# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-001668
**Filing Date:** 2026-3
**Character Count:** 215447
**Document Hash:** 52d86f1aaf901199affaae6616e1514a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001668.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001668

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26734920

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### DF Tactical Income Fund (Series ID: S000029686)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000091243 | DF Tactical Income Fund Class A | PWRAX           |
| C000091244 | DF Tactical Income Fund Class C | PWRCX           |
| C000091245 | DF Tactical Income Fund Class I | PWRIX           |

### DF Tactical Dividend Fund (Series ID: S000042237)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131094 | DF Tactical Dividend Fund Class A | PWDAX           |
| C000131095 | DF Tactical Dividend Fund Class I | PWDIX           |
| C000148993 | DF Tactical Dividend Fund Class C | PWDCX           |

### DF Tactical Momentum Fund (Series ID: S000053876)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000169555 | DF Tactical Momentum Fund Class A Shares | MOJAX           |
| C000169556 | DF Tactical Momentum Fund Class C Shares | MOJCX           |
| C000169557 | DF Tactical Momentum Fund Class I Shares | MOJOX           |

### DF Tactical Yield Fund (Series ID: S000059058)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000193677 | DF Tactical Yield Fund Class A | FLOAX           |
| C000193678 | DF Tactical Yield Fund Class C | FLOCX           |
| C000193679 | DF Tactical Yield Fund Class I | FLOTX           |

### DF Tactical Allocation Fund (Series ID: S000061654)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000199674 | DF Tactical Allocation Fund Class A | GTAAX           |
| C000199675 | DF Tactical Allocation Fund Class C | GLACX           |
| C000199676 | DF Tactical Allocation Fund Class I | GTAIX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21720</u>

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

---

| |
|:---|
| The Corporation Trust Company |
| 1209 Orange Street |
| Wilmington, DE 19801 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

# DF Tactical Dividend Fund

# Class A (PWDAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Dividend Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $95 | 1.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,307,338

* Number of Portfolio Holdings54

* Advisory Fee $339,102

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib7abae74091074cf9231c223.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 7.0% |
| Common Stocks | 91.5% |
| Money Market Funds | 1.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i561ed6beb3360de2f89177d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.5% |
| Money Market Funds | 1.6% |
| Consumer Discretionary | 3.7% |
| Consumer Staples | 3.9% |
| Real Estate | 4.0% |
| Materials | 4.0% |
| Technology | 5.5% |
| Utilities | 5.8% |
| Communications | 6.2% |
| Collateral for Securities Loaned | 7.5% |
| Industrials | 8.0% |
| Energy | 9.6% |
| Health Care | 16.1% |
| Financials | 31.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Lockheed Martin Corporation - Class B | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund.

# DF Tactical Dividend Fund - Class A (PWDAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWDAX

# DF Tactical Dividend Fund

# Class C (PWDCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Dividend Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $134 | 2.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,307,338

* Number of Portfolio Holdings54

* Advisory Fee $339,102

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib7abae74091074cf9231c223.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 7.0% |
| Common Stocks | 91.5% |
| Money Market Funds | 1.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i561ed6beb3360de2f89177d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.5% |
| Money Market Funds | 1.6% |
| Consumer Discretionary | 3.7% |
| Consumer Staples | 3.9% |
| Real Estate | 4.0% |
| Materials | 4.0% |
| Technology | 5.5% |
| Utilities | 5.8% |
| Communications | 6.2% |
| Collateral for Securities Loaned | 7.5% |
| Industrials | 8.0% |
| Energy | 9.6% |
| Health Care | 16.1% |
| Financials | 31.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Lockheed Martin Corporation - Class B | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund.

# DF Tactical Dividend Fund - Class C (PWDCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWDCX

# DF Tactical Dividend Fund

# Class I (PWDIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Dividend Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $82 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,307,338

* Number of Portfolio Holdings54

* Advisory Fee $339,102

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib7abae74091074cf9231c223.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 7.0% |
| Common Stocks | 91.5% |
| Money Market Funds | 1.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i561ed6beb3360de2f89177d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.5% |
| Money Market Funds | 1.6% |
| Consumer Discretionary | 3.7% |
| Consumer Staples | 3.9% |
| Real Estate | 4.0% |
| Materials | 4.0% |
| Technology | 5.5% |
| Utilities | 5.8% |
| Communications | 6.2% |
| Collateral for Securities Loaned | 7.5% |
| Industrials | 8.0% |
| Energy | 9.6% |
| Health Care | 16.1% |
| Financials | 31.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Lockheed Martin Corporation - Class B | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund.

# DF Tactical Dividend Fund - Class I (PWDIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWDIX

#### DF Tactical Momentum Fund

#### Class A (MOJAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Momentum Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $119 | 2.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42162067 |
| Number of Portfolio Holdings | 52 |
| Advisory Fee | $354694 |
| Portfolio Turnover | 123% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie0eafe36fc60026b86ba5a9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 6.4% |
| Common Stocks | 92.2% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e4d6ce7f9cda08fde32e13a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.1% |
| Money Market Funds | 1.5% |
| Utilities | 1.9% |
| Materials | 2.0% |
| Energy | 3.9% |
| Real Estate | 4.0% |
| Consumer Staples | 6.1% |
| Collateral for Securities Loaned | 6.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 8.2% |
| Industrials | 9.3% |
| Communications | 10.1% |
| Financials | 14.3% |
| Technology | 31.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;W R Berkley Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Monster Beverage Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Sandisk Corporation | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

#### DF Tactical Momentum Fund - Class A (MOJAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-MOJAX

#### DF Tactical Momentum Fund

#### Class C (MOJCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Momentum Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $158 | 3.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42162067 |
| Number of Portfolio Holdings | 52 |
| Advisory Fee | $354694 |
| Portfolio Turnover | 123% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie0eafe36fc60026b86ba5a9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 6.4% |
| Common Stocks | 92.2% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e4d6ce7f9cda08fde32e13a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.1% |
| Money Market Funds | 1.5% |
| Utilities | 1.9% |
| Materials | 2.0% |
| Energy | 3.9% |
| Real Estate | 4.0% |
| Consumer Staples | 6.1% |
| Collateral for Securities Loaned | 6.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 8.2% |
| Industrials | 9.3% |
| Communications | 10.1% |
| Financials | 14.3% |
| Technology | 31.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;W R Berkley Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Monster Beverage Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Sandisk Corporation | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

#### DF Tactical Momentum Fund - Class C (MOJCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-MOJCX

#### DF Tactical Momentum Fund

#### Class I (MOJOX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Momentum Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42162067 |
| Number of Portfolio Holdings | 52 |
| Advisory Fee | $354694 |
| Portfolio Turnover | 123% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie0eafe36fc60026b86ba5a9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 6.4% |
| Common Stocks | 92.2% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e4d6ce7f9cda08fde32e13a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -7.1% |
| Money Market Funds | 1.5% |
| Utilities | 1.9% |
| Materials | 2.0% |
| Energy | 3.9% |
| Real Estate | 4.0% |
| Consumer Staples | 6.1% |
| Collateral for Securities Loaned | 6.8% |
| Consumer Discretionary | 7.9% |
| Health Care | 8.2% |
| Industrials | 9.3% |
| Communications | 10.1% |
| Financials | 14.3% |
| Technology | 31.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;W R Berkley Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Monster Beverage Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Sandisk Corporation | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

#### DF Tactical Momentum Fund - Class I (MOJOX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-MOJOX

#### DF Tactical Yield Fund

#### Class A (FLOAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Yield Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 1.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $48689497 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $207509 |
| Portfolio Turnover | 3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i56cfe5680c2a6dde82c2a042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 10.4% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 50.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i07e5b7f713f825e2767e282d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.8% |
| Money Market Funds | 1.1% |
| Collateral for Securities Loaned | 11.6% |
| Fixed Income | 99.1% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Virtus Seix Floating Rate High Income Fund - Class I | 19.1% |
| Lord Abbett Floating Rate Fund - Class I | 19.0% |
| BlackRock Floating Rate Income Portfolio - Institutional Class | 18.8% |
| State Street SPDR Portfolio High Yield Bond ETF | 18.0% |
| State Street SPDR Blackstone Senior Loan ETF | 12.8% |
| Invesco Senior Loan ETF | 11.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

#### DF Tactical Yield Fund - Class A (FLOAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-FLOAX

#### DF Tactical Yield Fund

#### Class C (FLOCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Yield Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $116 | 2.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $48689497 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $207509 |
| Portfolio Turnover | 3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i56cfe5680c2a6dde82c2a042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 10.4% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 50.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i07e5b7f713f825e2767e282d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.8% |
| Money Market Funds | 1.1% |
| Collateral for Securities Loaned | 11.6% |
| Fixed Income | 99.1% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Virtus Seix Floating Rate High Income Fund - Class I | 19.1% |
| Lord Abbett Floating Rate Fund - Class I | 19.0% |
| BlackRock Floating Rate Income Portfolio - Institutional Class | 18.8% |
| State Street SPDR Portfolio High Yield Bond ETF | 18.0% |
| State Street SPDR Blackstone Senior Loan ETF | 12.8% |
| Invesco Senior Loan ETF | 11.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

#### DF Tactical Yield Fund - Class C (FLOCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-FLOCX

#### DF Tactical Yield Fund

#### Class I (FLOTX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Yield Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $65 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $48689497 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $207509 |
| Portfolio Turnover | 3% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i56cfe5680c2a6dde82c2a042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 10.4% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 50.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i07e5b7f713f825e2767e282d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.8% |
| Money Market Funds | 1.1% |
| Collateral for Securities Loaned | 11.6% |
| Fixed Income | 99.1% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Virtus Seix Floating Rate High Income Fund - Class I | 19.1% |
| Lord Abbett Floating Rate Fund - Class I | 19.0% |
| BlackRock Floating Rate Income Portfolio - Institutional Class | 18.8% |
| State Street SPDR Portfolio High Yield Bond ETF | 18.0% |
| State Street SPDR Blackstone Senior Loan ETF | 12.8% |
| Invesco Senior Loan ETF | 11.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

#### DF Tactical Yield Fund - Class I (FLOTX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-FLOTX

#### DF Tactical Allocation Fund

#### Class A (GTAAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$25,018,400

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$0

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5d61d21110cc0decf6478ef2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.0% |
| Exchange-Traded Funds | 55.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 43.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](ia08581e95288d46a2c73563f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.0% |
| Fixed Income | 47.4% |
| Equity | 51.8% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;DF Tactical Dividend Fund - Class I | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;DF Tactical Momentum Fund - Class I | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;DF Tactical 30 ETF | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;8.2% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

#### DF Tactical Allocation Fund - Class A (GTAAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-GTAAX

#### DF Tactical Allocation Fund

#### Class C (GLACX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $89 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$25,018,400

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$0

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5d61d21110cc0decf6478ef2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.0% |
| Exchange-Traded Funds | 55.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 43.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](ia08581e95288d46a2c73563f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.0% |
| Fixed Income | 47.4% |
| Equity | 51.8% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;DF Tactical Dividend Fund - Class I | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;DF Tactical Momentum Fund - Class I | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;DF Tactical 30 ETF | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;8.2% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

#### DF Tactical Allocation Fund - Class C (GLACX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-GLACX

#### DF Tactical Allocation Fund

#### Class I (GTAIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$25,018,400

* Number of Portfolio Holdings9

* Advisory Fee (net of waivers)$0

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5d61d21110cc0decf6478ef2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.0% |
| Exchange-Traded Funds | 55.7% |
| Money Market Funds | 1.0% |
| Open End Funds | 43.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](ia08581e95288d46a2c73563f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.0% |
| Fixed Income | 47.4% |
| Equity | 51.8% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;DF Tactical Dividend Fund - Class I | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;DF Tactical Momentum Fund - Class I | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;DF Tactical 30 ETF | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;8.2% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

#### DF Tactical Allocation Fund - Class I (GTAIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-GTAIX

#### DF Tactical Income Fund

#### Class A (PWRAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $88 | 1.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $90293271 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee | $430521 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia806f5ca5755f09d6c463c39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i1937db4b7c28e5341633e276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 2.0% |
| Fixed Income | 98.2% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 32.7% |
| SPDR Portfolio Aggregate Bond ETF | 32.7% |
| State Street SPDR Portfolio High Yield Bond ETF | 16.5% |
| State Street SPDR Blackstone Senior Loan ETF | 16.3% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

#### DF Tactical Income Fund - Class A (PWRAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWRAX

#### DF Tactical Income Fund

#### Class C (PWRCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $126 | 2.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $90293271 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee | $430521 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia806f5ca5755f09d6c463c39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i1937db4b7c28e5341633e276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 2.0% |
| Fixed Income | 98.2% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 32.7% |
| SPDR Portfolio Aggregate Bond ETF | 32.7% |
| State Street SPDR Portfolio High Yield Bond ETF | 16.5% |
| State Street SPDR Blackstone Senior Loan ETF | 16.3% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

#### DF Tactical Income Fund - Class C (PWRCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWRCX

#### DF Tactical Income Fund

#### Class I (PWRIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about DF Tactical Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/forms/**. You can also request this information by contacting us at 1-877-779-7462. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $75 | 1.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $90293271 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee | $430521 |
| Portfolio Turnover | 106% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia806f5ca5755f09d6c463c39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i1937db4b7c28e5341633e276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 2.0% |
| Fixed Income | 98.2% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 32.7% |
| SPDR Portfolio Aggregate Bond ETF | 32.7% |
| State Street SPDR Portfolio High Yield Bond ETF | 16.5% |
| State Street SPDR Blackstone Senior Loan ETF | 16.3% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

#### DF Tactical Income Fund - Class I (PWRIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-PWRIX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](do001_v1.jpg)

---

| | | |
|:---|:---|:---|
| **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** |
| **(formerly, "Donoghue Forlines Tactical Allocation Fund")** | **(formerly, "Donoghue Forlines Tactical Allocation Fund")** | **(formerly, "Donoghue Forlines Tactical Allocation Fund")** |
| **Class** | **A:** | **GTAAX** |
| **Class** | **C:** | **GLACX** |
| **Class** | **I:** | **GTAIX** |
| **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** |
| **(formerly, "Donoghue Forlines Tactical Income Fund")** | **(formerly, "Donoghue Forlines Tactical Income Fund")** | **(formerly, "Donoghue Forlines Tactical Income Fund")** |
| **Class** | **A:** | **PWRAX** |
| **Class** | **C:** | **PWRCX** |
| **Class** | **I:** | **PWRIX** |
| **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** |
| **(formerly, "Donoghue Forlines Dividend Fund")** | **(formerly, "Donoghue Forlines Dividend Fund")** | **(formerly, "Donoghue Forlines Dividend Fund")** |
| **Class** | **A:** | **PWDAX** |
| **Class** | **C:** | **PWDCX** |
| **Class** | **I:** | **PWDIX** |
| **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** |
| **(formerly, "Donoghue Forlines Momentum Fund")** | **(formerly, "Donoghue Forlines Momentum Fund")** | **(formerly, "Donoghue Forlines Momentum Fund")** |
| **Class** | **A:** | **MOJAX** |
| **Class** | **C:** | **MOJCX** |
| **Class** | **I:** | **MOJOX** |
| **DF Tactical Yield Fund** | **DF Tactical Yield Fund** | **DF Tactical Yield Fund** |
| **(formerly, "Donoghue Forlines Risk Managed Income Fund")** | **(formerly, "Donoghue Forlines Risk Managed Income Fund")** | **(formerly, "Donoghue Forlines Risk Managed Income Fund")** |
| **Class** | **A:** | **FLOAX** |
| **Class** | **C:** | **FLOCX** |
| **Class** | **I:** | **FLOTX** |
| Semi-Annual Financial Statements | Semi-Annual Financial Statements | Semi-Annual Financial Statements |
| and Additional Information | and Additional Information | and Additional Information |
| December 31, 2025 | December 31, 2025 | December 31, 2025 |
| **1-877-779-7462** | **1-877-779-7462** | **1-877-779-7462** |
| www.donoghueforlinesfunds.com | www.donoghueforlinesfunds.com | www.donoghueforlinesfunds.com |

---

---

| |
|:---|
| **DF TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 55.8%** |  |
|  | **EQUITY - 8.4%** |  |
| 83839 | DF Tactical 30 ETF<sup>(a)</sup> | $2104275 |
|  | **FIXED INCOME - 47.4%** |  |
| 66336 | BondBloxx Bloomberg Five Year Target Duration US Treasury ETF<sup>(b)</sup> | 3282226 |
| 78545 | SPDR Blackstone Senior Loan ETF | 3241552 |
| 127339 | SPDR Portfolio Aggregate Bond ETF | 3278979 |
| 86669 | SPDR Portfolio High Yield Bond ETF | 2051455 |
|  |  | 11854212 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $13,933,855)** | 13958487 |
|  | **OPEN END FUNDS — 43.4%** |  |
|  | **EQUITY - 43.4%** |  |
| 602307 | DF Tactical Dividend Fund, Class I<sup>(a)</sup> | 6438657 |
| 318810 | DF Tactical Momentum Fund, Class I<sup>(a)</sup> | 4428277 |
|  | **TOTAL OPEN END FUNDS (Cost $9,866,670)** | 10866934 |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.0% <sup>(c)</sup>** |  |
| 10150 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $10,150)<sup>(d),(e)</sup> | 10150 |
|  | **MONEY MARKET FUNDS - 1.0%** |  |
| 241762 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67% (Cost $241,762)<sup>(e)</sup> | 241762 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $251,912)** | 251912 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $24,052,437)** | $25077333 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (58933) |
|  | **NET ASSETS - 100.0%** | $25018400 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

 

<sup>(a)</sup> Affiliated investment.

 

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $9,896.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

 

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $10,150 at December 31, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.2%** |  |
|  | **FIXED INCOME - 98.2%** |  |
| 597416 | BondBloxx Bloomberg Five Year Target Duration US Treasury ETF<sup>(a)</sup> | $29559426 |
| 357439 | SPDR Blackstone Senior Loan ETF | 14751508 |
| 1145374 | SPDR Portfolio Aggregate Bond ETF | 29493381 |
| 627360 | SPDR Portfolio High Yield Bond ETF | 14849611 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $88,611,217)** | 88653926 |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
|  | **MONEY MARKET FUNDS -2.0%** |  |
| 1781165 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67% (Cost $1,781,165)<sup>(b)</sup> | 1781165 |
|  | **TOTAL INVESTMENTS -100.2% (Cost $90,392,382)** | $90435091 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (141820) |
|  | **NET ASSETS -100.0%** | $90293271 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Affiliated Company – DF Tactical Income Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **AEROSPACE & DEFENSE - 4.1%** |  |
| 4590 | L3Harris Technologies, Inc. | $1347486 |
| 2804 | Lockheed Martin Corporation, Class B | 1356210 |
|  |  | 2703696 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 12672 | T Rowe Price Group, Inc.<sup>(a)</sup> | 1297359 |
|  | **AUTOMOTIVE - 1.9%** |  |
| 97862 | Ford Motor Company | 1283949 |
|  | **BANKING - 15.9%** |  |
| 11813 | Citigroup, Inc. | 1378459 |
| 22448 | Citizens Financial Group, Inc. | 1311188 |
| 27599 | Fifth Third Bancorp<sup>(a)</sup> | 1291909 |
| 74734 | Huntington Bancshares Inc | 1296635 |
| 63954 | KeyCorporation | 1320011 |
| 6414 | M&T Bank Corporation | 1292293 |
| 6341 | PNC Financial Services Group, Inc. (The) | 1323557 |
| 24502 | US Bancorp | 1307427 |
|  |  | 10521479 |
|  | **BIOTECH & PHARMA - 12.2%** |  |
| 5828 | AbbVie, Inc. | 1331640 |
| 4161 | Amgen, Inc. | 1361937 |
| 25626 | Bristol-Myers Squibb Company | 1382266 |
| 6354 | Johnson & Johnson | 1314960 |
| 13443 | Merck & Company, Inc.<sup>(a)</sup> | 1415011 |
| 50905 | Pfizer, Inc. | 1267535 |
|  |  | 8073349 |
|  | **CABLE & SATELLITE - 2.1%** |  |
| 47583 | Comcast Corporation, Class A | 1422256 |
|  | **CHEMICALS - 2.0%** |  |
| 17247 | CF Industries Holdings, Inc. | 1333883 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 2.0%** |  |
| 6477 | Packaging Corporation of America | $1335752 |
|  | **ELECTRIC UTILITIES - 5.7%** |  |
| 3625 | Constellation Energy Corporation | 1280604 |
| 7804 | NRG Energy, Inc. | 1242709 |
| 7945 | Vistra Corporation | 1281767 |
|  |  | 3805080 |
|  | **FOOD - 2.0%** |  |
| 75248 | Conagra Brands, Inc. | 1302542 |
|  | **GAMING REIT - 2.0%** |  |
| 47274 | VICI Properties, Inc. | 1329345 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 16618 | CVS Health Corporation | 1318804 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.9%** |  |
| 4927 | CME Group, Inc. | 1345465 |
| 7302 | Morgan Stanley | 1296324 |
| 9539 | Northern Trust Corporation | 1302932 |
| 10179 | State Street Corporation | 1313193 |
|  |  | 5257914 |
|  | **INSURANCE - 4.0%** |  |
| 1290 | F&G Annuities & Life, Inc. | 39795 |
| 16441 | MetLife, Inc. | 1297852 |
| 14544 | Principal Financial Group, Inc. | 1282926 |
|  |  | 2620573 |
|  | **MACHINERY - 2.0%** |  |
| 3766 | Snap-on, Inc. | 1297764 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 13023 | Medtronic PLC | 1250989 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 9.6%** |  |
| 8667 | Chevron Corporation | $1320937 |
| 13557 | ConocoPhillips | 1269071 |
| 10978 | Exxon Mobil Corporation | 1321092 |
| 17787 | ONEOK, Inc. | 1307345 |
| 9125 | Phillips 66 | 1177490 |
|  |  | 6395935 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 17705 | Best Buy Company, Inc.<sup>(a)</sup> | 1184996 |
|  | **RETAIL REIT - 2.0%** |  |
| 7224 | Simon Property Group, Inc. | 1337235 |
|  | **SPECIALTY FINANCE - 1.9%** |  |
| 23219 | Fidelity National Financial, Inc. | 1267525 |
|  | **TECHNOLOGY HARDWARE - 3.5%** |  |
| 51484 | HP, Inc. | 1147064 |
| 4390 | Seagate Technology Holdings PLC | 1208961 |
|  |  | 2356025 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 11626 | Paychex, Inc.<sup>(a)</sup> | 1304205 |
|  | **TELECOMMUNICATIONS - 4.1%** |  |
| 53806 | AT&T, Inc. | 1336541 |
| 32874 | Verizon Communications, Inc. | 1338958 |
|  |  | 2675499 |
|  | **TOBACCO & CANNABIS - 1.9%** |  |
| 22360 | Altria Group, Inc. | 1289278 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 11711 | PACCAR, Inc. | 1282472 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL COMMON STOCKS (Cost $59,367,215)** | $65247904 |
|  | **SHORT-TERM INVESTMENTS — 9.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.5%** |  |
| 4961797 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $4,961,797)<sup>(b),(c)</sup> | 4961797 |
|  | **MONEY MARKET FUNDS - 1.6%** |  |
| 59349 | Dreyfus Treasury Securities Cash Management, Institutional Class, 3.68%<sup>(b)</sup> | 59349 |
| 1021767 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67%<sup>(b)</sup> | 1021767 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $1,081,116)** | 1081116 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,042,913)** | 6042913 |
|  | **TOTAL INVESTMENTS - 107.5% (Cost $65,410,128)** | $71290817 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)%** | (4983479) |
|  | **NET ASSETS - 100.0%** | $66307338 |

---

PLC - Public Limited Company <br> <br> REIT - Real Estate Investment Trust

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $4,806,916.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

 

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $4,961,797 at December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL MOMENTUM FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **AUTOMOTIVE - 2.0%** |  |
| 1877 | Tesla, Inc.<sup>(a)</sup> | $844124 |
|  | **BEVERAGES - 2.1%** |  |
| 11470 | Monster Beverage Corporation<sup>(a)(b)</sup> | 879405 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 853 | Eli Lilly & Company | 916701 |
| 4102 | Johnson & Johnson | 848909 |
|  |  | 1765610 |
|  | **ELECTRIC UTILITIES - 1.9%** |  |
| 5038 | NRG Energy, Inc. | 802251 |
|  | **ELECTRICAL EQUIPMENT - 5.4%** |  |
| 6109 | Amphenol Corporation, Class A | 825570 |
| 8364 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 726748 |
| 4660 | Vertiv Holdings Company, Class A | 754967 |
|  |  | 2307285 |
|  | **ENTERTAINMENT CONTENT - 8.1%** |  |
| 4163 | Electronic Arts, Inc. | 850626 |
| 11809 | Fox Corporation, Class A | 862884 |
| 3444 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 881767 |
| 28689 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 826817 |
|  |  | 3422094 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 2486 | Cencora, Inc. | 839647 |
|  | **HEALTH CARE REIT - 2.0%** |  |
| 4434 | Welltower, Inc. | 822995 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 6.0%** |  |
| 3402 | Cboe Global Markets, Inc. | 853902 |
| 953 | Goldman Sachs Group, Inc. (The) | 837687 |
| 4714 | Morgan Stanley | 836876 |
|  |  | 2528465 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL MOMENTUM FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **INSURANCE - 8.3%** |  |
| 2857 | Chubb Ltd. | $891727 |
| 5210 | Cincinnati Financial Corporation | 850897 |
| 8256 | Loews Corporation | 869439 |
| 12718 | W R Berkley Corporation<sup>(b)</sup> | 891787 |
|  |  | 3503850 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 2646 | Alphabet, Inc., Class A | 828198 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 11973 | Restaurant Brands International, Inc.<sup>(b)</sup> | 816918 |
|  | **MACHINERY - 1.9%** |  |
| 1377 | Caterpillar, Inc. | 788842 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 8367 | Exact Sciences Corporation<sup>(a)</sup> | 849753 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 7260 | Expand Energy Corporation | 801214 |
|  | **RENEWABLE ENERGY - 2.0%** |  |
| 3231 | First Solar, Inc.<sup>(a)</sup> | 844034 |
|  | **RETAIL - CONSUMER STAPLES - 4.0%** |  |
| 1589 | Casey's General Stores, Inc. | 878256 |
| 7485 | Walmart, Inc. | 833904 |
|  |  | 1712160 |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 4660 | Ross Stores, Inc. | 839452 |
| 5442 | TJX Companies, Inc. (The) | 835946 |
|  |  | 1675398 |
|  | **RETAIL REIT - 2.0%** |  |
| 4664 | Simon Property Group, Inc. | 863353 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL MOMENTUM FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **SEMICONDUCTORS - 17.5%** |  |
| 3079 | Applied Materials, Inc. | $791272 |
| 2051 | Broadcom, Inc. | 709851 |
| 4291 | Coherent Corp.<sup>(a)</sup> | 791990 |
| 684 | KLA Corporation | 831115 |
| 5035 | Lam Research Corporation | 861891 |
| 9162 | Marvell Technology, Inc. | 778587 |
| 3213 | Micron Technology, Inc. | 917021 |
| 3638 | Sandisk Corporation<sup>(a)</sup> | 863588 |
| 4153 | Teradyne, Inc. | 803855 |
|  |  | 7349170 |
|  | **STEEL - 2.0%** |  |
| 4948 | Steel Dynamics, Inc. | 838439 |
|  | **TECHNOLOGY HARDWARE - 11.7%** |  |
| 3039 | Apple, Inc. | 826183 |
| 3819 | Ciena Corporation<sup>(a)</sup> | 893149 |
| 8994 | Corning, Inc. | 787515 |
| 2315 | Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 853286 |
| 2834 | Seagate Technology Holdings PLC | 780455 |
| 4656 | Western Digital Corporation | 802089 |
|  |  | 4942677 |
|  | **TECHNOLOGY SERVICES - 1.9%** |  |
| 2710 | International Business Machines Corporation | 802729 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 1615 | Cummins, Inc. | 824377 |
|  | **TOTAL COMMON STOCKS (Cost $39,024,754)** | 41652988 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL MOMENTUM FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 6.8%** |  |
| 2880560 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $2,880,560)<sup>(c),(d)</sup> | $2880560 |
|  | **MONEY MARKET FUNDS - 1.5%** |  |
| 622370 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67% (Cost $622,370)<sup>(d)</sup> | 622370 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,502,930)** | 3502930 |
|  | **TOTAL INVESTMENTS - 107.1% (Cost $42,527,684)** | $45155918 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1)%** | (2993851) |
|  | **NET ASSETS - 100.0%** | $42162067 |

---

---

| | |
|:---|:---|
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

 

<sup>(a)</sup> Non-income producing security.

 

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $2,796,929.

 

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $2,880,560 at December 31, 2025.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF TACTICAL YIELD FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 42.2%** |  |
|  | **FIXED INCOME - 42.2%** |  |
| 265264 | Invesco Senior Loan ETF<sup>(a)</sup> | $5570544 |
| 150333 | SPDR Blackstone Senior Loan ETF | 6204243 |
| 370638 | SPDR Portfolio High Yield Bond ETF | 8773001 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,238,233)** | 20547788 |
|  | **OPEN END FUNDS — 56.9%** |  |
|  | **FIXED INCOME - 56.9%** |  |
| 961919 | BlackRock Floating Rate Income Portfolio, Institutional Class | 9176707 |
| 1145750 | Lord Abbett Floating Rate Fund, Class I | 9257663 |
| 1212168 | Virtus Seix Floating Rate High Income Fund, Class I | 9273090 |
|  | **TOTAL OPEN END FUNDS (Cost $27,701,211)** | 27707460 |
|  | **SHORT-TERM INVESTMENTS — 12.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.6%** |  |
| 5646137 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $5,646,137)<sup>(b),(c)</sup> | 5646137 |
|  | **MONEY MARKET FUNDS - 1.1%** |  |
| 525816 | Fidelity Investments Money Market Government Portfolio, Class I, 3.64% (Cost $525,816)<sup>(c)</sup> | 525816 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,171,953)** | 6171953 |
|  | **TOTAL INVESTMENTS - 111.8% (Cost $54,111,397)** | $54427201 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.8)%** | (5737704) |
|  | **NET ASSETS - 100.0%** | $48689497 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $5,514,831.

 

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $5,646,137 at December 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DF**<br>**Tactical Allocation**<br>**Fund** | **DF**<br>**Tactical Income**<br>**Fund** | **DF**<br>**Tactical Dividend**<br>**Fund** | **DF**<br>**Tactical Momentum**<br>**Fund** | **DF**<br>**Tactical Yield**<br>**Fund** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at cost | $12084662 | $60793406 | $65410128 | $42527684 | $54111397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at cost | 11967775 | 29598976 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investments at cost | $24052437 | $90392382 | $65410128 | $42527684 | $54111397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at value \* | $12106124 | $60875665 | $71290817 | $45155918 | $54427201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at value | 12971209 | 29559426 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investments at value | 25077333 | 90435091 | 71290817 | 45155918 | 54427201 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 1863 | 1384 |  | 9761 |
| &nbsp;&nbsp;&nbsp;Due from advisor | 4288 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 10870 | 92695 | 167837 | 28038 | 2142 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 18867 | 40295 | 49263 | 45499 | 26989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 25111358 | 90569944 | 71509301 | 45229455 | 54466093 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Security lending collateral (Note 6) | 10150 |  | 4961797 | 2880560 | 5646137 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 42448 | 134401 | 141842 | 86371 | 35491 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable |  | 76705 | 56863 | 49193 | 26921 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1093 | 945 | 4600 | 753 | 2182 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 15362 | 42932 | 25620 | 25874 | 23050 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 23905 | 21690 | 11241 | 24637 | 42815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 92958 | 276673 | 5201963 | 3067388 | 5776596 |
| **NET ASSETS** | $**25018400** | $**90293271** | $**66307338** | $**42162067** | $**48689497** |
| **COMPOSITION OF NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $25983540 | $110785650 | $175158734 | $38355736 | $57149173 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (losses) | (965140) | (20492379) | (108851396) | 3806331 | (8459676) |
| **NET ASSETS** | $**25018400** | $**90293271** | $**66307338** | $**42162067** | $**48689497** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |  |  |
| Class A Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2765680** | $**1998658** | $**6177221** | $**942098** | $**8335855** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **240529** | **220965** | **575452** | **69725** | **867831** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**11.50** | $**9.05** | $**10.73** | $**13.51** | $**9.61** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.00%) (a) | $**12.10** | $**9.53** | $**11.29** | $**14.22** | $**10.11** |
| Class C Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**580569** | $**591080** | $**3848115** | $**637101** | $**508659** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **51343** | **66513** | **362600** | **51557** | **55449** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**11.31** | $**8.89** | $**10.61** | $**12.36** | $**9.17** |
| Class I Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**21672151** | $**87703533** | $**56282002** | $**40582868** | $**39844983** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1892957** | **9713951** | **5265392** | **2923613** | **4297660** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**11.45** | $**9.03** | $**10.69** | $**13.88** | $**9.27** |

---

\* Includes Securities Loaned $9,896; $0; $4,806,916; $2,796,929; $5,514,831, respectively.

(a) On investments of $50,000 or more,
 the offering price is reduced.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DF**<br>**Tactical Allocation**<br>**Fund** | **DF**<br>**Tactical Income**<br>**Fund** | **DF**<br>**Tactical Dividend**<br>**Fund** | **DF**<br>**Tactical Momentum**<br>**Fund** | **DF**<br>**Tactical Yield**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - Unaffiliated Investments (including foreign dividend tax withholding of $0, $0, $0, $1,123, and $0, respectively) | $343667 | $2259848 | $1200881 | $211714 | $2436559 |
| &nbsp;&nbsp;&nbsp;Dividends - Affiliated Investments | 899896 | 177630 |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | 8243 | 47304 | 19436 | 15615 | 22148 |
| &nbsp;&nbsp;&nbsp;Securities lending | 6046 | 25785 | 3805 | 3635 | 32627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1257852 | 2510567 | 1224122 | 230964 | 2491334 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 97421 | 430521 | 339102 | 267104 | 207509 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3744 | 2563 | 7752 | 1224 | 11011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2917 | 3030 | 19201 | 3164 | 2534 |
| &nbsp;&nbsp;&nbsp;Administration fees | 21812 | 51585 | 42733 | 35492 | 40747 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 20687 | 23668 | 22779 | 22059 | 22580 |
| &nbsp;&nbsp;&nbsp;Registration fees | 20206 | 25247 | 25206 | 22644 | 25206 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10833 | 10566 | 10578 | 10577 | 10577 |
| &nbsp;&nbsp;&nbsp;Legal fees | 8823 | 8782 | 8823 | 8823 | 8823 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8319 | 8314 | 8319 | 8319 | 8319 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6290 | 22967 | 21624 | 19547 | 20255 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 5042 | 34893 | 24943 | 32274 | 42907 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 4050 | 5554 | 5042 | 5521 | 6075 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 3781 | 7542 | 7521 | 7480 | 7562 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2521 | 4505 | 2521 | 2521 | 5546 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1268 | 1664 | 1615 | 1759 | 2021 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2521 | 2521 | 2521 | 2521 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 220235 | 643922 | 550280 | 451029 | 424193 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (57738) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor for affiliated investments | (64071) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Expense Recapture |  |  |  | 87590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 98426 | 643922 | 550280 | 538619 | 424193 |
| **NET INVESTMENT INCOME (LOSS)** | 1159426 | 1866645 | 673842 | (307655) | 2067141 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from unaffiliated investments | 657171 | 360850 | 1708476 | 7817046 | 359281 |
| &nbsp;&nbsp;&nbsp;Net realized gain from affiliated investments | 370589 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies | 72827 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | (365040) | (659961) | 3863272 | (3603888) | (639048) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on affiliated investments | (323540) | (39549) |  |  |  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 412007 | (338660) | 5571748 | 4213158 | (279767) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1571433** | $**1527985** | $**6245590** | $**3905503** | $**1787374** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Allocation Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1159426 | $824301 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 1027760 | 1993700 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies | 72827 | 81387 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (688580) | (121445) |
| Net increase in net assets resulting from operations | 1571433 | 2777943 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (133969) | (86659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (25895) | (12354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1064955) | (670601) |
| Net decrease in net assets resulting from distributions to shareholders | (1224819) | (769614) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 95 | 5794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1915684 | 2335051 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 120276 | 76072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 24409 | 11892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1026195 | 644085 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (426428) | (622226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (33013) | (93643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4220405) | (4600748) |
| Net decrease in net assets resulting from shares of beneficial interest | (1593187) | (2243723) |
| **TOTAL DECREASE IN NET ASSETS** | (1246573) | (235394) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 26264973 | 26500367 |
| &nbsp;&nbsp;&nbsp;End of Period | $**25018400** | $**26264973** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8 | 537 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 10369 | 6998 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (36277) | (57445) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (25900) | (49910) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2140 | 1113 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2881) | (8676) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (741) | (7563) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 165891 | 215875 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 88834 | 59459 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (363184) | (426287) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (108459) | (150953) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1866645 | $2818402 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | 360850 | (336599) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (699510) | 831446 |
| Net increase in net assets resulting from operations | 1527985 | 3313249 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (15389) | (82285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3504) | (18483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (731704) | (2735422) |
| Net decrease in net assets resulting from distributions to shareholders | (750597) | (2836190) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 49660 | 120855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 31690 | 40315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 31892222 | 36425019 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 13778 | 69473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3101 | 16298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 658749 | 2317249 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (144201) | (948377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (52893) | (256241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (18229759) | (33737109) |
| Net increase in net assets resulting from shares of beneficial interest | 14222347 | 4047482 |
| **TOTAL INCREASE IN NET ASSETS** | 14999735 | 4524541 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 75293536 | 70768995 |
| &nbsp;&nbsp;&nbsp;End of Period | $**90293271** | $**75293536** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5500 | 13200 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1534 | 7704 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (16006) | (104801) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (8972) | (83897) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3580 | 4577 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 351 | 1835 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5966) | (29008) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2035) | (22596) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3540899 | 4017315 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 73521 | 257885 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2025912) | (3751033) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1588508 | 524167 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Dividend Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $673842 | $1340114 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 1708476 | 4974591 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 3863272 | 933040 |
| Net increase in net assets resulting from operations | 6245590 | 7247745 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (26874) | (115364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9924) | (42989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (280433) | (1159765) |
| Net decrease in net assets resulting from distributions to shareholders | (317231) | (1318118) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 95273 | 356354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 26087 | 32317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2218828 | 51833850 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 25450 | 107294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 9475 | 40577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 251481 | 1042366 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (494230) | (1350807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (246849) | (731147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8944997) | (11992370) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (7059482) | 39338434 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1131123) | 45268061 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 67438461 | 22170400 |
| &nbsp;&nbsp;&nbsp;End of Period | $**66307338** | $**67438461** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9027 | 37166 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2422 | 11274 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (47982) | (141384) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (36533) | (92944) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2541 | 3476 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 910 | 4310 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (24147) | (78199) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (20696) | (70413) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 216835 | 5669801 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 24042 | 110072 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (867946) | (1267358) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (627069) | 4512515 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Momentum Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(307655) | $(314921) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 7817046 | 3766881 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (3603888) | 4791535 |
| Net increase in net assets resulting from operations | 3905503 | 8243495 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (214666) | (18394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (153773) | (13002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8738472) | (793030) |
| Net decrease in net assets resulting from distributions to shareholders | (9106911) | (824426) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 23866 | 151307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 7466 | 78282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2708398 | 65945406 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 184637 | 16772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 147387 | 12481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 7960942 | 731205 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (215724) | (76570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (31150) | (159622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (37216022) | (10405184) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (26430200) | 56294077 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (31631608) | 63713146 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 73793675 | 10080529 |
| &nbsp;&nbsp;&nbsp;End of Period | $**42162067** | $**73793675** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1474 | 10560 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 13389 | 1162 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (13821) | (5470) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1042 | 6252 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 481 | 5786 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 11679 | 920 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2287) | (12000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 9873 | (5294) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 168958 | 4563003 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 561817 | 49742 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2314664) | (710078) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (1583889) | 3902667 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Yield Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $2067141 | $5026135 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | 359281 | (3879796) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (639048) | 536447 |
| Net increase in net assets resulting from operations | 1787374 | 1682786 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (248934) | (197217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (13082) | (33062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1310605) | (4778551) |
| Net decrease in net assets resulting from distributions to shareholders | (1572621) | (5008830) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2013060 | 8977986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4851538 | 65129080 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 248934 | 197217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 12662 | 32116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1197702 | 3363775 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2455955) | (388312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (205) | (240832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (42310061) | (77154907) |
| Net decrease in net assets resulting from shares of beneficial interest | (36442325) | (83877) |
| **TOTAL DECREASE IN NET ASSETS** | (36227572) | (3409921) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 84917069 | 88326990 |
| &nbsp;&nbsp;&nbsp;End of Period | $**48689497** | $**84917069** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 209359 | 907826 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 26037 | 20355 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (255703) | (40055) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (20307) | 888126 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1387 | 3408 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (22) | (25410) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 1365 | (22002) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 519990 | 6750983 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 129776 | 353812 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4514572) | (8066541) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (3864806) | (961746) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Allocation Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $11.37 | $10.52 | $9.66 | $9.13 | $10.92 | $9.06 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.47 | 0.28 | 0.26 | 0.21 | 0.17 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.31 | 0.86 | 0.86 | 0.55 | (1.76) | 1.86 |
| Total from investment operations | 0.16 | 1.14 | 1.12 | 0.76 | (1.59) | 1.93 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03 | (0.29) | (0.26) | (0.23) | (0.20) | (0.07) |
| Total distributions | (0.03 | (0.29) | (0.26) | (0.23) | (0.20) | (0.07) |
| Net asset value, end of period | $11.50 | $11.37 | $10.52 | $9.66 | $9.13 | $10.92 |
| Total return (2) | 6.12 | 11.03% (6) | 11.73% | 8.47% | (14.88)% | 21.34% |
| Net assets, at end of period (000s) | $2766 | 3028 | 3328 | $8183 | $10388 | $15277 |
| Ratio of expenses to average net assets before Advisory fee waiver/recapture (3) | 1.89 | 1.83% | 1.81% | 1.69% | 1.52% | 1.46% |
| Ratio of net expenses to average net assets (3) | 0.96 | 1.06% (5) | 1.34% (5) | 1.38% (5) | 1.38% (5) | 1.45% |
| Ratio of net investment income to average net assets (34) | 8.53 | 2.96% (5) | 2.66% (5) | 2.34% (5) | 1.74% (5) | 0.64% |
| Portfolio Turnover Rate | 67 | 219% | 199% | 251% | 290% | 150% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes fees waived by the Adviser
 as well as fees waived by the Advisor for investments in affiliates. Excluding fees waived by the Adviser for investments in affiliates,
 but not fees waived by the Adviser, the following ratios would have been:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets | 1.45% (8) | 1.45% | 1.45% | 1.45% | 1.45% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | 8.04% (8) | 2.57% | 2.55% | 2.27% | 1.67% | N/A |

---

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(7) Not Annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Allocation Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $11.19 | $10.36 | $9.52 | $9.02 | $10.85 | $9.02 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.45 | 0.19 | 0.18 | 0.14 | 0.10 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.32 | 0.85 | 0.85 | 0.54 | (1.75) | 1.86 |
| Total from investment operations | 0.13 | 1.04 | 1.03 | 0.68 | (1.65) | 1.85 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01 | (0.21) | (0.19) | (0.18) | (0.18) | (0.02) |
| Total distributions | (0.01 | (0.21) | (0.19) | (0.18) | (0.18) | (0.02) |
| Net asset value, end of period | $11.31 | $11.19 | $10.36 | $9.52 | $9.02 | $10.85 |
| Total return (2) | 5.74 | 10.17% (6) | 10.91% | 7.59% | (15.51)% | 20.54% |
| Net assets, at end of period (000s) | $581 | $583 | $618 | $646 | $742 | $886 |
| Ratio of expenses to average net assets before Advisory fee waiver/recapture (3) | 2.64 | 2.58% | 2.56% | 2.44% | 2.27% | 2.21% |
| Ratio of net expenses to average net assets (3) | 1.71 | 1.81% (5) | 2.09% (5) | 2.13% (5) | 2.13% (5) | 2.20% |
| Ratio of net investment income (loss) to average net assets (34) | 8.18 | 2.18% (5) | 1.89% (5) | 1.62% (5) | 1.02% (5) | (0.05)% |
| Portfolio Turnover Rate | 67 | 219% | 199% | 251% | 290% | 150% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes fees waived by the Adviser
 as well as fees waived by the Advisor for investments in affiliates. Excluding fees waived by the Adviser for investments in affiliates,
 but not fees waived by the Adviser, the following ratios would have been:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets | 2.20% (8) | 2.20% | 2.20% | 2.20% | 2.20% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | 7.69% (8) | 1.79% | 1.78% | 1.55% | 0.95% | N/A |

---

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Allocation Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $11.32 | $10.48 | $9.63 | $9.10 | $10.87 | $9.02 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.50 | 0.30 | 0.27 | 0.23 | 0.20 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.33 | 0.86 | 0.87 | 0.56 | (1.76) | 1.87 |
| Total from investment operations | 0.17 | 1.16 | 1.14 | 0.79 | (1.56) | 1.95 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04 | (0.32) | (0.29) | (0.26) | (0.21) | (0.10) |
| Total distributions | (0.04 | (0.32) | (0.29) | (0.26) | (0.21) | (0.10) |
| Net asset value, end of period | $11.45 | $11.32 | $10.48 | $9.63 | $9.10 | $10.87 |
| Total return (2) | 6.28 | 11.25% (6) | 11.97% | 8.78% | (14.65)% | 21.63% |
| Net assets, at end of period (000s) | $21672 | $22654 | $22554 | $18998 | $25242 | $42736 |
| Ratio of expenses to average net assets before Advisory fee waiver/recapture (3) | 1.64 | 1.58% | 1.56% | 1.44% | 1.27% | 1.21% |
| Ratio of net expenses to average net assets (3) | 0.71 | 0.81% (5) | 1.09% (5) | 1.13% (5) | 1.13% (5) | 1.20% |
| Ratio of net investment income to average net assets (34) | 9.00 | 3.16% (5) | 2.81% (5) | 2.58% (5) | 2.00% (5) | 0.83% |
| Portfolio Turnover Rate | 67 | 219% | 199% | 251% | 290% | 150% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes fees waived by the Adviser
 as well as fees waived by the Advisor for investments in affiliates. Excluding fees waived by the Adviser for investments in affiliates,
 but not fees waived by the Adviser, the following ratios would have been:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets | 1.20% (8) | 1.20% | 1.20% | 1.20% | 1.20% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | 8.51% (8) | 2.77% | 2.70% | 2.52% | 1.93% | N/A |

---

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $8.96 | $8.86 | $8.67 | $8.75 | $9.78 | $9.22 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.32 | 0.34 | 0.23 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.03) | 0.09 | 0.15 | (0.06) | (1.00) | 0.57 |
| Total from investment operations | 0.16 | 0.41 | 0.49 | 0.17 | (0.88) | 0.68 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.31) | (0.30) | (0.25) | (0.15) | (0.12) |
| Total distributions | (0.07) | (0.31) | (0.30) | (0.25) | (0.15) | (0.12) |
| Net asset value, end of period | $9.05 | $8.96 | $8.86 | $8.67 | $8.75 | $9.78 |
| Total return (2) | 1.77% (6) | 4.62% | 5.72% | 2.03% | (9.12)% | 7.37% |
| Net assets, at end of period (000s) | $1999 | $2061 | $2781 | $3082 | $3679 | $5422 |
| Ratio of expenses to average net assets (3) | 1.73% (7) | 1.80% | 1.77% (5) | 1.82% (5) | 1.76% (5) | 1.70% |
| Ratio of net investment income to average net assets (34) | 4.17% (7) | 3.59% | 3.89% (5) | 2.69% (5) | 1.32% (5) | 1.18% |
| Portfolio Turnover Rate | 106% (6) | 353% | 340% | 430% | 545% | 205% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and exclude the effect of applicable sales charges and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Including fees waived by the Adviser
 for investments in affiliates. Excluding fees waived for investments in affiliates, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses to average net assets | N/A | 1.78% | 1.85% | 1.78% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | N/A | 3.88% | 2.66% | 1.30% | N/A |

---

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $8.82 | $8.73 | $8.56 | $8.66 | $9.71 | $9.13 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.15 | 0.25 | 0.27 | 0.16 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.03) | 0.08 | 0.15 | (0.06) | (0.98) | 0.55 |
| Total from investment operations | 0.12 | 0.33 | 0.42 | 0.10 | (0.94) | 0.59 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.24) | (0.25) | (0.20) | (0.11) | (0.01) |
| Total distributions | (0.05) | (0.24) | (0.25) | (0.20) | (0.11) | (0.01) |
| Net asset value, end of period | $8.89 | $8.82 | $8.73 | $8.56 | $8.66 | $9.71 |
| Total return (2) | 1.39% (6) | 3.80% | 4.95% | 1.24% | (9.74)% | 6.47% |
| Net assets, at end of period (000s) | $591 | $605 | $796 | $948 | $1199 | $1384 |
| Ratio of expenses to average net assets (3) | 2.48% (7) | 2.55% | 2.52% (5) | 2.57% (5) | 2.51% (5) | 2.45% |
| Ratio of net investment income to average net assets (34) | 3.40% (7) | 2.82% | 3.15% (5) | 1.92% (5) | 0.48% (5) | 0.39% |
| Portfolio Turnover Rate | 106% (6) | 353% | 340% | 430% | 545% | 205% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and exclude the effect of applicable sales charges and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment
 companies in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Including fees waived by the Adviser
 for investments in affiliates. Excluding fees waived for investments in affiliates, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses to average net assets | N/A | 2.53% | 2.60% | 2.53% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | N/A | 3.14% | 1.89% | 0.46% | N/A |

---

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $8.94 | $8.84 | $8.65 | $8.72 | $9.74 | $9.20 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.20 | 0.34 | 0.35 | 0.25 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.04) | 0.09 | 0.16 | (0.05) | (0.99) | 0.55 |
| Total from investment operations | 0.16 | 0.43 | 0.51 | 0.20 | (0.85) | 0.69 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.33) | (0.32) | (0.27) | (0.17) | (0.15) |
| Total distributions | (0.07) | (0.33) | (0.32) | (0.27) | (0.17) | (0.15) |
| Net asset value, end of period | $9.03 | $8.94 | $8.84 | $8.65 | $8.72 | $9.74 |
| Total return (2) | 1.84% (6) | 4.91% | 5.93% | 2.35% | (8.87)% | 7.50% |
| Net assets, at end of period (000s) | $87704 | $72628 | $67193 | $36474 | $42439 | $54631 |
| Ratio of expenses to average net assets (3) | 1.48% (7) | 1.55% | 1.52% (5) | 1.57% (5) | 1.51% (5) | 1.45% |
| Ratio of net investment income to average net assets (34) | 4.35% (7) | 3.72% | 3.96% (5) | 2.95% (5) | 1.54% (5) | 1.43% |
| Portfolio Turnover Rate | 106% (6) | 353% | 340% | 430% | 545% | 205% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Including fees waived by the Adviser
 for investments in affiliates. Excluding fees waived for investments in affiliates, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses to average net assets | N/A | 1.53% | 1.60% | 1.53% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets | N/A | 3.95% | 2.92% | 1.52% | N/A |

---

(6) Not Annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Dividend Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.84 | $8.77 | $8.20 | $8.56 | $9.15 | $7.01 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.10 | 0.18 | 0.11 | 0.12 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.84 | 1.07 | 0.58 | (0.36) | (0.58) | 2.35 |
| Total from investment operations | 0.94 | 1.25 | 0.69 | (0.24) | (0.43) | 2.48 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.18) | (0.12) | (0.12) | (0.16) | (0.34) |
| Total distributions | (0.05) | (0.18) | (0.12) | (0.12) | (0.16) | (0.34) |
| Net asset value, end of period | $10.73 | $9.84 | $8.77 | $8.20 | $8.56 | $9.15 |
| Total return (2) | 9.51% (5) | 14.29% | 8.44% | (2.81)% | (4.82)% | 36.34% |
| Net assets, at end of period (000s) | $6177 | $6020 | $6184 | $7982 | $11406 | $14488 |
| Ratio of expenses to average net assets before fee waivers/recapture (3) | 1.79% (6) | 1.86% | 2.26% | 2.02% | 1.81% | 1.83% |
| Ratio of net expenses to average net assets after fee waivers/recapture (3) | 1.79% (6) | 1.88% | 2.25% | 2.02% | 1.81% | 1.83% |
| Ratio of net investment income to average net assets (34) | 1.82% (6) | 1.89% | 1.36% | 1.36% | 1.66% | 1.65% |
| Portfolio Turnover Rate | 9% (5) | 181% | 285% | 193% | 156% | 309% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and exclude the effect of applicable sales charges and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investments in which
 the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(5) Not Annualized.

(6) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Dividend Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.75 | $8.69 | $8.13 | $8.49 | $9.08 | $6.94 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.06 | 0.11 | 0.05 | 0.05 | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.83 | 1.06 | 0.57 | (0.35) | (0.58) | 2.33 |
| Total from investment operations | 0.89 | 1.17 | 0.62 | (0.30) | (0.50) | 2.40 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.11) | (0.06) | (0.06) | (0.09) | (0.26) |
| Total distributions | (0.03) | (0.11) | (0.06) | (0.06) | (0.09) | (0.26) |
| Net asset value, end of period | $10.61 | $9.75 | $8.69 | $8.13 | $8.49 | $9.08 |
| Total return (2) | 9.10% (5) | 13.46% | 7.63% | (3.58)% | (5.58)% | 35.42% |
| Net assets, at end of period (000s) | $3848 | $3736 | $3944 | $4987 | $6729 | $9174 |
| Ratio of expenses to average net assets before fee waivers/recapture (3) | 2.54% (6) | 2.61% | 3.01% | 2.77% | 2.56% | 2.58% |
| Ratio of net expenses to average net assets after fee waivers/recapture (3) | 2.54% (6) | 2.63% | 3.00% | 2.77% | 2.56% | 2.58% |
| Ratio of net investment income to average net assets (34) | 1.07% (6) | 1.13% | 0.60% | 0.60% | 0.90% | 0.89% |
| Portfolio Turnover Rate | 9% (5) | 181% | 285% | 193% | 156% | 309% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and exclude the effect of applicable sales charges and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investments
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(5) Not annualized.

(6) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Dividend Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.79 | $8.73 | $8.15 | $8.52 | $9.11 | $6.99 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.11 | 0.22 | 0.13 | 0.14 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.84 | 1.04 | 0.59 | (0.37) | (0.59) | 2.34 |
| Total from investment operations | 0.95 | 1.26 | 0.72 | (0.23) | (0.41) | 2.49 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.20) | (0.14) | (0.14) | (0.18) | (0.37) |
| Total distributions | (0.05) | (0.20) | (0.14) | (0.14) | (0.18) | (0.37) |
| Net asset value, end of period | $10.69 | $9.79 | $8.73 | $8.15 | $8.52 | $9.11 |
| Total return (2) | 9.73% (6) | 14.52% | 8.89% (3) | (2.68)% (3) | (4.60)% | 36.60% |
| Net assets, at end of period (000s) | $56282 | $57683 | $12042 | $17228 | $19314 | $24408 |
| Ratio of expenses to average net assets before fee waivers/recapture (4) | 1.54% (7) | 1.58% | 2.01% | 1.77% | 1.56% | 1.58% |
| Ratio of net expenses to average net assets after fee waivers/recapture (4) | 1.54% (7) | 1.58% | 2.00% | 1.77% | 1.56% | 1.58% |
| Ratio of net investment income to average net assets (45) | 2.06% (7) | 2.30% | 1.60% | 1.63% | 1.90% | 1.89% |
| Portfolio Turnover Rate | 9% (6) | 181% | 285% | 193% | 156% | 309% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(4) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investments in which
 the Fund invests.

(5) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Momentum Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $15.67 | $13.96 | $10.88 | $10.49 | $12.32 | $7.76 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.11) | (0.15) | (0.15) | (0.08) | (0.15) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.68 | 2.16 | 3.23 | 0.47 | (1.68) | 4.66 |
| Total from investment operations | 1.57 | 2.01 | 3.08 | 0.39 | (1.83) | 4.56 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.73 | (0.30) |  |  |  |  |
| Total distributions | (3.73 | (0.30) |  |  |  |  |
| Net asset value, end of period | $13.51 | $15.67 | $13.96 | $10.88 | $10.49 | $12.32 |
| Total return (2) | 9.51 | 14.61% | 28.31% | 3.72% | (14.85)% | 58.76% |
| Net assets, at end of period (000s) | $942 | $1076 | $872 | $864 | $1088 | $1555 |
| Ratio of expenses to average net assets before fee waivers/recapture (3) | 1.92 | 2.25% | 3.05% | 3.05% | 2.64% | 2.46% |
| Ratio of net expenses after waiver/recapture to average net assets (3) | 2.25 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
| Ratio of net investment loss to average net assets (34) | (1.33) | (1.06)% | (1.30)% | (0.76)% | (1.23)% | (0.98)% |
| Portfolio Turnover Rate | 123 | 355% | 214% | 296% | 222% | 400% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investments
 in which the Fund invests.

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Momentum Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $14.67 | $13.18 | $10.35 | $10.06 | $11.90 | $7.55 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.16) | (0.24) | (0.23) | (0.15) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.58 | 2.03 | 3.06 | 0.44 | (1.62) | 4.52 |
| Total from investment operations | 1.42 | 1.79 | 2.83 | 0.29 | (1.84) | 4.35 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.73 | (0.30) |  |  |  |  |
| Total distributions | (3.73 | (0.30) |  |  |  |  |
| Net asset value, end of period | $12.36 | $14.67 | $13.18 | $10.35 | $10.06 | $11.90 |
| Total return (2) | 9.13 | 13.80% (5) | 27.34% (5) | 2.88% | (15.46)% | 57.62% |
| Net assets, at end of period (000s) | $637 | $611 | $619 | $605 | $796 | $1205 |
| Ratio of expenses to average net assets before fee waivers (3) | 2.67 | 3.00% | 3.80% | 3.80% | 3.39% | 3.21% |
| Ratio of net expenses after waiver to average net assets (3) | 3.00 | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
| Ratio of net investment loss to average net assets (34) | (2.08) | (1.81)% | (2.05)% | (1.51)% | (1.94)% | (1.76)% |
| Portfolio Turnover Rate | 123 | 355% | 214% | 296% | 222% | 400% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 loss to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment loss
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Momentum Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $16.00 | $14.20 | $11.04 | $10.62 | $12.44 | $7.82 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.09) | (0.12) | (0.13) | (0.05) | (0.12) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.70 | 2.22 | 3.29 | 0.47 | (1.70) | 4.69 |
| Total from investment operations | 1.61 | 2.10 | 3.16 | 0.42 | (1.82) | 4.62 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.73 | (0.30) |  |  |  |  |
| Total distributions | (3.73 | (0.30) |  |  |  |  |
| Net asset value, end of period | $13.88 | $16.00 | $14.20 | $11.04 | $10.62 | $12.44 |
| Total return (2) | 9.56 | 15.01% (5) | 28.62% | 3.95% | (14.63)% | 59.08% |
| Net assets, at end of period (000s) | $40583 | $72106 | $8590 | $7990 | $9361 | $13344 |
| Ratio of expenses to average net assets before fee waivers/recapture (3) | 1.67 | 1.77% | 2.80% | 2.80% | 2.39% | 2.21% |
| Ratio of net expenses after waiver/recapture to average net assets (3) | 2.00 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment loss to average net assets (34) | (1.14) | (0.81)% | (1.06)% | (0.51)% | (0.95)% | (0.74)% |
| Portfolio Turnover Rate | 123 | 355% | 214% | 296% | 222% | 400% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income/(loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment
 companies in which the Fund invests.

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Yield Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.62 | $9.87 | $9.81 | $9.82 | $10.14 | $9.53 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.47 | 0.87 | 0.17 | 0.17 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.04 | (0.08) | 0.02 | 0.05 | (0.38) | 0.63 |
| Total from investment operations | 0.26 | 0.39 | 0.89 | 0.22 | (0.21) | 0.88 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27 | (0.64) | (0.83 | (0.23 | (0.11) | (0.27) |
| Total distributions | (0.27 | (0.64) | (0.83 | (0.23 | (0.11) | (0.27) |
| Net asset value, end of period | $9.61 | $9.62 | $9.87 | $9.81 | $9.82 | $10.14 |
| Total return (2) | 2.78 | 4.02% | 9.42 | 2.23 | (2.14)% | 9.25% |
| Net assets, at end of period (000s) | $8336 | $8544 | $121 | $110 | $20 | $106 |
| Ratio of expenses to average net assets (4) | 1.53 | 1.43% | 1.37 | 1.33 | 1.32% | 1.41% |
| Ratio of net investment income to average net assets (45) | 6.12 | 4.91% | 8.77 | 1.71 | 1.66% | 2.50% |
| Portfolio Turnover Rate | 3 | 292% | 126 | 404 | 358% | 148% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) Less than $1,000.

(4) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(5) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Yield Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.20 | $9.51 | $9.55 | $9.71 | $10.04 | $9.42 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.25 | 0.52 | 0.64 | 0.24 | 0.06 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.04) | (0.31) | 0.02 | (0.18) | (0.34) | 0.61 |
| Total from investment operations | 0.21 | 0.21 | 0.66 | 0.06 | (0.28) | 0.79 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.52) | (0.70) | (0.22) | (0.05) | (0.17) |
| Total distributions | (0.24) | (0.52) | (0.70) | (0.22) | (0.05) | (0.17) |
| Net asset value, end of period | $9.17 | $9.20 | $9.51 | $9.55 | $9.71 | $10.04 |
| Total return (2) | 2.32% (6) | 2.24% (5) | 7.16% (5) | 0.67% | (2.84)% | 8.58% (5) |
| Net assets, at end of period (000s) | $509 | $498 | $723 | $662 | $679 | $722 |
| Ratio of expenses to average net assets (3) | 2.28% (7) | 2.18% | 2.12% | 2.08% | 2.07% | 2.16% |
| Ratio of net investment income to average net assets (34) | 5.40% (7) | 5.50% | 6.70% | 2.52% | 0.58% | 1.77% |
| Portfolio Turnover Rate | 3% (6) | 292% | 126% | 404% | 358% | 148% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **DF Tactical Yield Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30,**<br>**2025** |<br>**Year Ended**<br>**June 30,**<br>**2024** |<br>**Year Ended**<br>**June 30,**<br>**2023** |<br>**Year Ended**<br>**June 30,**<br>**2022** |<br>**Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, beginning of period | $9.30 | $9.60 | $9.63 | $9.79 | $10.12 | $9.51 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.31 | 0.60 | 0.75 | 0.33 | 0.14 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.05 | (0.28) | 0.02 | (0.17) | (0.34) | 0.63 |
| Total from investment operations | 0.26 | 0.32 | 0.77 | 0.16 | (0.20) | 0.91 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29 | (0.62) | (0.80) | (0.32) | (0.13) | (0.30) |
| Total distributions | (0.29 | (0.62) | (0.80) | (0.32) | (0.13) | (0.30) |
| Net asset value, end of period | $9.27 | $9.30 | $9.60 | $9.63 | $9.79 | $10.12 |
| Total return (2) | 2.80 | 3.34% (5) | 8.24% | 1.67% | (1.96)% | 9.61% |
| Net assets, at end of period (000s) | $39845 | $75875 | $87604 | $90831 | $87675 | $63391 |
| Ratio of expenses to average net assets (3) | 1.28 | 1.18% | 1.12% | 1.08% | 1.07% | 1.16% |
| Ratio of net investment income to average net assets (34) | 6.54 | 6.31% | 7.70% | 3.40% | 1.37% | 2.76% |
| Portfolio Turnover Rate | 3 | 292% | 126% | 404% | 358% | 148% |

---

(1) Per share amounts calculated using
 the average shares method, which appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assumes reinvestment of dividends and capital gain distributions.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(4) Recognition of net investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investments in which the Fund invests.

(5) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The DF Tactical Allocation Fund, DF Tactical Dividend Fund, DF Tactical Yield Fund, DF Tactical Momentum Fund and DF Tactical Income Fund, formerly known as the Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Risk Managed Income Fund, Donoghue Forlines Momentum Fund and Donoghue Forlines Tactical Income Fund, respectively, (each a "Fund" and collectively the "Funds") each are a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a trust organized under the laws of the State of Delaware on January 19, 2005. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The DF Tactical Income Fund Class A and Class I shares commenced operations on September 14, 2010. The DF Tactical Dividend Fund Class A and Class I shares commenced operations on November 7, 2013. Class C shares of both the DF Tactical Income Fund DF Tactical Dividend Fund commenced operations on November 25, 2014. Class A, Class C and Class I shares of the DF Tactical Yield Fund commenced operations on December 27, 2017. Class A, Class C and Class I shares of the DF Tactical Momentum Fund commenced operations on December 23, 2016. The DF Tactical Allocation Fund Class A, Class C and Class I shares commenced operations on April 6, 2018. The DF Tactical Allocation Fund, DF Tactical Income Fund, and DF Tactical Yield Fund are "fund of funds", in that they will generally invest in other investment companies. Effective October 28, 2025, Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund, Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund, Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund, Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund, and Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

The Funds' investment objectives are as follows:

**DF Tactical Allocation Fund –** long-term capital appreciation.

**DF Tactical Income Fund** – total return from income and capital appreciation with capital preservation as a secondary objective.

**DF Tactical Dividend Fund** – total return from dividend income and capital appreciation. Capital preservation is a secondary objective of the Fund.

**DF Tactical Momentum Fund** – capital growth.

**DF Tactical Yield Fund** – total return from income and capital appreciation with capital preservation as a secondary objective.

Each Fund currently offers three classes of shares: Class A shares, Class C shares and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.00%. Class C shares and Class I shares are offered at net asset value. Each class of shares of the Funds have identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders and minimum investment amounts. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Class specific expenses are allocated to that share class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**Segment Reporting –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

**Valuation of Underlying Funds** – The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

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

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** |
|  |  |  |  | Investments Measured |  |
| **Assets \*** | Level 1 | Level 2 | Level 3 | at Net Assets Value\*\* | Total |
| Exchange-Traded Funds | $13958487 | $— | $— | $— | $13958487 |
| Open End Funds | 10866934 |  |  |  | 10866934 |
| Collateral For Securities Loaned |  |  |  | 10150 | 10150 |
| Money Market Fund | 241762 |  |  |  | 241762 |
| Total | $25067183 | $— | $— | $10150 | $25077333 |
| **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** |
|  |  |  |  | Investments Measured |  |
| **Assets \*** | Level 1 | Level 2 | Level 3 | at Net Asset Value\*\* | Total |
| Exchange-Traded Funds | $88653926 | $— | $— | $— | $88653926 |
| Money Market Fund | 1781165 |  |  |  | 1781165 |
| Total | $90435091 | $— | $— | $— | $90435091 |

---

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** | **DF Tactical Dividend Fund** |
|  |  |  |  | Investments Measured |  |
| **Assets \*** | Level 1 | Level 2 | Level 3 | at Net Asset Value\*\* | Total |
| Common Stock | $65247904 | $— | $— | $— | $65247904 |
| Collateral For Securities Loaned |  |  |  | 4961797 | 4961797 |
| Money Market Funds | 1081116 |  |  |  | 1081116 |
| Total | $66329020 | $— | $— | $4961797 | $71290817 |
| **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** | **DF Tactical Momentum Fund** |
|  |  |  |  | Investments Measured |  |
| **Assets \*** | Level 1 | Level 2 | Level 3 | at Net Asset Value\*\* | Total |
| Common Stock | $41652988 | $— | $— | $— | $41652988 |
| Collateral For Securities Loaned |  |  |  | 2880560 | 2880560 |
| Money Market Fund | 622370 |  |  |  | 622370 |
| Total | $42275358 | $— | $— | $2880560 | $45155918 |
| **DF Tactical Yield Fund** | **DF Tactical Yield Fund** | **DF Tactical Yield Fund** | **DF Tactical Yield Fund** | **DF Tactical Yield Fund** | **DF Tactical Yield Fund** |
|  |  |  |  | Investments Measured |  |
| **Assets \*** | Level 1 | Level 2 | Level 3 | at Net Asset Value\*\* | Total |
| Exchange-Traded Funds | $20547788 | $— | $— | $— | $20547788 |
| Open End Funds | 27707460 |  |  |  | 27707460 |
| Collateral For Securities Loaned |  |  |  | 5646137 | 5646137 |
| Money Market Fund | 525816 |  |  |  | 525816 |
| Total | $48781064 | $— | $— | $5646137 | $54427201 |

---

The Funds did not hold any Level 2 or Level 3 securities during the period.

\* Refer to the Schedules of Investments for security or industry classifications.

\*\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. The accounting records are maintained in U.S. dollars.

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

**Exchange Traded Notes –** The Funds may invest in exchange traded notes ("ETNs"). ETNs are a type of debt security that is linked to the performance of underlying securities. The risks of owning an ETN generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETN could result in it being more volatile. Additionally, ETNs have fees and expenses that reduce their value.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Funds.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**Federal Income Tax –** The Funds intend to comply with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no federal income tax provisions are required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended June 30, 2023 - 2025 or expected to be taken in the Funds' June 30, 2026, tax returns. The Funds identify their major tax jurisdictions as U.S. federal and Ohio, and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

**3.** **INVESTMENT TRANSACTIONS** 

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| DF Tactical Allocation Fund | $16974644 | $18326244 |
| DF Tactical Income Fund | 102174958 | 87956595 |
| DF Tactical Dividend Fund | 6022632 | 12778285 |
| DF Tactical Momentum Fund | 67268558 | 103357508 |
| DF Tactical Yield Fund | 1111460 | 37934929 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Donoghue Forlines LLC serves as the Funds' investment adviser (the "Adviser").

Pursuant to investment advisory agreements with the Trust, on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the DF Tactical Income Fund, DF Tactical Dividend Fund and DF Tactical Momentum Fund pay the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the respective Fund's average daily net assets. As compensation for its services and the related expenses borne by the Adviser, the DF Tactical Yield Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.65% of the Fund's average daily net assets. As compensation for its services and the related expenses borne by the Adviser, DF Tactical Allocation Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

For the six months ended December 31, 2025, the Adviser earned fees as follows:

---

| | |
|:---|:---|
|  | Management Fee |
| DF Tactical Allocation Fund | $97421 |
| DF Tactical Income Fund | 430521 |
| DF Tactical Dividend Fund | 339102 |
| DF Tactical Momentum Fund | 267104 |
| DF Tactical Yield Fund | 207509 |

---

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of each Fund, until at least October 31, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Funds' officers and Trustees and contractual indemnification of Funds' service providers (other than the Adviser))) will not exceed 2.25%, 3.00% and 2.00% of all Funds except, DF Tactical Allocation Fund, will not exceed 1.45%, 2.20% and 1.20% of the average daily net assets for Class A, Class C, and Class I shares, respectively. Contractual waivers and expense payments may be recouped by the Adviser from the Funds, to the extent that overall expenses fall below the expense limitation, within three years of the reimbursement.

During the six months ended December 31, 2025, the following Funds waived or recouped fees pursuant to the expense limitation agreement.

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived** | **Fees Recaptured** |
| DF Tactical Allocation Fund | $57738 | $— |
| DF Tactical Momentum Fund |  | 87590 |

---

Fees waived or expenses reimbursed may be recouped by the Adviser from the Funds for a period up to three years from the date the fee or expense was waived or reimbursed. However, no recoupment payment will be made if it would result in the Funds exceeding the contractual expense limitation described above. The following table shows the remaining waived expenses subject to potential recovery which expire in:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **June 30, 2026** | **June 30, 2027** | **June 30, 2028** | **Total** |
| DF Tactical Allocation Fund | $73701 | $98406 | $101509 | $273616 |
| DF Tactical Momentum Fund | 10407 | 75133 |  | 85540 |

---

Pursuant to an exemptive order, each Fund may invest a portion of its assets in other funds managed by the Adviser. During the six months ended December 31, 2025, the DF Tactical Allocation Fund invested in the DF Tactical 30 ETF, DF Tactical Dividend Fund and the DF Tactical Momentum Fund. The Adviser waived a portion of its advisory fee based on the Fund's investment in the above-mentioned Funds as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| DF Tactical Allocation Fund | $64071 |

---

The fees waived shown in the table above are not subject to recapture.

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan"), as amended, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plan, each Fund may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% per year of the average daily net assets of Class C shares for such distribution and shareholder service activities.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

For the six months ended December 31, 2025, the Funds incurred distribution fees as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| DF Tactical Allocation Fund | $3744 | $2917 |
| DF Tactical Income Fund | 2563 | 3030 |
| DF Tactical Dividend Fund | 7752 | 19201 |
| DF Tactical Momentum Fund | 1224 | 3164 |
| DF Tactical Yield Fund | 11011 | 2534 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' Class A, Class C and Class I shares. During the six months ended December 31, 2025, the Distributor received underwriter commissions as follows:

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

---

| | | |
|:---|:---|:---|
|  |<br>Underwriter<br>Commissions | Amount<br>Retained By<br>Principal Underwriter |
| DF Tactical Allocation Fund | $5 | $1 |
| DF Tactical Income Fund |  |  |
| DF Tactical Dividend Fund | 1899 | 342 |
| DF Tactical Momentum Fund | 1125 | 169 |
| DF Tactical Yield Fund |  |  |

---

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

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

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

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

**5.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a fund has ownership of at least 5% of the voting securities or funds that share the same investment adviser. Companies that are affiliates at December 31, 2025 are noted in a Fund's Schedule of Investments. Transactions during the period with the companies that are affiliated or were affiliates at the beginning of the period are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** | **DF Tactical Allocation Fund** |
|  |  |  |  |  | Net Change in |  |  |  |
|  |  |  |  |  | Unrealized |  | Dividend |  |
|  | Fair Value |  |  | Realized Gain | Appreciation/ | Fair Value End of | Credited to | Shares End |
|  | Beginning of Period | Purchases | Sales Proceeds | (Loss) | (Depreciation) | Period | Income | of Period |
| DF Tactical 30 ETF | $— | $2101105 | $— | $— | $3170 | $2104275 | $— | 83839 |
| DF Tactical Dividend Fund Class I | 6583951 | 220158 | (947000) | 56835 | 524713 | 6438657 | 32157 | 602307 |
| DF Tactical Momentum Fund Class I | 8508380 | 1089566 | (4632000) | 313754 | (851423) | 4428277 | 867739 | 318810 |
|  |  |  |  | $370589 | $(323540) | $12971209 | $899896 |  |

---

**Donoghue Forlines Funds**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** | **DF Tactical Income Fund** |
|  |  |  |  |  | Net Change in |  |  |  |
|  |  |  |  |  | Unrealized |  | Dividend |  |
|  | Fair Value |  |  | Realized Gain | Appreciation/ | Fair Value End of | Credited to | Shares End |
|  | Beginning of Period | Purchases | Sales Proceeds | (Loss) | (Depreciation) | Period | Income | of Period |
| BondBloxx Bloomberg Five Year Target Duration US Treasury ETF |  | 29598975 |  |  | (39549) | $29559426 | 177630 | 597416 |

---

**6.** **SECURITIES LENDING** 

Under the securities lending agreement with U.S Bank N.A., the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Funds' security lending procedures. The Funds continue to receive interest or dividends on the securities loaned. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The following table is a summary of the Funds' securities loaned and related collateral which are subject to a netting agreement as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities | Gross Amounts Not Offset in the Statement of Assets & Liabilities |
|  |  | **Gross Amounts** | **Net Amounts of** |  |  |  |
|  |  | **Offset in the** | **Assets Presented** |  |  |  |
|  |  | **Statements of** | **in the Statements** | **Financial** |  |  |
|  | **Gross Amounts of** | **Assets &** | **of Assets &** | **Instruments** | **Pledged Collateral** | **Net Amount of** |
| **<u>Assets:</u>** | **Recognized Assets** | **Liabilities** | **Liabilities** | **Pledged** | **Received \*** | **Assets** |
| **DF Tactical Allocation Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $9896 | $— | $9896 | $— | $9896 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $9896 | $— | $9896 | $— | $9896 | $— |
| **DF Tactical Dividend Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $4806916 | $— | $4806916 | $— | $4806916 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4806916 | $— | $4806916 | $— | $4806916 | $— |
| **DF Tactical Momentum Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $2796929 | $— | $2796929 | $— | $2796929 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2796929 | $— | $2796929 | $— | $2796929 | $— |
| **DF Tactical Yield Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $5514831 | $— | $5514831 | $— | $5514831 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $5514831 | $— | $5514831 | $— | $5514831 | $— |

---

\* The amount is limited to the asset balance and accordingly, does not include excess collateral pledged.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

The following table breaks out the holdings received as collateral as of December 31, 2025:

---

| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DF Tactical Allocation Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC. | $10150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DF Tactical Dividend Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC. | $4961797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DF Tactical Momentum Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC. | $2880560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DF Tactical Yield Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC. | $5646137 |

---

The fair value of the securities loaned for DF Tactical Allocation Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund totaled $9,896, $4,806,916, $2,796,929 and $5,514,831 as of December 31, 2025, respectively. As of December 31 2025, the DF Tactical Income Fund did not have any securities on loan. The securities loaned are noted in the Schedule of Investments. The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes only cash collateral received and reinvested that totaled $10,150, $4,961,797, $2,880,560 and $5,646,137 for the DF Tactical Allocation Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund as of December 31, 2025, respectively. This amount is offset by a liability recorded as "Securities Lending Collateral" on the Statements of Assets and Liabilities.

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the fiscal years ended June 30, 2025, and June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| DF Tactical Allocation Fund | $769614 | $— | $— | $769614 |
| DF Tactical Income Fund | 2836190 |  |  | 2836190 |
| DF Tactical Dividend Fund | 1318118 |  |  | 1318118 |
| DF Tactical Momentum Fund |  | 824426 |  | 824426 |
| DF Tactical Yield Fund | 5008830 |  |  | 5008830 |
|  | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
| **Fund** | **Income** | **Capital Gains** | **Capital** | **Total** |
| DF Tactical Allocation Fund | $735035 | $— | $— | $735035 |
| DF Tactical Income Fund | 2520070 |  |  | 2520070 |
| DF Tactical Dividend Fund | 358817 |  |  | 358817 |
| DF Tactical Momentum Fund |  |  |  |  |
| DF Tactical Yield Fund | 5684105 |  |  | 5684105 |

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| DF Tactical Allocation Fund | $61012 | $— | $(2922140) | $— | $— | $1549374 | $(1311754) |
| DF Tactical Income Fund |  |  | (20153599) |  | (1017680) | (98488) | (21269767) |
| DF Tactical Dividend Fund | 97247 |  | (116808117) |  |  | 1931115 | (114779755) |
| DF Tactical Momentum Fund | 2318456 | 705032 |  |  | (248538) | 6232789 | 9007739 |
| DF Tactical Yield Fund | 85014 |  | (5656401) |  | (2616004) | (487038) | (8674429) |

---

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain/(loss), and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for partnerships.

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

---

| | |
|:---|:---|
| <br>**Fund** | **Late Year**<br>**Losses** |
| DF Tactical Allocation Fund | $— |
| DF Tactical Income Fund |  |
| DF Tactical Dividend Fund |  |
| DF Tactical Momentum Fund | 248538 |
| DF Tactical Yield Fund |  |

---

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

---

| | |
|:---|:---|
| <br>**Fund** | **Post October**<br>**Losses** |
| DF Tactical Allocation Fund | $— |
| DF Tactical Income Fund | 1017680 |
| DF Tactical Dividend Fund |  |
| DF Tactical Momentum Fund |  |
| DF Tactical Yield Fund | 2616004 |

---

At June 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital losses utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short Term** | **Long Term** |<br>**Total** |<br>**CLCF Utilized** |
| DF Tactical Allocation Fund | $2922140 | $— | $2922140 | $2152138 |
| DF Tactical Income Fund | 19400952 | 752647 | 20153599 | 1439974 |
| DF Tactical Dividend Fund | 87264821 | 29543296 | 116808117 | 5081262 |
| DF Tactical Momentum Fund |  |  |  |  |
| DF Tactical Yield Fund | 5497290 | 159111 | 5656401 | 160712 |

---

During the fiscal period ended June 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the tax treatment of net operating losses, distributions in excess and use of tax equalization credits resulted in reclassifications for the Funds for the fiscal year ended June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| DF Tactical Allocation Fund | $— | $— |
| DF Tactical Income Fund | (15533) | 15533 |
| DF Tactical Dividend Fund |  |  |
| DF Tactical Momentum Fund | 350958 | (350958) |
| DF Tactical Yield Fund |  |  |

---

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**8.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation / Depreciation** |
| DF Tactical Allocation Fund | $24216539 | $1041906 | $(181112) | $860794 |
| DF Tactical Income Fund | 91233089 | 192539 | (990537) | (797998) |
| DF Tactical Dividend Fund | 65496430 | 8240823 | (2446436) | 5794387 |
| DF Tactical Momentum Fund | 42527017 | 2911783 | (282882) | 2628901 |
| DF Tactical Yield Fund | 55553287 | 354325 | (1480411) | (1126086) |

---

**9.** **INVESTMENTS IN UNDERLYING INVESTMENT COMPANIES** 

The DF Tactical Allocation Fund and DF Tactical Income Fund currently invests a portion of their assets in the underlying investment companies mentioned in the table below. The DF Tactical Allocation Fund and DF Tactical Income Fund may redeem their investments in these underlying investment companies at any time if the Adviser determines that it is in the best interest of the DF Tactical Allocation Fund and DF Tactical Income Fund and their shareholders to do so. The performance of the DF Tactical Allocation Fund and DF Tactical Income Fund will be directly affected by the performance of the underlying investment companies. The financial statements of the below mentioned investment companies, including their portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the DF Tactical Allocation Fund's and DF Tactical Income Fund's financial statements. As of December 31, 2025, the percentage of the net assets invested in each underlying investment company were as follows.

---

| | | |
|:---|:---|:---|
| Fund | Underlying Investment | % of Net Assets |
| DF Tactical Allocation Fund | DF Tactical Dividend Fund | 25.7% |
| DF Tactical Income Fund | BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 32.7% |
| DF Tactical Income Fund | SPDR Portfolio Aggregate Bond ETF USD Class | 32.7% |

---

**10.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, the shareholders listed below held, for the benefit of others, more than 25% of an individual Fund and may be deemed to control that Fund. The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Matrix Trust Company | DF Tactical Allocation Fund | 54.61% |
| National Financial Services | DF Tactical Income Fund | 52.56% |
| National Financial Services | DF Tactical Dividend Fund | 42.81% |
| National Financial Services | DF Tactical Momentum Fund | 49.36% |
| National Financial Services | DF Tactical Yield Fund | 34.35% |

---

**11.** **ACCOUNTING PRONOUNCEMENT** 

The Funds have adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**12.** **SUBSEQUENT EVENTS** 

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

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

*Donoghue Forlines, LLC Adviser to DF Tactical Dividend Fund, DF Tactical Momentum Fund, DF Tactical Yield Fund, DF Tactical Allocation Fund and DF Tactical Income Fund\**

In connection with the regular meeting held on September 17-18, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (each an "Advisory Agreement" and collectively the "Advisory Agreements") between Donoghue Forlines, LLC ("Adviser" or "Donoghue") and the Trust, with respect to the DF Tactical Dividend Fund ("DF Dividend"), DF Tactical Momentum Fund ("DF Momentum"), DF Tactical Yield Fund ("DF Yield"), DF Tactical Allocation Fund ("DF Allocation"), and DF Tactical Income Fund ("DF Income") (each the "Fund" and collectively the "Funds") . In considering the renewal of each Advisory Agreement, the Board received materials specifically relating to each Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the advisory agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Advisory Agreement.

<u>Nature, Extent, and Quality of Services</u>. The Trustees noted that during their discussions held on September 11th they had discussed that Donoghue was originally founded in 1986 and reorganized in 2017, managed approximately $726 million in assets, and specialized in actively managed investment strategies. The Trustees reviewed the background of the key investment personnel responsible for servicing the Funds, considering their education and varied financial industry experience. The Trustees observed that Donoghue conducted research and analysis of technical indicators to identify market trends specific to each strategy, and that Donoghue mitigated risk through non-reactionary shifts of Fund assets to less risky sectors. The Trustees further observed that Donoghue's personnel met regularly to assess risk and volatility, as well as to analyze technical, economic, and political events before deciding to take defensive positions. The Trustees observed that the adviser reported no material compliance or litigation issues since the previous advisory contract renewal. The Trustees agreed that the adviser dedicated plentiful resources to support its tactically driven active management style and concluded that they expected the adviser to continue providing quality service to the Funds for the benefit of their respective shareholders.

<u>Performance</u>.

*DF Income*. The Trustees noted during their discussions held on September 11<sup>th</sup> that the Fund had achieved its objective of total return from income and capital appreciation with capital preservation as a secondary objective. The Trustees observed that the Fund had consistently outperformed its benchmark, while its returns were below the category median and peer median for all periods, which the adviser explained was the result of its commitment to preserving capital. The Trustees agreed that the Fund's performance was satisfactory.

*DF Dividend*. The Trustees noted that the Fund's returns over the prior one-year, three-year, five-year and since inception periods were slightly below the category and peer group median. The Trustees also observed that the Fund had slightly underperformed its benchmark over the prior one-year, three-year, five-year and since inception periods. The Trustees agreed that the Fund's performance was satisfactory.

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

*DF Momentum*. The Trustees noted that the Fund's returns over the prior one-year period were the highest in the Fund's category and that the Fund's returns were in the top quartile of its category over the prior three-year, five-year, and since inception periods. The Trustees agreed that the Fund had delivered strong returns to shareholders over an extended period.

*DF Yield*. The Trustees observed that the Fund's returns over the prior one-year, three-year, five-year and since inception periods were slightly below the category median but were in the middle of the category range. The Trustees agreed that the Fund's performance was satisfactory.

*DF Allocation*. The Trustees noted that the Fund's returns over the prior one-year and three-year periods were above the category median. The Trustees also noted that the Fund's returns were below the category median over the prior five-year and since inception periods but within the category range. The Trustees agreed that the Fund's performance was satisfactory.

<u>Fees and Expenses</u>.

*DF Income*. The Trustees noted during their discussions held on September 11<sup>th</sup> that Donoghue charged the Fund an annual advisory fee of 1.00%, which was higher than the category and peer group average but within the category range. The Trustees also observed that the Fund had a net expense ratio of 1.52%, which was also above the category and peer group average but well within the category range. The Trustees noted that the Fund's net expense ratio was comparable to other funds in the category that were managed in a similar fashion and acknowledged that Donoghue had an expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's fees were not unreasonable.

*DF Dividend*. The Trustees noted during their discussions held on September 11th that the Fund was charged an annual advisory fee of 1.00%, which was above the category and peer group average, but was not the category high. The Trustees also observed that the Fund had a net expense ratio of 2.00%, which was also above the peer group and category average. The Trustees acknowledged that Donoghue had an expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's fees were not unreasonable.

*DF Momentum*. The Trustees noted during their discussions held on September 11th that Donoghue charged the Fund an annual advisory fee of 1.00%, which was slightly higher than the category median. The Trustees further noted that the Fund had a net expense ratio of 2.00%, which was higher than the category and peer group median. The Trustees considered the resources required to implement the Fund's tactical investment strategy and acknowledged that Donoghue had an expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's fees were not unreasonable.

*DF Yield*. The Trustees noted during their discussions held on September 11th that the Donoghue charged the Fund an annual advisory fee of 0.65%, which was slightly above the peer group median and comparable to the category median. The Trustees further noted that the Fund had an expense ratio of 1.12%, which was higher than the category and peer group median. The Trustees acknowledged that Donoghue had an expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's fees were not unreasonable.

*DF Allocation*. he Trustees noted during their discussions held on September 11th that the Fund was charged an annual advisory fee on 0.75%, which was below both the category and peer group median. The Trustees also observed the Fund had a net expense ratio of 1.09%, which was also below the category and peer group median. The Trustees agreed that the Fund's fees were not unreasonable.

<u>Economies of Scale</u>. The Trustees noted that during their discussions held on September 11th they had considered whether Donoghue had achieved economies of scale with respect to the Funds. The Trustees had noted that each of the Funds would provide the benefits from economies of scale at higher asset levels. The Trustees noted that Donoghue had indicated its willingness to implement breakpoints in the future, and that the shareholders of several of the Funds were currently benefitting from expense limitation agreements. The Trustees agreed to monitor and revisit the issue of economies of scale at the appropriate time.

<u>Profitability</u> . The Trustees noted that during their discussions held on September 11th they had reviewed the profitability analysis provided by Donoghue and considered its profitability in connection with its management of each of the Funds. The Trustees noted that Donoghue's profitability with respect to the Funds varied, and that the Adviser had realized a profit with respect to DF Yield, DF Dividend, DF Income, and DF Momentum and realized a loss with respect to DF Allocation. The Trustees recalled that Donoghue had offered the business, operation, and regulatory risks it assumed in managing the

---

| |
|:---|
| **Donoghue Forlines Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

Funds, as well as the necessary resources to support the Funds' tactical investment style, as factors justifying its profits. The Trustees agreed that Donoghue's profitability with respect to each Fund was not excessive.

<u>Conclusion</u>. Having requested and received such information from Donoghue as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of counsel, the Trustees concluded that the renewal of the Advisory Agreements between NLFT and Donoghue on behalf of the Funds was in the best interests of each of the aforementioned Funds and each Fund's respective shareholders.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Donoghue Funds.

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

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

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

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](ex99-cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Lights Fund Trust

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Jim Colantino |
| Jim Colantino | Jim Colantino |
| Principal Financial Officer | Principal Financial Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/4/26 | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/4/2026 | /s/ Jim Colantino |
|  | Jim Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

Kevin E. Wolf, Principal Executive Officer, and Jim Colantino, Principal Financial Officer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 3/4/2026 | Date: | 3/4/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.