12.34%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxJPMorganUSDEmergingMarkets110YearBondETFMember_zovtof27wat3">12.28%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275768Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zpLmsOoRfWze">2.93%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.2450 0.2269 0.1238 0.1236 0.1234 0.1228 0.0293 0.9655 0.0345 Potomac Tactical Opportunities Fund Institutional Class CRTOX This annual shareholder report contains important information about the Potomac Tactical Opportunities Fund ("Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zdUoP2P9Yhlk"><span class="NoBreak">https://potomacfunds.com/crtox/</span></span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zn4eplPymFU2"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/crtox/ 1-888-774-6679 <strong>This report describes changes to the Fund that occurred during the reporting period.</strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zWgSh2tTvxbB">$154</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zliVCyTu3Rrm">1.36%</span></td> </tr></table></div> 154 0.0136 <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">For the year ended June 30, 2026, the Potomac Tactical Opportunities Fund returned 26.15%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Balanced Index returned 16.05% in the same period. The Fund posted a strong absolute return due to exposure to the NASDAQ 100 when our NASDAQ timing model identified periods of time when risk-reward was favorable for that index. Additionally, the Fund's momentum strategy was able to identify strong trends in the metals and mining space with added upside from exposure to the silver miners. The strategy also benefitted from exposure to the strong trend in semiconductor stocks that was in place for much of the fiscal year.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em><span class="Italic">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></em> 10000 10000 10000 12481 14009 12297 9611 12522 10719 12159 14975 11775 12324 18652 13239 12429 21481 14875 15679 26276 17263 <img alt="Ad2 Performance Graph" src="fp0099469-5_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zxZpobzuKxY0">07/01/2020</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--ClassAxis__custom--C000219679Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zdTDJG66T84S">Institutional Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000219679Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zibxJCU6ZF1h">26.15%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000219679Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zTRnyd4TYPlD">4.67%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--ClassAxis__custom--C000219679Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zoilBPNcshLA">7.79%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampP500sup174supIndexMember_zO8NXyj2T4t7">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampP500sup174supIndexMember_z8AIGpg6EPLJ">22.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampP500sup174supIndexMember_zYxgs3u393z8">13.41%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampP500sup174supIndexMember_z0tLQKjOGgKc">17.48%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampPTargetRiskBalancedIndexMember_zMlH7CMfjQVV">S&amp;P Target Risk Balanced Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampPTargetRiskBalancedIndexMember_zGSVweJg5j0T">16.05%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampPTargetRiskBalancedIndexMember_zh5dzLYdgPbj">7.02%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundInstitutionalClassSampPTargetRiskBalancedIndexMember_zPoL9UlDcHgh">9.53%</span></td></tr></table></div> 2020-07-01 Institutional Class 0.2615 0.0467 0.0779 S&P 500® Index 0.2232 0.1341 0.1748 S&P Target Risk Balanced Index 0.1605 0.0702 0.0953 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000219679Member_zFWh81zApH6o">$245,830,468</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000219679Member_z6LCBKrbxkWJ">10</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,177%<span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zYJsdZN9uO0I" style="display: none">1177%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_z3k5mYbvifyS">$2,214,399</span></td> </tr> </table> </div> 245830468 10 11.77 2214399 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98C_eoef--LargestHoldingsTableTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_ziYLLdDwnOYt"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_ze0jNpIschaz">11.48%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> VanEck Semiconductor ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--VanEckSemiconductorETFMember_zXmdNgyfTno8">10.43%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zi6oZi54NpYo">9.92%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 Growth ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000GrowthETFMember_zhWqkJp1Qgo7">9.87%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000ETFMember_zh0YidEGtIAm">9.75%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--InvescoOptimumYieldDiversifiedCommodityStrategyNoK1ETFMember_zRJof7pj55LE">9.72%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® S&amp;P® Metals &amp; Mining ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174SampP174MetalsampMiningETFMember_zSXsyOljN3wn">9.63%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Global X Silver Miners ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--GlobalXSilverMinersETFMember_z7OheXYDo5rq">9.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® Energy Select Sector SPDR® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174EnergySelectSectorSPDR174ETFMember_zAeAS4kXasOo">9.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zq6Q1FyLlswb">4.58%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zhFMKpOYrRwc">90.02%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__oef--IndustrySectorAxis__custom--NetCashMember_zTFRrQoLAIZO">9.98%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-5_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_ze0jNpIschaz">11.48%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> VanEck Semiconductor ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--VanEckSemiconductorETFMember_zXmdNgyfTno8">10.43%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zi6oZi54NpYo">9.92%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 Growth ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000GrowthETFMember_zhWqkJp1Qgo7">9.87%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000ETFMember_zh0YidEGtIAm">9.75%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--InvescoOptimumYieldDiversifiedCommodityStrategyNoK1ETFMember_zRJof7pj55LE">9.72%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® S&amp;P® Metals &amp; Mining ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174SampP174MetalsampMiningETFMember_zSXsyOljN3wn">9.63%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Global X Silver Miners ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--GlobalXSilverMinersETFMember_z7OheXYDo5rq">9.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® Energy Select Sector SPDR® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174EnergySelectSectorSPDR174ETFMember_zAeAS4kXasOo">9.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219679Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zq6Q1FyLlswb">4.58%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.1148 0.1043 0.0992 0.0987 0.0975 0.0972 0.0963 0.0962 0.0959 0.0458 0.9002 0.0998 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left"><span id="xdx_905_eoef--MaterialFundChngStrategiesTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_zgM04maMVhTs">Effective <span id="xdx_907_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_z7o7iaFAhhJd">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures.</span></p></div> Effective <span id="xdx_907_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219679Member_z7o7iaFAhhJd">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures. 2025-11-01 Potomac Tactical Opportunities Fund Class R SDTOX This annual shareholder report contains important information about the Potomac Tactical Opportunities Fund ("Fund") for the period of May 28, 2026 (commencement of Class R shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zsAWo8UsM3Pz"><span class="NoBreak"> https://potomacfunds.com/sdtox/</span></span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zIDZ2nz1kY7S"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/sdtox/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zWCqd3MUCPD3">$20</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_z6BbhP00uVmr">2.30%</span></td> </tr></table></div> 20 0.0230 Amount shown reflects the expenses of the Class R shares from May 28, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Class R shares of the Fund commenced investment operations on May 28, 2026. For the year ended June 30, 2026, the Institutional Class shares of the Fund returned 26.15%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Balanced Index returned 16.05% in the same period. The Fund posted a strong absolute return due to exposure to the NASDAQ 100 when our NASDAQ timing model identified periods of time when risk-reward was favorable for that index. Additionally, the Fund's momentum strategy was able to identify strong trends in the metals and mining space with added upside from exposure to the silver miners. The strategy also benefitted from exposure to the strong trend in semiconductor stocks that was in place for much of the fiscal year.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em><span class="Italic">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></em> 10000 10000 10000 10310 9927 9993 <img alt="Ad2 Performance Graph" src="fp0099469-10_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Cumulative Total Returns</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zqhGkaqgoEKU">05/28/2026</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--ClassAxis__custom--C000275769Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zVLSG29S699h">Class R</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--ClassAxis__custom--C000275769Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zcyWJlcuFqvx">3.10%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundClassRSampP500sup174supIndexMember_z0bOcr3OxYnX">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalOpportunitiesFundClassRSampP500sup174supIndexMember_za8mGzKU0L3L">-0.73%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundClassRSampPTargetRiskBalancedIndexMember_zaNxFtbdmx8P">S&amp;P Target Risk Balanced Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalOpportunitiesFundClassRSampPTargetRiskBalancedIndexMember_zMkgGVZfUgEQ">-0.07%</span></td></tr></table></div> 2026-05-28 Class R 0.0310 S&P 500® Index -0.0073 S&P Target Risk Balanced Index -0.0007 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000275769Member_zluaUQQ2jbP9">$245,830,468</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000275769Member_zUYcHgG2glNy">10</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%">1,177%<span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zee7dFzRaIid" style="display: none">1177%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--AdvisoryFeesPaidAmt_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zsAC187enMkn">$2,214,399</span></td> </tr> </table> </div> 245830468 10 11.77 2214399 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20260528__20260630__oef--ClassAxis__custom--C000275769Member_zjkUzeA0XPUu"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_zPsgmou6f21v">11.48%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> VanEck Semiconductor ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--VanEckSemiconductorETFMember_zRuZKCOH8sVg">10.43%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zqHCd8ca0uo1">9.92%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 Growth ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000GrowthETFMember_zL0E01sovXrF">9.87%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000ETFMember_zbesmLtiHBG4">9.75%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--InvescoOptimumYieldDiversifiedCommodityStrategyNoK1ETFMember_zrOn0PWXLIAE">9.72%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® S&amp;P® Metals &amp; Mining ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174SampP174MetalsampMiningETFMember_znmaTUf28Y7P">9.63%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Global X Silver Miners ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--GlobalXSilverMinersETFMember_z3V3aghgnVBO">9.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® Energy Select Sector SPDR® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174EnergySelectSectorSPDR174ETFMember_zTXEvroOHbBs">9.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zlbQ7OKNZkAJ">4.58%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zZZPGXahndD3">90.02%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash* </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__oef--IndustrySectorAxis__custom--NetCashMember_zkoPQBCqdp0Z">9.98%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-10_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_zPsgmou6f21v">11.48%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> VanEck Semiconductor ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--VanEckSemiconductorETFMember_zRuZKCOH8sVg">10.43%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zqHCd8ca0uo1">9.92%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 Growth ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000GrowthETFMember_zL0E01sovXrF">9.87%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares Russell 2000 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--ISharesRussell2000ETFMember_zbesmLtiHBG4">9.75%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--InvescoOptimumYieldDiversifiedCommodityStrategyNoK1ETFMember_zrOn0PWXLIAE">9.72%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® S&amp;P® Metals &amp; Mining ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174SampP174MetalsampMiningETFMember_znmaTUf28Y7P">9.63%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Global X Silver Miners ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--GlobalXSilverMinersETFMember_z3V3aghgnVBO">9.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® Energy Select Sector SPDR® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174EnergySelectSectorSPDR174ETFMember_zTXEvroOHbBs">9.59%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275769Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zlbQ7OKNZkAJ">4.58%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.1148 0.1043 0.0992 0.0987 0.0975 0.0972 0.0963 0.0962 0.0959 0.0458 0.9002 0.0998 Potomac Tactical Rotation Fund Institutional Class CRTBX This annual shareholder report contains important information about the Potomac Tactical Rotation Fund ("Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zPxcmodtfqRw"><span class="NoBreak">https://potomacfunds.com/crtbx/</span></span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zqJ6Wlwu8CgX"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/crtbx/ 1-888-774-6679 <strong>This report describes changes to the Fund that occurred during the reporting period.</strong> <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zmOI6kwbhv18">$147</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_znP8gUc1eWDI">1.33%</span></td> </tr></table></div> 147 0.0133 <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">For the year ended June 30, 2026, the Potomac Tactical Rotation Fund returned 20.51%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Moderate Index returned 11.99% in the same period. The Fund posted a strong absolute return due to exposure to the S&amp;P 500 when the risk-reward profile was favorable based on the signals from our composite timing model. Additionally, the Fund's momentum strategy was able to identify strong trends in ETFs with exposure to Japan, the Equal Weight Quality factor, Convertible Bonds, and a broad-based equity index. Underperformance relative to the S&amp;P 500 was largely a function of the investible universe of ETFs for the Fund mostly having a beta and/or standard deviation that is less than the S&amp;P 500.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em>The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</em> 10000 10000 10000 12785 14009 11528 11922 12522 10142 12909 14975 10805 13441 18652 11826 14106 21481 13063 16999 26276 14629 <img alt="Ad2 Performance Graph" src="fp0099469-4_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Average Annual Total Returns </strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>1 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>5 Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zoz2aCsTLpuO">07/01/2020</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--ClassAxis__custom--C000219680Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zTAzwjej8czS">Institutional Class</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000219680Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zhWDiK91SV0f">20.51%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000219680Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zB9O9AIZP2m8">5.86%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--ClassAxis__custom--C000219680Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zfnPZyoxIK8O">9.25%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampP500sup174supIndexMember_zAqtiesfyHW3">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampP500sup174supIndexMember_zXqzGtQQYFMA">22.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampP500sup174supIndexMember_zsRgIkdoVKy9">13.41%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampP500sup174supIndexMember_zqtkoUFf7q4X">17.48%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampPTargetRiskModerateIndexMember_zKUVMTsbWoTa">S&amp;P Target Risk Moderate Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampPTargetRiskModerateIndexMember_zcFo4fSOcpqo">11.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampPTargetRiskModerateIndexMember_zSMxJFqGMABq">4.88%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20200701__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundInstitutionalClassSampPTargetRiskModerateIndexMember_zfVufwUZeVLc">6.55%</span></td></tr></table></div> 2020-07-01 Institutional Class 0.2051 0.0586 0.0925 S&P 500® Index 0.2232 0.1341 0.1748 S&P Target Risk Moderate Index 0.1199 0.0488 0.0655 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000219680Member_zq2SZeBOr6P8">$280,848,253</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000219680Member_z592K2uLKGWA">9</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zkSD0MxdyVTM">588%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zFn2z3694gOU">$2,494,558</span></td> </tr> </table> </div> 280848253 9 5.88 2494558 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_ziO3Se77P0qL"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_z4GMupxU6osm">19.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zJluzOmLahFj">16.02%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zSlxjTmsIteU">10.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Astoria US Equal Weight Quality Kings ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--AstoriaUSEqualWeightQualityKingsETFMember_zbXGkuDz441M">9.98%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Total Stock Market ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--VanguardTotalStockMarketETFMember_zEnHwIszlqxQ">9.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree U.S. Quality Dividend Growth Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeUSQualityDividendGrowthFundMember_zBbvMBtecIul">9.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Bloomberg Convertible Securities ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174BloombergConvertibleSecuritiesETFMember_zhLhxM2atQqs">9.87%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree Japan Hedged Equity Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeJapanHedgedEquityFundMember_zUA3zrbRYxob">9.87%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zdKj0L8U0lUf">79.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash * </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__oef--IndustrySectorAxis__custom--NetCashMember_ziztJrnEuA3U">20.77%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-4_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets, including futures contracts, in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_z4GMupxU6osm">19.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zJluzOmLahFj">16.02%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_zSlxjTmsIteU">10.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Astoria US Equal Weight Quality Kings ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--AstoriaUSEqualWeightQualityKingsETFMember_zbXGkuDz441M">9.98%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Total Stock Market ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--VanguardTotalStockMarketETFMember_zEnHwIszlqxQ">9.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree U.S. Quality Dividend Growth Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeUSQualityDividendGrowthFundMember_zBbvMBtecIul">9.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Bloomberg Convertible Securities ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174BloombergConvertibleSecuritiesETFMember_zhLhxM2atQqs">9.87%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree Japan Hedged Equity Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000219680Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeJapanHedgedEquityFundMember_zUA3zrbRYxob">9.87%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.1923 0.1602 0.1040 0.0998 0.0998 0.0990 0.0987 0.0987 0.7923 0.2077 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left"><span id="xdx_901_eoef--MaterialFundChngStrategiesTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zmT9ZocOFwQt">Effective <span id="xdx_90C_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zCmvOAAEKiwX">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures.</span></p></div> Effective <span id="xdx_90C_eoef--MaterialChngDate_c20250701__20260630__oef--ClassAxis__custom--C000219680Member_zCmvOAAEKiwX">November 1, 2025</span>, the Fund may invest in underlying funds that hold or have exposure to cryptocurrencies such as Bitcoin, including ETFs (exchange traded funds) and ETPs (exchange traded products) that invest directly in Bitcoin and Bitcoin futures. Additionally, the Fund may invest up to 15% of its assets in ETFs and ETPs that hold Bitcoin and Bitcoin futures. 2025-11-01 Potomac Tactical Rotation Fund Class R SDTRX This annual shareholder report contains important information about the Potomac Tactical Rotation Fund ("Fund") for the period of May 28, 2026 (commencement of Class R shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zHsHCkIsGPo8"><span class="NoBreak"> https://potomacfunds.com/sdtrx/</span></span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zwPbjoI95OAs"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/sdtrx/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpensesPaidAmt_pp2d_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zCwtMTpNmwjF">$20</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zGggQ2OAV9cH">2.27%</span></td> </tr></table></div> 20 0.0227 Amount shown reflects the expenses of the Class R shares from May 28, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Class R shares of the Fund commenced investment operations on May 28, 2026. For the year ended June 30, 2026, the Institutional Class shares of the Fund returned 20.51%. The S&amp;P 500 Index returned 22.32% in the same period. The S&amp;P Target Risk Moderate Index returned 11.99% in the same period. The Fund posted a strong absolute return due to exposure to the S&amp;P 500 when the risk-reward profile was favorable based on the signals from our composite timing model. Additionally, the Fund's momentum strategy was able to identify strong trends in ETFs with exposure to Japan, the Equal Weight Quality factor, Convertible Bonds, and a broad-based equity index. Underperformance relative to the S&amp;P 500 was largely a function of the investible universe of ETFs for the Fund mostly having a beta and/or standard deviation that is less than the S&amp;P 500.</p></div> The Fund's past performance is not a good predictor of the Fund's future performance. <em><span class="Italic">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></em> 10000 10000 10000 10240 9927 10006 <img alt="Ad2 Performance Graph" src="fp0099469-11_ar71.jpg" style="width: 348px; height: 300px"/> <div class="section-header"><strong>Cumulative Total Returns</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Since Inception^(A)</strong><br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zVVuWByRoBwM">05/28/2026</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--ClassAxis__custom--C000275770Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z097ZX3ICAW7">Class R</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--ClassAxis__custom--C000275770Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zr0CO6rqemZv">2.40%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundClassRSampP500sup174supIndexMember_zO2So2ciaTcY">S&amp;P 500^® Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--BroadBasedIndexAxis__custom--PotomacTacticalRotationFundClassRSampP500sup174supIndexMember_zsnEomz8Bnc6">-0.73%</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundClassRSampPTargetRiskModerateIndexMember_zLN4IwK6o4Zv">S&amp;P Target Risk Moderate Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260528__20260630__oef--AdditionalIndexAxis__custom--PotomacTacticalRotationFundClassRSampPTargetRiskModerateIndexMember_zugtJa8upUFQ">0.06%</span></td></tr></table></div> 2026-05-28 Class R 0.0240 S&P 500® Index -0.0073 S&P Target Risk Moderate Index 0.0006 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000275770Member_zgmBgiXCSiFo">$280,848,253</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000275770Member_zpcJ0ggLZhVm">9</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zdlAqR18O6qb">588%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--AdvisoryFeesPaidAmt_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zXYn95mGbhTX">$2,494,558</span></td> </tr> </table> </div> 280848253 9 5.88 2494558 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98B_eoef--LargestHoldingsTableTextBlock_c20260528__20260630__oef--ClassAxis__custom--C000275770Member_zjP9nDrnORRd"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_zbYFOVLb0WzE">19.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zVIzyrEGb83i">16.02%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_z5pcyXUlVjDo">10.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Astoria US Equal Weight Quality Kings ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--AstoriaUSEqualWeightQualityKingsETFMember_z4IE1vO2S5GC">9.98%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Total Stock Market ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--VanguardTotalStockMarketETFMember_z2QS1szaekL5">9.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree U.S. Quality Dividend Growth Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeUSQualityDividendGrowthFundMember_zGVofq69DJfP">9.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Bloomberg Convertible Securities ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174BloombergConvertibleSecuritiesETFMember_zDor6mJPpQx4">9.87%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree Japan Hedged Equity Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeJapanHedgedEquityFundMember_zuzooFThg3Gj">9.87%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zT0CR79qXfQi">79.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash * </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__oef--IndustrySectorAxis__custom--NetCashMember_zBeAZmlkpQVv">20.77%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-11_ar72.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets, including futures contracts, in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> iShares 0-3 Month Treasury Bond ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--IShares03MonthTreasuryBondETFMember_zbYFOVLb0WzE">19.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zVIzyrEGb83i">16.02%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BondBloxx Bloomberg Six Month Target Duration US Treasury ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--BondBloxxBloombergSixMonthTargetDurationUSTreasuryETFMember_z5pcyXUlVjDo">10.40%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Astoria US Equal Weight Quality Kings ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--AstoriaUSEqualWeightQualityKingsETFMember_z4IE1vO2S5GC">9.98%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vanguard Total Stock Market ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--VanguardTotalStockMarketETFMember_z2QS1szaekL5">9.98%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree U.S. Quality Dividend Growth Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeUSQualityDividendGrowthFundMember_zGVofq69DJfP">9.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Bloomberg Convertible Securities ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174BloombergConvertibleSecuritiesETFMember_zDor6mJPpQx4">9.87%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> WisdomTree Japan Hedged Equity Fund </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275770Member__us-gaap--InvestmentTypeAxis__custom--WisdomTreeJapanHedgedEquityFundMember_zuzooFThg3Gj">9.87%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.1923 0.1602 0.1040 0.0998 0.0998 0.0990 0.0987 0.0987 0.7923 0.2077 Potomac Tactically Passive Fund Institutional Class CRTPX This annual shareholder report contains important information about the Potomac Tactically Passive Fund ("Fund") for the period of February 11, 2026 (commencement of Institutional Class shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_z6ofCahR3x0E"><span class="NoBreak">https://potomacfunds.com/crtpx/</span></span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_zlpqN11UnfNU"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/crtpx/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_zS921pZw42Lh">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_zsgHvUd2YHcd">1.45%</span></td> </tr></table></div> 56 0.0145 Amount shown reflects the expenses of the Institutional Class shares from February 11, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">From inception on February 11, 2026, until the end of the fiscal year on June 30, 2026, the Potomac Tactically Passive Fund returned 1.70%. The S&amp;P 500 Index returned 8.56% in the same period. Underperformance relative to the benchmark is a function of the composite model that drives investment positioning in the Fund moving to a cash position in early April while the S&amp;P 500 was moving strongly higher.</p></div> <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000271447Member_z1kKW5cjuuFz">$139,204,049</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000271447Member_z2e5Aq25gkhS">2</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_z3kIWASLe5Wn">6%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_zeKQUjEUvsuc">$290,236</span></td> </tr> </table> </div> 139204049 2 0.06 290236 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20260211__20260630__oef--ClassAxis__custom--C000271447Member_zBeTFSjkolHg"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Portfolio S&amp;P 500® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174PortfolioSampP500174ETFMember_z93sBMNDfLu7">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zDUxIG2ztFlQ">0.47%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-before: column; break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zJljtObcEAwo">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash * </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__oef--IndustrySectorAxis__custom--NetCashMember_z5R4mJqR6S1n">1.16%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-3_ar71.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Portfolio S&amp;P 500® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174PortfolioSampP500174ETFMember_z93sBMNDfLu7">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000271447Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_zDUxIG2ztFlQ">0.47%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.9884 0.0047 0.9884 0.0116 Potomac Tactically Passive Fund Class R SDTPX This annual shareholder report contains important information about the Potomac Tactically Passive Fund ("Fund") for the period of May 28, 2026 (commencement of Class R shares operations) to June 30, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_znGE6AmVEIXb"><span class="NoBreak"> https://potomacfunds.com/sdtpx/</span></span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_zACr8KHjcKKa"><span class="NoBreak">1-888-774-6679</span></span>. https://potomacfunds.com/sdtpx/ 1-888-774-6679 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong><em>(based on a hypothetical $10,000 investment)</em></strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Class</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment¹</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs Paid as a Percentage of a $10,000 Investment²</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_z78FAsH5EAxL">$21</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpenseRatioPct_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_zyc3jylfoVD5">2.42%</span></td> </tr></table></div> 21 0.0242 Amount shown reflects the expenses of the Class R shares from May 28, 2026 (commencement of operations) through June 30, 2026. Expenses for a full fiscal year would be higher. <div class="section-header"><strong>Management's Discussion of Fund Performance.</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px; text-align: justify"><p style="text-align: left">Class R shares of the Fund commenced investment operations on May 28, 2026. From inception on February 11, 2026, until the end of the fiscal year on June 30, 2026, the Institutional Class shares returned 1.70%. The S&amp;P 500 Index returned 8.56% in the same period. Underperformance relative to the benchmark is a function of the composite model that drives investment positioning in the Fund moving to a cash position in early April while the S&amp;P 500 was moving strongly higher.</p></div> <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000275771Member_zXvgk7m1U1Ar">$139,204,049</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000275771Member_z64o1qAnsYJU">2</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_zRFt5c2rzdpB">6%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--AdvisoryFeesPaidAmt_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_zDJriKtyGmN8">$290,236</span></td> </tr> </table> </div> 139204049 2 0.06 290236 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98A_eoef--LargestHoldingsTableTextBlock_c20260528__20260630__oef--ClassAxis__custom--C000275771Member_zvXYCCYH4g10"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Portfolio S&amp;P 500® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174PortfolioSampP500174ETFMember_zcGiSNxjHdIX">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_z7maWFwOGzM4">0.47%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-before: column; break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sectors (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px; text-align: center"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__oef--IndustrySectorAxis__custom--ExchangeTradedFundsMember_zZhQzXBkMFLc">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Cash * </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__oef--IndustrySectorAxis__custom--NetCashMember_zo47YR8qOemY">1.16%</span></td> </tr> </table><img alt="Af Image" src="fp0099469-12_ar71.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"><table class="k-table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"><tr><td style="width: 36px"></td><td></td></tr><tr style="height: 25.97px"><td><p style="text-align: left; vertical-align: top">*</p></td><td><p>Net Cash represents cash, cash equivalents and other assets in excess of liabilities.</p></td></tr></table></div> <p style="margin: 0"> </p> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Holdings (% of net assets)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street® SPDR® Portfolio S&amp;P 500® ETF </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__us-gaap--InvestmentTypeAxis__custom--StateStreet174SPDR174PortfolioSampP500174ETFMember_zcGiSNxjHdIX">98.84%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> State Street Institutional U.S. Government Money Market Fund Premier Class </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000275771Member__us-gaap--InvestmentTypeAxis__custom--StateStreetInstitutionalUSGovernmentMoneyMarketFundPremierClassMember_z7maWFwOGzM4">0.47%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.9884 0.0047 0.9884 0.0116