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annual shareholder report
annual shareholder report
annual shareholder report
N-CSR
360 Funds
2026-06-30
IMS Capital Value Fund
Institutional Class
IMSCX
This
<span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zNPygMUXEPJa" title="::XDX::annual%20shareholder%20report"><span style="-sec-ix-hidden: xdx2ixbrl0020">annual report</span></span> to shareholders contains important information of the IMS Capital Value Fund (the “Value Fund”) for
the year ended June 30, 2026.
You can find the Value Fund’s prospectus, financial information on Form N-CSR, holdings, proxy
voting information and other information at <b><span id="xdx_905_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_za8YccaNJtOa">http://www.imsfunds.com/resources/</span>.</b> You can also request this information without
charge by contacting the Value Fund at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zGMqiRs8iul">(877) 244-6235</span>.
http://www.imsfunds.com/resources/
(877) 244-6235
This report describes material changes to the Fund that occurred during
the reporting period.
<p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zU2q4IGJ9Rsk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
were the Value Fund costs for the year? </b>(based on a hypothetical $10,000 investment)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
of a $10,000 investment</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
paid as a percentage of a $10,000 investment</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90C_eoef--ExpensesPaidAmt_pip0_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_z0ov3TKixBo8">195</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zH2FXJAzfOQ1">1.74</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p>
195
0.0174
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zgvOPLHtacCa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Value Fund performed during the past 10 years?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td style="font: 10pt Times New Roman, Times, Serif; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cumulative
Performance of a Hypothetical $10,000 Investment as-of June 30, 2026</b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
<table border="0" cellpadding="0" cellspacing="0">
<tr style="display: none">
<td style="display: none"> </td>
<td id="xdx_4BC_oef--ClassAxis_custom--C000141714Member_zSGQCHR35oo4" style="display: none">IMS Capital Value Fund $31,106</td>
<td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--SP500TotalReturnIndexMember_zUcPiy0oIBn9" style="display: none">S&P 500® Total Return Index $42,271</td>
</tr>
<tr id="xdx_43A_c20160630__20160630_eoef--AccmVal_iI_zUmxpOsQkwgc" style="display: none">
<td style="display: none">6/30/2016</td>
<td style="display: none">10,000</td>
<td style="display: none">10,000</td>
</tr>
<tr id="xdx_432_c20160630__20170630_eoef--AccmVal_iI_zrBxhiR7Q5b5" style="display: none">
<td style="display: none">6/30/2017</td>
<td style="display: none">11,176</td>
<td style="display: none">11,790</td>
</tr>
<tr id="xdx_434_c20160630__20180630_eoef--AccmVal_iI_zAZlo1vRQHdg" style="display: none">
<td style="display: none">6/30/2018</td>
<td style="display: none">11,740</td>
<td style="display: none">13,484</td>
</tr>
<tr id="xdx_439_c20160630__20190630_eoef--AccmVal_iI_zRkYFEyMsYD6" style="display: none">
<td style="display: none">6/30/2019</td>
<td style="display: none">12,561</td>
<td style="display: none">14,889</td>
</tr>
<tr id="xdx_432_c20160630__20200630_eoef--AccmVal_iI_zrGTG8CkLF0i" style="display: none">
<td style="display: none">6/30/2020</td>
<td style="display: none">12,658</td>
<td style="display: none">16,006</td>
</tr>
<tr id="xdx_434_c20160630__20210630_eoef--AccmVal_iI_ztY9qVgJphkb" style="display: none">
<td style="display: none">6/30/2021</td>
<td style="display: none">17,741</td>
<td style="display: none">22,535</td>
</tr>
<tr id="xdx_439_c20160630__20220630_eoef--AccmVal_iI_zNz6HiT4aN4d" style="display: none">
<td style="display: none">6/30/2022</td>
<td style="display: none">13,081</td>
<td style="display: none">20,142</td>
</tr>
<tr id="xdx_43A_c20160630__20230630_eoef--AccmVal_iI_zatIYHZz1UOi" style="display: none">
<td style="display: none">6/30/2023</td>
<td style="display: none">16,984</td>
<td style="display: none">24,088</td>
</tr>
<tr id="xdx_432_c20160630__20240630_eoef--AccmVal_iI_zrIPWhTo6MRi" style="display: none">
<td style="display: none">6/30/2024</td>
<td style="display: none">22,615</td>
<td style="display: none">30,004</td>
</tr>
<tr id="xdx_433_c20160630__20250630_eoef--AccmVal_iI_zpF0ITic7nh8" style="display: none">
<td style="display: none">6/30/2025</td>
<td style="display: none">25,113</td>
<td style="display: none">34,553</td>
</tr>
<tr id="xdx_43A_c20160630__20260630_eoef--AccmVal_iI_zssaXzXliXM9" style="display: none">
<td style="display: none">6/30/2026</td>
<td style="display: none">31,106</td>
<td style="display: none">42,271</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font: 10pt Times New Roman, Times, Serif"><img alt="" src="imsncsr063026001.jpg"/> </span></p>
10000
10000
11176
11790
11740
13484
12561
14889
12658
16006
17741
22535
13081
20142
16984
24088
22615
30004
25113
34553
31106
42271
<p id="xdx_803_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zf5LJsWO19w1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
Annual Total Returns</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 30%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
Year</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
Years</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
Years</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zE1pz5y8h7B6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.86%</span></td>
<td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--ClassAxis__custom--C000141714Member_zRZcVn8N7uQc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.89%</span></td>
<td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--ClassAxis__custom--C000141714Member_zJ71Tfr5pUji" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.02%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&P
500® Total Return Index</span></td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_zfKY84eRlVch" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.33%</span></td>
<td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_zmfqDoooUR62" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.40%</span></td>
<td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--SP500TotalReturnIndexMember_zFVzV2g5QbBd" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.50%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
0.2386
0.1189
0.1202
0.2233
0.1340
0.1550
The
performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions,
if any, and represents past performance, which is not a guarantee of future results.
The returns shown do not reflect taxes
that a shareholder would pay on the Value Fund distributions or on the redemption of the Value Fund shares.
Updated performance data current to the most recent month-end can be obtained by calling (877)
244-6235.
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000141714Member_dD_z1TWiBWo3Oh4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
did the Value Fund perform last year?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2026, the Value Fund returned 23.86%, outperforming the S&P 500® Total Return Index which returned
22.33%. The Value Fund outperformed the S&P 500 primarily because a small number of holdings produced exceptional gains —
Applied Materials and Marvell Technology each appreciated more than 250%, Caterpillar more than 160%, and Alphabet nearly doubled
— and because the Fund holds approximately 30 positions rather than 500, those gains carried far more weight in the portfolio
than they did in the index. This was enough to overcome declines in Meta Platforms and Microsoft, the Value Fund's largest and
third-largest holdings entering the year. The Value Fund's lower weighting in the very top index drivers, which had detracted
from relative results in prior periods, was less costly this year as market gains were distributed more broadly across sectors.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
factors influenced performance during the past year?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund benefitted from its semiconductor and semiconductor-equipment exposure, with Applied Materials, Marvell Technology, NVIDIA, and
Broadcom driving gains on continued expansion of artificial-intelligence infrastructure spending.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
strength came from Alphabet, the Fund's largest single contributor, and from industrials and health care, led by Caterpillar, General
Electric, and UnitedHealth Group.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
winners were partly offset by declines in Meta Platforms and Microsoft, the Fund's two largest detractors, with smaller weakness in Vistra
Energy and Costco.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance
was shaped by a market that rewarded the suppliers of AI infrastructure more than the companies funding it, with shortages in memory
and related components benefiting the Fund's semiconductor holdings. Rising long-term interest rates weighed on valuations for much of
the year as inflation stayed above the Federal Reserve's target and expected rate cuts were deferred. Results were uneven: the Fund declined
5.8% in the March quarter, somewhat more than the index, as its larger holdings weighed on results, then returned 17.4% against 14.3%
for the index in the June quarter, when leadership broadened toward health care, industrials, and financials.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zi1wPVae965b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Value Fund changed?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2025, Pinnacle Wealth Advisors, Inc. ("Pinnacle"), an Oregon corporation, agreed to acquire IMS Capital Management,
Inc. ("IMS Capital"), an Oregon corporation and the former investment adviser to the Value Fund, effective as of September
30, 2025. <span id="xdx_90D_eoef--MaterialFundChngAdviserTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zgTjXvUwDDJb">Pinnacle now serves as the investment adviser to the Value Fund effective October 1, 2025.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--MaterialFundChngStrategiesTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zTlHaUX8YgA9">During
the reporting period, the Value Fund revised its principal investment strategy in connection with amendments to Rule 35d-1 under
the Investment Company Act of 1940 (the 'Names Rule'), which now requires funds with terms like 'value' in their names to adopt
a corresponding 80% investment policy. Effective October 28, 2025, the Value Fund revised its 80% policy to invest, under normal
circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in securities
that Pinnacle considers having “value” characteristics. The Value Fund defines “value” as investments
that appear to be undervalued relative to historical price, assets, earnings, growth potential, or cash flows.</span> This is a summary
of certain changes to the Value Fund since July 1, 2025. For more complete information, you may review the Value Fund's prospectus,
dated October 28, 2025 at <span id="xdx_909_eoef--UpdProspectusWebAddress_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zPyMFhz52vIc">http://www.imsfunds.com/resources/</span>or upon request at <span id="xdx_90D_eoef--UpdProspectusPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zinHzx2xbe0h">(877) 244-6235</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Pinnacle now serves as the investment adviser to the Value Fund effective October 1, 2025.
During
the reporting period, the Value Fund revised its principal investment strategy in connection with amendments to Rule 35d-1 under
the Investment Company Act of 1940 (the 'Names Rule'), which now requires funds with terms like 'value' in their names to adopt
a corresponding 80% investment policy. Effective October 28, 2025, the Value Fund revised its 80% policy to invest, under normal
circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in securities
that Pinnacle considers having “value” characteristics. The Value Fund defines “value” as investments
that appear to be undervalued relative to historical price, assets, earnings, growth potential, or cash flows.
http://www.imsfunds.com/resources/
(877) 244-6235
<p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000141714Member_dU_zf6DJ3bEYZM4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
are some Value Fund statistics?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
Statistics</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Net Assets</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_902_eus-gaap--AssetsNet_iI_pp0p0_c20260630__oef--ClassAxis__custom--C000141714Member_zhgyVUkooXte">62,139,410</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory Fees Paid</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zClKC6ZJmqR5">667,523</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Portfolio Holdings</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--HoldingsCount_iI_c20260630__oef--ClassAxis__custom--C000141714Member_zBk9gGslqO4j">28</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Turnover Rate</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000141714Member_zzLuthUog77b">16.30</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p>
62139410
667523
28
0.1630
<p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000141714Member_z7fe6Oi4K0Eb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
did the Value Fund invest in?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sector
Allocation (as a % of Portfolio)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
Technology</span></td>
<td id="xdx_989_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zjFu8iIxDk2g" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.11%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health
Care</span></td>
<td id="xdx_98F_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_zvALKSFdFoc1" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.70%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financials</span></td>
<td id="xdx_989_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zZCrdgM7VIWc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.71%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
Staples</span></td>
<td id="xdx_983_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zH8hJGZO0jk4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.35%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communication
Services</span></td>
<td id="xdx_986_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zVwh9fRl0xZg" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.51%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilities
</span></td>
<td id="xdx_980_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zkj4AHtp0o16" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
Discretionary</span></td>
<td id="xdx_98C_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zO0YP9Ttx2g1" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.99%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Energy
</span></td>
<td id="xdx_983_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z4JQGC8MmdR8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.86%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrials</span></td>
<td id="xdx_987_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zATjSlblv1Cc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.78%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
& Cash Equivalents</span></td>
<td id="xdx_983_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zVBcx9mJgtia" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</span></td></tr>
</table>
0.2811
0.0670
0.1671
0.0335
0.1651
0.0204
0.1299
0.0186
0.1078
0.0095
<p id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000141714Member_dD_zJqm1gHswXK4" style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
Ten Holdings (as a % of Net Assets)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alphabet,
Inc. – Class C</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AlphabetIncClassCMember_fKg_____zGnhyOII2OR7" style="font: 10pt Times New Roman, Times, Serif; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UnitedHealth
Group, Inc.</span></td>
<td id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--UnitedHealthGroupIncMember_fKg_____z0Y8rNqwnvH8" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.07%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meta
Platforms, Inc. – Class A </span></td>
<td id="xdx_98E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_fKg_____zTpfoCSdwPGi" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.43%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caterpillar,
Inc.</span></td>
<td id="xdx_986_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--CaterpillarIncMember_fKg_____ztRChDA85lXc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.97%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NVIDIA
Corp.</span></td>
<td id="xdx_987_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_fKg_____zDqMrIjLY7G6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.44%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadcom,
Inc.</span></td>
<td id="xdx_987_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_fKg_____zVdTjCDJkir6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.56%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells
Fargo & Co.</span></td>
<td id="xdx_981_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--WellsFargoAndCoIncMember_fKg_____zKCFuEtAe73k" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.72%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dutch
Bros., Inc. – Class A</span></td>
<td id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--DutchBrosIncClassAMember_fKg_____z5SZ0L7YOiB5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.39%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amazon.com,
Inc.</span></td>
<td id="xdx_98C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_fKg_____zgCbWCUqMLR7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.58%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apple,
Inc.</span></td>
<td id="xdx_98C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141714Member__oef--LargestHoldingAxis__custom--AppleIncMember_fKg_____zQpDceYEs42l" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.73%</span></td></tr>
</table>
0.0910
0.0507
0.0743
0.0497
0.0644
0.0456
0.0572
0.0439
0.0558
0.0373
IMS Strategic Income Fund
Institutional Class
IMSIX
This
<span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_z19Oh8uLaCr5" title="::XDX::annual%20shareholder%20report"><span style="-sec-ix-hidden: xdx2ixbrl0119">annual report</span></span> to shareholders contains important information of the IMS Strategic Income Fund (the “Income Fund”)
for the year ended June 30, 2026.
You can find the Income Fund’s prospectus, financial information on Form N-CSR, holdings,
proxy voting information and other information at <b><span id="xdx_90F_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zup2ZmJNnEKj">http://www.imsfunds.com/resources/</span></b>. You can also request this information
without charge by contacting the Income Fund at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zAXVCKBvRehj">(877) 244-6235</span>.
http://www.imsfunds.com/resources/
(877) 244-6235
This report describes material changes to the Fund that occurred
during the reporting period.
<p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zQttD3Sytrdh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
were the Income Fund costs for the year? </b>(based on a hypothetical $10,000 investment)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
of a $10,000 investment</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
paid as a percentage of a $10,000 investment</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_903_eoef--ExpensesPaidAmt_pip0_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zFWHmqcGMCyg">202</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zjTWP6TzAhd1">1.96</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p>
202
0.0196
<p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_z3MplyvQ9Ir" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Income Fund performed during the past 10 years?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table border="0" cellpadding="0" cellspacing="0">
<tr style="display: none">
<td style="display: none"> </td>
<td id="xdx_4BC_oef--ClassAxis_custom--C000141715Member_zcF30OVGNF9c" style="display: none">IMS Strategic Income Fund $11,982</td>
<td id="xdx_4BD_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndexMember_zNX9SQuxm9c1" style="display: none">Bloomberg Barclays U.S. Aggregate Bond Index $11,656</td>
</tr>
<tr id="xdx_43B_c20160630__20160630_eoef--AccmVal_iI_zajdcOYu6Fpi" style="display: none">
<td style="display: none">6/30/2016</td>
<td style="display: none">10,000</td>
<td style="display: none">10,000</td>
</tr>
<tr id="xdx_430_c20160630__20170630_eoef--AccmVal_iI_zeHGL4C47DSd" style="display: none">
<td style="display: none">6/30/2017</td>
<td style="display: none">9,731</td>
<td style="display: none">9,968</td>
</tr>
<tr id="xdx_438_c20160630__20180630_eoef--AccmVal_iI_zeglfshkTZ11" style="display: none">
<td style="display: none">6/30/2018</td>
<td style="display: none">8,689</td>
<td style="display: none">9,928</td>
</tr>
<tr id="xdx_431_c20160630__20190630_eoef--AccmVal_iI_zqu5MIO9gfDk" style="display: none">
<td style="display: none">6/30/2019</td>
<td style="display: none">9,751</td>
<td style="display: none">10,709</td>
</tr>
<tr id="xdx_43F_c20160630__20200630_eoef--AccmVal_iI_zk6vpw1TATs7" style="display: none">
<td style="display: none">6/30/2020</td>
<td style="display: none">9,135</td>
<td style="display: none">11,646</td>
</tr>
<tr id="xdx_430_c20160630__20210630_eoef--AccmVal_iI_zRQeGUYqsPgi" style="display: none">
<td style="display: none">6/30/2021</td>
<td style="display: none">11,742</td>
<td style="display: none">11,607</td>
</tr>
<tr id="xdx_43C_c20160630__20220630_eoef--AccmVal_iI_zid6os3hBh4a" style="display: none">
<td style="display: none">6/30/2022</td>
<td style="display: none">9,387</td>
<td style="display: none">10,412</td>
</tr>
<tr id="xdx_436_c20160630__20230630_eoef--AccmVal_iI_zF1Izjm8r7Qg" style="display: none">
<td style="display: none">6/30/2023</td>
<td style="display: none">9,989</td>
<td style="display: none">10,314</td>
</tr>
<tr id="xdx_436_c20160630__20240630_eoef--AccmVal_iI_zteEffxkyW8g" style="display: none">
<td style="display: none">6/30/2024</td>
<td style="display: none">10,641</td>
<td style="display: none">10,586</td>
</tr>
<tr id="xdx_43E_c20160630__20250630_eoef--AccmVal_iI_zeFqhBAs5CL3" style="display: none">
<td style="display: none">6/30/2025</td>
<td style="display: none">11,286</td>
<td style="display: none">11,230</td>
</tr>
<tr id="xdx_439_c20160630__20260630_eoef--AccmVal_iI_zNNcNvTmjXb8" style="display: none">
<td style="display: none">6/30/2026</td>
<td style="display: none">11,921</td>
<td style="display: none">11,656</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td style="font: 10pt Times New Roman, Times, Serif; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cumulative
Performance of a Hypothetical $10,000 Investment as-of June 30, 2026</b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font: 10pt Times New Roman, Times, Serif"><img alt="" src="imsncsr063026002.jpg" style="height: 393px; width: 649px"/> </span></p>
10000
10000
9731
9968
8689
9928
9751
10709
9135
11646
11742
11607
9387
10412
9989
10314
10641
10586
11286
11230
11921
11656
<p id="xdx_803_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_z1fs0wrkca7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
Annual Total Returns</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 32%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
Year</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
Years</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
Years</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
Class shares</span></td>
<td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zpVb1GdU8lt" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.63%</span></td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--ClassAxis__custom--C000141715Member_z7igTwHzOdxd" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.30%</span></td>
<td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--ClassAxis__custom--C000141715Member_zzhVxr5gp4Oe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.77%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg
Barclays U.S. Aggregate Bond Index</span></td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zDGlccjwP4Sh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.79%</span></td>
<td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zHhffpPXBJ1h" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08%</span></td>
<td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--BloombergBarclaysUSAggregateBondIndexMember_zLk1DpwDMmIg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.54%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p>
0.0563
0.0030
0.0177
0.0379
0.0008
0.0154
The
performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions,
if any, and represents past performance, which is not a guarantee of future results.
The returns shown do not reflect taxes
that a shareholder would pay on the Income Fund distributions or on the redemption of the Income Fund shares.
Updated performance data current to the most recent month-end can be obtained by calling (877)
244-6235.
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000141715Member_dD_zRwERd4H8Bec" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
did the Income Fund perform last year?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2026, the Income Fund returned 5.63% with dividends reinvested, outperforming the Bloomberg Barclays U.S.
Aggregate Bond Index which returned 3.79%. The Income Fund outperformed its benchmark because of its substantially higher income
stream: the Fund paid monthly distributions totaling $0.16 per share against a beginning net asset value of $2.02, while net asset
value declined $0.05 per share. That income was generate from investments in high-coupon corporate credit and from structured
notes, which carry materially higher yields than the investment-grade bonds that dominate the index. Reducing the Fund's long-maturity
Treasury holding by roughly half during the year also limited the effect of rising long-term rates.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
factors influenced performance during the past year?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income,
rather than price appreciation, produced substantially all of the Fund's return. Distributions totaled $0.16 per share, up from $0.15
per share in the prior fiscal year.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shorter-maturity,
high-coupon credit was the most consistent positive contributor, including Staples, Service Properties Trust, Occidental Petroleum, and
Bausch Health. Among common stock holdings, U.S. Bancorp appreciated approximately 32%.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
largest detractors were longer-dated positions whose yields rose over the year: Paramount Global, Navient, and a JPMorgan Chase Financial
structured note each declined 10% to 15%.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-maturity
exposure was again a drag, as inflation remained above the Federal Reserve's target and anticipated rate cuts were deferred, pushing
the 30-year Treasury yield above 5% during the period. The Fund reduced its Treasury weighting from 15.5% to 7.6% of the portfolio, increased
its structured note exposure, and raised its common stock allocation from 15.1% to 20.7%, rotating toward higher-yielding issuers.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_z6Dswcm9tN3g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
has the Income Fund changed?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2025, Pinnacle Wealth Advisors, Inc. ("Pinnacle"), an Oregon corporation, agreed to acquire IMS Capital Management,
Inc. ("IMS Capital"), an Oregon corporation and the former investment adviser to the Income Fund, effective as of September
30, 2025. <span id="xdx_90A_eoef--MaterialFundChngAdviserTextBlock_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zKKolImNnnb">Pinnacle now serves as the investment adviser to the Income Fund effective October 1, 2025.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Pinnacle now serves as the investment adviser to the Income Fund effective October 1, 2025.
<p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000141715Member_dU_zpOn3l7wyFef" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
are some Income Fund statistics?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
Statistics</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Net Assets</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90D_eus-gaap--AssetsNet_iI_pp0p0_c20260630__oef--ClassAxis__custom--C000141715Member_zdEsWoraSVpa">16,204,639</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory Fees Paid</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_903_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zGAfmHCjd5ld">45,008</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Portfolio Holdings</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--HoldingsCount_iI_c20260630__oef--ClassAxis__custom--C000141715Member_zfpi2w4qFEmi">32</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Turnover Rate</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250701__20260630__oef--ClassAxis__custom--C000141715Member_zL6c9kz8lxo4">519.01</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p>
16204639
45008
32
5.1901
<p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000141715Member_zPvke90TF386" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What
did the Income Fund invest in?</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Category Allocation (as a % of Portfolio)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
Bonds</span></td>
<td id="xdx_98D_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zo4itJQF4pHh" style="font: 10pt Times New Roman, Times, Serif; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.04%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
Bond</span></td>
<td id="xdx_98C_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__custom--GovernmentBondsMember_z3HCikdNMxt" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.63%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Structured
Notes</span></td>
<td id="xdx_98F_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__custom--StructuredNotesMember_zCnOkRTmrfe3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.45%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
& Cash Equivalents</span></td>
<td id="xdx_980_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_ztIeEmFosfD3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.36%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Stock</span></td>
<td id="xdx_980_eoef--PctOfTotalInv_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__us-gaap--InvestmentTypeAxis__us-gaap--CommonStockMember_zdoQu8hldBW" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.52%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
0.4004
0.0763
0.2445
0.0736
0.2052
<p id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000141715Member_zAhCB7os3lVf" style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #E5E5E5">
<td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
Ten Holdings (as a % of Net Assets)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 42%; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Treasury Bond, 4.750%, due 02/15/2056</span></td>
<td id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBond4750due02152056Member_fKg_____zdWsjl6tZGN1" style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.53%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan
Stanley Finance LLC, 7.760%, due 08/31/2036</span></td>
<td id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--MorganStanleyFinanceLLC7760due08312036Member_fKg_____zUpGP2cuuNV4" style="font: 10pt Times New Roman, Times, Serif; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federated
Hermes Government Obligations Fund</span></td>
<td id="xdx_989_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--FederatedHermesGovernmentObligationsFundMember_fKg_____z7IH3ey0otbl" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.26%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
of Montreal, 6.000% due 07/17/2028</span></td>
<td id="xdx_984_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--BankofMontreal6000due07172028Member_fKg_____z7MGZDZkvzDe" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.70%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Societe
Generale SA, 10.000% due 05/01/2041</span></td>
<td id="xdx_981_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--SocieteGeneraleSA10000due05012041Member_fKg_____zTELXm8XlBkk" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.88%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UBS
AG/London, 8.000%, due 03/09/2029</span></td>
<td id="xdx_98F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--UBSAGLondon8000due03092029Member_fKg_____z1TwrvK52Tg6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.65%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Staples,
Inc., 10.750%, due 04/15/2027</span></td>
<td id="xdx_981_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--StaplesInc10750due04152027Member_fKg_____zn72LPCgc2t2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.49%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Societe
Generale SA, 10.000%, due 10/31/2038</span></td>
<td id="xdx_987_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--SocieteGeneraleSA10000due10312038Member_fKg_____zWJt6l2gyBl1" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.52%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
Properties Trust, 3.950%, due 01/15/2028 </span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--ServicePropertiesTrust3950due01152028Member_fKg_____zwDhHqhhGu4b" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.34%</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Navient
Corp., 5.625%, due 08/01/2033</span></td>
<td id="xdx_983_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000141715Member__oef--LargestHoldingAxis__custom--NavientCorp5625due08012033Member_fKg_____zCMZSLGlCpLe" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45%</span></td></tr>
</table>
0.0753
0.0410
0.0726
0.0370
0.0588
0.0365
0.0449
0.0352
0.0434
0.0345