# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-003659
**Filing Date:** 2026-6
**Character Count:** 348163
**Document Hash:** aeb306e352747b8edeec2f43ea4c27f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003659.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003659

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261072799

**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

### Ocean Park Tactical All Asset Fund (Series ID: S000020016)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000056130 | Ocean Park Tactical All Asset Fund Class A         | SIRAX           |
| C000056131 | Ocean Park Tactical All Asset Fund Investor Class  | SIRIX           |
| C000056132 | Ocean Park Tactical All Asset Fund Instl Class     | SIRRX           |
| C000084926 | Ocean Park Tactical All Asset Fund Class C         | SIRCX           |
| C000115425 | Ocean Park Tactical All Asset Fund Class A1 shares | SIRZX           |
| C000115426 | Ocean Park Tactical All Asset Fund Class I1 shares | SIRJX           |

### Ocean Park Tactical Core Income Fund (Series ID: S000035209)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000108313 | Ocean Park Tactical Core Income Fund Class A Shares | SSIZX           |
| C000108314 | Ocean Park Tactical Core Income Fund Class C Shares | SSICX           |
| C000108315 | Ocean Park Tactical Core Income Fund Investor Class | SSIIX           |
| C000108316 | Ocean Park Tactical Core Income Fund Instl Class    | SSIRX           |

### Ocean Park Tactical Municipal Fund (Series ID: S000064014)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000207096 | Ocean Park Tactical Municipal Fund Class Special Shares  | STMYX           |
| C000207097 | Ocean Park Tactical Municipal Fund Class A Shares        | STMKX           |
| C000207098 | Ocean Park Tactical Municipal Fund Instl Class Shares    | STMEX           |
| C000207099 | Ocean Park Tactical Municipal Fund Investor Class Shares | STMNX           |
| C000214793 | Ocean Park Tactical Municipal Fund Class C Shares        | STMHX           |

### Ocean Park Tactical Bond Fund (Series ID: S000066392)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000214242 | Ocean Park Tactical Bond Fund Investor Class Shares |  |
| C000214243 | Ocean Park Tactical Bond Fund Instl Class Shares    |  |
| C000214244 | Ocean Park Tactical Bond Fund Class A Shares        |  |
| C000214245 | Ocean Park Tactical Bond Fund Class C Shares        |  |

### Ocean Park Tactical Risk Spectrum 30 Fund (Series ID: S000071866)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000227417 | Ocean Park Tactical Risk Spectrum 30 Fund Instl Class    |  |
| C000227418 | Ocean Park Tactical Risk Spectrum 30 Fund Investor Class |  |

### Ocean Park Tactical Risk Spectrum 50 Fund (Series ID: S000071867)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000227420 | Ocean Park Tactical Risk Spectrum 50 Fund Investor Class |  |
| C000227421 | Ocean Park Tactical Risk Spectrum 50 Fund Instl Class    |  |
| C000227422 | Ocean Park Tactical Risk Spectrum 50 Fund CLass C Shares |  |
| C000227423 | Ocean Park Tactical Risk Spectrum 50 Fund Class A Shares |  |

### Ocean Park Tactical Risk Spectrum 70 Fund (Series ID: S000071868)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000227425 | Ocean Park Tactical Risk Spectrum 70 Fund Investor Class |  |
| C000227426 | Ocean Park Tactical Risk Spectrum 70 Fund Instl Class    |  |

### Ocean Park Tactical Core Growth Fund (Series ID: S000081974)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000245137 | Ocean Park Tactical Core Growth Fund Investor Class Shares |  |
| C000245140 | Ocean Park Tactical Core Growth Fund Instl Shares          |  |

?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, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

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

# Ocean Park Tactical All Asset Fund

## Class A1 Shares (SIRZX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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 A1 Shares | $95 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRZX

# Ocean Park Tactical All Asset Fund

## Class A Shares (SIRAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $87 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRAX

# Ocean Park Tactical All Asset Fund

## Class C Shares (SIRCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $125 | 2.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRCX

# Ocean Park Tactical All Asset Fund

## Investor Shares (SIRIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $87 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRIX

# Ocean Park Tactical All Asset Fund

## Instl Class (SIRRX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $75 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRRX

# Ocean Park Tactical All Asset Fund

## Class I1 Shares (SIRJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/.** You can also request this information by contacting us at 1-866-738-4363.

## 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 I1 Shares | $95 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$367,308,030

* Number of Portfolio Holdings56

* Advisory Fee $2,454,636

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23355eaad4f518202db9f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 34.3% |
| Money Market Funds | 40.7% |
| Open End Funds | 25.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a9467090a671923fde4fd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.6% |
| Alternative | 3.9% |
| Fixed Income | 22.3% |
| Equity | 34.1% |
| Money Market Funds | 41.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical All Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-all-asset-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SIRJX

# Ocean Park Tactical Bond Fund

## Class A Shares (STBKX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $75 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,449,732,938

* Number of Portfolio Holdings28

* Advisory Fee $8,500,322

* Portfolio Turnover2%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic26a2e46580122b10bcf4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.6% |
| Money Market Funds | 25.2% |
| Open End Funds | 31.2% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i595e1ae870b0c6e1df3d7d59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.4% |
| Money Market Funds | 33.6% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;33.6% |
| &nbsp;&nbsp;BlackRock High Yield Fund, Institutional Class | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;17.9% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;PGIM High Yield Fund, Class Z | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Osterweis Strategic Income Fund, Class I | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Bond Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STBKX

# Ocean Park Tactical Bond Fund

## Class C Shares (STBDX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $113 | 2.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,449,732,938

* Number of Portfolio Holdings28

* Advisory Fee $8,500,322

* Portfolio Turnover2%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic26a2e46580122b10bcf4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.6% |
| Money Market Funds | 25.2% |
| Open End Funds | 31.2% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i595e1ae870b0c6e1df3d7d59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.4% |
| Money Market Funds | 33.6% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;33.6% |
| &nbsp;&nbsp;BlackRock High Yield Fund, Institutional Class | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;17.9% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;PGIM High Yield Fund, Class Z | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Osterweis Strategic Income Fund, Class I | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Bond Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STBDX

# Ocean Park Tactical Bond Fund

## Instl Class (STBJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $63 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,449,732,938

* Number of Portfolio Holdings28

* Advisory Fee $8,500,322

* Portfolio
Turnover2%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic26a2e46580122b10bcf4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.6% |
| Money Market Funds | 25.2% |
| Open End Funds | 31.2% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i595e1ae870b0c6e1df3d7d59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.4% |
| Money Market Funds | 33.6% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;33.6% |
| &nbsp;&nbsp;BlackRock High Yield Fund, Institutional Class | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;17.9% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;PGIM High Yield Fund, Class Z | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Osterweis Strategic Income Fund, Class I | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Bond Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STBJX

# Ocean Park Tactical Bond Fund

## Investor Class (STBNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $83 | 1.66%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,449,732,938

* Number of Portfolio Holdings28

* Advisory Fee $8,500,322

* Portfolio Turnover2%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic26a2e46580122b10bcf4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.6% |
| Money Market Funds | 25.2% |
| Open End Funds | 31.2% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i595e1ae870b0c6e1df3d7d59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.4% |
| Money Market Funds | 33.6% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;33.6% |
| &nbsp;&nbsp;BlackRock High Yield Fund, Institutional Class | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;17.9% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;PGIM High Yield Fund, Class Z | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Osterweis Strategic Income Fund, Class I | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Bond Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-bond-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STBNX

# Ocean Park Tactical Core Growth Fund

## Instl Class (STEJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-growth-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$14,528,593

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$0

* Portfolio Turnover73%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8a7106270bf49e3815a4de69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 66.5% |
| Money Market Funds | 31.6% |
| Open End Funds | 1.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3bb27442d81893c054664210.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 31.6% |
| Equity | 68.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;29.8% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;iShares International Select Dividend ETF | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;WisdomTree Japan Hedged Equity Fund | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Pacer Global Cash Cows Dividend ETF, USD Class | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Avantis U.S. Small Cap Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;VanEck Oil Services ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;2.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-growth-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STEJX

# Ocean Park Tactical Core Growth Fund

## Investor Class (STENX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-growth-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $70 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$14,528,593

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$0

* Portfolio Turnover73%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8a7106270bf49e3815a4de69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 66.5% |
| Money Market Funds | 31.6% |
| Open End Funds | 1.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3bb27442d81893c054664210.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 31.6% |
| Equity | 68.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;29.8% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;iShares International Select Dividend ETF | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;WisdomTree Japan Hedged Equity Fund | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Pacer Global Cash Cows Dividend ETF, USD Class | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Avantis U.S. Small Cap Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;VanEck Oil Services ETF | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;2.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-growth-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STENX

# Ocean Park Tactical Core Income Fund

## Class A Shares (SSIZX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $67 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,088,824,273

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$4,315,106

* Portfolio Turnover65%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9482111369e1b9a647b3e7d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 37.1% |
| Money Market Funds | 37.8% |
| Open End Funds | 25.1% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i477eecf45f8e16de7879835b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Equity | 1.8% |
| Alternative | 5.1% |
| Money Market Funds | 42.4% |
| Fixed Income | 62.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;State Street SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FPA New Income Fund, Institutional Class | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Holbrook Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;3.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SSIZX

# Ocean Park Tactical Core Income Fund

## Class C Shares (SSICX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $97 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,088,824,273

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$4,315,106

* Portfolio Turnover65%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9482111369e1b9a647b3e7d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 37.1% |
| Money Market Funds | 37.8% |
| Open End Funds | 25.1% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i477eecf45f8e16de7879835b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Equity | 1.8% |
| Alternative | 5.1% |
| Money Market Funds | 42.4% |
| Fixed Income | 62.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;State Street SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FPA New Income Fund, Institutional Class | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Holbrook Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;3.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SSICX

# Ocean Park Tactical Core Income Fund

## Investor Class (SSIIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $67 | 1.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,088,824,273

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$4,315,106

* Portfolio Turnover65%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9482111369e1b9a647b3e7d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 37.1% |
| Money Market Funds | 37.8% |
| Open End Funds | 25.1% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i477eecf45f8e16de7879835b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Equity | 1.8% |
| Alternative | 5.1% |
| Money Market Funds | 42.4% |
| Fixed Income | 62.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;State Street SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FPA New Income Fund, Institutional Class | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Holbrook Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;3.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SSIIX

# Ocean Park Tactical Core Income Fund

## Instl Class (SSIRX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Shares | $48 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,088,824,273

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$4,315,106

* Portfolio Turnover65%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9482111369e1b9a647b3e7d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 37.1% |
| Money Market Funds | 37.8% |
| Open End Funds | 25.1% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i477eecf45f8e16de7879835b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -12.2% |
| Equity | 1.8% |
| Alternative | 5.1% |
| Money Market Funds | 42.4% |
| Fixed Income | 62.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;State Street SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FPA New Income Fund, Institutional Class | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Holbrook Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;3.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Core Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-core-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SSIRX

# Ocean Park Tactical Municipal Fund

## Class A Shares (STMKX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $62 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$141,968,585

* Number of Portfolio Holdings23

* Advisory Fee (net of waivers)$528,117

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d70aca028b3f14f8e1ead6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 7.0% |
| Money Market Funds | 16.3% |
| Open End Funds | 76.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if097932a75fb460aa51230a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 16.3% |
| Fixed Income | 83.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund, Class I | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;First Trust Municipal High Income ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Franklin Dynamic Municipal Bond ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;0.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Municipal Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STMKX

# Ocean Park Tactical Municipal Fund

## Class C Shares (STMHX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $99 | 1.98%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$141,968,585

* Number of Portfolio Holdings23

* Advisory Fee (net of waivers)$528,117

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d70aca028b3f14f8e1ead6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 7.0% |
| Money Market Funds | 16.3% |
| Open End Funds | 76.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if097932a75fb460aa51230a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 16.3% |
| Fixed Income | 83.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund, Class I | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;First Trust Municipal High Income ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Franklin Dynamic Municipal Bond ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;0.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Municipal Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STMHX

# Ocean Park Tactical Municipal Fund

## Investor Class (STMNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $69 | 1.38%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$141,968,585

* Number of Portfolio Holdings23

* Advisory Fee (net of waivers)$528,117

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d70aca028b3f14f8e1ead6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 7.0% |
| Money Market Funds | 16.3% |
| Open End Funds | 76.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if097932a75fb460aa51230a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 16.3% |
| Fixed Income | 83.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund, Class I | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;First Trust Municipal High Income ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Franklin Dynamic Municipal Bond ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;0.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Municipal Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STMNX

# Ocean Park Tactical Municipal Fund

## Instl Class (STMEX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $53 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$141,968,585

* Number of Portfolio Holdings23

* Advisory Fee (net of waivers)$528,117

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d70aca028b3f14f8e1ead6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 7.0% |
| Money Market Funds | 16.3% |
| Open End Funds | 76.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if097932a75fb460aa51230a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 16.3% |
| Fixed Income | 83.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund, Class I | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;First Trust Municipal High Income ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Franklin Dynamic Municipal Bond ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;0.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Municipal Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STMEX

# Ocean Park Tactical Municipal Fund

## Special Shares (STMYX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Special Shares | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$141,968,585

* Number of Portfolio Holdings23

* Advisory Fee (net of waivers)$528,117

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0d70aca028b3f14f8e1ead6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 7.0% |
| Money Market Funds | 16.3% |
| Open End Funds | 76.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if097932a75fb460aa51230a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 16.3% |
| Fixed Income | 83.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;16.3% |
| &nbsp;&nbsp;PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;American High-Income Municipal Bond Fund, Class I | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;First Trust Municipal High Income ETF | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Franklin Dynamic Municipal Bond ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;0.1% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Municipal Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-municipal-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-STMYX

# Ocean Park Tactical Risk Spectrum 30 Fund

## Instl Class (SRTJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-30-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## What were the Fund's costs for the last six months?
What were the Fund's costs for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Instl Class | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$160,509,406

* Number of Portfolio Holdings53

* Advisory Fee (net of waivers)$863,472

* Portfolio Turnover49%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i10acb36a55b67199a325d2a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 42.0% |
| Money Market Funds | 36.4% |
| Open End Funds | 21.6% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4628cd964f4afd22a0a66d77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.8% |
| Alternative | 0.5% |
| Equity | 23.1% |
| Money Market Funds | 37.8% |
| Fixed Income | 42.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;37.8% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 30 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-30-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRTJX

# Ocean Park Tactical Risk Spectrum 30 Fund

## Investor Class (SRTNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-30-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## What were the Fund's costs for the last six months?
What were the Fund's costs for the last six months?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $85 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$160,509,406

* Number of Portfolio Holdings53

* Advisory Fee (net of waivers)$863,472

* Portfolio Turnover49%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i10acb36a55b67199a325d2a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 42.0% |
| Money Market Funds | 36.4% |
| Open End Funds | 21.6% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4628cd964f4afd22a0a66d77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.8% |
| Alternative | 0.5% |
| Equity | 23.1% |
| Money Market Funds | 37.8% |
| Fixed Income | 42.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;37.8% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 30 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-30-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRTNX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Class A Shares (SRFQX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $78 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$263,731,188

* Number of Portfolio Holdings54

* Advisory Fee $1,470,637

* Portfolio Turnover39%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4011430521fa7ac8c1fd5ef6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.3% |
| Money Market Funds | 27.3% |
| Open End Funds | 22.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ief9741a0b27464894bcf549d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.2% |
| Alternative | 1.2% |
| Money Market Funds | 28.4% |
| Fixed Income | 35.4% |
| Equity | 39.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;22.8% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;CrossingBridge Low Duration High Income Fund, Institutional Class | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRFQX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Class C Shares (SRFKX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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 Shares | $115 | 2.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$263,731,188

* Number of Portfolio Holdings54

* Advisory Fee $1,470,637

* Portfolio Turnover39%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4011430521fa7ac8c1fd5ef6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.3% |
| Money Market Funds | 27.3% |
| Open End Funds | 22.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ief9741a0b27464894bcf549d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.2% |
| Alternative | 1.2% |
| Money Market Funds | 28.4% |
| Fixed Income | 35.4% |
| Equity | 39.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;22.8% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;CrossingBridge Low Duration High Income Fund, Institutional Class | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRFKX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Instl Class (SRFJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$263,731,188

* Number of Portfolio Holdings54

* Advisory Fee $1,470,637

* Portfolio Turnover39%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4011430521fa7ac8c1fd5ef6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.3% |
| Money Market Funds | 27.3% |
| Open End Funds | 22.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ief9741a0b27464894bcf549d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.2% |
| Alternative | 1.2% |
| Money Market Funds | 28.4% |
| Fixed Income | 35.4% |
| Equity | 39.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;22.8% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;CrossingBridge Low Duration High Income Fund, Institutional Class | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRFJX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Investor Class (SRFNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $85 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$263,731,188

* Number of Portfolio Holdings54

* Advisory Fee $1,470,637

* Portfolio Turnover39%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4011430521fa7ac8c1fd5ef6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.3% |
| Money Market Funds | 27.3% |
| Open End Funds | 22.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ief9741a0b27464894bcf549d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.2% |
| Alternative | 1.2% |
| Money Market Funds | 28.4% |
| Fixed Income | 35.4% |
| Equity | 39.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;22.8% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;JPMorgan Mortgage-Backed Securities ETF | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class I | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;CrossingBridge Low Duration High Income Fund, Institutional Class | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-50-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRFNX

# Ocean Park Tactical Risk Spectrum 70 Fund

## Instl Class (SRSJX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-70-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Instl Class | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$75,446,168

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$349,909

* Portfolio Turnover64%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i839351790f7d60e976edd616.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 55.3% |
| Money Market Funds | 33.7% |
| Open End Funds | 11.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i230e8069da92759ec339953c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.3% |
| Fixed Income | 19.5% |
| Money Market Funds | 35.2% |
| Equity | 49.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;35.2% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;21.3% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Pacer Global Cash Cows Dividend ETF, USD Class | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 70 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-70-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRSJX

# Ocean Park Tactical Risk Spectrum 70 Fund

## Investor Class (SRSNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ida97d309881e090866d8d289.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-70-fund/**. You can also request this information by contacting us at 1-866-738-4363.

## 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** |
| Investor Class | $85 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$75,446,168

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$349,909

* Portfolio Turnover64%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i839351790f7d60e976edd616.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 55.3% |
| Money Market Funds | 33.7% |
| Open End Funds | 11.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i230e8069da92759ec339953c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.3% |
| Fixed Income | 19.5% |
| Money Market Funds | 35.2% |
| Equity | 49.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;35.2% |
| &nbsp;&nbsp;State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;21.3% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund, Class I | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Pacer Global Cash Cows Dividend ETF, USD Class | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](ida97d309881e090866d8d289.jpg)

# Ocean Park Tactical Risk Spectrum 70 Fund

#### Semi-Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.oceanparkmutualfunds.com/tactical-risk-spectrum-70-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-SRSNX

(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 Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of 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;

---

| |
|:---|
| ![(OCEAN LOGO)](oc001_v1.jpg) |
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **OCEAN PARK TACTICAL MUNICIPAL FUND** |
| **OCEAN PARK TACTICAL BOND FUND** |
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **OCEAN PARK TACTICAL CORE GROWTH FUND** |
| Semi-Annual Financial Statements and Additional Information |
| March 31, 2026 |
| 1-866-738-4363 |
| www.oceanparkam.com |

---

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 34.9%** |  |
|  | **EQUITY - 29.1%** |  |
| 33400 | Avantis U.S. Small Cap Value ETF | $3689698 |
| 36600 | First Trust Utilities AlphaDEX Fund | 1814994 |
| 49000 | Global X MLP & Energy Infrastructure ETF | 3623060 |
| 95500 | Global X S&P 500 Covered Call ETF<sup>(a)</sup> | 3736915 |
| 17900 | Invesco S&P 500 Equal Weight Energy ETF | 1959513 |
| 88500 | iShares International Select Dividend ETF | 3766560 |
| 145100 | iShares MSCI Canada ETF | 7950029 |
| 41100 | iShares MSCI EAFE Min Vol Factor ETF<sup>(a)</sup> | 3755307 |
| 82300 | Pacer Global Cash Cows Dividend ETF | 3805552 |
| 767000 | State Street SPDR Portfolio S&P 500 ETF | 58706180 |
| 3600 | VanEck Oil Services ETF | 1455156 |
| 7100 | Vanguard Small-Cap Growth ETF | 2145975 |
| 30600 | Vanguard Value ETF | 6003720 |
| 28500 | WisdomTree Japan Hedged Equity Fund | 4519530 |
|  |  | 106932189 |
|  | **FIXED INCOME - 5.8%** |  |
| 410000 | Invesco Senior Loan ETF | 8368100 |
| 34200 | iShares Floating Rate Bond ETF | 1742490 |
| 73400 | Janus Henderson AAA CLO ETF<sup>(a)</sup> | 3697158 |
| 40200 | Janus Henderson B-BBB CLO ETF<sup>(a)</sup> | 1873521 |
| 192000 | Principal Spectrum Preferred Securities Active ETF | 3613440 |
| 27000 | Vanguard Long-Term Bond ETF | 1857060 |
|  |  | 21151769 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $121,353,548)** | 128083958 |
|  | **OPEN END FUNDS — 25.4%** |  |
|  | **ALTERNATIVE - 3.9%** |  |
| 242853 | BlackRock Global Equity Market Neutral Fund, Institutional Class | 3693791 |
| 1221149 | DoubleLine Flexible Income Fund, Class I | 10599575 |
| 1 | JPMorgan Hedged Equity Fund, Class I | 35 |
|  |  | 14293401 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 25.4% (Continued)** |  |
|  | **EQUITY - 5.0%** |  |
| 69287 | FullerThaler Behavioral Small-Cap Growth Fund, Institutional Class <sup>(c)</sup> | $3798982 |
| 1 | JPMorgan Emerging Markets Equity Fund, Class I | 47 |
| 1 | Kopernik Global All-Cap Fund, Class I | 17 |
| 405447 | Thornburg Investment Income Builder Fund, Class I | 14673125 |
|  |  | 18472171 |
|  | **FIXED INCOME - 16.5%** |  |
| 2388 | American Century High Income Fund, Class I | 20534 |
| 2 | BlackRock Floating Rate Income Fund, Institutional Class | 15 |
| 2293 | BlackRock High Yield Fund, Institutional Class | 16213 |
| 6932 | BlackRock National Municipal Fund, Institutional Class | 68631 |
| 2800 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 26934 |
| 3003 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 30904 |
| 0 <sup>(f)</sup> | JPMorgan Emerging Markets Debt Fund, Class I | 0 <sup>(g)</sup> |
| 1424955 | JPMorgan Income Fund, Class I | 12126365 |
| 6 | Metropolitan West High Yield Bond Fund, Class I | 56 |
| 3014 | Metropolitan West Total Return Bond Fund, Class I | 27428 |
| 3403 | Neuberger Berman Strategic Income Fund, Class I | 34171 |
| 7520 | Nuveen Bond Index Fund, Institutional Class | 72943 |
| 2346 | Nuveen California Municipal Bond Fund, Class I | 23223 |
| 5721 | Nuveen High Yield Municipal Bond Fund, Class I | 80717 |
| 2491 | Nuveen Preferred Securities and Income Fund, Class I | 39534 |
| 3882 | Nuveen Short Duration High Yield Municipal Bond, Class I | 36258 |
| 988 | Nuveen Strategic Income Fund, Class I | 9733 |
| 750 | PIMCO Diversified Income Fund, Institutional Class | 7385 |
| 25 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 207 |
| 1470 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 14234 |
| 1358 | PIMCO Real Return Fund, Institutional Class | 14033 |
| 4794 | PIMCO Total Return Fund, Institutional Class | 41899 |
| 1636735 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 14992491 |
| 10104 | TCW Emerging Markets Income Fund, Class I | 68507 |
| 1675131 | Thornburg Strategic Income Fund, Class I | 19196997 |
| 1417221 | Voya Securitized Credit Fund, Class I | 13619494 |
|  |  | 60568906 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 25.4% (Continued)** |  |
|  | **MIXED ALLOCATION - 0.0%<sup>(d)</sup>** |  |
| 1713 | Nuveen Real Asset Income Fund, Class I | $38536 |
|  | **TOTAL OPEN END FUNDS (Cost $90,672,819)** | 93373014 |
|  | **SHORT-TERM INVESTMENTS — 41.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.7%** |  |
| 6268858 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(e)</sup> **(Cost $6,268,858)** | 6268858 |
|  | **MONEY MARKET FUND - 39.6%** |  |
| 145457557 | First American Government Obligations Fund, Class X, 3.58%<sup>(e)</sup> **(Cost $145,457,557)** | 145457557 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $151,726,415)** | 151726415 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $363,752,782)** | $373183387 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | (5875357) |
|  | **NET ASSETS - 100.0%** | $367308030 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $6,154,493, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $6,268,858 at March 31, 2026.

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

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

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(f)</sup> Less than one share.

<sup>(g)</sup> Less than $1 USD.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 41.6%** |  |
|  | **FIXED INCOME - 41.6%** |  |
| 98100 | Franklin Dynamic Municipal Bond ETF<sup>(a)</sup> | $2431899 |
| 5894700 | Invesco Senior Loan ETF<sup>(a)</sup> | 120310827 |
| 362200 | iShares 20+ Year Treasury Bond ETF | 31399118 |
| 420200 | iShares Convertible Bond ETF<sup>(a)</sup> | 42772158 |
| 401300 | iShares MBS ETF | 38103435 |
| 98800 | iShares TIPS Bond ETF | 10903568 |
| 435100 | Janus Henderson AAA CLO ETF<sup>(a)</sup> | 21915987 |
| 236000 | Janus Henderson B-BBB CLO ETF | 10998780 |
| 351700 | JPMorgan Active Bond ETF | 18910909 |
| 597185 | JPMorgan Mortgage-Backed Securities ETF<sup>(a)</sup> | 30456435 |
| 204100 | PIMCO Active Bond ETF | 18834348 |
| 1084900 | State Street SPDR Blackstone Senior Loan ETF<sup>(a)</sup> | 43547886 |
| 395600 | Vanguard Long-Term Bond ETF | 27209368 |
| 481100 | Vanguard Total Bond Market ETF | 35428204 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $455,065,427)** | 453222922 |
|  | **OPEN END FUNDS — 28.2%** |  |
|  | **ALTERNATIVE - 5.1%** |  |
| 1437173 | BlackRock Global Equity Market Neutral Fund, Institutional Class | 21859398 |
| 2755478 | Metropolitan West Unconstrained Bond Fund, Class I | 28601862 |
| 574360 | Victory Market Neutral Income Fund, Class I | 5278372 |
|  |  | 55739632 |
|  | **EQUITY - 1.8%** |  |
| 832639 | Tortoise Energy Infrastructure Total Return Fund, Institutional Class | 19283929 |
|  | **FIXED INCOME - 21.3%** |  |
| 10222 | Allspring Municipal Bond Fund, Institutional Class | 98539 |
| 6105 | American Century High Income Fund, Class I | 52504 |
| 3455202 | Angel Oak Multi-Strategy Income Fund, Institutional Class | 30129361 |
| 2030 | Aristotle Floating Rate Income Fund, Class I | 18692 |
| 2851 | BlackRock Floating Rate Income Fund, Institutional Class | 26629 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 28.2% (Continued)** |  |
|  | **FIXED INCOME - 21.3% (Continued)** |  |
| 8464 | BlackRock High Yield Fund, Institutional Class | $59841 |
| 19783 | BlackRock National Municipal Fund, Institutional Class | 195855 |
| 3047 | BlackRock New York Municipal Opportunities Fund, Institutional Class | 31627 |
| 7974 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 76708 |
| 8462 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 87072 |
| 8401 | Credit Suisse Floating Rate High Income Fund, Institutional Class | 50409 |
| 721 | Fidelity Capital & Income Fund, Class I | 7819 |
| 4291114 | FPA New Income Fund, Institutional Class | 42868233 |
| 3968681 | Holbrook Income Fund, Class I | 38694636 |
| 4254 | JPMorgan Emerging Markets Debt Fund, Class I | 27436 |
| 6923286 | JPMorgan Income Fund, Class I | 58917167 |
| 300 | Leader Capital High Quality Income Fund, Institutional Class | 3295 |
| 12244 | Metropolitan West Total Return Bond Fund, Class I | 111418 |
| 908 | Neuberger Berman Floating Rate Income Fund, Class I | 8325 |
| 10612 | Neuberger Berman Strategic Income Fund, Class I | 106547 |
| 24026 | Nuveen Bond Index Fund, Institutional Class | 233053 |
| 20805 | Nuveen High Yield Municipal Bond Fund, Class I | 293555 |
| 1997 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | 17610 |
| 2418 | Nuveen Preferred Securities and Income Fund, Class I | 38378 |
| 10953 | Nuveen Short Duration High Yield Municipal Bond, Class I | 102297 |
| 35 | Nuveen Strategic Income Fund, Class I | 348 |
| 11323 | PIMCO Diversified Income Fund, Institutional Class | 111529 |
| 17008 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 141504 |
| 2059 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 19935 |
| 517 | PIMCO International Bond Fund Unhedged, Institutional Class | 3899 |
| 798 | PIMCO Low Duration Income Fund, Institutional Class | 6541 |
| 4140 | PIMCO Real Return Fund, Institutional Class | 42765 |
| 10938 | PIMCO Total Return Fund, Institutional Class | 95595 |
| 4853586 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 44458843 |
| 1375664 | Thompson Bond Fund, Institutional Class | 14540770 |
| 1303 | Thornburg Strategic Income Fund, Class I | 14935 |
|  |  | 231693670 |
|  | **TOTAL OPEN END FUNDS (Cost $300,953,410)** | 306717231 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 42.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 12.2%** |  |
| 133458272 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $133,458,272)** | $133458272 |
|  | **MONEY MARKET FUND – 30.2%** |  |
| 328507528 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> **(Cost $328,507,528)** | 328507528 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $461,965,800)** | 461965800 |
|  | **TOTAL INVESTMENTS - 112.2% (Cost $1,217,984,637)** | $1221905953 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.2)%** | (133081680) |
|  | **NET ASSETS - 100.0%** | $1088824273 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $131,750,352, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $133,458,272 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 7.0%** |  |
|  | **FIXED INCOME - 7.0%** |  |
| 116300 | First Trust Municipal High Income ETF<sup>(a)</sup> | $5528902 |
| 178400 | Franklin Dynamic Municipal Bond ETF | 4422536 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,850,873)** | 9951438 |
|  | **OPEN END FUNDS — 76.9%** |  |
|  | **FIXED INCOME - 76.9%** |  |
| 800 | Allspring California Tax-Free Fund, Institutional Class | 8284 |
| 3244554 | Allspring Municipal Bond Fund, Institutional Class | 31277500 |
| 2123 | American Century High-Yield Municipal Fund, Class I | 18344 |
| 728807 | American High-Income Municipal Bond Fund, Class I | 11077864 |
| 9369 | BlackRock National Municipal Fund, Institutional Class | 92756 |
| 3841 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 39521 |
| 3924 | City National Rochdale Municipal High Income Fund, Service Class | 36104 |
| 5469 | First Eagle Funds - First Eagle High Income Fund, Class I | 43368 |
| 4629 | Northern Intermediate Tax-Exempt Fund, Class I | 45455 |
| 1173 | Nuveen California High Yield Municipal Bond Fund, Class I | 9068 |
| 2330 | Nuveen California Municipal Bond Fund, Class I | 23070 |
| 1807361 | Nuveen High Yield Municipal Bond Fund, Class I | 25501869 |
| 881 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | 7772 |
| 835 | Nuveen Limited Term Municipal Bond Fund, Class I | 9098 |
| 719791 | Nuveen Short Duration High Yield Municipal Bond, Class I | 6722851 |
| 2751091 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 22889077 |
| 1020 | Putnam Strategic Intermediate Municipal Fund, Class Y | 14330 |
| 1186105 | Russell Tax Exempt High Yield Bond Fund, Class S | 11374745 |
|  | **TOTAL OPEN END FUNDS (Cost $108,787,807)** | 109191076 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 16.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.0%<sup>(d)</sup>** |  |
| 53350 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $53,350)** | $53350 |
|  | **MONEY MARKET FUNDS - 16.3%** |  |
| 8907 | BlackRock Liquidity Funds MuniCash, Institutional Class, 2.15%<sup>(c) (e)</sup> | 8908 |
| 23112133 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> | 23112133 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $23,121,041)** | 23121041 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $23,174,391)** | 23174391 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $141,813,071)** | $142316905 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (348320) |
|  | **NET ASSETS - 100.0%** | $141968585 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $52,294, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $53,350 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(d)</sup> Rounds to less than 0.1%.

<sup>(e)</sup> Floating Net Asset Value.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 58.2%** |  |
|  | **FIXED INCOME - 58.2%** |  |
| 131600 | BNY Mellon High Yield ETF | $6239156 |
| 516000 | iShares 0-5 Year High Yield Corporate Bond ETF | 21831960 |
| 7029200 | iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | 258955729 |
| 2671400 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 212536584 |
| 265700 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 12177031 |
| 128300 | PGIM Active High Yield Bond ETF | 4443029 |
| 654600 | State Street SPDR Bloomberg Short Term High Yield Bond ETF | 16351908 |
| 3748100 | State Street SPDR Portfolio High Yield Bond ETF | 87405692 |
| 1906100 | State Street SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> | 182451892 |
| 1155500 | Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | 41782880 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $846,057,913)** | 844175861 |
|  | **OPEN END FUNDS — 41.6%** |  |
|  | **FIXED INCOME - 41.6%** |  |
| 3386 | Allspring Short-Term High Income Fund, Institutional Class | 26448 |
| 1156145 | American Beacon SiM High Yield Opportunities Fund, Class Y | 10856198 |
| 1884247 | American Century High Income Fund, Class I | 16204524 |
| 64845781 | BlackRock High Yield Fund, Institutional Class | 458459676 |
| 4086719 | Eaton Vance Income Fund of Boston, Institutional Class | 21169203 |
| 19576 | Fidelity Capital & Income Fund, Class I | 212205 |
| 53040 | Fidelity High Income Fund, Class I | 424848 |
| 1888787 | MassMutual High Yield Fund, Class I | 15148071 |
| 13 | Metropolitan West High Yield Bond Fund, Class I | 121 |
| 0 <sup>(d)</sup> | Neuberger Berman High Income Bond Fund, Institutional Class | 1 |
| 4603 | Nuveen High Yield Fund, Institutional Class | 40368 |
| 3276292 | Osterweis Strategic Income Fund, Class I | 36202589 |
| 9146479 | PGIM High Yield Fund, Class Z | 43628705 |
| 25353 | PGIM Short Duration High Yield, Class Z | 210939 |
| 0 <sup>(d)</sup> | PIMCO High Yield Fund, Institutional Class | 1 |
| 4807 | Principal High Yield Fund, Institutional Class | 31584 |
|  | **TOTAL OPEN END FUNDS (Cost $607,055,604)** | 602615481 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 33.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 33.3%** |  |
| 482086660 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $482,086,660)** | $482086660 |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 5116252 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> **(Cost $5,116,252)** | 5116252 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $487,202,912)** | 487202912 |
|  | **TOTAL INVESTMENTS - 133.4% (Cost $1,940,316,429)** | $1933994254 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.4)%** | (484261316) |
|  | **NET ASSETS - 100.0%** | $1449732938 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $476,624,669, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $482,086,660 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(d)</sup> Less than one share.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 52.5%** |  |
|  | **EQUITY - 35.1%** |  |
| 26400 | First Trust Utilities AlphaDEX Fund | $1309176 |
| 12400 | Invesco S&P 500 Equal Weight Energy ETF | 1357428 |
| 89000 | iShares International Select Dividend ETF | 3787840 |
| 76700 | iShares MSCI Canada ETF<sup>(a)</sup> | 4202393 |
| 29500 | iShares MSCI EAFE Min Vol Factor ETF<sup>(a)</sup> | 2695415 |
| 82700 | Pacer Global Cash Cows Dividend ETF<sup>(a)</sup> | 3824048 |
| 784100 | State Street SPDR Portfolio S&P 500 ETF | 60015013 |
| 16600 | Vanguard Small-Cap Growth ETF | 5017350 |
| 38500 | Vanguard Value ETF | 7553700 |
| 16900 | WisdomTree Japan Hedged Equity Fund | 2680002 |
|  |  | 92442365 |
|  | **FIXED INCOME - 17.4%** |  |
| 442700 | Invesco Senior Loan ETF | 9035507 |
| 50100 | iShares 20+ Year Treasury Bond ETF | 4343169 |
| 36600 | iShares CMBS ETF | 1783518 |
| 54600 | iShares Floating Rate Bond ETF | 2781870 |
| 52700 | Janus Henderson AAA CLO ETF<sup>(a)</sup> | 2654499 |
| 159142 | JPMorgan Mortgage-Backed Securities ETF<sup>(a)</sup> | 8116242 |
| 91900 | State Street SPDR Blackstone Senior Loan ETF<sup>(a)</sup> | 3688866 |
| 38900 | Vanguard Long-Term Bond ETF<sup>(a)</sup> | 2675542 |
| 146500 | Vanguard Total Bond Market ETF | 10788260 |
|  |  | 45867473 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $130,210,661)** | 138309838 |
|  | **OPEN END FUNDS — 23.3%** |  |
|  | **ALTERNATIVE - 1.2%** |  |
| 373377 | DoubleLine Flexible Income Fund, Class I | 3240916 |
| 1 | JPMorgan Hedged Equity Fund, Class I | 35 |
|  |  | 3240951 |
|  | **EQUITY - 4.1%** |  |
| 1 | Kopernik Global All-Cap Fund, Class I | 17 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 23.3% (Continued)** |  |
|  | **EQUITY - 4.1% (Continued)** |  |
| 296172 | Thornburg Investment Income Builder Fund, Class I | $10718467 |
|  |  | 10718484 |
|  | **FIXED INCOME - 18.0%** |  |
| 550 | Allspring California Tax-Free Fund, Institutional Class | 5691 |
| 1871 | Ashmore Emerging Markets Total Return Fund, Institutional Class | 9618 |
| 602 | BlackRock Floating Rate Income Fund, Institutional Class | 5619 |
| 546484 | BlackRock High Yield Fund, Institutional Class | 3863638 |
| 1187 | BlackRock National Municipal Fund, Institutional Class | 11755 |
| 852 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 8199 |
| 375 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 3857 |
| 607876 | CrossingBridge Low Duration High Income Fund, Institutional Class | 5825579 |
| 359399 | DoubleLine Low Duration Emerging Markets Fixed, Class I | 3464603 |
| 850026 | JPMorgan Income Fund, Class I | 7233721 |
| 1386 | Metropolitan West Total Return Bond Fund, Class I | 12617 |
| 1241 | Neuberger Berman Strategic Income Fund, Class I | 12461 |
| 118754 | North Square Preferred And Income Securities Fund, Class I | 2485477 |
| 2622 | Nuveen Bond Index Fund, Institutional Class | 25429 |
| 152240 | Nuveen Floating Rate Income Fund, Class I | 2685514 |
| 1986 | Nuveen High Yield Municipal Bond Fund, Class I | 28027 |
| 1437 | Nuveen Preferred Securities and Income Fund, Class I | 22807 |
| 487 | Nuveen Short Duration High Yield Municipal Bond, Class I | 4550 |
| 766 | Nuveen Strategic Income Fund, Class I | 7543 |
| 688 | PIMCO Diversified Income Fund, Institutional Class | 6773 |
| 3 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | 19 |
| 716 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6935 |
| 293 | PIMCO Low Duration Income Fund, Institutional Class | 2400 |
| 457 | PIMCO Real Return Fund, Institutional Class | 4724 |
| 993 | PIMCO Total Return Fund, Institutional Class | 8678 |
| 618235 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 5663034 |
| 352500 | RiverPark Strategic Income Fund, Institutional Class | 2982591 |
| 3418 | TCW Emerging Markets Income Fund, Class I | 23173 |
| 1149168 | Thornburg Strategic Income Fund, Class I | 13169471 |
|  |  | 47584503 |
|  | **TOTAL OPEN END FUNDS (Cost $60,409,721)** | 61543938 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 28.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.2%** |  |
| 11121986 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $11,121,986)** | $11121986 |
|  | **MONEY MARKET FUND - 24.2%** |  |
| 63879140 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> **(Cost $63,879,140)** | 63879140 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $75,001,126)** | 75001126 |
|  | **TOTAL INVESTMENTS - 104.2% (Cost $265,621,508)** | $274854902 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%** | (11123714) |
|  | **NET ASSETS - 100.0%** | $263731188 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $10,962,232, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $11,121,986 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 43.6%** |  |
|  | **EQUITY - 20.0%** |  |
| 8400 | Avantis U.S. Small Cap Value ETF | $927948 |
| 9500 | First Trust Utilities AlphaDEX Fund | 471105 |
| 4500 | Invesco S&P 500 Equal Weight Energy ETF | 492615 |
| 38100 | iShares International Select Dividend ETF | 1621536 |
| 25800 | iShares MSCI Canada ETF | 1413582 |
| 13300 | iShares MSCI EAFE Min Vol Factor ETF | 1215221 |
| 35400 | Pacer Global Cash Cows Dividend ETF | 1636896 |
| 251800 | State Street SPDR Portfolio S&P 500 ETF | 19272772 |
| 5700 | Vanguard Small-Cap Growth ETF | 1722825 |
| 11800 | Vanguard Value ETF | 2315160 |
| 6500 | WisdomTree Japan Hedged Equity Fund | 1030770 |
|  |  | 32120430 |
|  | **FIXED INCOME - 23.6%** |  |
| 48200 | Franklin Dynamic Municipal Bond ETF | 1194878 |
| 339900 | Invesco Senior Loan ETF | 6937359 |
| 41400 | iShares 20+ Year Treasury Bond ETF | 3588966 |
| 20586 | iShares CMBS ETF | 1003156 |
| 33700 | iShares Floating Rate Bond ETF | 1717015 |
| 63600 | Janus Henderson AAA CLO ETF<sup>(a)</sup> | 3203532 |
| 125103 | JPMorgan Mortgage-Backed Securities ETF | 6380253 |
| 79400 | State Street SPDR Blackstone Senior Loan ETF<sup>(a)</sup> | 3187116 |
| 8100 | Vanguard Long-Term Bond ETF | 557118 |
| 136800 | Vanguard Total Bond Market ETF | 10073952 |
|  |  | 37843345 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $67,232,880)** | 69963775 |
|  | **OPEN END FUNDS — 22.4%** |  |
|  | **ALTERNATIVE - 0.5%** |  |
| 87167 | DoubleLine Flexible Income Fund, Class I | 756611 |
|  | **EQUITY - 3.1%** |  |
| 1 | Kopernik Global All-Cap Fund, Class I | 17 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 22.4% (Continued)** |  |
|  | **EQUITY - 3.1% (Continued)** |  |
| 140324 | Thornburg Investment Income Builder Fund, Class I | $5078307 |
|  |  | 5078324 |
|  | **FIXED INCOME - 18.8%** |  |
| 119 | American Century High Income Fund, Class I | 1024 |
| 728 | Ashmore Emerging Markets Corporate Income Fund, Institutional Class | 4068 |
| 548 | Ashmore Emerging Markets Total Return Fund, Institutional Class | 2816 |
| 309179 | BlackRock High Yield Fund, Institutional Class | 2185898 |
| 133 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 1276 |
| 176 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 1810 |
| 74183 | CrossingBridge Low Duration High Income Fund, Institutional Class | 710935 |
| 56968 | DoubleLine Low Duration Emerging Markets Fixed, Class I | 549171 |
| 582 | First Eagle Funds - First Eagle High Income Fund, Class I | 4613 |
| 256765 | Holbrook Structured Income Fund, Class I | 2500888 |
| 672919 | JPMorgan Income Fund, Class I | 5726545 |
| 201 | Metropolitan West Total Return Bond Fund, Class I | 1829 |
| 323 | Nuveen Bond Index Fund, Institutional Class | 3135 |
| 127682 | Nuveen Floating Rate Income Fund, Class I | 2252318 |
| 248 | Nuveen High Yield Municipal Bond Fund, Class I | 3503 |
| 125 | Nuveen Preferred Securities and Income Fund, Class I | 1983 |
| 172 | Nuveen Short Duration High Yield Municipal Bond, Class I | 1608 |
| 192 | Nuveen Strategic Income Fund, Class I | 1889 |
| 842 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 8146 |
| 679 | PIMCO International Bond Fund Unhedged, Institutional Class | 5122 |
| 170 | PIMCO Total Return Fund, Institutional Class | 1484 |
| 606150 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 5552338 |
| 118177 | RiverPark Strategic Income Fund, Institutional Class | 999926 |
| 155 | TCW Emerging Markets Income Fund, Class I | 1050 |
| 1 | TCW Emerging Markets Local Currency Income Fund, Class I | 9 |
| 1 | TCW Securitized Bond Fund, Class I | 9 |
| 837716 | Thornburg Strategic Income Fund, Class I | 9600228 |
|  |  | 30123621 |
|  | **TOTAL OPEN END FUNDS (Cost $35,814,151)** | 35958556 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 37.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.0%** |  |
| 6461582 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $6,461,582)** | $6461582 |
|  | **MONEY MARKET FUND - 33.8%** |  |
| 54171123 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> **(Cost $54,171,123)** | 54171123 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $60,632,705)** | 60632705 |
|  | **TOTAL INVESTMENTS - 103.8% (Cost $163,679,736)** | $166555036 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.8)%** | (6045630) |
|  | **NET ASSETS - 100.0%** | $160509406 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage Backed Securities |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $6,326,742, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $6,461,582 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 57.7%** |  |
|  | **EQUITY - 43.9%** |  |
| 13500 | Avantis U.S. Small Cap Value ETF | $1491345 |
| 21300 | Dimensional US Large Cap Value ETF | 760623 |
| 10400 | Dimensional US Small Cap ETF <sup>(a)</sup> | 739752 |
| 10500 | First Trust Utilities AlphaDEX Fund | 520695 |
| 4900 | Invesco S&P 500 Equal Weight Energy ETF | 536403 |
| 36200 | iShares International Select Dividend ETF | 1540672 |
| 39800 | iShares MSCI Canada ETF | 2180642 |
| 12600 | iShares MSCI EAFE Min Vol Factor ETF | 1151262 |
| 3800 | JPMorgan BetaBuilders Canada ETF | 357428 |
| 33600 | Pacer Global Cash Cows Dividend ETF | 1553664 |
| 209700 | State Street SPDR Portfolio S&P 500 ETF | 16050438 |
| 1300 | VanEck Oil Services ETF | 525473 |
| 5100 | Vanguard Small-Cap Growth ETF | 1541475 |
| 14600 | Vanguard Value ETF | 2864520 |
| 8300 | WisdomTree Japan Hedged Equity Fund | 1316214 |
|  |  | 33130606 |
|  | **FIXED INCOME - 13.8%** |  |
| 26500 | Franklin Dynamic Municipal Bond ETF<sup>(a)</sup> | 656935 |
| 134000 | Invesco Senior Loan ETF | 2734940 |
| 5900 | iShares 20+ Year Treasury Bond ETF | 511471 |
| 6100 | iShares CMBS ETF | 297253 |
| 18300 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 1455948 |
| 15100 | Janus Henderson AAA CLO ETF<sup>(a)</sup> | 760587 |
| 19548 | JPMorgan Mortgage-Backed Securities ETF | 996948 |
| 18700 | State Street SPDR Blackstone Senior Loan ETF<sup>(a)</sup> | 750618 |
| 5500 | Vanguard Long-Term Bond ETF | 378290 |
| 25200 | Vanguard Total Bond Market ETF | 1855728 |
|  |  | 10398718 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $40,824,348)** | 43529324 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 11.4%** |  |
|  | **EQUITY - 5.7%** |  |
| 1 | Kopernik Global All-Cap Fund | $17 |
| 119461 | Thornburg Investment Income Builder Fund, Class I | 4323278 |
|  |  | 4323295 |
|  | **FIXED INCOME - 5.7%** |  |
| 58 | American Century High Income Fund, Class I | 497 |
| 36 | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 345 |
| 118882 | JPMorgan Income Fund, Class I | 1011682 |
| 52 | Metropolitan West Total Return Bond Fund, Class I | 478 |
| 25952 | Nuveen Floating Rate Income Fund, Class I | 457800 |
| 35 | Nuveen Preferred Securities and Income Fund, Class I | 561 |
| 44 | PIMCO Total Return Fund, Institutional Class | 385 |
| 95878 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 878243 |
| 14 | TCW Emerging Markets Income Fund, Class I | 93 |
| 169681 | Thornburg Strategic Income Fund, Class I | 1944548 |
|  |  | 4294632 |
|  | **TOTAL OPEN END FUNDS (Cost $8,263,557)** | 8617927 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 35.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.5%** |  |
| 3353821 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)(c)</sup> **(Cost $3,353,821)** | $3353821 |
|  | **MONEY MARKET FUND - 30.7%** |  |
| 23195574 | First American Government Obligations Fund, Class X, 3.58%<sup>(c)</sup> **(Cost $23,195,574)** | 23195574 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $26,549,395)** | 26549395 |
|  | **TOTAL INVESTMENTS - 104.3% (Cost $75,637,300)** | $78696646 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.3)%** | (3250478) |
|  | **NET ASSETS - 100.0%** | $75446168 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $3,298,336, as of March 31, 2026.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $3,353,821 at March 31, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 66.3%** |  |
|  | **EQUITY - 66.3%** |  |
| 3864 | Avantis U.S. Small Cap Value ETF | $426856 |
| 2904 | First Trust Utilities AlphaDEX Fund | 144009 |
| 4005 | Franklin FTSE Mexico ETF | 147054 |
| 3001 | Global X MLP & Energy Infrastructure ETF | 221894 |
| 1414 | Invesco S&P 500 Equal Weight Energy ETF | 154791 |
| 2632 | Invesco S&P SmallCap Information Technology ETF | 158116 |
| 15346 | iShares International Select Dividend ETF | 653126 |
| 10446 | iShares MSCI Canada ETF | 572336 |
| 3251 | iShares MSCI EAFE Min Vol Factor ETF | 297044 |
| 2235 | JPMorgan BetaBuilders Canada ETF | 210224 |
| 9781 | Pacer Global Cash Cows Dividend ETF | 452273 |
| 56653 | State Street SPDR Portfolio S&P 500 ETF | 4336220 |
| 818 | VanEck Oil Services ETF | 330644 |
| 1005 | Vanguard Small-Cap Growth ETF | 303761 |
| 3413 | Vanguard Value ETF | 669631 |
| 3536 | WisdomTree Japan Hedged Equity Fund | 560739 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $8,889,787)** | 9638718 |
|  | **OPEN END FUNDS — 1.8%** |  |
|  | **EQUITY - 1.8%** |  |
| 4847 | FullerThaler Behavioral Small-Cap Growth Fund, Institutional Class<sup>(a)</sup> | 265782 |
| 1 | Kopernik Global All-Cap Fund, Class I | 17 |
|  | **TOTAL OPEN END FUNDS (Cost $273,991)** | 265799 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 31.6%** |  |
|  | **MONEY MARKET FUND - 31.6%** |  |
| 4583930 | First American Government Obligations Fund, Class X, 3.58% **(Cost $4,583,930)**<sup>(b)</sup> | $4583930 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $13,747,708)** | $14488447 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 40146 |
|  | **NET ASSETS - 100.0%** | $14528593 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park**<br>**Tactical All**<br>**Asset Fund** | **Ocean Park**<br>**Tactical Core**<br>**Income Fund** | **Ocean Park**<br>**Tactical**<br>**Municipal Fund** |<br>**Ocean Park**<br>**Tactical Bond Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $363752782 | $1217984637 | $141813071 | $1940316429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $6,154,493, $131,750,352, $52,294, $476,624,669) | $373183387 | $1221905953 | $142316905 | $1933994254 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 587222 | 1047010 | 87727 | 1159472 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 625183 | 1885145 | 82890 | 426987 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 31146 | 15331 | 51492 | 46009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 374426938 | 1224853439 | 142539014 | 1935626722 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 6268858 | 133458272 | 53350 | 482086660 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 306536 | 1506793 | 328401 | 2005497 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 396445 | 690371 | 81886 | 1320716 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 23028 | 97597 | 2053 | 20625 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 63015 | 94071 | 59361 | 147073 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 61026 | 182062 | 45378 | 313213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 7118908 | 136029166 | 570429 | 485893784 |
| **NET ASSETS** | $**367308030** | $**1088824273** | $**141968585** | $**1449732938** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $404042703 | $1255552754 | $165644911 | $1637042589 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (36734673) | (166728481) | (23676326) | (187309651) |
| **NET ASSETS** | $**367308030** | $**1088824273** | $**141968585** | $**1449732938** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park**<br>**Tactical All**<br>**Asset Fund** | **Ocean Park**<br>**Tactical Core**<br>**Income Fund** | **Ocean Park**<br>**Tactical**<br>**Municipal Fund** |<br>**Ocean Park**<br>**Tactical Bond Fund** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**13407979** | $**22215605** | $**3699756** | $**7646306** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **600886** | **1143728** | **153492** | **312187** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**22.31** (b) | $**19.42** | $**24.10** | $**24.49** (b) |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**23.18** (b) | $**20.18** | $**25.04** | $**25.45** (b) |
| Class C: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**21366268** | $**70133838** | $**1636046** | $**17530932** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **952543** | **3632077** | **68685** | **722886** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.43** (b) | $**19.31** (b) | $**23.82** | $**24.25** (b) |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**3848838** | $**16026372** | $**312705** | $**10323064** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **172782** | **823297** | **12975** | **421812** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.28** (b) | $**19.47** (b) | $**24.10** | $**24.47** |
| Instl Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**325578035** | $**980448458** | $**136219268** | $**1414232636** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **14733799** | **50741225** | **5679277** | **57611891** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.10** (b) | $**19.32** | $**23.99** (b) | $**24.55** (b) |
| Special Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  | $**100810** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  |  | **4178** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share |  |  | $**24.13** |  |
| Class A1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1840165** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **81492** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**22.58** (b) |  |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**23.46** |  |  |  |
| Class I1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1266745** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **56371** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.47** (b) |  |  |  |

---

(a) On investments of $1 million or more,
 the maximum sales charge will not apply. Instead, the investment may be subject to a 1.00% contingent deferred sales charge on redemptions
 within 18 months of purchase.

(b) The net asset value ("NAV")
 and offering price shown above differs from the traded NAV on March 31, 2026 due to financial statement rounding and/or financial statement
 adjustments.

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 50 Fund** | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 30 Fund** | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 70 Fund** | **Ocean Park**<br>**Tactical Core**<br>**Growth Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $265621508 | $163679736 | $75637300 | $13747708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $10,962,232, $6,326,742, $3,298,336, $0) | $274854902 | $166555036 | $78696646 | $14488447 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 140840 | 312575 | 88179 | 17831 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 344482 | 263507 | 95057 | 7876 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor |  |  |  | 14355 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 50229 | 62810 | 66363 | 17102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 275390453 | 167193928 | 78946245 | 14545611 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 11121986 | 6461582 | 3353821 |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 214752 | 71354 | 75889 | 8471 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 246684 | 142336 | 61070 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 8776 | 5946 | 2629 | 3811 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 2147 | 65 | 16 | 27 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 64920 | 3239 | 6652 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 11659265 | 6684522 | 3500077 | 17018 |
| **NET ASSETS** | $**263731188** | $**160509406** | $**75446168** | $**14528593** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $260316955 | $159532978 | $71908959 | $13695079 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 3414233 | 976428 | 3537209 | 833514 |
| **NET ASSETS** | $**263731188** | $**160509406** | $**75446168** | $**14528593** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 50 Fund** | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 30 Fund** | **Ocean Park**<br>**Tactical Risk**<br>**Spectrum 70 Fund** | **Ocean Park**<br>**Tactical Core**<br>**Growth Fund** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2553498** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **105594** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**24.18** (b) |  |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**25.11** (b) |  |  |  |
| Class C: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1421566** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **59160** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.03** (b) |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1262067** | $**204157** | $**45772** | $**77116** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **52105** | **7751** | **1618** | **2590** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.22** (b) | $**26.34** (b) | $**28.29** (b) | $**29.77** |
| Instl Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**258494057** | $**160305249** | $**75400396** | $**14451477** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10684657** | **6079492** | **2659072** | **482871** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.19** (b) | $**26.37** (b) | $**28.36** (b) | $**29.93** |

---

(a) On investments of $1 million or more,
 the maximum sales charge will not apply. Instead, the investment may be subject to a 1.00% contingent deferred sales charge on redemptions
 within 18 months of purchase.

(b) The net asset value ("NAV")
 and offering price shown above differs from the traded NAV on March 31, 2026 due to financial statement rounding and/or financial statement
 adjustments.

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park Tactical**<br>**All Asset Fund** | **Ocean Park Tactical**<br>**Core Income Fund** | **Ocean Park Tactical**<br>**Municipal Fund** | **Ocean Park Tactical**<br>**Bond Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $8320763 | $32355248 | $3487833 | $54527638 |
| &nbsp;&nbsp;&nbsp;Interest | 167400 | 482981 | 18249 | 79224 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 167583 | 706139 | 22072 | 569981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 8655746 | 33544368 | 3528154 | 55176843 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2454636 | 4382318 | 589910 | 8500322 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16036 | 46262 | 4874 | 9059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 112160 | 373559 | 8741 | 100845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 5113 | 34524 | 717 | 24757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | 3686 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I1 | 2446 |  |  |  |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fee | 177450 | 521611 | 78653 | 802805 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 109835 | 304562 | 51705 | 414150 |
| &nbsp;&nbsp;&nbsp;Registration fees | 50427 | 69808 | 54849 | 79781 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 33046 | 149613 | 25008 | 118144 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 31650 | 63854 | 28976 | 69684 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 19950 | 59994 | 7992 | 83470 |
| &nbsp;&nbsp;&nbsp;Professional fees | 19534 | 19381 | 19131 | 19113 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 11620 | 33834 | 5773 | 47617 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 9840 | 9840 | 9840 | 9840 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9284 | 17821 | 6967 | 22814 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3495 | 8478 | 2643 | 9972 |
| &nbsp;&nbsp;&nbsp;Interest expense | 565 | 3019 | 2504 | 9179 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3484 | 2994 | 2991 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 3074257 | 6101472 | 901274 | 10324783 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  | (67212) | (61793) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 3074257 | 6034260 | 839481 | 10324783 |
| **NET INVESTMENT INCOME** | 5581489 | 27510108 | 2688673 | 44852060 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 19185519 | 21172435 | 413137 | 11031850 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 856196 | 11185 |  |  |
|  | 20041715 | 21183620 | 413137 | 11031850 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (22571649) | (41025734) | (1461701) | (49911397) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (2529934) | (19842114) | (1048564) | (38879547) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3051555** | $**7667994** | $**1640109** | $**5972513** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF OPERATIONS (Unaudited) (Continued)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ocean Park Tactical**<br>**Risk Spectrum 50**<br>**Fund** | **Ocean Park Tactical**<br>**Risk Spectrum 30**<br>**Fund** | **Ocean Park Tactical**<br>**Risk Spectrum 70**<br>**Fund** |<br>**Ocean Park Tactical**<br>**Core Growth Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $4523556 | $3579196 | $1048081 | $94128 |
| &nbsp;&nbsp;&nbsp;Interest | 632826 | 83670 | 35833 | 8398 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 116972 | 74715 | 37625 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5273354 | 3737581 | 1121539 | 106686 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1470637 | 868259 | 393259 | 49414 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1802 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 7054 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2807 | 372 | 70 | 188 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fee | 126485 | 74545 | 33708 | 5930 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 82739 | 54089 | 31417 | 16092 |
| &nbsp;&nbsp;&nbsp;Registration fees | 34904 | 19945 | 19945 | 27424 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 24098 | 2440 | 2450 | 1471 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 22833 | 15232 | 7281 | 6025 |
| &nbsp;&nbsp;&nbsp;Professional fees | 19113 | 18973 | 19051 | 19490 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 14364 | 8559 | 3847 | 665 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 9840 | 9840 | 9840 | 9840 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 8312 | 6961 | 5950 | 5167 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8102 | 4846 | 3358 | 2920 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2992 | 1496 | 1496 | 1347 |
| &nbsp;&nbsp;&nbsp;Interest expense | 436 | 6 | 173 | 160 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2485 | 2483 | 2488 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1839003 | 1088046 | 534333 | 148604 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  | (4787) | (43350) | (82964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1839003 | 1083259 | 490983 | 65640 |
| **NET INVESTMENT INCOME** | 3434351 | 2654322 | 630556 | 41046 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 11548285 | 3503510 | 2913901 | 740524 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 107731 | 31331 | 44142 | 5915 |
|  | 11656016 | 3534841 | 2958043 | 746439 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (13742584) | (5583269) | (3367014) | (533179) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (2086568) | (2048428) | (408971) | 213260 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1347783** | $**605894** | $**221585** | $**254306** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5581489 | $14883546 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 19185519 | 1781603 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 856196 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (22571649) | (15592415) |
| Net increase in net assets resulting from operations | 3051555 | 1072734 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (173812) | (389430) |
| &nbsp;&nbsp;&nbsp;Class C | (203461) | (524967) |
| &nbsp;&nbsp;&nbsp;Investor Class | (51569) | (149731) |
| &nbsp;&nbsp;&nbsp;Instl Class | (4840363) | (14375658) |
| &nbsp;&nbsp;&nbsp;Class A1 | (22519) | (59349) |
| &nbsp;&nbsp;&nbsp;Class I1 | (15401) | (35091) |
| Net decrease in net assets resulting from distributions to shareholders | (5307125) | (15534226) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1710129 | 550027 |
| &nbsp;&nbsp;&nbsp;Class C | 320730 | 823373 |
| &nbsp;&nbsp;&nbsp;Investor Class | 57052 | 245763 |
| &nbsp;&nbsp;&nbsp;Instl Class | 21430153 | 83511416 |
| &nbsp;&nbsp;&nbsp;Class A1 | 64401 | 66236 |
| &nbsp;&nbsp;&nbsp;Class I1 | 181117 | 4541 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 173098 | 388029 |
| &nbsp;&nbsp;&nbsp;Class C | 192448 | 496971 |
| &nbsp;&nbsp;&nbsp;Investor Class | 51176 | 147848 |
| &nbsp;&nbsp;&nbsp;Instl Class | 4786674 | 14229149 |
| &nbsp;&nbsp;&nbsp;Class A1 | 16048 | 44791 |
| &nbsp;&nbsp;&nbsp;Class I1 | 14776 | 33588 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1039783) | (4409609) |
| &nbsp;&nbsp;&nbsp;Class C | (1710187) | (6503208) |
| &nbsp;&nbsp;&nbsp;Investor Class | (548274) | (3015051) |
| &nbsp;&nbsp;&nbsp;Instl Class | (80190420) | (268408533) |
| &nbsp;&nbsp;&nbsp;Class A1 | (100097) | (989248) |
| &nbsp;&nbsp;&nbsp;Class I1 | (164706) | (334063) |
| Net decrease in net assets resulting from shares of beneficial interest | (54755665) | (183117980) |
| **TOTAL DECREASE IN NET ASSETS** | (57011235) | (197579472) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 424319265 | 621898737 |
| &nbsp;&nbsp;&nbsp;End of Period | $**367308030** | $**424319265** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 73863 | 24982 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7743 | 17609 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (45508) | (197217) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 36098 | (154626) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13969 | 36399 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 8570 | 22467 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (74464) | (290742) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (51925) | (231876) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2505 | 10906 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2291 | 6717 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (24007) | (134959) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (19211) | (117336) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 947382 | 3776900 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 215917 | 651520 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3550780) | (12142546) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2387481) | (7714126) |
| Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2750 | 2950 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 709 | 2009 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4340) | (44446) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (881) | (39487) |
| Class I1 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 7765 | 203 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 656 | 1514 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7072) | (14717) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 1349 | (13000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $27510108 | $64738386 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 21172435 | (11264216) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 11185 | 4511 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (41025734) | (40125099) |
| Net increase in net assets resulting from operations | 7667994 | 13353582 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (497530) | (1200395) |
| &nbsp;&nbsp;&nbsp;Class C | (1397724) | (3384028) |
| &nbsp;&nbsp;&nbsp;Investor Class | (364007) | (1139714) |
| &nbsp;&nbsp;&nbsp;Instl Class | (24789589) | (63973221) |
| Net decrease in net assets resulting from distributions to shareholders | (27048850) | (69697358) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1210363 | 3267217 |
| &nbsp;&nbsp;&nbsp;Class C | 5451117 | 9272917 |
| &nbsp;&nbsp;&nbsp;Investor Class | 930930 | 3799546 |
| &nbsp;&nbsp;&nbsp;Instl Class | 114554072 | 355516720 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 457509 | 1123004 |
| &nbsp;&nbsp;&nbsp;Class C | 1340680 | 3233003 |
| &nbsp;&nbsp;&nbsp;Investor Class | 352972 | 1092426 |
| &nbsp;&nbsp;&nbsp;Instl Class | 24031888 | 61981486 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3233012) | (9626217) |
| &nbsp;&nbsp;&nbsp;Class C | (13418374) | (26891626) |
| &nbsp;&nbsp;&nbsp;Investor Class | (4943426) | (14139518) |
| &nbsp;&nbsp;&nbsp;Instl Class | (278437839) | (589517462) |
| Net decrease in net assets resulting from shares of beneficial interest | (151703120) | (200888504) |
| **TOTAL DECREASE IN NET ASSETS** | (171083976) | (257232280) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1259908249 | 1517140529 |
| &nbsp;&nbsp;&nbsp;End of Period | $**1088824273** | $**1259908249** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 61030 | 165758 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 23153 | 56710 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (163027) | (486149) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (78844) | (263681) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 276995 | 471340 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 68255 | 164205 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (681291) | (1361125) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (336041) | (725580) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 46903 | 190480 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 17825 | 55016 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (248451) | (713764) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (183723) | (468268) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5812363 | 17953711 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1222513 | 3146496 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (14117605) | (29962757) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (7082729) | (8862550) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2688673 | $7662931 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 413137 | (78622) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (1461701) | (18123927) |
| Net increase (decrease) in net assets resulting from operations | 1640109 | (10539618) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (61460) | (150831) |
| &nbsp;&nbsp;&nbsp;Class C | (21181) | (49669) |
| &nbsp;&nbsp;&nbsp;Investor Class | (5468) | (24829) |
| &nbsp;&nbsp;&nbsp;Instl Class | (2569294) | (7614064) |
| &nbsp;&nbsp;&nbsp;Special Shares | (1790) | (5697) |
| Net decrease in net assets resulting from distributions to shareholders | (2659193) | (7845090) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 22838 | 891840 |
| &nbsp;&nbsp;&nbsp;Class C | 234565 | 571360 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 26466 |
| &nbsp;&nbsp;&nbsp;Instl Class | 14974162 | 69586231 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 61460 | 150831 |
| &nbsp;&nbsp;&nbsp;Class C | 20880 | 48974 |
| &nbsp;&nbsp;&nbsp;Investor Class | 5325 | 24551 |
| &nbsp;&nbsp;&nbsp;Instl Class | 2457585 | 7358550 |
| &nbsp;&nbsp;&nbsp;Special Shares | 1790 | 5697 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (467089) | (1610809) |
| &nbsp;&nbsp;&nbsp;Class C | (516581) | (794737) |
| &nbsp;&nbsp;&nbsp;Investor Class | (56287) | (1094948) |
| &nbsp;&nbsp;&nbsp;Instl Class | (52104501) | (171139076) |
| &nbsp;&nbsp;&nbsp;Special Shares | (258) | (111057) |
| Net decrease in net assets resulting from shares of beneficial interest | (35366111) | (96086127) |
| **TOTAL DECREASE IN NET ASSETS** | (36385195) | (114470835) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 178353780 | 292824615 |
| &nbsp;&nbsp;&nbsp;End of Period | $**141968585** | $**178353780** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 937 | 35833 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2520 | 6127 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (19142) | (65680) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (15685) | (23720) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9757 | 23037 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 866 | 2014 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (21355) | (32034) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (10732) | (6983) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 1033 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 218 | 986 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2282) | (43841) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2064) | (41822) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 615715 | 2785129 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 101242 | 298733 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2142138) | (6903409) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1425181) | (3819547) |
| Special Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 73 | 231 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (10) | (4465) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 63 | (4234) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $44852060 | $105950980 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 11031850 | (60777236) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (49911397) | (71188378) |
| Net increase (decrease) in net assets resulting from operations | 5972513 | (26014634) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (189489) | (415772) |
| &nbsp;&nbsp;&nbsp;Class C | (472887) | (1160081) |
| &nbsp;&nbsp;&nbsp;Investor Class | (313856) | (788307) |
| &nbsp;&nbsp;&nbsp;Instl Class | (43148447) | (104267091) |
| Net decrease in net assets resulting from distributions to shareholders | (44124679) | (106631251) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1892889 | 2619924 |
| &nbsp;&nbsp;&nbsp;Class C | 330271 | 9050301 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1028570 | 6379748 |
| &nbsp;&nbsp;&nbsp;Instl Class | 162236037 | 789724603 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 186643 | 410350 |
| &nbsp;&nbsp;&nbsp;Class C | 441125 | 1101843 |
| &nbsp;&nbsp;&nbsp;Investor Class | 299557 | 759376 |
| &nbsp;&nbsp;&nbsp;Instl Class | 42593618 | 102650049 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1708934) | (2242383) |
| &nbsp;&nbsp;&nbsp;Class C | (5899564) | (10893729) |
| &nbsp;&nbsp;&nbsp;Investor Class | (5303782) | (6718488) |
| &nbsp;&nbsp;&nbsp;Instl Class | (520785441) | (860843032) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (324689011) | 31998562 |
| **TOTAL DECREASE IN NET ASSETS** | (362841177) | (100647323) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1812574115 | 1913221438 |
| &nbsp;&nbsp;&nbsp;End of Period | $**1449732938** | $**1812574115** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 75936 | 99049 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7512 | 15984 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (68505) | (87686) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 14943 | 27347 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13333 | 347304 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 17914 | 43218 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (238662) | (428075) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (207415) | (37553) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 41211 | 245322 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 12052 | 29581 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (212646) | (262608) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (159383) | 12295 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6483971 | 30443271 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1709181 | 3988751 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (20809740) | (33741602) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (12616588) | 690420 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3434351 | $9367860 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 11548285 | 6826928 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 107731 | 629386 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (13742584) | (10836945) |
| Net increase in net assets resulting from operations | 1347783 | 5987229 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (19036) | (17860) |
| &nbsp;&nbsp;&nbsp;Class C | (10320) | (26469) |
| &nbsp;&nbsp;&nbsp;Investor Class | (11972) | (53258) |
| &nbsp;&nbsp;&nbsp;Instl Class | (3196624) | (9617885) |
| Net decrease in net assets resulting from distributions to shareholders | (3237952) | (9715472) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1586456 | 1068142 |
| &nbsp;&nbsp;&nbsp;Class C | 199860 | 283767 |
| &nbsp;&nbsp;&nbsp;Investor Class | 131247 | 145099 |
| &nbsp;&nbsp;&nbsp;Instl Class | 17403582 | 59658093 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19036 | 17860 |
| &nbsp;&nbsp;&nbsp;Class C | 10320 | 26469 |
| &nbsp;&nbsp;&nbsp;Investor Class | 11971 | 53258 |
| &nbsp;&nbsp;&nbsp;Instl Class | 3155288 | 9512751 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (144883) | (230423) |
| &nbsp;&nbsp;&nbsp;Class C | (54078) | (105391) |
| &nbsp;&nbsp;&nbsp;Investor Class | (592446) | (983795) |
| &nbsp;&nbsp;&nbsp;Instl Class | (52031565) | (125760605) |
| Net decrease in net assets resulting from shares of beneficial interest | (30305212) | (56314775) |
| **TOTAL DECREASE IN NET ASSETS** | (32195381) | (60043018) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 295926569 | 355969587 |
| &nbsp;&nbsp;&nbsp;End of Period | $**263731188** | $**295926569** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 63459 | 46520 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 783 | 750 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5838) | (9589) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 58404 | 37681 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8158 | 11695 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 424 | 1119 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2188) | (4395) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 6394 | 8419 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5314 | 6049 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 489 | 2235 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (23966) | (40909) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (18163) | (32625) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 703305 | 2489261 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 129001 | 399427 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2104702) | (5265146) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1272396) | (2376458) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2654322 | $4270275 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 3503510 | (5372462) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 31331 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (5583269) | 5629839 |
| Net increase in net assets resulting from operations | 605894 | 4527652 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2685) | (2565) |
| &nbsp;&nbsp;&nbsp;Instl Class | (2567596) | (4394040) |
| Net decrease in net assets resulting from distributions to shareholders | (2570281) | (4396605) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 37969 | 183956 |
| &nbsp;&nbsp;&nbsp;Instl Class | 14605667 | 168617877 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2685 | 2565 |
| &nbsp;&nbsp;&nbsp;Instl Class | 2524964 | 4325075 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (18073) | (56844) |
| &nbsp;&nbsp;&nbsp;Instl Class | (24448705) | (40758122) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (7295493) | 132314507 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (9259880) | 132445554 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 169769286 | 37323732 |
| &nbsp;&nbsp;&nbsp;End of Period | $**160509406** | $**169769286** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1422 | 7014 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 101 | 97 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (674) | (2129) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 849 | 4982 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 541889 | 6355432 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 94798 | 164583 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (906476) | (1555222) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (269789) | 4964793 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $630556 | $1429408 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 2913901 | (2161492) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 44142 | 29434 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (3367014) | 2633135 |
| Net increase in net assets resulting from operations | 221585 | 1930485 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (194) | (893) |
| &nbsp;&nbsp;&nbsp;Instl Class | (581892) | (1651039) |
| Net decrease in net assets resulting from distributions to shareholders | (582086) | (1651932) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 20001 | 35123 |
| &nbsp;&nbsp;&nbsp;Instl Class | 13715697 | 42149446 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 157 | 579 |
| &nbsp;&nbsp;&nbsp;Instl Class | 560271 | 1571967 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (62) | (35666) |
| &nbsp;&nbsp;&nbsp;Instl Class | (10055613) | (20450881) |
| Net increase in net assets resulting from shares of beneficial interest | 4240451 | 23270568 |
| **TOTAL INCREASE IN NET ASSETS** | 3879950 | 23549121 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 71566218 | 48017097 |
| &nbsp;&nbsp;&nbsp;End of Period | $**75446168** | $**71566218** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 683 | 1237 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6 | 21 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2) | (1258) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 687 |  |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 472101 | 1522257 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 19602 | 57196 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (346418) | (746191) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 145285 | 833262 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE GROWTH FUND*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $41046 | $138340 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 740524 | (652375) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 5915 | 8518 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (533179) | 907932 |
| Net increase in net assets resulting from operations | 254306 | 402415 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (104) | (3416) |
| &nbsp;&nbsp;&nbsp;Instl Class | (41608) | (184978) |
| Net decrease in net assets resulting from distributions to shareholders | (41712) | (188394) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 11603 | 3801 |
| &nbsp;&nbsp;&nbsp;Instl Class | 5143431 | 9491821 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 103 | 3415 |
| &nbsp;&nbsp;&nbsp;Instl Class | 41608 | 184710 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (95826) | (26281) |
| &nbsp;&nbsp;&nbsp;Instl Class | (2610094) | (2009080) |
| Net increase in net assets resulting from shares of beneficial interest | 2490825 | 7648386 |
| **TOTAL INCREASE IN NET ASSETS** | 2703419 | 7862407 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 11825174 | 3962767 |
| &nbsp;&nbsp;&nbsp;End of Period | $**14528593** | $**11825174** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 380 | 139 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3 | 123 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3248) | (964) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2865) | (702) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 169877 | 334542 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1382 | 6642 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (86676) | (72877) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 84583 | 268307 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.50 | $22.98 | $20.99 | $21.64 | $23.90 | $23.28 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.60 | 0.68 | 0.61 | 0.16 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.19) | (0.42) | 2.00 | (0.65 | (2.16) | 0.62 |
| Total from investment operations | 0.11 | 0.18 | 2.68 | (0.04 | (2.00) | 1.26 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.66) | (0.69) | (0.61) | (0.16) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.30) | (0.66) | (0.69) | (0.61 | (0.26) | (0.64) |
| Net asset value, end of period | $22.31 | $22.50 | $22.98 | $20.99 | $21.64 | $23.90 |
| Total return (2) | 0.48% (7)(10) | 0.86% (7) | 12.89% (7) | (0.23 | (8.45)% | 5.46% |
| Net assets, at end of period (000s) | $13408 | $12706 | $16529 | $18737 | $22613 | $28943 |
| Ratio of gross expenses to average net assets (3)(4) | 1.75% (9) | 1.75% (8) | 1.72% | 1.70 | 1.70% | 1.69% |
| Ratio of net expenses to average net assets (4) | 1.75% (9) | 1.75% (8) | 1.72% | 1.70 | 1.70% | 1.69% |
| Ratio of net investment income to average net assets (4)(5) | 2.68% (9) | 2.68% | 3.06% | 2.77 | 0.70% | 2.66% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 exclude the effect of applicable sales charges, and assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.61 | $23.09 | $21.09 | $21.74 | $24.07 | $23.44 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.22 | 0.43 | 0.51 | 0.43 | (0.01) | 0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.19) | (0.43) | 2.01 | (0.64 | (2.16) | 0.62 |
| Total from investment operations | 0.03 |  | 2.52 | (0.21 | (2.17) | 1.09 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.48) | (0.52) | (0.44) | (0.07) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.01) |  |
| Total distributions | (0.21) | (0.48) | (0.52) | (0.44 | (0.16) | (0.46) |
| Net asset value, end of period | $22.43 | $22.61 | $23.09 | $21.09 | $21.74 | $24.07 |
| Total return (2) | 0.14% (7)(10) | 0.08% (7) | 12.03% (7) | (0.99 | (9.10)% | 4.63% |
| Net assets, at end of period (000s) | $21366 | $22712 | $28541 | $31465 | $38104 | $47185 |
| Ratio of gross expenses to average net assets (3)(4) | 2.50% (9) | 2.50% (8) | 2.47% | 2.45 | 2.45% | 2.44% |
| Ratio of net expenses to average net assets (4) | 2.50% (9) | 2.50% (8) | 2.47% | 2.45 | 2.45% | 2.44% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 1.93% (9) | 1.93% | 2.31% | 2.02 | (0.05)% | 1.92% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.46 | $22.93 | $20.95 | $21.60 | $23.85 | $23.22 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.31 | 0.60 | 0.68 | 0.59 | 0.16 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.19) | (0.42) | 1.99 | (0.64 | (2.15) | 0.63 |
| Total from investment operations | 0.12 | 0.18 | 2.67 | (0.05 | (1.99) | 1.27 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.65) | (0.69) | (0.60) | (0.16) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.30) | (0.65) | (0.69) | (0.60 | (0.26) | (0.64) |
| Net asset value, end of period | $22.28 | $22.46 | $22.93 | $20.95 | $21.60 | $23.85 |
| Total return (2) | 0.52% (7)(10) | 0.89% | 12.85% | (0.23 | (8.43)% | 5.47% |
| Net assets, at end of period (000s) | $3849 | $4312 | $7094 | $7683 | $11267 | $15643 |
| Ratio of gross expenses to average net assets (3)(4) | 1.75% (9) | 1.75% (8) | 1.72% | 1.70 | 1.70% | 1.69% |
| Ratio of net expenses to average net assets (4) | 1.75% (9) | 1.75% (8) | 1.72% | 1.70 | 1.70% | 1.69% |
| Ratio of net investment income to average net assets (4)(5) | 2.67% (9) | 2.71% | 3.08% | 2.74 | 0.69% | 2.68% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.28 | $22.76 | $20.81 | $21.46 | $23.68 | $23.08 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.33 | 0.65 | 0.73 | 0.65 | 0.21 | 0.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.18) | (0.42) | 1.97 | (0.64 | (2.13) | 0.60 |
| Total from investment operations | 0.15 | 0.23 | 2.70 | 0.01 | (1.92) | 1.30 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.71) | (0.75) | (0.66) | (0.18) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.04) |  |
| Total distributions | (0.33) | (0.71) | (0.75) | (0.66 | (0.30) | (0.70) |
| Net asset value, end of period | $22.10 | $22.28 | $22.76 | $20.81 | $21.46 | $23.68 |
| Total return (2) | 0.65% (7)(10) | 1.13% | 13.09% (7) | 0.03 | (8.18)% | 5.64% |
| Net assets, at end of period (000s) | $325578 | $381468 | $565330 | $665473 | $783341 | $765643 |
| Ratio of gross expenses to average net assets (3)(4) | 1.50% (9) | 1.50% (8) | 1.47% | 1.45 | 1.45% | 1.44% |
| Ratio of net expenses to average net assets (4) | 1.50% (9) | 1.50% (8) | 1.47% | 1.45 | 1.45% | 1.44% |
| Ratio of net investment income to average net assets (4)(5) | 2.91% (9) | 2.96% | 3.32% | 3.02 | 0.92% | 2.95% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A1 Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.76 | $23.23 | $21.22 | $21.87 | $24.15 | $23.52 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.57 | 0.65 | 0.56 | 0.13 | 0.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.19) | (0.42) | 2.01 | (0.64 | (2.17) | 0.63 |
| Total from investment operations | 0.10 | 0.15 | 2.66 | (0.08 | (2.04) | 1.23 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.62) | (0.65) | (0.57) | (0.14) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.28) | (0.62) | (0.65) | (0.57 | (0.24) | (0.60) |
| Net asset value, end of period | $22.58 | $22.76 | $23.23 | $21.22 | $21.87 | $24.15 |
| Total return (2) | 0.44% (7)(10) | 0.72% | 12.67% | (0.38 | (8.54)% | 5.25% |
| Net assets, at end of period (000s) | $1840 | $1875 | $2831 | $3139 | $3303 | $3400 |
| Ratio of gross expenses to average net assets (3)(4) | 1.90% (9) | 1.90% (8) | 1.87% | 1.85 | 1.85% | 1.84% |
| Ratio of net expenses to average net assets (4) | 1.90% (9) | 1.90% (8) | 1.87% | 1.85 | 1.85% | 1.84% |
| Ratio of net investment income to average net assets (4)(5) | 2.53% (9) | 2.54% | 2.90% | 2.57 | 0.54% | 2.48% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 exclude the effect of applicable sales charges (Class A1) and assume changes in share price and reinvestment of dividends and capital
 gain distributions, if any.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL ALL ASSET FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I1 Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $22.65 | $23.13 | $21.12 | $21.77 | $24.05 | $23.43 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.56 | 0.70 | 0.57 | 0.13 | 0.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.19) | (0.42) | 1.96 | (0.65 | (2.18) | 0.63 |
| Total from investment operations | 0.10 | 0.14 | 2.66 | (0.08 | (2.05) | 1.23 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.62) | (0.65) | (0.57) | (0.13) | (0.61) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.28) | (0.62) | (0.65) | (0.57 | (0.23) | (0.61) |
| Net asset value, end of period | $22.47 | $22.65 | $23.13 | $21.12 | $21.77 | $24.05 |
| Total return (2) | 0.45% (7)(10) | 0.70% | 12.70% | (0.38 | (8.59)% | 5.24% |
| Net assets, at end of period (000s) | $1267 | $1246 | $1573 | $6304 | $7656 | $9170 |
| Ratio of gross expenses to average net assets (3)(4) | 1.90% (9) | 1.90% (8) | 1.87% | 1.85 | 1.85% | 1.84% |
| Ratio of net expenses to average net assets (4) | 1.90% (9) | 1.90% (8) | 1.87% | 1.85 | 1.85% | 1.84% |
| Ratio of net investment income to average net assets (4)(5) | 2.53% (9) | 2.52% | 3.18% | 2.60 | 0.54% | 2.45% |
| Portfolio Turnover Rate | 41% (10) | 164% | 117% | 267 | 292% | 159% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions, if any.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense which are not subject to waiver by the adviser.

(9) Annualized for
 periods less than one year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $19.78 | $20.50 | $19.33 | $20.24 | $21.91 | $21.50 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.43 | 0.84 | 0.87 | 0.63 | 0.24 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36) | (0.65) | 1.16 | (0.89 | (1.65) | 0.43 |
| Total from investment operations | 0.07 | 0.19 | 2.03 | (0.26 | (1.41) | 1.01 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.91) | (0.86) | (0.65) | (0.23) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.03) |  |
| Total distributions | (0.43) | (0.91) | (0.86) | (0.65 | (0.26) | (0.60) |
| Net asset value, end of period | $19.42 | $19.78 | $20.50 | $19.33 | $20.24 | $21.91 |
| Total return (2) | 0.33% (9)(11) | 1.00% (9) | 10.72% | (1.33 | (6.50)% | 4.71% |
| Net assets, at end of period (000s) | $22216 | $24179 | $30473 | $40788 | $49885 | $61843 |
| Ratio of gross expenses to average net assets (3)(4) | 1.37% (10) | 1.34% | 1.36% | 1.34 | 1.34% (8) | 1.34% |
| Ratio of net expenses to average net assets (4) | 1.35% (10) | 1.34% | 1.35% | 1.35 | 1.35% (7) | 1.34% |
| Ratio of net investment income to average net assets (4)(5) | 4.39% (10) | 4.23% | 4.35% | 3.17 | 1.16% | 2.65% |
| Portfolio Turnover Rate | 65% (11) | 184% | 120% | 373 | 281% | 117% |

---

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

(2) Total returns shown
 exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Represents the
 ratio of expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the
 ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $19.66 | $20.39 | $19.23 | $20.14 | $21.85 | $21.44 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.37 | 0.71 | 0.74 | 0.51 | 0.12 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.35) | (0.65) | 1.16 | (0.89 | (1.66) | 0.44 |
| Total from investment operations | 0.02 | 0.06 | 1.90 | (0.38 | (1.54) | 0.88 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.79) | (0.74) | (0.53) | (0.15) | (0.47) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.37) | (0.79) | (0.74) | (0.53 | (0.17) | (0.47) |
| Net asset value, end of period | $19.31 | $19.66 | $20.39 | $19.23 | $20.14 | $21.85 |
| Total return (2) | 0.08% (9)(11) | 0.36% | 10.07% | (1.93 | (7.07)% | 4.12% |
| Net assets, at end of period (000s) | $70134 | $78029 | $95714 | $112911 | $149452 | $176858 |
| Ratio of gross expenses to average net assets (3)(4) | 1.97% (10) | 1.94% | 1.96% | 1.94 | 1.94% (8) | 1.94% |
| Ratio of net expenses to average net assets (4) | 1.95% (10) | 1.94% | 1.95% | 1.94 | 1.95% (7) | 1.94% |
| Ratio of net investment income to average net assets (4)(5) | 3.79% (10) | 3.63% | 3.74% | 2.58 | 0.54% | 2.00% |
| Portfolio Turnover Rate | 65% (11) | 184% | 120% | 373 | 281% | 117% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Represents the
 ratio of expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the
 ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $19.82 | $20.54 | $19.36 | $20.27 | $21.95 | $21.54 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.44 | 0.86 | 0.88 | 0.64 | 0.24 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36) | (0.67) | 1.16 | (0.90 | (1.66) | 0.43 |
| Total from investment operations | 0.08 | 0.19 | 2.04 | (0.26 | (1.42) | 1.01 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.91) | (0.86) | (0.65) | (0.23) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.03) |  |
| Total distributions | (0.43) | (0.91) | (0.86) | (0.65 | (0.26) | (0.60) |
| Net asset value, end of period | $19.47 | $19.82 | $20.54 | $19.36 | $20.27 | $21.95 |
| Total return (2) | 0.37% (9)(11) | 1.00% | 10.74% | (1.33 | (6.53)% | 4.70% |
| Net assets, at end of period (000s) | $16026 | $19957 | $30308 | $56842 | $67463 | $80457 |
| Ratio of gross expenses to average net assets (3)(4) | 1.37% (10) | 1.34% | 1.36% | 1.34 | 1.34% (8) | 1.34% |
| Ratio of net expenses to average net assets (4) | 1.35% (10) | 1.34% | 1.35% | 1.34 | 1.35% (7) | 1.34% |
| Ratio of net investment income to average net assets (4)(5) | 4.39% (10) | 4.33% | 4.40% | 3.17 | 1.13% | 2.64% |
| Portfolio Turnover Rate | 65% (11) | 184% | 120% | 373 | 281% | 117% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Represents the
 ratio of expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the
 ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE INCOME FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $19.68 | $20.40 | $19.24 | $20.15 | $21.81 | $21.40 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.47 | 0.92 | 0.94 | 0.71 | 0.32 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36) | (0.65) | 1.16 | (0.89 | (1.64) | 0.43 |
| Total from investment operations | 0.11 | 0.27 | 2.10 | (0.18 | (1.32) | 1.09 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.99) | (0.94) | (0.73) | (0.30) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 | (0.04) |  |
| Total distributions | (0.47) | (0.99) | (0.94) | (0.73 | (0.34) | (0.68) |
| Net asset value, end of period | $19.32 | $19.68 | $20.40 | $19.24 | $20.15 | $21.81 |
| Total return (2) | 0.53% (7)(9) | 1.42% (7) | 11.16% | (0.94 | (6.12)% | 5.15% |
| Net assets, at end of period (000s) | $980448 | $1137743 | $1360646 | $1601486 | $1674803 | $1571623 |
| Ratio of gross expenses to average net assets (3)(4) | 0.97% (8) | 0.94% | 0.96% | 0.94 | 0.94% | 0.94% |
| Ratio of net expenses to average net assets (4) | 0.96% (8) | 0.94% | 0.96% | 0.94 | 0.94% | 0.94% |
| Ratio of net investment income to average net assets (4)(5) | 4.79% (8) | 4.64% | 4.73% | 3.58 | 1.51% | 3.01% |
| Portfolio Turnover Rate | 65% (9) | 184% | 120% | 373 | 281% | 117% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Annualized for
 periods less than one year.

(9) Not Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.30 | $26.08 | $24.14 | $24.79 | $27.16 | $25.93 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.39 | 0.75 | 0.67 | 0.53 | 0.20 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (1.75) | 1.91 | (0.66 | (1.58) | 1.21 |
| Total from investment operations | 0.19 | (1.00) | 2.58 | (0.13 | (1.38) | 1.76 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.78) | (0.64) | (0.52) | (0.22) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.77) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.39) | (0.78) | (0.64) | (0.52 | (0.99) | (0.53) |
| Net asset value, end of period | $24.10 | $24.30 | $26.08 | $24.14 | $24.79 | $27.16 |
| Total return (2) | 0.77% (11) | (3.85)% | 10.79% (9) | (0.57 | (5.27)% | 6.88% |
| Net assets, at end of period (000s) | $3700 | $4111 | $5031 | $4266 | $4582 | $3384 |
| Ratio of gross expenses to average net assets (3)(4) | 1.38% (10) | 1.34% (7) | 1.30% | 1.26 | 1.26% | 1.29% |
| Ratio of net expenses to average net assets (4) | 1.23% (10) | 1.24% (7) | 1.23% | 1.23 | 1.23% | 1.23% |
| Ratio of net investment income to average net assets (4)(5) | 3.26% (10) | 3.04% | 2.61% | 2.08 | 0.78% | 2.04% |
| Portfolio Turnover Rate | 7% (11) | 200% | 52% | 407 | 360% | 121% |

---

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

(2) Total returns shown
 exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Includes 0.00%
 for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the adviser.

(7) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense and custody overdraft fees which are not subject to waiver
 by the adviser.

(8) Less than $0.01.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.02 | $25.80 | $23.88 | $24.55 | $26.99 | $25.80 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.56 | 0.47 | 0.34 | 0.01 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (1.74) | 1.90 | (0.66 | (1.56) | 1.22 |
| Total from investment operations | 0.10 | (1.18) | 2.37 | (0.32 | (1.55) | 1.54 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.60) | (0.45) | (0.35) | (0.12) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.77) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.30) | (0.60) | (0.45) | (0.35 | (0.89) | (0.35) |
| Net asset value, end of period | $23.82 | $24.02 | $25.80 | $23.88 | $24.55 | $26.99 |
| Total return (2) | 0.41% (9)(11) | (4.57)% (9) | 9.99% (9) | (1.36 | (5.92)% | 6.05% |
| Net assets, at end of period (000s) | $1636 | $1907 | $2229 | $2579 | $1529 | $1252 |
| Ratio of gross expenses to average net assets (3)(4) | 2.13% (10) | 2.09% (7) | 2.05% | 2.02 | 2.01% | 2.04% |
| Ratio of net expenses to average net assets (4) | 1.98% (10) | 1.99% (7) | 1.98% | 1.99 | 1.98% | 1.98% |
| Ratio of net investment income to average net assets (4)(5) | 2.50% (10) | 2.27% | 1.85% | 1.36 | 0.04% | 1.19% |
| Portfolio Turnover Rate | 7% (11) | 200% | 52% | 407 | 360% | 121% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Includes 0.01%
 for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the adviser.

(7) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense and custody overdraft fees which are not subject to waiver
 by the adviser.

(8) Less than $0.01.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.30 | $26.06 | $24.11 | $24.76 | $27.14 | $25.92 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.38 | 0.71 | 0.62 | 0.49 | 0.15 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | (1.75) | 1.93 | (0.66 | (1.57) | 1.21 |
| Total from investment operations | 0.17 | (1.04) | 2.55 | (0.17 | (1.42) | 1.72 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.72) | (0.60) | (0.48) | (0.19) | (0.50) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.77) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.37) | (0.72) | (0.60) | (0.48 | (0.96) | (0.50) |
| Net asset value, end of period | $24.10 | $24.30 | $26.06 | $24.11 | $24.76 | $27.14 |
| Total return (2) | 0.70% (9)(11) | (3.98)% (9) | 10.64% (9) | (0.72 | (5.38)% | 6.66% |
| Net assets, at end of period (000s) | $313 | $365 | $1482 | $4110 | $4129 | $4377 |
| Ratio of gross expenses to average net assets (3)(4) | 1.53% (10) | 1.48% (7) | 1.45% | 1.41 | 1.41% | 1.44% |
| Ratio of net expenses to average net assets (4) | 1.38% (10) | 1.38% (7) | 1.38% | 1.38 | 1.38% | 1.38% |
| Ratio of net investment income to average net assets (4)(5) | 3.11% (10) | 2.83% | 2.45% | 1.95 | 0.59% | 1.89% |
| Portfolio Turnover Rate | 7% (11) | 200% | 52% | 407 | 360% | 121% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Includes 0.00%
 for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the adviser.

(7) Includes 0.00%
 for the year ended September 30, 2025 attributed to line of credit expense and custody overdraft fees which are not subject to waiver
 by the adviser.

(8) Less than $0.01.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.19 | $25.99 | $24.07 | $24.73 | $27.07 | $25.85 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.42 | 0.79 | 0.71 | 0.58 | 0.25 | 0.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (1.75) | 1.92 | (0.65 | (1.57) | 1.22 |
| Total from investment operations | 0.22 | (0.96) | 2.63 | (0.07 | (1.32) | 1.82 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.84) | (0.71) | (0.59) | (0.25) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.77) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.42) | (0.84) | (0.71) | (0.59 | (1.02) | (0.60) |
| Net asset value, end of period | $23.99 | $24.19 | $25.99 | $24.07 | $24.73 | $27.07 |
| Total return (2) | 0.90% (9)(11) | (3.70)% (9) | 11.01% (9) | (0.36 | (5.04)% | 7.06% |
| Net assets, at end of period (000s) | $136219 | $171870 | $283865 | $288960 | $302954 | $281733 |
| Ratio of gross expenses to average net assets (3)(4) | 1.13% (10) | 1.09% (7) | 1.05% | 1.02 | 1.01% | 1.04% |
| Ratio of net expenses to average net assets (4) | 1.05% (10) | 1.06% (7) | 1.05% | 1.02 | 1.01% | 1.02% |
| Ratio of net investment income to average net assets (4)(5) | 3.44% (10) | 3.19% | 2.78% | 2.31 | 0.96% | 2.23% |
| Portfolio Turnover Rate | 7% (11) | 200% | 52% | 407 | 360% | 121% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Includes 0.00%
 for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the adviser.

(7) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense and custody overdraft fees which are not subject to waiver
 by the adviser.

(8) Less than $0.01.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL MUNICIPAL FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Special Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.33 | $26.12 | $24.18 | $24.84 | $27.11 | $25.88 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.43 | 0.83 | 0.74 | 0.61 | 0.27 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (1.76) | 1.93 | (0.66 | (1.57) | 1.21 |
| Total from investment operations | 0.23 | (0.93) | 2.67 | (0.05 | (1.30) | 1.85 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.86) | (0.73) | (0.61) | (0.20) | (0.62) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.77) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.43) | (0.86) | (0.73) | (0.61 | (0.97) | (0.62) |
| Net asset value, end of period | $24.13 | $24.33 | $26.12 | $24.18 | $24.84 | $27.11 |
| Total return (2) | 0.95% (11) | (3.54)% | 11.14% (9) | (0.27 | (4.96)% | 7.19% |
| Net assets, at end of period (000s) | $101 | $100 | $218 | $290 | $295 | $443 |
| Ratio of gross expenses to average net assets (3)(4) | 1.03% (10) | 0.98% (7) | 0.96% | 0.93 | 0.94% | 0.94% |
| Ratio of net expenses to average net assets (4) | 0.92% (10) | 0.93% (7) | 0.92% | 0.92 | 0.92% | 0.92% |
| Ratio of net investment income to average net assets (4)(5) | 3.56% (10) | 3.36% | 2.89% | 2.40 | 1.04% | 2.36% |
| Portfolio Turnover Rate | 7% (11) | 200% | 52% | 407 | 360% | 121% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Includes 0.00%
 for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the adviser.

(7) Includes 0.01%
 for the year ended September 30, 2025 attributed to line of credit expense and custody overdraft fees which are not subject to waiver
 by the adviser.

(8) Less than $0.01.

(9) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(10) Annualized for
 periods less than one year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $25.11 | $26.77 | $25.30 | $25.90 | $27.74 | $27.83 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.64 | 1.33 | 1.33 | 1.10 | 0.11 | 0.84 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.60) | (1.64) | 1.47 | (0.54 | (1.81) | 1.09 |
| Total from investment operations | 0.04 | (0.31) | 2.80 | 0.56 | (1.70) | 1.93 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (1.35) | (1.33) | (1.16) | (0.14) | (0.78) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.66) | (1.35) | (1.33) | (1.16 | (0.14) | (2.02) |
| Net asset value, end of period | $24.49 | $25.11 | $26.77 | $25.30 | $25.90 | $27.74 |
| Total return (2) | 0.15% (7)(9) | (1.15)% (7) | 11.34% (7) | 2.20 | (6.15)% | 7.15% |
| Net assets, at end of period (000s) | $7646 | $7464 | $7224 | $7055 | $22076 | $12105 |
| Ratio of gross expenses to average net assets (3)(4) | 1.51% (8) | 1.47% | 1.47% | 1.48 | 1.48% | 1.48% |
| Ratio of net expenses to average net assets (4) | 1.51% (8) | 1.47% | 1.47% | 1.48 | 1.48% | 1.48% |
| Ratio of net investment income to average net assets (4)(5) | 5.18% (8) | 5.17% | 5.13% | 4.25 | 0.40% | 3.02% |
| Portfolio Turnover Rate | 2% (9) | 190% | 70% | 198 | 514% | 57% |

---

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

(2) Total returns shown
 exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Annualized for
 periods less than one year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $24.89 | $26.55 | $25.11 | $25.72 | $27.68 | $27.81 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.56 | 1.13 | 1.12 | 0.93 | (0.09) | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.61) | (1.63) | 1.46 | (0.56 | (1.80) | 1.09 |
| Total from investment operations | (0.05) | (0.50) | 2.58 | 0.37 | (1.89) | 1.72 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (1.16) | (1.14) | (0.98) | (0.07) | (0.61) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.59) | (1.16) | (1.14) | (0.98 | (0.07) | (1.85) |
| Net asset value, end of period | $24.25 | $24.89 | $26.55 | $25.11 | $25.72 | $27.68 |
| Total return (2) | (0.22)% (7)(9) | (1.89)% (7) | 10.49% (7) | 1.46 | (6.85)% | 6.33% |
| Net assets, at end of period (000s) | $17531 | $23156 | $25693 | $23088 | $21528 | $22977 |
| Ratio of gross expenses to average net assets (3)(4) | 2.26% (8) | 2.22% | 2.22% | 2.24 | 2.23% | 2.23% |
| Ratio of net expenses to average net assets (4) | 2.26% (8) | 2.22% | 2.22% | 2.24 | 2.23% | 2.23% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 4.58% (8) | 4.44% | 4.37% | 3.63 | (0.36)% | 2.27% |
| Portfolio Turnover Rate | 2% (9) | 190% | 70% | 198 | 514% | 57% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Annualized for
 periods less than one year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $25.09 | $26.75 | $25.29 | $25.89 | $27.75 | $27.84 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.64 | 1.29 | 1.29 | 1.10 | 0.07 | 0.79 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.62) | (1.64) | 1.46 | (0.57 | (1.81) | 1.10 |
| Total from investment operations | 0.02 | (0.35) | 2.75 | 0.53 | (1.74) | 1.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (1.31) | (1.29) | (1.13) | (0.12) | (0.74) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.64) | (1.31) | (1.29) | (1.13 | (0.12) | (1.98) |
| Net asset value, end of period | $24.47 | $25.09 | $26.75 | $25.29 | $25.89 | $27.75 |
| Total return (2) | 0.07% (9) | (1.30)% (7) | 11.14% (7) | 2.07 | (6.29)% | 6.99% |
| Net assets, at end of period (000s) | $10323 | $14583 | $15217 | $13227 | $17598 | $19077 |
| Ratio of gross expenses to average net assets (3)(4) | 1.66% (8) | 1.62% | 1.62% | 1.64 | 1.63% | 1.63% |
| Ratio of net expenses to average net assets (4) | 1.66% (8) | 1.62% | 1.62% | 1.64 | 1.63% | 1.63% |
| Ratio of net investment income to average net assets (4)(5) | 5.18% (8) | 5.02% | 4.98% | 4.28 | 0.27% | 2.83% |
| Portfolio Turnover Rate | 2% (9) | 190% | 70% | 198 | 514% | 57% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Annualized for
 periods less than one year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL BOND FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of period | $25.17 | $26.82 | $25.35 | $25.96 | $27.76 | $27.85 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.70 | 1.40 | 1.39 | 1.20 | 0.18 | 0.91 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.63) | (1.64) | 1.47 | (0.58 | (1.81) | 1.09 |
| Total from investment operations | 0.07 | (0.24) | 2.86 | 0.62 | (1.63) | 2.00 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.69) | (1.41) | (1.39) | (1.23) | (0.17) | (0.85) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions | (0.69) | (1.41) | (1.39) | (1.23 | (0.17) | (2.09) |
| Net asset value, end of period | $24.55 | $25.17 | $26.82 | $25.35 | $25.96 | $27.76 |
| Total return (2) | 0.27% (7)(9) | (0.87)% (7) | 11.59% | 2.43 | (5.89)% | 7.40% |
| Net assets, at end of period (000s) | $1414233 | $1767370 | $1865088 | $1728412 | $2051793 | $1840643 |
| Ratio of gross expenses to average net assets (3)(4) | 1.26% (8) | 1.22% | 1.22% | 1.24 | 1.23% | 1.23% |
| Ratio of net expenses to average net assets (4) | 1.26% (8) | 1.22% | 1.22% | 1.24 | 1.23% | 1.23% |
| Ratio of net investment income to average net assets (4)(5) | 5.56% (8) | 5.42% | 5.37% | 4.68 | 0.66% | 3.26% |
| Portfolio Turnover Rate | 2% (9) | 190% | 70% | 198 | 514% | 57% |

---

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

(2) Total returns shown
 assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does not include
 the expenses of other investment companies in which the Fund invests.

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

(6) Less than $0.01.

(7) Includes adjustments
 in accordance with accounting principles generally accepted in the United States of America 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.

(8) Annualized for
 periods less than one year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.39 | $24.57 | $21.97 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.28 | 0.56 | 0.64 | 0.47 | 0.20 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.22) | (0.07) | 2.63 | 0.25 | (2.89) | (0.44) |
| Total from investment operations | 0.06 | 0.49 | 3.27 | 0.72 | (2.69) | (0.20) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.67) | (0.67) | (0.44) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |  |
| Total distributions | (0.27) | (0.67) | (0.67) | (0.44 | (0.23) | (0.19) |
| Net asset value, end of period | $24.18 | $24.39 | $24.57 | $21.97 | $21.69 | $24.61 |
| Total return (3) | 0.23% (10)(12) | 2.07% (10) | 15.06% | 3.33 | (10.99)% | (0.82)% (12) |
| Net assets, at end of period (000s) | $2553 | $1151 | $234 | $203 | $614 | $339 |
| Ratio of gross expenses to average net assets (4)(5)(11) | 1.56% | 1.53% (8) | 1.55% (8) | 1.53 | 1.64% | 1.72% |
| Ratio of net expenses to average net assets (5)(11) | 1.56% | 1.56% (7) | 1.56% (7) | 1.56 | 1.56% | 1.56% |
| Ratio of net investment income to average net assets (5)(6)(11) | 2.27% | 2.37% | 2.74% | 2.11 | 0.85% | 2.72% |
| Portfolio Turnover Rate | 39% (12) | 168% | 115% | 207 | 345% | 39% (12) |

---

(1) The Ocean Park Tactical Risk Spectrum
 50 Fund Class A shares commenced operations on May 26, 2021.

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

(3) Total returns shown exclude the effect
 of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Represents the ratio of expenses to
 average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of expenses to
 average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(10) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(11) Annualized for periods less than one
 year.

(12) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.24 | $24.42 | $21.85 | $21.63 | $24.55 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.18 | 0.44 | 0.45 | 0.28 | 0.05 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | (0.13) | 2.63 | 0.27 | (2.89 | (0.41) |
| Total from investment operations | (0.03) | 0.31 | 3.08 | 0.55 | (2.84 | (0.27) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.49) | (0.51) | (0.33) | (0.08) | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00 |  |
| Total distributions | (0.18) | (0.49) | (0.51) | (0.33 | (0.08 | (0.18) |
| Net asset value, end of period | $24.03 | $24.24 | $24.42 | $21.85 | $21.63 | $24.55 |
| Total return (3) | (0.15)% (11)(13) | 1.34% | 14.23% | 2.53 | (11.58 | (1.09)% (13) |
| Net assets, at end of period (000s) | $1422 | $1279 | $1083 | $589 | $42 | $29 |
| Ratio of gross expenses to average net assets (4)(5)(12) | 2.31% | 2.29% | 2.30% (9) | 2.28 | 2.39 | 2.47% |
| Ratio of net expenses to average net assets (5)(12) | 2.31% | 2.29% | 2.31% (8) | 2.31 | 2.31 | 2.31% |
| Ratio of net investment income to average net assets (5)(6)(12) | 1.49% | 1.86% | 1.92% | 1.26 | 0.22 | 1.63% |
| Portfolio Turnover Rate | 39% (13) | 168% | 115% | 207 | 345 | 39% (13) |

---

(1) The Ocean Park Tactical Risk Spectrum
 50 Fund Class C shares commenced operations on May 26, 2021.

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Less than $0.01.

(8) Represents the ratio of expenses to
 average net assets after adviser recapture of waived fees from the prior period.

(9) Represents the ratio of expenses to
 average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(10) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(11) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(12) Annualized for periods less than one
 year.

(13) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.42 | $24.58 | $21.96 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.24 | 0.59 | 0.61 | 0.38 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (0.13) | 2.64 | 0.30 | (2.91) | (0.39) |
| Total from investment operations | 0.04 | 0.46 | 3.25 | 0.68 | (2.72) | (0.21) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.62) | (0.63) | (0.41) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |  |
| Total distributions | (0.24) | (0.62) | (0.63) | (0.41 | (0.20) | (0.18) |
| Net asset value, end of period | $24.22 | $24.42 | $24.58 | $21.96 | $21.69 | $24.61 |
| Total return (3) | 0.15% (10)(12) | 1.98% (10) | 14.95% (10) | 3.16 | (11.07)% | (0.84)% (12) |
| Net assets, at end of period (000s) | $1262 | $1716 | $2530 | $4700 | $1460 | $1457 |
| Ratio of gross expenses to average net assets (4)(5)(11) | 1.71% | 1.69% (8) | 1.70% (8) | 1.68 | 1.79% | 1.87% |
| Ratio of net expenses to average net assets (5)(11) | 1.71% | 1.71% (7) | 1.71% (7) | 1.71 | 1.71% | 1.71% |
| Ratio of net investment income to average net assets (5)(6)(11) | 1.99% | 2.47% | 2.62% | 1.68 | 0.82% | 2.03% |
| Portfolio Turnover Rate | 39% (12) | 168% | 115% | 207 | 345% | 39% (12) |

---

(1) The Ocean Park Tactical Risk Spectrum
 50 Fund Investor Class shares commenced operations on May 26, 2021.

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Represents the ratio of expenses to
 average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of expenses to
 average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(10) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(11) Annualized for periods less than one
 year.

(12) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023** |<br>**Year Ended**<br>**September 30,**<br>**2022** |<br>**Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.40 | $24.57 | $21.97 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.30 | 0.69 | 0.70 | 0.48 | 0.29 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.22) | (0.13) | 2.63 | 0.30 | (2.92) | (0.40) |
| Total from investment operations | 0.08 | 0.56 | 3.33 | 0.78 | (2.63) | (0.19) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.73) | (0.73) | (0.50) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |  |
| Total distributions | (0.29) | (0.73) | (0.73) | (0.50 | (0.29) | (0.20) |
| Net asset value, end of period | $24.19 | $24.40 | $24.57 | $21.97 | $21.69 | $24.61 |
| Total return (3) | 0.33% (10)(12) | 2.36% (10) | 15.34% (10) | 3.60 | (10.75)% | (0.76)% (12) |
| Net assets, at end of period (000s) | $258494 | $291780 | $352124 | $403441 | $163155 | $134137 |
| Ratio of gross expenses to average net assets (4)(5)(11) | 1.31% | 1.29% (8) | 1.30% (8) | 1.28 | 1.39% | 1.47% |
| Ratio of net expenses to average net assets (5)(11) | 1.31% | 1.29% (7) | 1.31% (7) | 1.31 | 1.31% | 1.31% |
| Ratio of net investment income to average net assets (5)(6)(11) | 2.46% | 2.87% | 3.02% | 2.13 | 1.21% | 2.32% |
| Portfolio Turnover Rate | 39% (12) | 168% | 115% | 207 | 345% | 39% (12) |

---

(1) The Ocean Park Tactical Risk Spectrum
 50 Fund Instl Class shares commenced operations on May 26, 2021.

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Represents the ratio of expenses to
 average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of expenses to
 average net assets before adviser recapture of waived/reimbursed fees from the prior period.

(9) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(10) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(11) Annualized for periods less than one
 year.

(12) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023 (1)** |
| Net asset value, beginning of period | $26.68 | $26.92 | $24.69 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.38 | 0.94 | 0.83 | 0.74 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.35 | (0.58 | 2.36 | (0.32 |
| Total from investment operations | 0.03 | 0.36 | 3.19 | 0.42 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.52) | (0.96) | (0.73) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00 | (0.08 |  |  |
| Total distributions | (0.37 | (0.60 | (0.96) | (0.73 |
| Net asset value, end of period | $26.34 | $26.68 | $26.92 | $24.69 |
| Total return (3) | 0.12 | 1.36 | 13.09% (8) | 1.68 |
| Net assets, at end of period (000s) | $204 | $184 | $52 | $25 |
| Ratio of gross expenses to average net assets (4)(5) | 1.72 | 1.72 | 2.08% | 2.02 |
| Ratio of net expenses to average net assets (5) | 1.71 | 1.71 | 1.71% | 1.71 |
| Ratio of net investment income to average net assets (5)(6) | 2.81 | 3.57 | 3.12% | 2.94 |
| Portfolio Turnover Rate | 49 | 181 | 101% | 232 |

---

(1) The Ocean Park Tactical Risk Spectrum
 30 Fund Investor Class shares commenced operations on September 30, 2022

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Actual net assets, not truncated.

(8) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(9) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(10) Less than $0.01.

(11) Annualized for periods less than one
 year.

(12) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Year Ended**<br>**September 30,**<br>**2023 (1)** |
| Net asset value, beginning of period | $26.71 | $26.92 | $24.69 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.43 | 0.94 | 0.95 | 0.74 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.35 | (0.16 | 2.26 | (0.32) |
| Total from investment operations | 0.08 | 0.78 | 3.21 | 0.42 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.91) | (0.98) | (0.73) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00 | (0.08 |  |  |
| Total distributions | (0.42 | (0.99 | (0.98) | (0.73) |
| Net asset value, end of period | $26.37 | $26.71 | $26.92 | $24.69 |
| Total return (3) | 0.30 | 3.01 | 13.15% (7) | 1.68% |
| Net assets, at end of period (000s) | $160305 | $169585 | $37272 | $37838 |
| Ratio of gross expenses to average net assets (4)(5) | 1.32 | 1.32 | 1.68% | 1.62% |
| Ratio of net expenses to average net assets (5) | 1.31 | 1.31 | 1.31% | 1.31% |
| Ratio of net investment income to average net assets (5)(6) | 3.21 | 3.59 | 3.68% | 2.94% |
| Portfolio Turnover Rate | 49 | 181 | 101% | 232% |

---

(1) The Ocean Park Tactical Risk Spectrum
 30 Fund Instl Class shares commenced operations on September 30, 2022

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(8) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(9) Less than $0.01.

(10) Annualized for periods less than one
 year.

(11) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Period Ended**<br>**September 30,**<br>**2023 (1)** |
| Net asset value, beginning of period | $28.41 | $28.49 | $24.97 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.18 | 0.48 | 0.54 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 0.01 | 3.44 | (0.10) |
| Total from investment operations | 0.05 | 0.49 | 3.98 | 0.07 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.48) | (0.46) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.09) |  |  |
| Total distributions | (0.17) | (0.57) | (0.46) | (0.10) |
| Net asset value, end of period | $28.29 | $28.41 | $28.49 | $24.97 |
| Total return (3) | 0.17% (7)(9) | 1.82% (7) | 16.05% (7) | 0.28% (9) |
| Net assets, at end of period (000s) | $46 | $26 | $27 | $18 |
| Ratio of gross expenses to average net assets (4)(5)(8) | 1.83% | 1.84% | 2.12% | 2.99% |
| Ratio of net expenses to average net assets (5)(8) | 1.71% | 1.71% | 1.71% | 1.71% |
| Ratio of net investment income to average net assets (5)(6)(8) | 1.22% | 1.76% | 2.01% | 1.30% |
| Portfolio Turnover Rate | 64% (9) | 217% | 113% | 99% (9) |

---

(1) The Ocean Park Tactical Risk Spectrum
 70 Fund Investor Class shares commenced operations on March 31, 2023

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024** |<br>**Period Ended**<br>**September 30,**<br>**2023 (1)** |
| Net asset value, beginning of period | $28.46 | $28.56 | $24.97 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.25 | 0.62 | 0.57 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | (0.03 | 3.58 | (0.10) |
| Total from investment operations | 0.12 | 0.59 | 4.15 | 0.11 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.60) | (0.56) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.09 |  |  |
| Total distributions | (0.22) | (0.69 | (0.56) | (0.14) |
| Net asset value, end of period | $28.36 | $28.46 | $28.56 | $24.97 |
| Total return (3) | 0.43% (8)(10) | 2.17 | 16.77% | 0.45% (10) |
| Net assets, at end of period (000s) | $75400 | $71540 | $47991 | $23173 |
| Ratio of gross expenses to average net assets (4)(5)(9) | 1.43% | 1.44 | 1.72% | 2.59% |
| Ratio of net expenses to average net assets (5)(9) | 1.31% | 1.31 | 1.31% | 1.31% |
| Ratio of net investment income to average net assets (5)(6)(9) | 1.68% | 2.23 | 2.08% | 1.64% |
| Portfolio Turnover Rate | 64% (10) | 217 | 113% | 99% (10) |

---

(1) The Ocean Park Tactical Risk Spectrum
 70 Fund Instl Class shares commenced operations on March 31, 2023

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Net realized and unrealized gain (loss)
 per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(8) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(9) Annualized for periods less than one
 year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE GROWTH FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024 (1)** |
| Net asset value, beginning of period | $29.16 | $29.04 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | (0.03) | 0.30 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.69 | 0.41 | 4.13 |
| Total from investment operations | 0.66 | 0.71 | 4.45 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.37) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.22) |  |
| Total distributions | (0.05 | (0.59) | (0.41) |
| Net asset value, end of period | $29.77 | $29.16 | $29.04 |
| Total return (3) | 2.25 | 2.54% (7) | 17.95% (7) |
| Net assets, at end of period (000s) | $77 | $159 | $179 |
| Ratio of gross expenses to average net assets (4)(5) | 2.65 | 3.20% | 7.51% |
| Ratio of net expenses to average net assets (5) | 1.39 | 1.39% | 1.39% |
| Ratio of net investment income (loss) to average net assets (5)(6) | (0.19) | 1.04% | 1.13% |
| Portfolio Turnover Rate | 73 | 236% | 93% |

---

(1) The Ocean Park Tactical Core Growth
 Fund Investor Class shares commenced operations on September 29, 2023

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America 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.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

(10) The amount of net investment income
 (loss) on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions
 and redemptions relative to fluctuating net asset values during the year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***OCEAN PARK TACTICAL CORE GROWTH FUND*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Instl Class** | **Six Months Ended**<br>**March 31,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30,**<br>**2025** |<br>**Year Ended**<br>**September 30,**<br>**2024 (1)** |
| Net asset value, beginning of period | $29.29 | $29.11 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.10 | 0.45 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.64 | 0.38 | 4.12 |
| Total from investment operations | 0.74 | 0.83 | 4.56 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.43) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.22) |  |
| Total distributions | (0.10) | (0.65) | (0.45) |
| Net asset value, end of period | $29.93 | $29.29 | $29.11 |
| Total return (3) | 2.51% (8) | 2.96% | 18.40% |
| Net assets, at end of period (000s) | $14451 | $11666 | $3784 |
| Ratio of gross expenses to average net assets (4)(5) | 2.25% (7) | 2.80% | 7.11% |
| Ratio of net expenses to average net assets (5) | 0.99% (7) | 0.99% | 0.99% |
| Ratio of net investment income to average net assets (5)(6) | 0.63% (7) | 1.61% | 1.60% |
| Portfolio Turnover Rate | 73% (8) | 236% | 93% |

---

(1) The Ocean Park Tactical Core Growth
 Fund Instl Class shares commenced operations on September 29, 2023

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

(3) Total returns shown assume changes
 in share price and reinvestment of dividends and capital gain distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2026**

**1. ORGANIZATION**

The Ocean Park Tactical All Asset Fund ("OPTAAF"), Ocean Park Tactical Core Income Fund ("OPTCIF"), Ocean Park Tactical Municipal Fund ("OPTMF"), Ocean Park Tactical Bond Fund ("OPTBF"), Ocean Park Tactical Risk Spectrum 50 Fund ("OPTRSFF"), Ocean Park Tactical Risk Spectrum 30 Fund ("OPTRSTF"), Ocean Park Tactical Risk Spectrum 70 Fund ("OPTRSSF"), and Ocean Park Tactical Core Growth Fund ("OPTCGF") (each a "Fund" and collectively the "Funds"), are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-ended management investment company. Each Fund's two investment objectives are to provide total return and to limit exposure to downside risk. The Funds pursue their investment objectives by investing in a broadly diversified portfolio consisting of open-end and/or closed-end investment companies, including mutual funds and exchange-traded funds ("ETFs"). The Funds are "fund of funds", in that they will generally invest in other investment companies.

OPTAAF, OPTCIF, OPTMF, OPTBF and OPTRSFF currently offer Class A, Class C, Investor Class, and Instl Class shares, with OPTAAF also offers Class A1 and Class I1 shares, and OPTMF also offers Special Class Shares. OPTRSTF, OPTRSSF, and OPTCGF currently offers Investor Class and Instl Class Shares. Class C, Investor Class, Instl Class, Special Shares and Class I1 shares are offered at net asset value ("NAV"). The Trust suspended the sale of Class Y shares for OPTAAF. Effective July 26, 2019, the Trust suspended the sale of Class Y shares and existing Class Y shares have been converted into Instl Class shares for OPTCIF. Effective July 7, 2023, OPTMF suspended purchase orders from any investors for the Special Shares Class. Class A and Class A1 shares are offered at NAV plus a maximum sales charge of 3.75%. Each class represents an interest in the same assets of the respective Fund and classes are identical except for differences in their sales charge structures, minimum investment amounts and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. 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.

**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 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 income and expenses for the 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

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

Standards Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments –** 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 managers and Chief Financial Officer of the Trust. Each Fund's 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 the Funds, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Funds adopted the FASB ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures", which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 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 Funds' financial statements.

**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 ("NOCP"). 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. 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 Fund of Funds** – The Funds may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying open-end investment companies are valued at their respective NAV as reported by such investment companies. 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 by the methods established by the boards of the underlying funds. 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 OCEAN PARK FUNDS***

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

**March 31, 2026**

the NAV 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 a Fund 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.

**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. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**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 ask price is available; the spread between bid and ask 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 investments, such as private investments or non-traded securities 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

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

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.

The Funds utilize various methods to measure the fair value of all of their 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 in 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 OCEAN PARK FUNDS***

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

**March 31, 2026**

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 March 31, 2026 for the Funds' assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ocean Park Tactical All Asset Fund** | &nbsp;&nbsp;**Ocean Park Tactical All Asset Fund** | &nbsp;&nbsp;**Ocean Park Tactical All Asset Fund** | &nbsp;&nbsp;**Ocean Park Tactical All Asset Fund** | &nbsp;&nbsp;**Ocean Park Tactical All Asset Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange-Traded Funds | $128083958 | $— | $— | $128083958 |
| &nbsp;&nbsp;Open End Funds | 93373014 |  |  | 93373014 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 6268858 |  |  | 6268858 |
| &nbsp;&nbsp;Money Market Fund | 145457557 |  |  | 145457557 |
| &nbsp;&nbsp;Total | $373183387 | $— | $— | $373183387 |
| &nbsp;&nbsp;**Ocean Park Tactical Core Income Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Income Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Income Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Income Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Income Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange Traded Funds | $453222922 | $— | $— | $453222922 |
| &nbsp;&nbsp;Open End Funds | 306717231 |  |  | 306717231 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 133458272 |  |  | 133458272 |
| &nbsp;&nbsp;Money Market Fund | 328507528 |  |  | 328507528 |
| &nbsp;&nbsp;Total | $1221905953 | $— | $— | $1221905953 |
| &nbsp;&nbsp;**Ocean Park Tactical Municipal Fund** | &nbsp;&nbsp;**Ocean Park Tactical Municipal Fund** | &nbsp;&nbsp;**Ocean Park Tactical Municipal Fund** | &nbsp;&nbsp;**Ocean Park Tactical Municipal Fund** | &nbsp;&nbsp;**Ocean Park Tactical Municipal Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange Traded Funds | $9951438 | $— | $— | $9951438 |
| &nbsp;&nbsp;Open End Funds | 109191076 |  |  | 109191076 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 53350 |  |  | 53350 |
| &nbsp;&nbsp;Money Market Funds | 23121041 |  |  | 23121041 |
| &nbsp;&nbsp;Total | $142316905 | $— | $— | $142316905 |
| &nbsp;&nbsp;**Ocean Park Tactical Bond Fund** | &nbsp;&nbsp;**Ocean Park Tactical Bond Fund** | &nbsp;&nbsp;**Ocean Park Tactical Bond Fund** | &nbsp;&nbsp;**Ocean Park Tactical Bond Fund** | &nbsp;&nbsp;**Ocean Park Tactical Bond Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange Traded Funds | $844175861 | $— | $— | $844175861 |
| &nbsp;&nbsp;Open End Funds | 602615481 |  |  | 602615481 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 482086660 |  |  | 482086660 |
| &nbsp;&nbsp;Money Market Fund | 5116252 |  |  | 5116252 |
| &nbsp;&nbsp;Total | $1933994254 | $— | $— | $1933994254 |
| &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 50 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 50 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 50 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 50 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 50 Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange-Traded Funds | $138309838 | $— | $— | $138309838 |
| &nbsp;&nbsp;Open End Funds | 61543938 |  |  | 61543938 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 11121986 |  |  | 11121986 |
| &nbsp;&nbsp;Money Market Fund | 63879140 |  |  | 63879140 |
| &nbsp;&nbsp;Total | $274854902 | $— | $— | $274854902 |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 30 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 30 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 30 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 30 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 30 Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange-Traded Funds | $69963775 | $— | $— | $69963775 |
| &nbsp;&nbsp;Open End Funds | 35958556 |  |  | 35958556 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 6461582 |  |  | 6461582 |
| &nbsp;&nbsp;Money Market Fund | 54171123 |  |  | 54171123 |
| &nbsp;&nbsp;Total | $166555036 | $— | $— | $166555036 |
| &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 70 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 70 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 70 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 70 Fund** | &nbsp;&nbsp;**Ocean Park Tactical Risk Spectrum 70 Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange-Traded Funds | $43529324 | $— | $— | $43529324 |
| &nbsp;&nbsp;Open End Funds | 8617927 |  |  | 8617927 |
| &nbsp;&nbsp;Collateral For Securities Loaned | 3353821 |  |  | 3353821 |
| &nbsp;&nbsp;Money Market Fund | 23195574 |  |  | 23195574 |
| &nbsp;&nbsp;Total | $78696646 | $— | $— | $78696646 |
| &nbsp;&nbsp;**Ocean Park Tactical Core Growth Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Growth Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Growth Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Growth Fund** | &nbsp;&nbsp;**Ocean Park Tactical Core Growth Fund** |
| &nbsp;&nbsp;Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange-Traded Funds | $9638718 | $— | $— | $9638718 |
| &nbsp;&nbsp;Open End Funds | 265799 |  |  | 265799 |
| &nbsp;&nbsp;Money Market Fund | 4583930 |  |  | 4583930 |
| &nbsp;&nbsp;Total | $14488447 | $— | $— | $14488447 |

---

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

\* See Schedule of Investments for classification.

**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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid monthly for OPTCIF, OPTMF, OPTBF and OPTCGF and quarterly for OPTAAF, OPTRSFF, OPTRSTF and OPTRSSF. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) 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. Dividends and distributions to shareholders are recorded on the ex-dividend date.

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

**Federal Income Taxes –** The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is 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 September 30, 2023 to September 30, 2025, or expected to be taken in the Funds' September 30, 2026 tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. For the year ended September 30, 2025, the Funds did not incur any interest or penalties. 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 (as determined by the Board), 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. PRINCIPAL INVESTMENT RISKS**

**Market and Geopolitical Risk -** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment.

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

**4. INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
| **OPTAAF** | $154107870 | $352478509 |
| **OPTCIF** | $732287086 | $1209690427 |
| **OPTMF** | $11377029 | $69209793 |
| **OPTBF** | $27806044 | $348952168 |
| **OPTRSFF** | $105503188 | $198033770 |
| **OPTRSTF** | $77489164 | $138379389 |
| **OPTRSSF** | $45559819 | $64289302 |
| **OPTCGF** | $9045458 | $11088946 |

---

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

Ocean Park Asset Management, LLC, formerly known as Wright Fund Management, LLC, serves as the Funds' investment adviser (the "Adviser"). Pursuant to an advisory agreement 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 Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of each Fund's average daily net assets as indicated below. For the six months ended March 31, 2026, each Fund incurred the following in advisory fees:

---

| | | |
|:---|:---|:---|
| <br>**FUND** | **ANNUAL**<br>**RATE** | **TOTAL ADVISORY**<br>**FEE** |
| **OPTAAF** | 1.25% | $2454636 |
| **OPTCIF** | 0.75% | $4382318 |
| **OPTMF** | 0.75% | $589910 |
| **OPTBF** | 1.05% | $8500322 |
| **OPTRSFF** | 1.05% | $1470637 |
| **OPTRSTF** | 1.05% | $868259 |
| **OPTRSSF** | 1.05% | $393259 |
| **OPTCGF** | 0.75% | $49414 |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

Pursuant to a written contract (the "Expense Limitation Agreement"), the Adviser has agreed, at least until January 31, 2027 for OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF and OPTCGF to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by the Funds (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expenses on securities sold short), fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses), taxes or extraordinary expenses, such as litigation expenses)) do not exceed the following amounts per annum of the average daily net assets of each class of shares:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| FUND | Class A | Class C | Investor<br> Class | Instl Class | Class A1 | Class I1 | Special Shares |
| OPTAAF | 1.75% | 2.50% | 1.75% | 1.50% | 1.90% | 1.90% | N/A |
| OPTCIF | 1.35% | 1.95% | 1.35% | 0.95% | N/A | N/A | N/A |
| OPTMF | 1.23% | 1.98% | 1.38% | 1.05% | N/A | N/A | 0.92% |
| OPTBF | 1.54% | 2.29% | 1.69% | 1.29% | N/A | N/A | N/A |
| OPTRSFF | 1.56% | 2.31% | 1.71% | 1.31% | N/A | N/A | N/A |
| OPTRSTF | 1.56% | 2.31% | 1.71% | 1.31% | N/A | N/A | N/A |
| OPTRSSF | 1.56% | 2.31% | 1.71% | 1.31% | N/A | N/A | N/A |
| OPTCGF | 1.24% | 1.99% | 1.39% | 0.99% | N/A | N/A | N/A |

---

If the Adviser waives any fees or reimburses any expenses pursuant to the Expense Limitation Agreement, and a Fund's operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the respective Fund provided that such reimbursement does not cause that Fund's operating expenses to exceed its respective expense limitation. If a Fund's operating expenses subsequently exceed the respective expense limitation, the reimbursements for such Fund shall be suspended. The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time. For the six month ended March 31, 2026, the Adviser waived $0 with respect to OPTAAF, OPTBF, and OPTRSFF, and $67,212, $61,793, $4,787, $43,350 and $82,964 to OPTCIF, OPTMF, OPTRSTF, OPTRSSF and OPTCGF respectively, under each Fund's Expense Limitation Agreement.

The following amounts are subject to recapture by the Adviser by the following dates:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **9/30/2026** | **9/30/2027** | **9/30/2028** |
| **OPTCIF** | $— | $9168 | $3451 |
| **OPTMF** | $4158 | $12509 | $76526 |
| **OPTRSTF** | $127829 | $127492 | $13021 |
| **OPTRSSF** | $76683 | $133196 | $82101 |
| **OPTCGF** | $— | $166311 | $157722 |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

*<u>Distributor</u> –* The Trust, with respect to the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by the Funds at annual rates of the average daily net assets attributable to the following Funds and Classes, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts, not otherwise required to be provided by the Adviser. The Plans are compensation plans, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended March 31, 2026, the 12b-1 annual rates of the average daily net assets of each class of shares for the Funds were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUND | Class A | Class C | Investor<br> Class | Class A1 | Class I1 |
| OPTAAF | 0.25% | 1.00% | 0.25% | 0.40% | 0.40% |
| OPTCIF | 0.40% | 1.00% | 0.40% | N/A | N/A |
| OPTMF | 0.25% | 1.00% | 0.40% | N/A | N/A |
| OPTBF | 0.25% | 1.00% | 0.40% | N/A | N/A |
| OPTRSFF | 0.25% | 1.00% | 0.40% | N/A | N/A |
| OPTRSTF | 0.25% | 1.00% | 0.40% | N/A | N/A |
| OPTRSSF | 0.25% | 1.00% | 0.40% | N/A | N/A |
| OPTCGF | 0.25% | 1.00% | 0.40% | N/A | N/A |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended March 31, 2026, the amounts listed below were received by the Distributor and retained by the principal underwriter or other affiliated broker-dealers for each Fund respectively:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Share**<br>**Class** | **Front End Sale**<br>**charges received by**<br>**the Distributor** | **Amounts retained by**<br>**the Principal**<br>**Underwriter** |
| **OPTAAF** | Class A1 | $— | $— |
| **OPTAAF** | Class A | $10374 | $285 |
| **OPTCIF** | Class A | $13018 | $663 |
| **OPTMF** | Class A | $756 | $60 |
| **OPTBF** | Class A | $13007 | $640 |
| **OPTRSFF** | Class A | $13720 | $541 |

---

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS"</u>) *–* UFS, 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</u>* <u>("NLCS")</u> *–* NLCS, 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</u>* <u>("Blu Giant")</u> *–* Blu Giant, 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.

**6. CREDIT FACILITY**

Effective July 28, 2025, the Funds entered into an amended and restated loan agreement, dated July 28, 2025, with a $150,000,000 line credit with U.S. Bank National Association (the "Amended and Restated Revolving Credit Agreement"). Borrowings under the Amended and Restated Revolving

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

Credit Agreement bear interest at Prime Rate per month. There are no fees charged on the unused portion of the line of credit. For the six months ended March 31, 2026, amounts outstanding to the Funds under the credit facility at no time were permitted to exceed $150,000,000. During the six months ended March 31, 2026, each Fund drew on the line of credit as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Average | Maximum |
|  | | Outstanding Balance | | Borrowings | Borrowing |
| FUND | Interest Expense | as of March 31, 2026 | Average Borrowings | Rate | Interest Rate |
| **OPTAAF** | $565 | $— | $996667 | 7.00% | 7.25% |
| **OPTCIF** | $3019 | $— | $1968750 | 6.97% | 7.25% |
| **OPTMF** | $2504 | $— | $480481 | 6.96% | 7.25% |
| **OPTBF** | $9179 | $— | $2145727 | 6.97% | 7.25% |
| **OPTRSFF** | $436 | $— | $1158000 | 7.00% | 7.25% |
| **OPTRSTF** | $6 | $— | $30000 | 7.25% | 7.25% |
| **OPTRSSF** | $173 | $— | $146500 | 7.00% | 7.25% |
| **OPTCGF** | $160 | $— | $63385 | 6.98% | 7.25% |

---

**7. 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 March 31, 2026, Charles Schwab held approximately 64.4%, 34.0%, 49.8%, 47.5%, 57.3%, 44.2%, and 35.7% of the voting securities of OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, and OPTCGF, respectively. Pershing LLC held approximately 30.4% of the voting securities of OPTRTF. National Financial Services LLC held approximately 53.9% and 35.3% of the voting securities of OPTRSSF, and OPTCGF, respectively. The Trust has no knowledge as to whether all or any portion of the shares owned of record by Charles Schwab, Pershing LLC or National Financial Services LLC are also owned beneficially.

**8. UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES**

OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF currently invest a portion of their assets in the First American Government Obligations Fund Class X ("First American"). First American is registered under the 1940 Act as an open-end management investment company. OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF may redeem their investments in First American at any time if the Adviser determines that it is in the best interest of OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF, and their shareholders to do so. The performance of OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF will be directly affected by the performance of First American. The financial statements of First American, including its portfolios of investments, can be found at the Securities and Exchange Commission's website, www.sec.gov, and should be read in conjunction with OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF's financial statements. As of March 31, 2026, the percentage of net assets invested in First American was 39.6%, 30.2%, 33.8%, 30.7% and 31.6% for OPTAAF, OPTCIF, OPTRSTF, OPTRSSF and OPTCGF, respectively.

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

OPTBF currently invests a portion of its assets in the BlackRock High Yield Bond Portfolio, - Institutional Class ("BlackRock"). BlackRock is registered under the 1940 Act as an open-end management investment company. OPTBF may redeem its investments in BlackRock at any time if the Adviser determines that it is in the best interest of OPTBF, and their shareholders to do so. The performance of OPTBF will be directly affected by the performance of BlackRock. The financial statements of BlackRock, including its portfolios of investments, can be found at the Securities and Exchange Commission's website, www.sec.gov, and should be read in conjunction with OPTBF's financial statements. As of March 31, 2026, the percentage of OPTBF's net assets invested in BlackRock was 31.6%.

OPTCGF currently invests a portion of its assets in the SPDR Portfolio S&P 500 ETF ("SPDR"). SPDR is registered under the 1940 Act as an open-end management investment company. OPTCGF may redeem its investments in SPDR at any time if the Adviser determines that it is in the best interest of OPTCGF, and their shareholders to do so. The performance of OPTCGF will be directly affected by the performance of SPDR. The financial statements of SPDR, including its portfolios of investments, can be found at the Securities and Exchange Commission's website, www.sec.gov, and should be read in conjunction with OPTCGF's financial statements. As of March 31, 2026, the percentage of OPTCGF's net assets invested in SPDR was 29.8%.

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

The tax character of distributions utilized during the periods ended September 30, 2025, and September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** | **For the year ended September 30, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| Ocean Park Tactical All Asset Fund | $15534226 | $— | $— | $— | $15534226 |
| Ocean Park Tactical Core Income Fund | 69697358 |  |  |  | 69697358 |
| Ocean Park Tactical Municipal Fund | 1140942 |  |  | 6704148 | 7845090 |
| Ocean Park Tactical Bond Fund | 106631251 |  |  |  | 106631251 |
| Ocean Park Tactical Risk Spectrum 50 Fund | 9715472 |  |  |  | 9715472 |
| Ocean Park Tactical Risk Spectrum 30 Fund | 4290795 | 105810 |  |  | 4396605 |
| Ocean Park Tactical Risk Spectrum 70 Fund | 1504670 | 147262 |  |  | 1651932 |
| Ocean Park Tactical Core Growth Fund | 186693 | 1701 |  |  | 188394 |
| **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** | **For the period ended September 30, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| Ocean Park Tactical All Asset Fund | $21256934 | $— | $— | $— | $21256934 |
| Ocean Park Tactical Core Income Fund | 68799419 |  |  | 4230750 | 73030169 |
| Ocean Park Tactical Municipal Fund | 1042323 |  |  | 6835142 | 7877465 |
| Ocean Park Tactical Bond Fund | 94994034 |  |  |  | 94994034 |
| Ocean Park Tactical Risk Spectrum 50 Fund | 11288631 |  |  |  | 11288631 |
| Ocean Park Tactical Risk Spectrum 30 Fund | 1346027 |  |  | 16962 | 1362989 |
| Ocean Park Tactical Risk Spectrum 70 Fund | 687483 |  |  |  | 687483 |
| Ocean Park Tactical Core Growth Fund | 41574 |  |  |  | 41574 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Ocean Park Tactical All Asset Fund | $— | $— | $— | $(64849827) | $— | $30370724 | $(34479103) |
| Ocean Park Tactical Core Income Fund |  |  | (16201348) | (168180365) |  | 37034088 | (147347625) |
| Ocean Park Tactical Municipal Fund |  |  | (1911664) | (20726203) |  | (19375) | (22657242) |
| Ocean Park Tactical Bond Fund |  |  | (64492695) | (126003804) |  | 41339014 | (149157485) |
| Ocean Park Tactical Risk Spectrum 50 Fund | 33270 |  |  | (16897824) |  | 22168956 | 5304402 |
| Ocean Park Tactical Risk Spectrum 30 Fund | 18747 | 1499 | (5106725) |  |  | 8027294 | 2940815 |
| Ocean Park Tactical Risk Spectrum 70 Fund |  |  | (2434459) |  |  | 6332169 | 3897710 |
| Ocean Park Tactical Core Growth Fund | 68 |  | (651824) |  |  | 1272676 | 620920 |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

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

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 as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Post October**<br>**Losses** |
| Ocean Park Tactical All Asset Fund | $— |
| Ocean Park Tactical Core Income Fund | 16201348 |
| Ocean Park Tactical Municipal Fund | 1911664 |
| Ocean Park Tactical Bond Fund | 64492695 |
| Ocean Park Tactical Risk Spectrum 50 Fund |  |
| Ocean Park Tactical Risk Spectrum 30 Fund | 5106725 |
| Ocean Park Tactical Risk Spectrum 70 Fund | 2434459 |
| Ocean Park Tactical Core Growth Fund | 651824 |

---

At September 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Ocean Park Tactical All Asset Fund | $64849827 | $— | $64849827 | $1348903 |
| Ocean Park Tactical Core Income Fund | 168167715 | 12650 | 168180365 | 5950917 |
| Ocean Park Tactical Municipal Fund | 20718809 | 7394 | 20726203 | 3803854 |
| Ocean Park Tactical Bond Fund | 126003804 |  | 126003804 |  |
| Ocean Park Tactical Risk Spectrum 50 Fund | 16897824 |  | 16897824 | 7016446 |
| Ocean Park Tactical Risk Spectrum 30 Fund |  |  |  |  |
| Ocean Park Tactical Risk Spectrum 70 Fund |  |  |  | 58761 |
| Ocean Park Tactical Core Growth Fund |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to tax adjustments for prior year tax returns and distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Ocean Park Tactical All Asset Fund | $(488268) | $488268 |
| Ocean Park Tactical Core Income Fund | (4378323) | 4378323 |
| Ocean Park Tactical Municipal Fund | (106712) | 106712 |
| Ocean Park Tactical Bond Fund | (29675) | 29675 |
| Ocean Park Tactical Risk Spectrum 50 Fund | (201793) | 201793 |
| Ocean Park Tactical Risk Spectrum 30 Fund |  |  |
| Ocean Park Tactical Risk Spectrum 70 Fund | (1155) | 1155 |
| Ocean Park Tactical Core Growth Fund |  |  |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Cost for Federal**<br>**Tax purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Ocean Park Tactical All Asset Fund | $365384312 | $10100397 | $(2301322) | $7799075 |
| Ocean Park Tactical Core Income Fund | 1225897599 | 7068035 | (11059681) | (3991646) |
| Ocean Park Tactical Municipal Fund | 143797981 | 596031 | (2077107) | (1481076) |
| Ocean Park Tactical Bond Fund | 1942566637 | 1892396 | (10464779) | (8572383) |
| Ocean Park Tactical Risk Spectrum 50 Fund | 266428530 | 10040504 | (1614132) | 8426372 |
| Ocean Park Tactical Risk Spectrum 30 Fund | 164111011 | 3332915 | (888890) | 2444025 |
| Ocean Park Tactical Risk Spectrum 70 Fund | 75731491 | 3284989 | (319834) | 2965155 |
| Ocean Park Tactical Core Growth Fund | 13748950 | 774230 | (34733) | 739497 |

---

**11. SECURITIES LENDING**

Under an agreement (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 breaks out the holdings received as collateral as of March 31, 2026:

---

| | |
|:---|:---|
| **Securities Lending Transactions** | |
| **Overnight and Continuous** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTAAF** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $6268858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTCIF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $133458272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTMF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $53350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTBF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $482086660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTRSFF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $11121986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTRSTF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $6461582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OPTRSSF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $3353821 |

---

***THE OCEAN PARK FUNDS***

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

**March 31, 2026**

The fair value of the securities loaned are noted on 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. This amount is offset by a liability recorded as "Securities Lending Collateral Payable" on the Statements of Assets and Liabilities. The following table is a summary of the Funds' fair value of the securities loaned and related collateral as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| <br>**Ticker** | **Fair Value of**<br>**Securities on Loan** | **Collateral for**<br>**Securities Loaned** |
| **OPTAAF** | $6154493 | $6268858 |
| **OPTCIF** | $131750352 | $133458272 |
| **OPTMF** | $52294 | $53350 |
| **OPTBF** | $476624669 | $482086660 |
| **OPTRSFF** | $10962232 | $11121986 |
| **OPTRSTF** | $6326742 | $6461582 |
| **OPTRSSF** | $3298336 | $3353821 |

---

**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, other than the following:

The Board declared the following monthly dividends:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Dividend Per Share** | **Record Date** | **Payable Date** |
| Ocean Park Tactical Core Income Fund | Class A | 0.0404 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Core Income Fund | Class C | 0.0302 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Core Income Fund | Investor Class | 0.0404 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Core Income Fund | Instl Class | 0.0474 | 4/28/2026 | 4/30/2026 |
| **Fund** |  | **Dividend Per Share** | **Record Date** | **Payable Date** |
| Ocean Park Tactical Municipal Fund | Class A | 0.0673 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Municipal Fund | Class C | 0.0512 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Municipal Fund | Investor Class | 0.0640 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Municipal Fund | Instl Class | 0.0726 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Municipal Fund | Special Class | 0.0747 | 4/28/2026 | 4/30/2026 |
| **Fund** |  | **Dividend Per Share** | **Record Date** | **Payable Date** |
| Ocean Park Tactical Bond Fund | Class A | 0.1160 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Bond Fund | Class C | 0.0997 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Bond Fund | Investor Class | 0.1128 | 4/28/2026 | 4/30/2026 |
| Ocean Park Tactical Bond Fund | Instl Class | 0.1214 | 4/28/2026 | 4/30/2026 |

---

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)**

**March 31, 2026**

**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**

Not applicable.

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12 month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-866-738-4363, by visiting www.OceanParkMutualFunds.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

**INVESTMENT ADVISER** 

Ocean Park Asset Management, LLC

3420 Ocean Park Blvd., Suite 3060

Santa Monica, CA 90405

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**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 of this Form.

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

Included under Item 7 of this Form.

**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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;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. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](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.

(Registrant) <u>Northern Lights Fund Trust</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

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 (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

By (Signature and Title)

---

| |
|:---|
| /s/ James Colantino |
| James Colantino, Principal Financial Officer/Treasurer |

---

Date <u>6/8/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 70 Fund and Ocean Park Tactical Core Growth Fund (each a series of Northern Lights Fund Trust);

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;

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;

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:

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;

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;

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

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

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: | 6/8/26 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, James Colantino certify that:

1. I have reviewed this report on Form N-CSR of the Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 70 Fund and Ocean Park Tactical Core Growth Fund (each a series of Northern Lights Fund Trust);

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;

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;

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:

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;

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;

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

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

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: | 6/8/26 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

Kevin E. Wolf, Principal Executive Officer/President, and James Colantino, Principal Financial Officer/Treasurer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his 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 March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; 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/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| 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/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 6/8/26 | Date: | 6/8/26 |

---

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.